Several Large Frauds Occurred in 2001 and 2002

question 168

Multiple Choice

Several large frauds occurred in 2001 and 2002. Which of the following was NOT a consequence of these frauds?

• A) Arthur Anderson, LLP was convicted of fraud but was allowed to stay in business.
• B) There were adverse market reactions throughout the world.
• C) Thousands of jobs were lost when Enron and WorldCom went out of business.
• D) There was a loss of confidence in the financial reporting system.

Identify forms of sexual harassment and legal protections available.

Understand the concept of ageism and its impact on employment and workplace practices.

Understand the definition and significance of having a diverse and inclusive workforce.

Recognize the characteristics and expectations of different generational groups within the workforce.

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Definitions:

Normal Capacity Hours

The amount of production or work hours that can be reasonably expected under normal conditions in a given period.

Overhead Variances

Differences between the actual overhead costs incurred and the overhead costs that were expected or budgeted.

Controllable Variance

The difference between actual expenses and budgeted expenses that management has the ability to influence or control.

Volume Variance

The difference between the budgeted and actual volume of production, affecting fixed costs per unit and overall profitability.