Accounting IB - CPA/Accounting Acronyms/SOX Act

1.

1 point

The website for IASB is www.iasb.co.us.

True

False

2.

1 point

The IASB stands for the International Accounting Standards Board and is located in London, Ireland.

True

False

3.

1 point

Financial accountants follow these generally accepted accounting principles in preparing reports. These reports allow investors and other users to compare one company to another.

GAAP

FASP

GAP

GASP

4.

1 point

The area of accounting known as public accounting or federal accounting.

government accounting

project accounting

tax accounting

financial accounting

5.

1 point

The chairperson of the SEC is Mary Jo Black.

True

False

6.

1 point

The chairperson of the FASB is Russell Q. Golden.

True

False

7.

1 point

How many countries do the board members come from that belong to the IASB?

14

16

15

13

8.

1 point

The area of accounting which refers to the use of accounting system to track the financial progress of a project through frequent financial reports.

project accounting

management accounting

managerial accounting

financial accounting

9.

1 point

The FASB was established to develop a set of managerial accounting standards known as generally accepted accounting principles.

True

False

10.

1 point

The website for the SEC is www.sec.org.

True

False

11.

1 point

Businesses that sell products they purchase from other businesses to customers are

manufacturing businesses.

merchandising businesses.

retail businesses.

service businesses.

12.

1 point

The experience requirement for a CPA includes

1-2 years experience in accounting under a CPA.

1 year of experience in accounting under a CPA.

1-3 years experience in accounting under a CPA.

1-2 years experience in accounting.

13.

1 point

These users are not directly involved in managing and operating the business.

internal users

external users

intra-company users

inter-company users

14.

1 point

Known as Corporate Social Responsibility Reporting and Sustainability Accounting. Primarily reported in the form of Environmental Reports accompanying the annual reports of companies.

environmental accounting

project accounting

social accounting

corporate accounting

15.

1 point

SEC stands for the Securities Exchange Commission.

True

False

16.

1 point

Managerial accounting does not need to follow GAAP.

True

False

17.

1 point

Can be defined as the planning, reporting, analyzing, and interpreting financial information.

accounting system

economics

accounting

business system

18.

1 point

All CPAs are accountants, and all accountants are CPAs.

True

False

19.

1 point

The education requirement for becoming a CPA is

a bachelor's degree and 150 hours

a master's degree and 150 semester hours

a bachelor's degree and 150 semester hours

a master's degree and 150 hours

20.

1 point

The exam requirement for becoming a CPA is

apply to sit based on state requirements and pass all fours parts with a 70 or higher.

take the test and pass 3 of 4 parts with a 75 or higher.

apply to sit based on state requirements, pass all four parts of the exam with 75 or higher.

21.

1 point

The area of accounting for tax related matters.

state accounting

federal accounting

tax accounting

government accounting

22.

1 point

CPA stands for

Certified Publish Accountant

Certified Public Accountant

Certificate Public Accountant

Certified Publicity Accounting

23.

1 point

Generally accepted accounting principles refer to the standard framework of guidelines for managerial accounting used in any given jurisdiction.

True

False

24.

1 point

Moral principles that guide the conduct of individuals.

business ethics

ethics

morals

integrity

25.

1 point

External users are

customers, creditors, investors, government

customers, consumers, investors, government

investors, IRS, customers, creditors

government, IRS, customers, consumers

26.

1 point

Generally accepted accounting principles refer to the standard framework of guidelines for financial accounting used in any given jurisdiction.

True

False

27.

1 point

Financial accounting emphasizes financial consequences of past activities.

True

False

28.

1 point

Service businesses provide products rather than services to customers.

True

False

29.

1 point

The area of accounting that provides internal users with information is called

financial accounting.

managerial accounting.

tax accounting.

project accounting.

30.

1 point

The area of accounting used in auditing and investigative techniques in cases of litigation or disputes.

forensic accounting

investigative accounting

auditing accounting

litigation accounting

31.

1 point

An example of a service business is

Wal-Mart

Dollar General

The Walt Disney Company

General Motors Corporation

32.

1 point

Can be thought of as the language of business.

accounting system

business language

economics

accounting

33.

1 point

The use of ethics in making business decisions.

business morals

business ethics

morality

ethics

34.

1 point

Cost accounting is a branch of ____________ accounting and involves the application of various techniques to monitor and control costs.

tax accounting

managerial accounting

financial accounting

project accounting

35.

1 point

WorldCom and Entron were major players in accounting and business frauds which resulted in the establishment of the Sarbanes Oxley Act of 2002.

True

False

36.

1 point

Managerial accounting emphasizes decisions affecting the future.

True

False

37.

1 point

Financial accounting does not need to follow GAAP.

True

False

38.

1 point

The users are directly involved in managing and operating the business.

internal users

external users

intra-company users

inter-company users

39.

1 point

Dell Incorporated is an example of a

merchandising business.

manufacturing business.

service business.

retail business.

40.

1 point

The area of accounting that provides external users with information is called

forensic accounting.

financial accounting.

governmental accounting.

managerial accounting.

41.

1 point

CPAs are trusted financial advisors who help individuals, businesses, and other organizations plan and reach their financial goals.

True

False

42.

1 point

The website for the FASB is www.fasb.org.

True

False

43.

1 point

The Securities and Exchange Commission was founded on

June 6, 1934

June 5, 1934

June 6, 1936

June 5, 1936

44.

1 point

The three E's required for CPA licensure are

environment, experience, exam

exam, experience, education

education, experience, ethics

ethics, education, exam

45.

1 point

The IASB was founded in 2001 and is a London-based organization which seeks out to set and enforce standards for accounting procedures internationally.

True

False

46.

1 point

An agency of the United States government which

established and improves standards of financial accounting and reporting for the guidance and education of the public.

regulates the securities industry and protects investors against fraudulent investment related practices.

monitors the behavior of accounting and business.