Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

6. Internal Controls and Reporting Cash

Sarbanes-Oxley Act

Financial Accounting

6. Internal Controls and Reporting Cash

Sarbanes-Oxley Act

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Multiple Choice

Corporate executive accountability under the Sarbanes-Oxley Act requires corporate executives to:

Rely solely on the audit committee for all internal control assessments.

Personally certify the accuracy and completeness of financial statements.

Only review financial statements annually without signing any certification.

Delegate all financial reporting responsibilities to external auditors.

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Verified step by step guidance

Understand the Sarbanes-Oxley Act (SOX): The Sarbanes-Oxley Act was enacted in 2002 to improve corporate governance and accountability, particularly in financial reporting. It requires corporate executives to take responsibility for the accuracy and completeness of financial statements.

Identify the key requirement for corporate executives under SOX: Corporate executives are required to personally certify the accuracy and completeness of financial statements. This certification ensures accountability and reduces the risk of fraudulent reporting.

Eliminate incorrect options: Review the provided options and eliminate those that contradict the requirements of SOX. For example, relying solely on the audit committee or delegating all financial reporting responsibilities to external auditors does not align with the personal accountability mandated by SOX.

Focus on the correct option: The correct answer is the one that aligns with the SOX requirement for executives to personally certify financial statements. This certification is a legal obligation and cannot be delegated.

Conclude with the importance of this requirement: Explain that this provision under SOX enhances transparency and trust in financial reporting, ensuring that executives are held accountable for the integrity of the company's financial information.