Which of the Following Is a Correct Statement About the Responsibility

question 47

Multiple Choice

Which of the following is a correct statement about the responsibility for internal controls?

• A)The Sarbanes-Oxley Act made management responsible for internal controls.
• B)The Foreign Corrupt Practices Act made management responsible for internal controls.
• C)The American Institute of Certified Public Accountants made management responsible for internal controls.
• D)The International Auditing and Assurance Standards Board made management responsible for internal controls.

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Definitions:

Spot Rate

The ongoing market rate for buying or selling a particular currency, with immediate transfer.

Forward Rate

The agreed-upon exchange rate for currencies to be traded at a future date.

Amortize

This refers to the process of gradually writing off the initial cost of an asset over a period.

Discount

A reduction applied to the regular price of goods or services, or the amount by which the market value of a bond falls below its par value.