1 ) Felonious Fem, a scientist, regularly embezzles money from her eoxplayan Lov

Question

1 ) Felonious Fem, a scientist, regularly embezzles money from her eoxplayan Lovable Lushes, a publicly traded corporation that sells alcoholic beverages. boss, Absent Minded Abbott, is the firm's Chief Executive Officer. Abbott will personally liable for the firm's losses under Sarbanes-Oxley, even if he was unaware of Fern's thievery Fern's be 2) Broke Betty has student loans amounting to $55,260 that came due two years ago after graduating from Bodunkouille State University. Although she has a great job in her chosen profession, basket weaving, she decides that she would have more fun in life if she could score a fresh start through a bankruptcy filing. Because a starr is one of the primary goals of bankruptcy, Betty can discharge all of her fresh debioeincluding her unpaid student loans 3) The right of contribution allows a surety to pursue the principal debtor for any amounts paid out of pocket on the debtor's behalf. 4) The Sarbanes-Oxley Act applies specifically to privately held corporations. 5) A surety has the legal right to compel a creditor to pursue the principal debtor first 6) The Sarbanes-Oxley statute makes the CEO and CFO personally responsible for the proper application of the company's internal controls 7) The Sarbanes-Oxley Act of 2002 establishes rules that improve corporate governance rules, eliminate conflicts of interest, and instill confidence in investors and the public that management will run public companies in the best interests of all constituents 8) The Sarbanes-Oxley Act requires CEO and CFO certification for annual and quarterly reports

Explanation / Answer

TRUE: Top management is responsible for the losses due to failure of internal controls to stop embezzlement. FALSE: Bankruptcy code requires a person to have to earnings to sustain a living which is not a case in current scenario. FALSE: The right to contribution requires that persons under a common burden share that burden equitably not all. FALSE: It applies to all organization private public, for profit and non-profit.

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