Accounting Chapter One

Certified Public Accountant (CPA)

An independent accountant who performs financial audits is a

Securities and Exchange Commission (SEC)

The entity that has final authority over the financial reporting of publicly owned corporations is the

Confirms that the financial information is prepared in conformity with generally accepted accounting principles.

The financial statements submitted by a corporation to the SEC include the auditor's report. The auditor's report:

The sole proprietorship is legally separate from its owner.

The following are all characteristics of a sole proprietorship except:

American Accounting Association (AAA)

The group of accounting educators who preform research to determine the possible effects on financial reporting and the economy and then offer their opinions about proposed FASB statements is the

Auditing

The review of financial statements to assess their fairness and adherence to GAAP is

All of the above. Must have a certain number of college credits in accounting courses. Pass the Uniform CPA Examination. Fulfill the experience requirements of the state of practice.

To become a CPA, an individual

Securities and Exchange Commission (SEC)

Which of the following is a legitimate government agency?

The Sarbanes-Oxley Act allows accountants from offering a broad range of consulting services to publicly traded companies that they audit.

Which of the following is not a provision of the Sarbanes-Oxley Act?

Investing services.

Which of the following is not a service typically provided by a public accounting firm?