Question : 11) Firms disclose financial statements in ________ and in ________. A) : 1387629

 

 

11) Firms disclose financial statements in ________ and in ________.

A) periodic filings to the federal government; annual reports to shareholders

B) daily filings to the federal government; daily reports to shareholders

C) monthly reports to shareholders; 5-year balance statements to the board of directors

D) weekly filings with the SEC; monthly reports to the Fed

 

 

12) The financial statements of firms generally are audited by

A) employees of the firm being audited.

B) employees of private accounting firms.

C) employees of the federal government.

D) the board of directors of the corporation being audited.

 

 

13) Two of the firms involved in the accounting scandals of the early 2000s were

A) Arthur Anderson and NBC.

B) Western Digital and General Motors.

C) WorldCom and Enron.

D) DuPont and Lehman Brothers.

 

14) David Myers, former controller for WorldCom, pleaded guilty to falsely reported costs for WorldCom that were ________ than they actually were, resulting in reported accounting profits for WorldCom that were ________ than their actual level.

A) higher; higher

B) lower; higher

C) lower; lower

D) higher; lower

 

 

15) Mortgages issued to borrowers who fail to document that their incomes are high enough to afford their mortgage payments are known as ________ mortgages.

A) subprime

B) Alt-A

C) gray market

D) reciprocal

 

 

16) One result of the financial meltdown of the late 2000s was that mortgage institutions ________ and ________ were brought under direct control of the government.

A) Fannie Mae; Freddie Mac

B) Glass Steagall; Sarbanes Oxley

C) Goldman Sachs; Morgan Stanley

D) Lehman Brothers; FDIC

 

17) When someone takes out a mortgage loan to buy a house, the mortgage lender can take possession of the house and sell it if the borrower defaults by failing to make payments on the loan because the house is being pledged as ________ for the loan.

A) goodwill

B) a liability

C) insurance

D) collateral

 

 

18) The Sarbanes-Oxley Act of 2002 was passed in response to what event?

A) a series of accounting scandals

B) unexpected increases in dividend payments to stockholders at various corporations

C) volatility in NASDAQ indexes

D) historically low bond prices

 

 

19) Traditionally, Wall Street investment banks had been organized as partnerships, but by 2000 they had converted to being publicly traded corporations. As partnerships, the principle-agent problem is ________, but as publicly traded corporations, the principal-agent problem is often ________.

A) increased; more severe

B) increased; less severe

C) reduced; more severe

D) reduced; less severe

 

 

20) The Sarbanes-Oxley Act of 2002 requires that CEOs personally certify the accuracy of financial reports.

 

21) Purchasing a firm’s stock in an IPO can be risky because financial information may not be fully disclosed.

 

 

22) The Sarbanes-Oxley Act of 2002 requires that each member of the board of directors personally certify the accuracy of financial reports.

 

 

 

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