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 Sarbanes-Oxley Act applies to which of the following types of companies?

Privately held companies worldwide

All companies listed on any global stock exchange

Nonprofit organizations in the United States

Publicly traded companies in the United States

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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, primarily in response to major corporate scandals. It applies to publicly traded companies in the United States.

Clarify the scope of SOX: The Act is designed to regulate companies that are publicly traded on U.S. stock exchanges, ensuring transparency in financial reporting and protecting investors from fraudulent practices.

Eliminate incorrect options: Privately held companies worldwide, all companies listed on any global stock exchange, and nonprofit organizations in the United States are not subject to SOX regulations. These entities are outside the scope of the Act.

Focus on the correct category: Publicly traded companies in the United States are required to comply with SOX provisions, including internal controls, financial disclosures, and audits.

Conclude the application: The Sarbanes-Oxley Act specifically targets publicly traded companies in the United States to enhance accountability and prevent corporate fraud.