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

Serious ethical violations by corporations such as Enron led to the passage of which of the following acts?

Sarbanes-Oxley Act

Dodd-Frank Act

Gramm-Leach-Bliley Act

Securities Act of 1933

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Understand the context of the problem: The question refers to ethical violations by corporations, such as Enron, which led to significant regulatory changes in financial reporting and corporate governance.

Identify the key acts listed in the options: Sarbanes-Oxley Act, Dodd-Frank Act, Gramm-Leach-Bliley Act, and Securities Act of 1933. Each of these acts addresses different aspects of financial regulation.

Focus on the Sarbanes-Oxley Act: This act was specifically passed in 2002 in response to major corporate scandals like Enron and WorldCom. It aimed to improve corporate governance, enhance financial disclosures, and combat corporate fraud.

Differentiate the other acts: The Dodd-Frank Act (2010) primarily addresses financial system stability and consumer protection after the 2008 financial crisis. The Gramm-Leach-Bliley Act (1999) deals with financial privacy and the deregulation of financial institutions. The Securities Act of 1933 focuses on securities registration and investor protection but predates the Enron scandal.

Conclude that the Sarbanes-Oxley Act is the correct answer, as it directly addresses the ethical violations and corporate governance issues highlighted by the Enron scandal.