Question 1 1. The American Institute of Certified Public Account.docxmakdul
Question 1
1. The American Institute of Certified Public Accountants (AICPA), the Public Company Accounting Oversight Board (PCAOB), and the International Auditing and Assurance Standards Board (IAASB) have a common goal to:
Verify that the financial statements are free from material errors.
Verify that the financial statements are free from all errors.
Provide financial information to disinterested third parties.
Provide assurance to the public that audits are conducted in a professional manner.
5 points
Question 2
1. How many countries rely on the standards issued by the International Auditing and Assurance Standards Board?
25
Over 100
Only the European countries.
The twelve countries in North America.
5 points
Question 3
1. Which phase of the audit formulation process contains management's assertions of rights and obligations for their manufacturing facilities?
Phase I
Phase II
Phase III
Phase V
5 points
Question 4
1. All of the following requirements became mandatory when Congress passed the Sarbanes-Oxley Act of 2002, except:
Companies are required to establish an independent audit committee.
Prohibition on consulting work that auditors can perform for their audit clients.
Mandatory rotation every five years of the partner in charge of the audit engagement.
Creation of the Committee of Sponsoring Organizations (COSO) to oversee companies who do business on the New York Stock exchange (NYSE).
5 points
Question 5
1. The following individual is responsible for overseeing the day-to-day activities on a specific audit:
Partner
Senior
Manager
Supervisor
5 points
Question 6
1. The second principle of performance developed by the AICPA requires the auditor to do all of the following during an audit except:
Obtain absolute assurance as to whether the financial statements are free from material misstatements.
Determine materiality levels.
Identify risks of material misstatement.
Implement appropriate audit responses to assessed risks.
5 points
Question 7
1. The board of directors' primary objective for the shareholders is to:
Compile financial statements for submission to the Securities and Exchange Commission (SEC)
Supervise the activities of the internal auditors.
Build long-term sustainable growth in shareholder value.
Evaluate potential external auditing companies to select for the annual audit.
5 points
Question 8
1. One of the most significant provisions of the Sarbanes/Oxley Act of 2002 was:
The mandatory requirement to compile financial statements in accordance with the standards provided by the Public Companies Accounting Oversight Board (PCAOB).
Establishment of the American Institute of Certified Public Accountants (AICPA) and their Code of Conduct.
Specifies the education and experience requirements for all members on the board of directors.
Requires the CEO and CFO to certify their company's financial statements.
5 points
Question 9
1. Which of the follow ...
Question 1 1. The American Institute of Certified Public Account.docxmakdul
Question 1
1. The American Institute of Certified Public Accountants (AICPA), the Public Company Accounting Oversight Board (PCAOB), and the International Auditing and Assurance Standards Board (IAASB) have a common goal to:
Verify that the financial statements are free from material errors.
Verify that the financial statements are free from all errors.
Provide financial information to disinterested third parties.
Provide assurance to the public that audits are conducted in a professional manner.
5 points
Question 2
1. How many countries rely on the standards issued by the International Auditing and Assurance Standards Board?
25
Over 100
Only the European countries.
The twelve countries in North America.
5 points
Question 3
1. Which phase of the audit formulation process contains management's assertions of rights and obligations for their manufacturing facilities?
Phase I
Phase II
Phase III
Phase V
5 points
Question 4
1. All of the following requirements became mandatory when Congress passed the Sarbanes-Oxley Act of 2002, except:
Companies are required to establish an independent audit committee.
Prohibition on consulting work that auditors can perform for their audit clients.
Mandatory rotation every five years of the partner in charge of the audit engagement.
Creation of the Committee of Sponsoring Organizations (COSO) to oversee companies who do business on the New York Stock exchange (NYSE).
5 points
Question 5
1. The following individual is responsible for overseeing the day-to-day activities on a specific audit:
Partner
Senior
Manager
Supervisor
5 points
Question 6
1. The second principle of performance developed by the AICPA requires the auditor to do all of the following during an audit except:
Obtain absolute assurance as to whether the financial statements are free from material misstatements.
Determine materiality levels.
Identify risks of material misstatement.
Implement appropriate audit responses to assessed risks.
5 points
Question 7
1. The board of directors' primary objective for the shareholders is to:
Compile financial statements for submission to the Securities and Exchange Commission (SEC)
Supervise the activities of the internal auditors.
Build long-term sustainable growth in shareholder value.
Evaluate potential external auditing companies to select for the annual audit.
5 points
Question 8
1. One of the most significant provisions of the Sarbanes/Oxley Act of 2002 was:
The mandatory requirement to compile financial statements in accordance with the standards provided by the Public Companies Accounting Oversight Board (PCAOB).
Establishment of the American Institute of Certified Public Accountants (AICPA) and their Code of Conduct.
Specifies the education and experience requirements for all members on the board of directors.
Requires the CEO and CFO to certify their company's financial statements.
5 points
Question 9
1. Which of the follow ...
COMPLIANCE W EEKTHE L E A D I N G I N F O R M A T I O N S .docxdonnajames55
COMPLIANCE W EEK
THE L E A D I N G I N F O R M A T I O N S E R V I C E ON C O R P O R A T E G O V E R N A N C E , RI SK, A N D C O M P L I A N C E
S hop Talk: M o v in g From
C o m p lia n c e t o ERM
November 2015 | www.complianceweek.com
By J a c ly n J a e g e r
More and more companies want to build their enterprise risk management programs, particularly as
emerging risks like cyber-security force their
way on to board agendas. The trick is in get
ting from your compliance routines of today
to a more coherent ERM program tomorrow.
To debate the finer points of shifting from
a compliance program to ERM, Compli
ance Week and Workiva recently hosted 10
compliance, risk, and audit professionals in
Orlando for an executive roundtable on the
subject. “Risk management is not a sequence
after compliance,” said Mike Rost, vice
president of vertical solution strategy with
Workiva. “It is its own thing, and every or
ganization is going to come at it differently.
The good news: Most participants said
that they are implementing ERM to some de-
A L S O INSIDE
gree, even if many are still in the early stages.
Some of that effort traces its origins back to
compliance with the Sarbanes-Oxley Act,
plus good internal auditing principles that
require an annual enterprise risk assessment.
Little surprise, then, that numerous partici
pants said their internal audit departments
still drive their organization’s ERM efforts.
C o n tin u e d o n P ag e 4 6
U.S. Financial
Reporting: How
Are We Doing?
By R o b e r t H e r z
C o m p lia n c e W e e k C o lu m n is t
Earlier this year I gave a guest lecture to a major university, and met with a group of accounting doctoral stu
dents informally to discuss their areas of
research and current developments in finan
cial reporting. I was rather startled (or better
said, taken aback) when student from abroad
asked me the following question: “Why is the
U.S. falling behind in financial reporting?”
N ot only was this stu
dent questioning whether
the United States is the
leader in financial report
ing, but doing so in a way
that implied that it is an
accepted fact that the U.S.
reporting system is lagging
behind those in other coun
tries.
My instinctive reaction
was to correct the student
by stating that, of course
the United States is the leader in financial re
porting. But instead, I took a deep breath and
decided that I should try to understand why
he believed that the U.S. is falling behind in
financial reporting. So I asked him.
He responded that he believed that we
have been slower than other counties to
adopt advances in financial and corporate
reporting, and cited three things: adoption
of International Financial Reporting Stan
dards; expanded auditor reporting; and in
tegrated reporting of financial and key non-
financial information, including information
on environmental, social, and governance
(ESG) issues.
I responded that .
Four Articles for Argument EssayShould access to drinking wate.docxgreg1eden90113
Four Articles for Argument Essay
Should access to drinking water be privatized?
Should Water Be Put Up for Private Sale?" by Deborah White, retrieved from
"Should Water Be Privately Owned?" at http://www.globalissues.org/article/171/
Article by John Vidal titled "The Pros and Cons of Privatizing Water," which can be found at https://www.theguardian.com/environment/2006/aug/29/water.johnvidal.
MDC databases
Krista Mahr has written an article titled "The Pros and Cons of Privatizing Water Services," which can be found at https://www.thebalance.com/the-pros-and-cons-of-privatizing-water-services-3305581.
Elizabeth Royte has written an article titled "Privatizing Water: Pros and Cons," which can be found at https://www.ecology.com/privatizing-water-pros-and-cons/.
PRIVATIZATION OF DRINKING WATER
Brisman, A., McClanahan, B., South, N., & Walters, R. (2018). Too costly: Water and
privatization. Water, Crime and Security in the Twenty-First Century, 113-
147.https://doi.org/10.1057/978-1-137-52986-2_5
Gautam, V. (2020). Access to drinking water and the health outcome.Contemporary Issues in
Sustainable Development, 272-283.https://doi.org/10.4324/9781003141020-19
image1.png
A Critical Analysis of Accounting Concepts of Income
Author(s): Norton M. Bedford
Source: The Accounting Review, Vol. 26, No. 4 (Oct., 1951), pp. 526-537
Published by: American Accounting Association
Stable URL: https://www.jstor.org/stable/242215
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A CRITICAL ANALYSIS OF ACCOUNTING
CONCEPTS OF INCOME
NORTON M. BEDFORD
Assistant Professor, Washington University
IN THE last two decades accountants
have made remarkable progress toward
a synthesis of accounting procedures.
Both the American Accounting Associa-
tion and the American Institute of Ac-
countants have contributed to this, gather-
ing together diverse practices into a some-
what cohesive body of acceptable account-
ing principles. While it will be contended
by some that the statements and bulletins
by the accounting groups are not at-
tempts to synthesize accounting pro-
cedures, a detailed examination reveals
that more than anything else such is their
nature. More often than not the formula-
tions may be viewed as a framework into
whic.
1. (TCO 1) The maintaining of a good reputation of the profession .docxsandibabcock
1.
(TCO 1) The maintaining of a good reputation of the profession is fundamental to the ability of the profession to continue to enjoy its current rights and privileges. The privileges of our profession, as a CPA can be described as all of the following except:
(Points : 6)
Not substantial, hence of little concern if they are lost.
Including autonomy in discipline of its members.
Setting of accounting standards.
Recognition by the public and government that new competing professional organizations need not be created to serve the public.
Question 2.
2.
(TCO 2) On October 26, 2002, a special subcommittee was formed from the Enron Board of Directors. This subcommittee was headed by William Powers, Jr. and its report was known as the Powers Report. This report found and reported upon several findings. Which of the following findings was not contained in the Powers Report?
(Points : 6)
The original accounting treatments for the Chewco and LJMI transactions were wrong.
Transactions were otherwise aboveboard and disclosed the proper information necessary to be properly audited.
Employees enriched themselves by millions without proper approvals.
Partnerships were established and used to enter into various transactions that could not be arranged with independent entities; were designed to five favorable financial results; and did not conform to U.S. accounting rules.
Question 3.
3.
(TCO 3) When considering professional codes of conduct as guidance in various states, countries, and around the world, the author believes
(Points : 6)
the codes are essentially identical, so only one code needs to be learned.
regardless of various state or local codes, the national code will control its members.
convergence of all organizations toward global ethical principles holds promise to improve ethical governance of the accounting profession.
the AICPA should set worldwide standards.
Question 4.
4.
(TCO 4) A professional accountant is expected to exercise the values of honest objectivity and due care. Some professional codes of conduct require “disassociation” from misleading information. For example the accountant might have to leave his or her job for refusing to misrepresent receivables, but he or she might not discuss the reasons for leaving the former employer. When the professional code requires this silence, for the sake of confidentiality of the accountant, there is an ethical risk that
(Points : 6)
the professional accountant cannot find another job.
unsuspecting shareholders will be left to their fate.
the accountant's professional reputation can be improved.
trust of the public will be maintained.
Question 5.
5.
(TCO 4) In the code of professional conduct of the AICPA, certified public accountants are encouraged to
(Points : 6)
engage in discreditable acts.
advertise and solicit business, even if it involves some harassment of potential clients.
disclose clients' confidential information, only after the client en.
Outline for the Diversity Management Proposal1) Problem A thoro.docxalfred4lewis58146
Outline for the Diversity Management Proposal
1) Problem: A thorough description of the problem or opportunity
a. Include a summary of how your problem or opportunity is a diversity issue (written from the reader’s perspective)
b. What is being lost if you solution is not adopted?
c. An analysis of the factors contributing to the problem or opportunity should include answers to questions like:
i. Who does it affect?
ii. Where does it impact the business the most?
iii. When did the problem start and how long has it been going on?
iv. What are the business implications of the problem? (These implications should be quantifiable and affect the reader’s job.)
d. Be specific. Provide numbers or other measures to support your points.
2)
Solution
: how will your proposal solve the problem or allow the company to take advantage of the opportunity?
a. State your solution clearly.
b. Identify your top three criteria for selecting this solution as the “best” one. (Examples: Timing? Cost? Revenue?) Compare this chosen solution to other less-favorable options.
c. Consider objections and provide support for your solution before these objections are voiced/considered.
d. Who needs to be involved in the solution?
e. How will your solution make the problem you identified better, or what are the resulting benefits? (this should be specific and measurable and address the analysis in your problem statement)
f. Why must the solution be implemented now?
3) The plan:
a. Detail the plan of action or implementation
b. Set a schedule with specific deadlines.
c. What resources will you need? Where will they come from?
d. Review the challenges that must be overcome to implement this plan and make suggestions for overcoming them.
e. Suggest a control method for evaluating the success of the plan. (How will you measure success?)
4) Conclusion:
a. Briefly summarize key points focusing primarily on how the organizational will be better once they implement your solution
b. End with a call to action
Principles of Accounting 2
1) Issued stock is:
A) Authorized shares of stock that can be sold.
B) Stock only sold to another company
C) Shares sold and in stockholders’ possession
D) Stock sold to stockholders.
2) In the statement of cash flows, which event would cause net income to be increased?
A) A decrease in Inventory
B) An increase in Prepaid Insurance
C) A decrease in Accounts Payable
D) An increase in Accounts Receivable
3) Finished Goods Inventory appears on which of the following statements on the worksheet?
A) Statement of cost of goods manufactured and income statement
B) Statement of cost of goods manufactured and balance sheet
C) Income statement and balance sheet
D) Income statement and cost of goods sold statement
4) One reason a corporation might issue bonds rather than sell stock is that:
a. Bond interest is a tax-deductible expense
b. Interest rates are high
c. Dividends will lower th.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
USDA Loans in California: A Comprehensive Overview.pptx
Acc 563 week 2 quiz – strayer new
1. ACC 563 Week 2 Quiz – Strayer NEW
Click On The Link Below to Purchase A+ Graded Material
Instant Download
http://budapp.net/ACC-563-Week-2-Quiz-Strayer-NEW-ACC563W2Q.htm
Week 2 Quiz 1: Chapter 1
Chapter 1
Multiple Choice:
1. Which of the following bodies has the ultimate authority to issue accounting
pronouncements in the United States?
a. Securities and Exchange Commission
b. Financial Accounting Standards Board
c. International Accounting Standards Committee
d. Internal Revenue Service
Answer
2. What historical evidence of the business operations of the private estate of Apollonius
was discovered early inthe20th century?
a. The Iliad
b. Plato's Republic
c. The Zenon papyri
d. Pacioli’s work, Summa de Arithmetica Geometria Proportioni et Proportionalita,
Answer
3. Who has been given credit or developing the double-entry system of bookkeeping?
a. Francis Wheat
b. Fra Luca Pacioli
c. A. C. Littleton
d. William Paton
Answer
4. Which of the following was not a criticism of the development of accounting standards
by the Accounting Principles Board?
a. The independence of the members of the APB. The individuals serving on the board
had full-time responsibilities elsewhere that might influence their views of certain
issues.
b. The structure of the board. The largest eight public accounting firms (at that time)
were automatically awarded one member, and there were usually five or six other
public accountants on the APB.
2. c. Harmonization. The accounting standards developed were dissimilar to those
developed by the International Accounting Standards Committee.
d. Response time. The emerging accounting problems were not being investigated and
solved quickly enough by the part-time members.
Answer
5. Which of the following is the professional organization of university accounting
professors?
a. American Accounting Association
b. American Institute of Certified Public Accountants
c. American Institute of Accountants
d. Financial Executives Institute
Answer
6. What controversy originally highlighted the need for standard setting groups to have
more authority?
a. Accounting for stock options
b. Accounting for derivatives
c. Accounting for marketable securities
d. Accounting for the investment tax credit
Answer
7. Which of the following committees recommended abolishing the Accounting Principles
Board and replacing it with the Financial Accounting Board ?
a. Wheat
b. Cohen
c. Trueblood
d. Anderson
Answer
8. Which of the following is a public sector accounting standard setter?
a. FASB
b. SEC
c. APB
d. CAP
Answer
9. Which of the following types of pronouncements now establishes generally accepted
accounting principles?
a. Statements of Concepts
3. b. Statements of Financial Accounting Standards
c. APB Opinions
d. Accounting Standards Updates
Answer
10. Which of the following types of pronouncements are intended to establish the objectives
and concepts that the FASB will use in developing standards of financial accounting and
reporting?
a. Statements of Concepts
b. Statements of Financial Accounting Standards
c. APB Opinions
d. Accounting Standards Updates
Answer
11. Which of the following is not a consequence of the standards overload problem to small
businesses?
a. If a small business omits a GAAP requirement from audited financial statements, a
qualified or adverse opinion may be rendered.
b. Small businesses do not need to keep financial records
c. The cost of complying with GAAP requirements may cause a small business to forgo
the development of other, more relevant information.
d. Small CPA firms that audit smaller companies must keep up to date on all the same
requirements as large international firms, but they cannot afford the specialists that
are available on a centralized basis in the large firms.
Answer
12. Some accountants maintain that accounting standards are as much a product of political
action as they are of careful logic or empirical findings. This belief is an example of the
concept of
a. Standard setting as apolitical process
b. Standards overload
c. Economic consequences
d. The role of ethics in accounting
Answer
4. 13. T he impact of accounting reports on various segments of our economic society is the
definition of the concept of
a. Standard setting as apolitical process
b. Standards overload
c. Economic consequences
d. The role of ethics in accounting
Answer
14. Considering and understanding how business decisions affect the financial statements is
a. The sole responsibility of the Securities and Exchange Commission.
b. Provided in the auditor’s report.
c. Referred to as an economic consequence perspective.
d. Interpreted strictly by the company’s suppliers.
Answer
15. Which of the following is a source of nonauthoritative accounting guidance and
literature?
a. Financial Accounting Standards Board Statements
b. Financial Accounting Standards Board Interpretations
c. Financial Accounting Standards Board Technical Bulletins
d. Practices that are widely recognized and prevalent either generally or in the industry
Answer
16. Which of the following companies was involved in an accounting failure that caused
the public accounting firm Arthur Andersen to gout of business?
a. Goldman Sachs
b. Wachovia
c. Enron
d. AIG
Answer
Essay
1. What is the difference between normative and positive theory?
2. Why is the development of a general theory of accounting important
3. Discuss the evolution of accounting during the 1930s.
5. 4. Discuss the evolution of the three private sector accenting standard setting organizations.
5. What were the purposes of the Wheat and Trueblood committees?
6. What was the purpose of the GAAP Hierarchy?
7. What were the four types of pronouncements issued by the FASB?
8. Discuss why standard setting may be viewed as a political process.
9. Define the following terms
10. Discuss the evolution of the phrase “generally accepted accounting principles.
11. What controversy caused the AICPA to issue Rule 203 that requires companies to use
GAAP when issuing financial statements?
12. Discuss the FASB ASC including the reasons for its adoption and the FASB’s goals in
developing it..
13. Discuss the role of ethics in accounting.
14. What is a special purpose entity and how do they work?
15. How did the Sarbanes-Oxley Act change the way the FASB is funded?
16. Discuss the objectives of the International Accounting Standards Board.