ACCY 201 Exam 1 || CORRECTLY ANSWERED!!
MFT: Reviewing financial statements for criminal investigations correct answers Financial
accounting
MFT: Planning transactions to minimize taxes correct answers Tax accounting
MFT: Tax consulting correct answers Tax accounting
MFT: Investigating tax fraud correct answers Tax accounting
MTF: Enforcing tax laws correct answers Tax accounting
MFT: Cost accounting correct answers Managerial accounting
MFT: Estate planning correct answers Tax accounting
MFT: Consulting with treasurer on cash flow correct answers Managerial accounting
A collection of accounting rules and concepts set by the FASB correct answers GAAP
Principles that determine whether an action is right or wrong correct answers Ethics
A government agency that enforces proper use of GAAP correct answers SEC
Accounting professionals who provide services to many clients correct answers Public
accountants
Amount a business earns in excess of all the expenses and costs associated with its sale and
revenues correct answers Net income
A more effective way to stop fraud than detection correct answers Prevention
Three factors push a person to commit fraud: opportunity, pressure, and rationalization
correct answers Fraud triangle
Beliefs that distinguish right from wrong correct answers Ethics
Requires that whistleblowers be paid a percentage of sanctions and mandates recovery of
excessive compensation correct answers Dodd-Frank Act
Examines whether financial statements are prepared using GAAP it does not ensure absolute
accuracy of the statements correct answers Audit
Procedures set up to protect company property and equipment, ensure reliable accounting,
promote efficiency, and encourage adherence to policies correct answers Internal controls
Regulations aimed to stop financial abuses by emphasizing effective internal controls correct
answers Sarbanes-Oxley Act
MFT: Reviewing financial statements for criminal investigations correct answers Financial
accounting
MFT: Planning transactions to minimize taxes correct answers Tax accounting
MFT: Tax consulting correct answers Tax accounting
MFT: Investigating tax fraud correct answers Tax accounting
MTF: Enforcing tax laws correct answers Tax accounting
MFT: Cost accounting correct answers Managerial accounting
MFT: Estate planning correct answers Tax accounting
MFT: Consulting with treasurer on cash flow correct answers Managerial accounting
A collection of accounting rules and concepts set by the FASB correct answers GAAP
Principles that determine whether an action is right or wrong correct answers Ethics
A government agency that enforces proper use of GAAP correct answers SEC
Accounting professionals who provide services to many clients correct answers Public
accountants
Amount a business earns in excess of all the expenses and costs associated with its sale and
revenues correct answers Net income
A more effective way to stop fraud than detection correct answers Prevention
Three factors push a person to commit fraud: opportunity, pressure, and rationalization
correct answers Fraud triangle
Beliefs that distinguish right from wrong correct answers Ethics
Requires that whistleblowers be paid a percentage of sanctions and mandates recovery of
excessive compensation correct answers Dodd-Frank Act
Examines whether financial statements are prepared using GAAP it does not ensure absolute
accuracy of the statements correct answers Audit
Procedures set up to protect company property and equipment, ensure reliable accounting,
promote efficiency, and encourage adherence to policies correct answers Internal controls
Regulations aimed to stop financial abuses by emphasizing effective internal controls correct
answers Sarbanes-Oxley Act
