International Financial Reporting Standards ________ U.S. Generally Accepted Accounting Principles. A) are the same as B) are generally less specific than C) are based less on principle than D) leave less room for professional judgment than ANSWER B
Date: September 2nd, 2020
The Public Company Accounting Oversight Board is a watchdog agency that monitors the work of independent accountants who audit public companies. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Which of the following statements, regarding International Financial Reporting Standards (IFRS), is correct? A) International Financial Reporting Standards are issued by the Financial Accounting Standards Board. B) The Securities and Exchange Commission is the private organization that oversees the creation and governance of International Financial Reporting Standards. C) International Financial Reporting Standards represent a set […]
Date: September 2nd, 2020
The Sarbanes-Oxley Act (SOX) ________. A) requires independent accountants to take responsibility for the accuracy and completeness of the financial reports B) created the SEC C) ensures that financial scandals will no longer occur D) requires companies to take responsibility for the accuracy and completeness of their financial reports ANSWER D
Date: September 2nd, 2020
The Sarbanes-Oxley Act (SOX) requires companies to review internal control and take responsibility for the accuracy and completeness of their financial reports. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Which of the following organizations requires publicly owned companies to be audited by independent accountants (CPAs)? A) Securities and Exchange Commission (SEC) B) Public Company Accounting Oversight Board (PCAOB) C) Financial Accounting Standards Board (FASB) D) American Institute of Certified Public Accountants (AICPA) ANSWER A
Date: September 2nd, 2020
An examination of a company’s financial statements and records is called an audit. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
The left side of the accounting equation measures the amount that the business owes to creditors and to the stockholders. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
The Public Company Accounting Oversight Board (PCAOB) was created ________. A) by the Sarbanes-Oxley Act (SOX) B) to perform audits of public companies C) to make restitution to investors who were defrauded by the issuance of fraudulent financial reports D) to require auditors to take responsibility for the accuracy and completeness of financial reports ANSWER […]
Date: September 2nd, 2020
The total amount of assets a business possesses may or may not be equal to the total of liabilities and equity of the business. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
