5- Corporate governance is: A- Coherent system of concepts that underlie financial reporting B- A term referring to management's choosing to voluntarily disclose non-compulsory information in annual reports C- The system by which corporations are directed and controlled, D- A set of broad principles that provide the basis for guiding actions or decisions

6- Setting an appropriate risk level for the company is the responsibility of

A- The financial officer

B- Board of directors

C- The management

D- CEOs

7- In the U.S, shortcomings in corporate governance that led to the failure of Enron and WorldCom led to:

A- The issuance of Sarbanes Oxley act

B- Global financial crises

C- A and B

D- None of the above

8- Sarbanes Oxley act was issued in:

A- 2000

B- 2001

C- 2002

D- 2003