Factors that Impact Accounting 1.1.5

​The _____ Act requires companies to produce both an internal control report and an external audit.

• Sarbannes-Oxley

• Securities and Exchange

• Uniform Accounting

• Dodd-Frank

Which organization oversees GAAP for governmental organizations?

• FASB

• GASB

• SEC

• FDIC

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

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.

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

Which of the following are incorporated in GAAP?

• Concepts, constraints, and principles

• Laws, regulations, and policies

• ​Requirements, policies, and ideals

• Mandates, laws, and ethics

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

​Based on GAAP, companies must use the same accounting _____ from one period to the next

• firms

• tools

• personnel;

• principles

GAAP is intended to keep accounting practices _____.

• ​transparent and consistent

• ​understandable and simple

• ​multi-layered and complete

• ​complex and difficult

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