The record date for the declaration of dividends is set forth in the articles of incorporation. A. True B. False The Sarbanes-Oxley Act applies only to public companies. A. True B. False The rule that an accountant is liable for negligence to third partios who are projocted users of the cliont's financial statements is known as which af the following? A. the due diligence dofonso B. he privity of contract defense C. the foreseeability standard D. the Uitramares doctrine Which of the following federal legislation prohibits public companies from making personal loans to their directors or execufive officers? A. the Racketeer Influenced and Corrupt Organizations Act B. the Sarbanes.Oxley Act C. the Foreign Corrupt Practices Act D. the Commodity Futures Modernization Act Which of the following is required for a corporation to elect statutory close corporation status? A. It must have fifty (50) or fewer shareholders: B. It must have a twelve-member board of diroctors. C. It must have a written set of bylaws drafted by an attorney and approved by the secretar) D. It must have at least one hundred (100) shareholders