The _____ Act requires companies to produce both an internal control report and an external audit.
Securities and Exchange
Which organization oversees GAAP for governmental organizations?
Which of the following major accounting innovations became popular during the 1980s?
Cloud Computing for the PC
Accounting Software for the PC
Which of the following is a principle of GAAP?
Accountants should not own stock.
Accounting should be done by an outside firm.
Accountants should hold a business degree.
Accounting should be based on objective evidence.
The _____ was developed as a result of the Securities Act and Securities Exchange Act.
Securities and Exchange Commission
Federal Deposit Insurance Corporation
Federal Reserve Bank
Securities and Exchange Center of America
Which of the following are incorporated in GAAP?
Concepts, constraints, and principles
Laws, regulations, and policies
Requirements, policies, and ideals
Mandates, laws, and ethics
Which of the following accounting requirements was instituted in 2002 as a result of the Sarbanes-Oxley Act?
Both an internal accounting audit and an external control report
Both an internal control report and an external audit
A full external audit to be conducted every other year
A clear division between business and government accounting techniques
Based on GAAP, companies must use the same accounting _____ from one period to the next
GAAP is intended to keep accounting practices _____.
transparent and consistent
understandable and simple
multi-layered and complete
complex and difficult
Which of the following was created to help manage international accounting challenges in the global economy?
International Financial Standards Group
International Accounting Standards Board
International Organization for Accounting
International Council on Accounting Challenge