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- 1. Multiple-choice30 seconds1 pt
​The _____ Act requires companies to produce both an internal control report and an external audit.
Sarbannes-Oxley
Securities and Exchange
Uniform Accounting
Dodd-Frank
- 2. Multiple-choice30 seconds1 pt
Which organization oversees GAAP for governmental organizations?
FASB
GASB
SEC
FDIC
- 3. Multiple-choice30 seconds1 pt
Which of the following major accounting innovations became popular during the 1980s?
Cloud Computing for the PC
Mobile Technology
Accounting Software for the PC
Big Data
- 4. Multiple-choice30 seconds1 pt
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.
- 5. Multiple-choice30 seconds1 pt
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
- 6. Multiple-choice30 seconds1 pt
Which of the following are incorporated in GAAP?
Concepts, constraints, and principles
Laws, regulations, and policies
​Requirements, policies, and ideals
Mandates, laws, and ethics
- 7. Multiple-choice30 seconds1 pt
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
- 8. Multiple-choice30 seconds1 pt
​Based on GAAP, companies must use the same accounting _____ from one period to the next
firms
tools
personnel;
principles
- 9. Multiple-choice30 seconds1 pt
GAAP is intended to keep accounting practices _____.
​transparent and consistent
​understandable and simple
​multi-layered and complete
​complex and difficult
- 10. Multiple-choice30 seconds1 pt
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
