Determine whether each of the following statements is true or false:
1. The Sarbanes-Oxley Act of 2002 (SOX) imposes stricter requirements over financial reporting
and internal controls and stricter consequences for those who engage in financial statement misconduct and other white-collar crimes.
2. U.S. companies that have operations overseas must use the International Financial Reporting Standards (IFRS) to issue their financial statements.
3. Extensible Business Reporting Language (XBRL) is a standardized coding system that allows financial information to be “tagged” so that it can be read by computer programs.
4. The triple bottom line assesses company performance on three factors: people (social impact), planet (environmental impact), and profit (economic impact).
5. Manufacturing makes up the largest sector of the U.S. economy.
6. The globalization of business has little bearing on management accounting.
7. Computer systems that integrate all of a company’s worldwide functions into one database are known as Integrated Worldwide Systems (IWSs).
8. Lean thinking focuses on eliminating waste from operations in an effort to reduce costs.
9. The ISO 9001:2008 certification focuses on environmental management.