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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which law provides rules related to the creation of financial statements to help avoid fraud?

Securities Act of 1933

Gramm-Leach-Bliley Act

Sarbanes-Oxley Act

Dodd-Frank Act

Previous problemNext problem

Verified step by step guidance

Understand the context of the question: It is asking about a law that provides rules related to the creation of financial statements to help avoid fraud. This involves understanding the purpose and scope of various financial regulations.

Review the Securities Act of 1933: This act primarily focuses on ensuring transparency in securities offerings and requires companies to disclose financial information to investors, but it does not specifically address fraud prevention in financial statement creation.

Examine the Gramm-Leach-Bliley Act: This act deals with financial privacy and the sharing of customer information by financial institutions, but it is not directly related to the creation of financial statements or fraud prevention.

Analyze the Sarbanes-Oxley Act: This act was enacted in 2002 in response to major corporate scandals (e.g., Enron, WorldCom). It specifically addresses the accuracy and reliability of financial statements, establishes internal controls, and imposes penalties for fraudulent financial reporting.

Consider the Dodd-Frank Act: This act focuses on financial regulatory reform and consumer protection following the 2008 financial crisis, but its primary focus is not on the creation of financial statements or fraud prevention in this area.