BF22 3.05

BF22 3.05

12th Grade

9 Qs

quiz-placeholder

Similar activities

FP Obj 1.02 The Need for Finan Info

FP Obj 1.02 The Need for Finan Info

9th - 12th Grade

10 Qs

WebXam Review - Fundamental Accounting - 5 - Financial Acct

WebXam Review - Fundamental Accounting - 5 - Financial Acct

9th - 12th Grade

12 Qs

FP11 3.05 Explain legal considerations for accounting.

FP11 3.05 Explain legal considerations for accounting.

12th Grade

9 Qs

Accounting Laws & Regulations ICEV

Accounting Laws & Regulations ICEV

8th Grade - Professional Development

10 Qs

Accounting Standards, Regulations and Ethics

Accounting Standards, Regulations and Ethics

10th - 12th Grade

10 Qs

G.A.A.P. Principles

G.A.A.P. Principles

9th - 12th Grade

10 Qs

Federal and State Regulation 3.1.4/3.1.5

Federal and State Regulation 3.1.4/3.1.5

10th Grade - Professional Development

10 Qs

Into to CMA Quiz

Into to CMA Quiz

12th Grade

10 Qs

BF22 3.05

BF22 3.05

Assessment

Quiz

Business

12th Grade

Medium

Created by

Marika McKie

Used 2+ times

FREE Resource

9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which three reports are mandatory for every public company to file?

income statement, cost of goods sold, and statement of cash flows

income statement, balance sheet, and owner’s equity statement

balance sheet, owner’s equity statement, and statement of cash flows

income statement, balance sheet, and statement of cash flows

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What independent federal government agency is responsible for protecting investors, maintaining fair and orderly functioning of the securities markets, and facilitating capital formation?

FASB

SEC

GAAP

PCAOB

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Sarbanes-Oxley Act of 2002 mandates that:

each business will determine who should take responsibility for the accuracy and completeness of corporate financial reports.

senior executives take individual responsibility for the accuracy and completeness of corporate financial reports.

CPAs take responsibility for the accuracy and completeness of corporate financial reports.

boards of directors take responsibility for the accuracy and completeness of corporate financial reports.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The main principle of GAAP is

competitiveness.

consistency.

unbiased.

ethics

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A nonprofit organization responsible for setting the accounting standards in the United States is the:

SEC

GAAP

FASB

AICPA

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Sarbanes-Oxley Act of 2002 was created in response to:

the Enron, WorldCom, and Arthur Andersen scandals.

the Martha Stewart and Barclays scandals.

the Madoff Ponzi scheme and the Bear Stearns Companies scandals.

the Swissair, Adelphia Communications, and Global Crossing scandals.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which must be registered with the SEC before being eligible to be sold to investors?

issues of securities offered in local offices

the distribution of dividends to stockholders

issues of securities offered in interstate commerce, through the mail, or on the Internet

a position on the board of directors

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A commonly recognized set of accounting guidelines for financial reporting in the United States that is responsible for investor confidence in the American markets is the:

Generally Accepted Accounting Principles (GAAP).

Financial Accounting Standards Board (FASB).

Securities and Exchange Commission (SEC).

Certified Accounting Practitioner (CAP).

9.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The FASB is a private company that makes accounting rules, while the SEC is a governmental agency that regulates businesses listed on the stock market. The FASB and SEC work together as a: s

semi-governmental agency.

cooperative agency.

government-public partnership.

public-private partnership.