Chapter 8
Sarbanes Oxley Act
Congress passed the _______ of 2002 to combat widespread accounting malpractice.
unqualified
A _______ opinion is issued if an external auditor does not find any problems with the way a firm prepares and presents its financial statements.
notes
Annual reports include _____ that disclose additional information about a firm's operations and special circumstances that clarify and supplement the numbers reported on the financial statements.
management accountant
Sebastian is an employee of Power Trans Inc. His duties include preparing reports and analyzing company accounting data. He also appraises financial performances, verifies the accuracy and validity of the company's internal records and accounting procedures. Sebastian's role is that of a _____.
False
The CFO of SpotLight Production Company requests his accountant Felipe to prepare a customized report of the cost overruns at the company's production facility in L.A. Felipe is a managerial accountant. T/F
total assets are $225,000
The balance sheet of Ranger Inc. shows its liabilities and owners' equity as $150,000 and $75,000, respectively. In this case, Ranger's _____.
financial manager
To make a forecast of the finances, Susan needs the debt, cost, and profit statistics of all branches of the PTree Corporation. Based on the information that she needs, Susan is a _______.
The International Accounting Standards Board (IASB)
Which of the following bodies makes U.S. accounting practices more consistent with those in other nations along with the Financial Accounting Standards Board (FASB)?
Middle managers are likely to be highly motivated to achieve budgetary goals.
Which of the following is an advantage of using bottom-up budgeting?
Financial accounting
_____ is a branch of accounting that addresses the needs of external stakeholders, including stockholders, creditors, and government regulators.
