The Sarbanes-Oxley Act of 2002 was passed to eliminate many of the disclosure and conflict-of-interest problems of corporations. Indicate whether the statement is true or false ANSWER TRUE
Date: September 19th, 2020
The Sarbanes-Oxley Act of 2002 established the Private Company Accounting Oversight Board (PCAOB) which is a for-profit corporation that oversees CEOs of public corporations. Indicate whether the statement is true or false ANSWER FALSE
Date: September 19th, 2020
The McCain-Feingold Act of 2002 was passed to eliminate many of the disclosure and conflict-of-interest problems of corporations. Indicate whether the statement is true or false ANSWER FALSE
Date: September 19th, 2020
Publicly owned corporations are those which are financed by the proceeds from the treasury securities. Indicate whether the statement is true or false ANSWER FALSE
Date: September 19th, 2020
Publicly owned corporations with more than $5 million assets are required by the Securities and Exchange Commission (SEC) and individual state securities commissions to provide their stockholders with an annual stockholders’ report. Indicate whether the statement is true or false ANSWER TRUE
Date: September 19th, 2020
The president’s letter, the first component of the stockholders’ report, is the primary communication from management to a firm’s employees. Indicate whether the statement is true or false ANSWER FALSE
Date: September 19th, 2020
Common stock dividends paid to stockholders is equal to the earnings available for common stockholders divided by the number of shares of common stock outstanding. Indicate whether the statement is true or false ANSWER FALSE
Date: September 19th, 2020
The income statement is a financial summary of a firm’s operating results during a specified period while the balance sheet is a summary statement of a firm’s financial position at a given point in time. Indicate whether the statement is true or false ANSWER TRUE
Date: September 19th, 2020
The common stock entry in balance sheet is the par value of common stock. Indicate whether the statement is true or false ANSWER TRUE
Date: September 19th, 2020
Paid-in capital in excess of par represents a firm’s book value received from the original sale of common stock. Indicate whether the statement is true or false ANSWER FALSE
Date: September 19th, 2020
