Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 1, Problem 6EB
The Foreign Corrupt Practices Act (FC PA) was implemented in 1977. Why was it enacted, and what are its major provisions?
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What is economic extortion and what controls can be implemented to prevent or detect this kind of fraud?
Under the Foreign Corrupt Practices Act of 1977 (FCPA):
a. No US person or company that has securities listed on US markets may make a payment to a foreign officical for the purpose of obtaining or retaining business (pay a bribe)
b. Companies that have securities listed on U. S. markets must make and keep financial records that accurately and fairly reflect transactions of the company and must design and maintain an adequate system of internal accounting controls.
c. Certain payments to foreign officials known as “grease payments” made to an official to expedite the performance of duties that the official would already be bound to perform are permitted.
d. only A and B are included in the FCPA
e. A, B, and C are included in the FCPA
1. Is payment of bribes an unacceptable business practice within the U.S.? Justify youranswer with supporting evidence.
Chapter 1 Solutions
Principles of Accounting Volume 2
Ch. 1 - The managers of an organization are responsible...Ch. 1 - Management accountants help the management of an...Ch. 1 - Which of the following is a primary aspect of the...Ch. 1 - During the control function, the measurements...Ch. 1 - Which of the following is false regarding...Ch. 1 - Managerial accounting produces information: to...Ch. 1 - Management accounting: emphasizes special-purpose...Ch. 1 - Internal users of accounting information would not...Ch. 1 - External users of accounting information would...Ch. 1 - Which of the following statements is incorrect?...
Ch. 1 - The stockholders of a company are: the owners...Ch. 1 - The controller of a corporation: reports to the...Ch. 1 - The Certified Financial Analyst (CFA)...Ch. 1 - The Certified Management Accountant (CMA)...Ch. 1 - Which of the following terms means the ability to...Ch. 1 - Which of the following terms means knowing how a...Ch. 1 - What is the law that protects investors from...Ch. 1 - What year was the Sarbanes-Oxley Act enacted? 2007...Ch. 1 - When a representative of an organization gives...Ch. 1 - The law that specifically prohibits payments to...Ch. 1 - Which of the following is not a step in the...Ch. 1 - Which of the following is not an objective used in...Ch. 1 - Which of the following is not true regarding...Ch. 1 - A companys attempts to utilize sustainable...Ch. 1 - A process that is often linked to Six Sigma and is...Ch. 1 - An inventory system that organizations use to...Ch. 1 - A quality control program that depends on multiple...Ch. 1 - Carlita believes an important part of the planning...Ch. 1 - What are some activities and tasks a manager might...Ch. 1 - If there are deviations from the stated goals and...Ch. 1 - Explain how managerial accountants help managers...Ch. 1 - How do the subject matter of reports and the...Ch. 1 - What is the purpose of management accounting?Ch. 1 - Who are the primary users of the information...Ch. 1 - What are the key differences between financial...Ch. 1 - Other than accounting skills, what six qualities...Ch. 1 - Explain how having more than one of the accounting...Ch. 1 - Briefly discuss the chain of command for someone...Ch. 1 - According to the information available at...Ch. 1 - According to the information on management...Ch. 1 - What other professional business organizations...Ch. 1 - How can having a bonus system based purely on...Ch. 1 - What led to the United States Congress passing the...Ch. 1 - What is an enterprise resource planning (ERP)...Ch. 1 - Describe what is meant by the term balanced in the...Ch. 1 - What is corporate social responsibility, and who...Ch. 1 - Indicate whether each statement describes...Ch. 1 - Identify the following as True or False:...Ch. 1 - Define each of these users of accounting...Ch. 1 - Discuss what information would be most useful for...Ch. 1 - Taylor Speedy has prepared the following list of...Ch. 1 - Match the term with the description:Ch. 1 - After the passage of the Sarbanes-Oxley Act in...Ch. 1 - Indicate whether each of the following statements...Ch. 1 - Match each lean business method to the best...Ch. 1 - For each of the activities listed, choose the...Ch. 1 - Look up the definitions for the following terms:...Ch. 1 - Indicate whether the statement describes reporting...Ch. 1 - Identify the following as true or false: Financial...Ch. 1 - Companies need to report both monetary and...Ch. 1 - Marvin has been thinking about the fields of...Ch. 1 - Match the term with the description.Ch. 1 - The Foreign Corrupt Practices Act (FC PA) was...Ch. 1 - Indicate whether each of the following statements...Ch. 1 - Table 1.3 shows how different areas within the...Ch. 1 - There are individuals who are under the impression...Ch. 1 - Think about the organization chart in Figure 1.7....Ch. 1 - Controversy tends to surround the topic of...
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Similar questions
- WorldCom committed the largest fraud in U.S. history. What was the primary method WorldCom’s management used to carry out the fraud?arrow_forwardHow can accounting information systems aid in the prevention of fraud? Do legislative activities such as the Foreign Corrupt Practices Act and the Sarbanes-Oxley Act of 2002 really aid in the prevention of accounting fraud? Justify your answer.arrow_forwardContrast the concept (how they are similar or different from each other) Illegal appropriation vs. corruption corruption vs. Fraud in the states Fraud in the states vs. illegal appropriation explain the concept illegal appropriation Corruption Financial Statement Fraudarrow_forward
- What was the wells fargo account fraud scandal? What illegal behavior was conducted?arrow_forwardWhat was evolutionary about laws such as GLBA and FACTA? What do organizations need to consider to be compliant with GLBA and FACTA? What is the impact of crimes such as identity theft? How do different jurisdictions (federal, state, or international) deal with financial crimes such as identity theft? Site at least one example.arrow_forwardWhat is Enron fraud and why is it important?arrow_forward
- One way of analyzing whether National Security Agency (NSA) whistleblower Edward Snowden’s actions were justified in leaking classified materials exposing the breadth of the U.S. government’s surveillance activities is by weighing personal morality against the morality that comes with one’s adopted professional role. Using this perspective, do you believe Snowden’s act was ethical?arrow_forwardWhy is it that Bank Deposit Secrecy became a highly-sensitive issue with respect to the implementation of the Anti- Money Laundering Act ( RA#9160)?arrow_forwardWhich of the following is true about the Sarbanes-Oxley Act? A. It was passed to ensure that internal controls are properly documented and tested by public companies. B. It applies to both public and smaller companies. C. It requires all companies to report their internal control policies to the US Securities and Exchange Commission. D. It does not require additional costs or resources to have adequate controls.arrow_forward
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