Multiple Choice
Identify the
letter of the choice that best completes the statement or answers the question.
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1.
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The report used to file an SEC registrant’s annual financial results with
the Securities and Exchange Commission is referred to as:
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2.
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Which of the following statements is false? Accounting
Series Releases were (are)
a. | used to explain accounting procedures | b. | used to set forth accounting and reporting
guidelines | c. | discontinued in 1982 | d. | used to present practices followed by the
departments of the SEC. |
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3.
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Which of the following conducted Congressional investigations into the
accounting profession:
a. | May Committee | b. | Moss Committee | c. | Trueblood
Committee | d. | Wheat Committee |
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4.
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Historically, which of the following documents were not issued by
the SEC?
a. | ASR's | b. | ARB’s | c. | AAER's | d. | FRR’s |
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5.
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Which of the following statements is false? The Moss
Committee and the Metcalf Committee were
a. | investigations into the accounting profession | b. | were committees of
Congress | c. | critical of the SEC's reliance on the FASB | d. | supportive of the
FASB |
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6.
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The publication entitled The Accounting Establishment was a result
of work done by the
a. | Metcalf Committee | b. | Moss Committee | c. | Securities and
Exchange Commission | d. | American Institute of Certified Public
Accountants |
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7.
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In The Accounting Establishment, these two criticisms of the
accounting profession were made:
The
FASB was controlled The SEC had relied
too
by the Big “8” accounting firms
tmuch on the private sectior
a. |
Yes
Yes | b. |
No
No | c. |
No
Yes | d. |
Yes
No |
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8.
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The Metcalf Committee’s report resulted
in
a. | The Congress amending securities laws to restore the right of individuals to sue
accounting firms for negligence. | b. | the establishment of a code of ethics for
auditors | c. | The Federal Government taking over the establishmenet of accounting
standards | d. | a number of changes and self-examination within the AICPA, the FAF, and the
SEC |
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9.
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The Sarbanes-Oxley Act permits accounting firms to perform which of the
following services for their audit clients:
a. | appraisal or valuation services | b. | financial statement audits. | c. | financial
information systems implimentation | d. | internal audit
services |
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10.
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The Public Company Accounting Oversight Board is not responsible for:
a. | registering public accounting firms | b. | establishing generally accepted accounting
princples to be followed by registrants. | c. | conducting inspections of accounting
firms | d. | establishing auditing standards relating to the preparation of audit
reports. |
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