Which of the Following Led to the Passage of the Sarbanes-Oxley

question 58

Multiple Choice

Which of the following led to the passage of the Sarbanes-Oxley Act?

• A)the stock market crash of 2002
• B)the savings and loan bailout
• C)the accounting scandals of WorldCom and Enron
• D)the mounting government deficit

Differentiate between the accounting treatments under periodic and perpetual inventory systems.

Distinguish between current and quick ratios in evaluating company liquidity.

Understand the impact of trade discounts, sales discounts, returns, and allowances on financial performance.

Understand the specific accounting standards applicable to various types of health care entities.

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Definitions:

Knights Of Labor

Founded in 1869, the first national union; lasted, under the leadership of Terence V. Powderly, only into the 1890s; supplanted by the American Federation of Labor.

Nativism

The political policy or practice of preserving or reviving an indigenous culture, especially the prioritizing of native inhabitants over immigrants in matters of employment and immigration.

Disfranchising

The act of revoking someone's right to vote or denying a person or group access to franchise or political rights.

Suffrage

The right to vote in political elections; a crucial element in democratic societies that determines citizens' participation in selecting their government and influencing policies.