D 236 PRE ASSESSMENT EXAM REVIEW SOLVED QUESTIONS COMPLETE ANSWERS GRADED A

D 236 PRE ASSESSMENT EXAM REVIEW SOLVED QUESTIONS COMPLETE ANSWERS
GRADED A PLUS




Question:
Effect of Sarbanes-Oxley Act of 2002.

Answer:
It increased corporate responsibility.



Question:
Using corporate credit card for personal expenses.

Answer:
Fraud



Question:
Purpose of financial accounting.

Answer:
Provides historical financial data in standardized reports for external stakeholders



Question:
Feature of managerial accounting reports.

Answer:
Tailored to meet internal decision-makers' needs



Question:
Statement describing managerial accounting reports.

, Answer:
Prepared for internal decision-making needs of management



Question:
SEC role in accounting standards.

Answer:
Enforces financial reporting rules established by the FASB



Question:
Certification to offer auditing/tax services.

Answer:
CPA



Question:
Auditor buying stock in a company they audit.

Answer:
Violates independence and objectivity



Question:
Who oversees and maintains internal controls.

Answer:
Management



Question:
Manufacturing expense category on income statement.

Answer: