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

The Enron scandal and similar corporate scandals led to the creation of which of the following?

Securities Act of 1933

Dodd-Frank Act

Glass-Steagall Act

Sarbanes-Oxley Act

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Verified step by step guidance

Understand the context of the Enron scandal: It involved fraudulent accounting practices that misrepresented the company's financial health, leading to significant losses for investors and stakeholders.

Recognize the impact of corporate scandals like Enron: These events highlighted the need for stricter regulations to ensure transparency and accountability in financial reporting.

Learn about the Sarbanes-Oxley Act (SOX): This legislation was enacted in 2002 as a direct response to corporate scandals, including Enron, to improve corporate governance and financial disclosures.

Explore key provisions of the Sarbanes-Oxley Act: It includes requirements for internal controls, auditor independence, and the establishment of the Public Company Accounting Oversight Board (PCAOB) to oversee audits of public companies.

Understand the broader implications: The Sarbanes-Oxley Act aims to restore investor confidence by ensuring that companies adhere to ethical accounting practices and provide accurate financial information.