Which of the following have the right and responsibility to manage the affairs of a corporation? a. The board of directors b. The chief executive officer c. The chief financial officer d. The audit committee Which of the following is a true statement related to types of directors? a. Owners who are directors are called outside directors. b. Managers may not serve as directors. c. A board is not permitted to contain any inside directors. d. Managers who are directors are often called executive directors Which of the following is not an important consideration for senior management of an entity in fulfilling governance responsibilities? a. Adequate understanding of financial reporting standards and their application b. Ensure all entity employees accept responsibility for their role in internal controls over financial reporting c. Devote resources to hiring and retaining qualified individuals d. Abdicate responsibility of monitoring financial reporting to the external auditors