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- 1. Multiple Choice
The _____ Act requires companies to produce both an internal control report and an external audit
Sarbanes Oxley
Securities and Exchange
Uniform Accounting
Dodd-Frank
- 2. Multiple Choice
Which organization oversees GAAP for governmental organizations?
FASB
GASB
SEC
FDIC
- 3. Multiple Choice
Which of the following major accounting innovations became popular during the
cloud computing for the PC
mobile technology
Accounting software for the PC
Big data
- 4. Multiple Choice
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 Choice
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 Choice
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 Choice
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 Choice
Based on GAAP, companies bust use the same accounting principles from one period to the next
firms
tools
personnel
principles
- 9. Multiple Choice
GAAP is intended to keep accounting practices _____
transparent and consistent
understandable and simple
multi-layered and complete
complex and difficult
- 10. Multiple Choice
Which of the following was created to help manage international accounting challenges in the global economy?
International Financial Standards Groups
International Accounting Standards Board
International organization for Accounting
International Council on Accounting Challenge
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