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Banking Investment 2
Test Description: Nfklnrwkf
Instructions: Answer all questions to get your test result.
1) Enron
A
Started in the 1780s
B
Requires transparency, rotating accountants, and CFOs to attest to accuracy of financial statements
C
Scandal that precipitated the passing of SOX Act
2) SOX Act
A
Requires transparency, rotating accountants, and CFOs to attest to accuracy of financial statements
B
Started in the 1780s
C
expanded the Truth in Lending Act, passed in response to Great Recession
3) Credit Card Act
A
Started in the 1780s
B
expanded the Truth in Lending Act, passed in response to Great Recession
C
Requires transparency, rotating accountants, and CFOs to attest to accuracy of financial statements
4) Banking in America
A
expanded the Truth in Lending Act, passed in response to Great Recession
B
Requires transparency, rotating accountants, and CFOs to attest to accuracy of financial statements
C
Started in the 1780s
5) Bank of the United States
A
credit card statements, bank deposit slip, pay stub
B
founded by Alexander Hamilton, no longer in existence
C
41%
6) Percentage of online only banking customers
A
41%
B
A/P and A/R records, sales invoices, expense reports
7) Personal financial data
A
credit card statements, bank deposit slip, pay stub
B
___ to everyone who uses it—not just who prepared it; in language and format
C
Applicable to the purposes of the users; timely
8) Business financial data
A
Applicable to the purposes of the users; timely
B
___ to everyone who uses it—not just who prepared it; in language and format
C
A/P and A/R records, sales invoices, expense reports
9) Understandable
A
___ to everyone who uses it—not just who prepared it; in language and format
B
Applicable to the purposes of the users; timely
C
Accurate, complete, neutral, conforms to commonly used accounting standards
10) Relevant
A
Balance Sheet, Income Statement, Statement of Cash Flows
B
Applicable to the purposes of the users; timely
C
Consistent to past financial statements and other competitors in the industry
*select an answer for all questions
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