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

9- IFRS 13 provides a definition of fair value in which the fair value of an asset is:

A-The replacement cost

B-The selling Price

C- The average of replacement cost and selling price

D- None of the above

10- According to IFRS 13, fair value is:

A- Historical cost

B- Entry price

C- Exit price

D- None of the above

11- In order to apply the concept of fair value, the burden of proof to show that the market is inactive is on:

A- The accountant

B- The auditor

C- The market participants

D- None of the above

12- The theorizing effort that focuses on stockholders interaction with financial reporting in the financial markets place is:

A) Capital market research

B) Behavioral research

C) A and B

D) None of the above