ACC 625 Quiz #1 || Already Graded A+.
Private Company Council (PCC) correct answers is an advisory group to FASB
its purpose is to improve the process of setting standards for private companies
CCH Accounting Research Manager correct answers provides access to FASB's ASC
SEC authorities
government accounting
various auditing standards
and helpful secondary sources
AICPA correct answers provides non-authoritative resources;
US GAAP Financial Statements
IFRS Financial Statements
Not involved in standard setting
U.S. GAAP Financial Statements correct answers Best practices in presentation and disclosure
IFRS Financial Statements correct answers Best practices in presentation and disclosure
,What does the private sector in the U.S. include? correct answers Private companies and public
companies listed in other countries
What is the SEC's accounting authority? correct answers Statutory authority to regulated
accounting standards for "private companies" - SEC Act 1933
Statutory authority to establish accounting standards for "public companies
- SEC Act of 1934
What must public companies do as required by the SEC? correct answers Maintain books,
records, and accounts, which accurately and fairly reflect its transactions and the disposition of
its assets in reasonable detail; create and maintain internal controls sufficient to allow the
preparation of financial statements in conformity with U.S. GAAP and to maintain the
accountability of assets
SEC Authorities Hierarchy correct answers Statutes, Regulations (Reg. S-K and S-X), Releases
(Financial Reporting Releases and Accounting and Auditing Releases), SEC Staff Advice
Financial Reporting Releases (FRR) correct answers Published by SEC
Policy Releases and Pronouncements regarding auditing, disclosure, and filing statements for
publicly traded company
What's in Regulation S-X? correct answers A SEC rule
Lays out the specific form and content of financial reports of publicly traded companies
What is Regulation S-K? correct answers SEC Regulation
, Lays out reporting requirements for various SEC filings used by publicly traded companies
What is the strongest authority interpreting SEC statutory regulations? correct answers SEC
regulation
What is S-LK? correct answers Addresses U.S. GAAP that wasn't authoritative, interprets
financial statements
What is the strongest authority interpreting the SEC's statutory authority? correct answers SEC
Regulations
What does REG S-X do? correct answers Addresses areas in U.S. GAAP in which the standards
were not explicit and there was a need for specific requirements
Accounting and Auditing Enforcement Releases (AAER) correct answers Issued by the SEC
Issued when a publicly traded company commits any violations in financial statement and
disclosure reporting
Accounting Series Releases (ASR) correct answers Issued by the SEC
Issued before to both Financial Reporting Releases and Accounting and Auditing Enforcement
Releases, ending in 1982
Issued to refine accounting requirements and principles in response to financial reporting issues
Staff Accounting Bulletins (SAB) correct answers Is a summary of the views of the SEC Staff
regarding how GAAP should be applied with regards disclosure requirements for public
companies
Private Company Council (PCC) correct answers is an advisory group to FASB
its purpose is to improve the process of setting standards for private companies
CCH Accounting Research Manager correct answers provides access to FASB's ASC
SEC authorities
government accounting
various auditing standards
and helpful secondary sources
AICPA correct answers provides non-authoritative resources;
US GAAP Financial Statements
IFRS Financial Statements
Not involved in standard setting
U.S. GAAP Financial Statements correct answers Best practices in presentation and disclosure
IFRS Financial Statements correct answers Best practices in presentation and disclosure
,What does the private sector in the U.S. include? correct answers Private companies and public
companies listed in other countries
What is the SEC's accounting authority? correct answers Statutory authority to regulated
accounting standards for "private companies" - SEC Act 1933
Statutory authority to establish accounting standards for "public companies
- SEC Act of 1934
What must public companies do as required by the SEC? correct answers Maintain books,
records, and accounts, which accurately and fairly reflect its transactions and the disposition of
its assets in reasonable detail; create and maintain internal controls sufficient to allow the
preparation of financial statements in conformity with U.S. GAAP and to maintain the
accountability of assets
SEC Authorities Hierarchy correct answers Statutes, Regulations (Reg. S-K and S-X), Releases
(Financial Reporting Releases and Accounting and Auditing Releases), SEC Staff Advice
Financial Reporting Releases (FRR) correct answers Published by SEC
Policy Releases and Pronouncements regarding auditing, disclosure, and filing statements for
publicly traded company
What's in Regulation S-X? correct answers A SEC rule
Lays out the specific form and content of financial reports of publicly traded companies
What is Regulation S-K? correct answers SEC Regulation
, Lays out reporting requirements for various SEC filings used by publicly traded companies
What is the strongest authority interpreting SEC statutory regulations? correct answers SEC
regulation
What is S-LK? correct answers Addresses U.S. GAAP that wasn't authoritative, interprets
financial statements
What is the strongest authority interpreting the SEC's statutory authority? correct answers SEC
Regulations
What does REG S-X do? correct answers Addresses areas in U.S. GAAP in which the standards
were not explicit and there was a need for specific requirements
Accounting and Auditing Enforcement Releases (AAER) correct answers Issued by the SEC
Issued when a publicly traded company commits any violations in financial statement and
disclosure reporting
Accounting Series Releases (ASR) correct answers Issued by the SEC
Issued before to both Financial Reporting Releases and Accounting and Auditing Enforcement
Releases, ending in 1982
Issued to refine accounting requirements and principles in response to financial reporting issues
Staff Accounting Bulletins (SAB) correct answers Is a summary of the views of the SEC Staff
regarding how GAAP should be applied with regards disclosure requirements for public
companies
