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Question
________ requires that any profits made by a statutory insider on transactions involving short-swing profits belong to the corporation.A) Section 5 of the Securities Act of 1933
B) Section 12 of the Securities Act of 1933
C) Section 16(b) of the Securities Exchange Act of 1934
D) SEC Rule 10b5-1
Answer
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Related questions
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A) No person shall be deprived of life, liberty, or property without due process of the law.
B) No state can regulate foreign trade directly or indirectly without due process of the law.
C) Motions for amendments to the constitution cannot be made without a majority in the parliament.
D) Violation of freedom of speech makes the violator liable for immediate prosecution with due process of the law.
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The lawfulness of government classifications based on a protected class other than a suspect class or a fundamental right, such as a classification based on gender, is examined using a(n) ________ test.
A) strict scrutiny
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________ is a power that permits states and local governments to enact laws to protect or promote the public health, safety, morals, and general welfare.
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Registered accounting firms that audit more than 100 public companies annually are subject to inspection and review by the Public Company Accounting Oversight Board (PCAOB) once a year.
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The SEC has oversight and enforcement authority over the Public Company Accounting Oversight Board (PCAOB).
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The accountant-client privilege provides that ________.
A) only an accountant can serve as a witness for his or her client in a court action
B) an accountant's paperwork be used as prima facie evidence against his or her client in a court action
C) an accountant cannot be called as a witness against his or her client in a court action
D) an accountant does not enjoy work product immunity when his or her client is accused of gross negligence
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Accountants cannot be held criminally liable for material irregularities in financial statements prepared for registration statements.
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A due diligence defense cannot be asserted by an accountant against the civil liabilities of Section 11(a) of the Securities Act of 1933.
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Which of the following is true of Rule 10b-5?
A) Privity of contract is necessary for filing a lawsuit under this rule.
B) Civil lawsuits are not permitted under this rule.
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When an accountant has behaved negligently causing damage to a third party, the third party ________.
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A rule that says that an accountant is liable for negligence to third parties who are foreseeable users of the client's financial statements is known as ________.
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A qualified opinion is the most favorable opinion that an accountant can render.
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A) abatement
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The ________, an organization created by the accounting profession, issues new GAAP rules and amends existing rules.
A) Financial Accounting Standards Board (FASB)
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C) International Financial Reporting Board (IFRB)
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Which of the following statements is true of accountants?
A) Accountants who pass the CPA examination are called private noncertified accountants.
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C) Accountants cannot be held liable to clients and third parties.
D) Accountants who lack CPA certification are called public accountants.