Factors that Impact Accounting

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

• Sarbanes 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

• 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 bust use the same accounting principles 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 Groups

• International Accounting Standards Board

• International organization for Accounting

• International Council on Accounting Challenge