Business Law for
Accountants D216 WGU
2026 | Study Guide & OA
Exam Prep |Graded A+ |
Guaranteed success|
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Scienter A person has knowledge of wrongdoing and intent of wrongdoing
Sox act of 2002 created the public company accounting oversight board, It states high level
managers (CFO, CEO, Senior roles) must maintain an effective system of internal
controls. Internal controls get checked by senior management annually
Outside Directors oversee the accounting process and financial reports of a public company and
review it with the audit committee
Common law a body of law established by court decisions
Federal Trade commission (FTC) goal is to prevent unfair trade practices ex. bait and switch, puffery, half truths
Lanham Act protects trademarks, and false advertising claims. one must show injury to
reputation, direct causation by false advertising, loss of business by those deceived
Telemarketing and consuming fraud and abuse prevention telemarketer must identify the sellers name, describe the product, disclose all
act material facts including total cost, must remove customers name from list if
requested. (a salesmans name is not the seller, must be a brand or business or true
seller)
Fair and accurate credit transaction act One free credit report per year
Securities exchange act of 1933 companies must register with SEC if they are public, must complete prospectus
Securities exchange act of 1934 public companies must give continuous disclosure (form-10Q, form-10k) to prevent
fraud and insider trading (10-b)
Employer / (principal) This person gives the employee / (agent) the right to handle working with 3rd parties
(is a agency relationship)
Employer / independent contractor relationship relationship where principal cant control the actions of the agent (not an agency
relationship because of lack of principal control)
Doctrine of responeat superior agent liable for own negligence, principal liable for agent if harm to third party
happened while agent was working on principals behalf
Compensate (principal duties to agent set) duty of paying agent for services
Reimbursement (principal duties to agent set) paying agent back for expenses
Accountants D216 WGU
2026 | Study Guide & OA
Exam Prep |Graded A+ |
Guaranteed success|
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Scienter A person has knowledge of wrongdoing and intent of wrongdoing
Sox act of 2002 created the public company accounting oversight board, It states high level
managers (CFO, CEO, Senior roles) must maintain an effective system of internal
controls. Internal controls get checked by senior management annually
Outside Directors oversee the accounting process and financial reports of a public company and
review it with the audit committee
Common law a body of law established by court decisions
Federal Trade commission (FTC) goal is to prevent unfair trade practices ex. bait and switch, puffery, half truths
Lanham Act protects trademarks, and false advertising claims. one must show injury to
reputation, direct causation by false advertising, loss of business by those deceived
Telemarketing and consuming fraud and abuse prevention telemarketer must identify the sellers name, describe the product, disclose all
act material facts including total cost, must remove customers name from list if
requested. (a salesmans name is not the seller, must be a brand or business or true
seller)
Fair and accurate credit transaction act One free credit report per year
Securities exchange act of 1933 companies must register with SEC if they are public, must complete prospectus
Securities exchange act of 1934 public companies must give continuous disclosure (form-10Q, form-10k) to prevent
fraud and insider trading (10-b)
Employer / (principal) This person gives the employee / (agent) the right to handle working with 3rd parties
(is a agency relationship)
Employer / independent contractor relationship relationship where principal cant control the actions of the agent (not an agency
relationship because of lack of principal control)
Doctrine of responeat superior agent liable for own negligence, principal liable for agent if harm to third party
happened while agent was working on principals behalf
Compensate (principal duties to agent set) duty of paying agent for services
Reimbursement (principal duties to agent set) paying agent back for expenses
