Banking Investment 2 Question Preview (ID: 62824)


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Enron
a) Scandal that precipitated the passing of SOX Act
b) Requires transparency, rotating accountants, and CFOs to attest to accuracy of financial statements
c) Started in the 1780s
d)

SOX Act
a) Requires transparency, rotating accountants, and CFOs to attest to accuracy of financial statements
b) expanded the Truth in Lending Act, passed in response to Great Recession
c) Started in the 1780s
d)

Credit Card Act
a) expanded the Truth in Lending Act, passed in response to Great Recession
b) Started in the 1780s
c) Requires transparency, rotating accountants, and CFOs to attest to accuracy of financial statements
d)

Banking in America
a) Started in the 1780s
b) Requires transparency, rotating accountants, and CFOs to attest to accuracy of financial statements
c) expanded the Truth in Lending Act, passed in response to Great Recession
d)

Bank of the United States
a) founded by Alexander Hamilton, no longer in existence
b) 41%
c) credit card statements, bank deposit slip, pay stub
d)

Percentage of online only banking customers
a) 41%
b) A/P and A/R records, sales invoices, expense reports
c)
d)

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
d)

Business financial data
a) A/P and A/R records, sales invoices, expense reports
b) Applicable to the purposes of the users; timely
c) ___ to everyone who uses it—not just who prepared it; in language and format
d)

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
d)

Relevant
a) Applicable to the purposes of the users; timely
b) Consistent to past financial statements and other competitors in the industry
c) Balance Sheet, Income Statement, Statement of Cash Flows
d)

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