A Statement You Will Sometimes Hear People Say Is That

question 109

Multiple Choice

A statement you will sometimes hear people say is that a day is not 24 hours but is really 23 hr.56 min.and 4 sec.What does this refer to?

• A)The original definition of the hour was off,and with more accurate atomic clocks we now realize the real day is this length.
• B)This is sidereal time,not solar time; a solar day is 24 hours.
• C)Our clocks drift that much each day,and we average out the affect with period time shifts,like leap years and leap seconds.
• D)It is just an urban geek myth; the day really is 24 hours long.

Distinguish between regulatory licenses and revenue licenses and understand their implications.

Recognize the factors courts consider when enforcing non-compete clauses and agreements.

Understand the concept of usury and related state requirements.

Identify illegal contracts and agreements opposed to public policy.

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Definitions:

Sarbanes-Oxley Act

A United States federal law that set new or expanded requirements for all U.S. public company boards, management, and public accounting firms, aiming to protect investors from fraudulent financial reporting.

PCAOB

The Public Company Accounting Oversight Board, an organization established to oversee the audits of public companies to protect the interests of investors.

Public Accounting Firms

Professional service organizations that provide auditing, tax, consulting, and accounting services to businesses and individuals.

CDOs

Collateralized Debt Obligations, a type of structured asset-backed security (ABS) with different tranches that can be impacted by mortgage, auto loan, and credit card debt defaults.