Can a Company Hold a "Provision","just in Case" of an Emergency

question 22

Multiple Choice

Can a company hold a "provision","just in case" of an emergency?

• A) No. "Just in case" is not a good enough reason
• B) Yes. In fact provisions are an essential part of "prudence"
• C) No. Provisions can never be held
• D) Yes. Companies have an obligation to build provisions for all sorts of scenarios

List the services that are prohibited for accounting firms to perform for audit clients under the Sarbanes-Oxley Act.

Understand the legal and ethical considerations regarding the confidentiality of client information obtained by accountants.

Identify the requisite elements of fraud within financial transactions and accounting practices.

Understand contemporary feminist viewpoints on gender roles within families.

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Definitions:

Primacy Effect

The tendency to remember information that is presented first better than information that is presented later.

Stereotyping

is the act of categorizing individuals into groups and making assumptions about them based on generalizations.

Self-Serving Bias

A cognitive bias where individuals attribute positive outcomes to their own actions and negative outcomes to external factors.

Attribution

The process by which individuals explain the causes of their own and others' behaviors and outcomes.