ACCT - CAREERS, ETHICS, & RULES

Which of the following is NOT a white collar crime?

• embezzlement

• pump & dump

• Ponzi scheme

• assault & battery

Which user might look at your accounting records and decide whether or not to give you a business loan?

• IRS

• the bank

• stockholders

• management

If you work as a private accountant, you:

• do accounting for one company

• provide your accounting services to the public

• prepare accounting records for several companies

• must be a CPA

The rules of the accounting are known as:

• FASB

• CPA

• IRS

• GAAP

What are penny stocks?

• shares of stocks of large companies

• shares of stocks of small companies selling for under $5

• stocks that cost under $1

• safe, no-risky investments

When accountants falsify the accounting records, this is known as:

• Ponzi scheme

• securities fraud

• insider trading

• cooking the books

Walmart is an example of this type of business:

• service

• merchandising

• sole proprietorship

• manufacturing

What is the financial statement that determines if you company profitable or not?

• income statement

• statement of cash flows

• balance sheet

• annual report

Which organization oversees the stock market in the United States?

• FASB

• SEC

• IRS

• Sarbanes-Oxley

What the term for when an independent body objectively inspects the accounting records of a business?

• audit

• fraud

• money laundering

• marketing