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Multiple Choice Quiz
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1
The government agency that has final authority over the financial reporting of publicly owned corporations is
A)the Securities and Exchange Commission.
B)the Federal Trade Commission.
C)the Internal Revenue Service.
D)the Financial Accounting Standards Board
2
The group of accounting educators who offer their opinions about proposed FASB statements, after research has been done to determine the possible effects on financial reporting and the economy, is
A)the FCC.
B)the AICPA.
C)the SEC.
D)the AAA.
3
Which of the following is NOT a service of public accounting firms?
A)auditing
B)tax accounting
C)management advisory services
D)investing services
4
The following are all government agencies except
A)SEC
B)AICPA
C)IRS
D)FBI
5
Management advisory services are designed to help
A)government agencies
B)clients
C)employers
D)creditors
6
A form of the partnerships business entity is
A)LLP
B)LLC
C)INC
D)DBA
7
An act passed in response to the wave of corporate accounting scandals is
A)Saxon-Ordanly Act
B)Sarbanes-Oxley Act
C)Sardonic-Oxone Act
D)Sorbine-Oxide Act
8
The Sarbanes-Oxley Act includes rules on
A)auditor retention
B)auditor reliability
C)auditor rotation
D)auditor reporting
9
The review of financial statements to assess their fairness and adherence to GAAP is
A)accounting
B)preparation
C)compliance
D)auditing
10
An independent accountant who provides accounting services to the public for a fee is a
A)CIA
B)CFE
C)CMA
D)CPA





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