Business Law for Accountants - D216 Western Governors University WGU Final guide with complete solution

Business Law for Accountants - D216 Western Governors University WGU Final guide with complete soluti Scienter Answer - A person has knowledge of wrongdoing and intent of wrongdoing Sox act of 2002 Answer - 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 Answer - oversee the accounting process and financial reports of a public company and review it with the audit committee Common law Answer - a body of law established by court decisions Federal Trade commission (FTC) Answer - goal is to prevent unfair trade practices ex. bait and switch, puffery, half truths Lanham Act Answer - 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 act Answer - telemarketer must identify the sellers name, describe the product, disclose all 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 Answer - One free credit report per year Securities exchange act of 1933 Answer - companies must register with SEC if they are public, must complete prospectus Securities exchange act of 1934 Answer - public companies must give continuous disclosure (form-10Q, form-10k) to prevent fraud and insider trading (10-b) Employer / (principal) Answer - This person gives the employee / (agent) the right to handle working with 3rd parties (is a agency relationship) on