Module 11 Study Guide

Question 1

lifelong learning

Answer 1

Lifelong learning refers to a new model of learning that lasts throughout our entire lives and helps us to continually adapt to a rapidly changing world. The skills acquired through lifelong continuous learning are what make you not only employable to your employer, but to others as well.

Question 2

Strategies for improving listening skills include

Answer 2

Recognizing the difference between fact and opinion 
Uncovering assumptions 
Being open to new ideas 
Relying on reason 
Relating new ideas to old ones 
Taking notes

Question 3

Enron’s and other companies’ unethical accounting practices led to the Sarbanes-Oxley Act (SOX) of 2002. As a result of SOX,

Answer 3

Top management (the CEO and the CFO) must certify the accuracy of the financial information, including financial accounting information, released for public consumption.
Top management must certify that the company has an effective system of internal controls which results in the preparation of financial accounting information which is not misleading.
SOX increased the severity of penalties assessed on top management for issuing certified financial accounting information.
SOX increased the oversight role of boards of directors and the independence of the outside auditors who audit the accuracy of the financial statements.