In response to what financial scandals did Congress passed the Sarbanes-Oxley Act
(Public Law 107‐204)?
A) The WorldCom scandal
B) The Enron Corporation scandal
C) The Lehman Brothers scandal
D) The Bernie Madoff scandal
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B) The Enron Corporation scandal
Congress enacted the Chief Financial Officers Act of 1990. Which of the following was
not a part of the act?
A) Mandated that the federal government develop accounting systems
B) Required the federal government follow GASB standards
C) Required that selected federal agencies prepare annual financial statements
D) Created corresponding CFO positions in each of the federal departments and
, agencies
E) Established a chief financial officer (CFO) for fiscal management
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B) Required the federal government follow GASB standards
Which of the following authorities has not been sanctioned by the American Institute
of Certified Public Accountants (AICPA) to establish accounting principles pursuant to
Rule 203 of its Code of Professional Conduct.
A) The Governmental Accounting Standards Board (GASB) for state and local
governments
B) The Federal Accounting Standards Advisory Board (FASAB) for the federal
government
C) The Financial Accounting Standards Board (FASB) for nongovernmental not‐for‐
profits
D) The Internal Revenue Service (IRS)
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D) The Internal Revenue Service (IRS)
Taking into account the unique characteristics of governments and their environment,
the Governmental Accounting Standards Board has established accountability as the
cornerstone of financial reporting. The GASB has divided the objective of
accountability into three subobjectives. Which of the following is not one of those?
A) Interperiod equity
B) Intergenerational equity
C) Budgetary and fiscal compliance
D) Service efforts costs and accomplishments
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(Public Law 107‐204)?
A) The WorldCom scandal
B) The Enron Corporation scandal
C) The Lehman Brothers scandal
D) The Bernie Madoff scandal
Give this one a try later!
B) The Enron Corporation scandal
Congress enacted the Chief Financial Officers Act of 1990. Which of the following was
not a part of the act?
A) Mandated that the federal government develop accounting systems
B) Required the federal government follow GASB standards
C) Required that selected federal agencies prepare annual financial statements
D) Created corresponding CFO positions in each of the federal departments and
, agencies
E) Established a chief financial officer (CFO) for fiscal management
Give this one a try later!
B) Required the federal government follow GASB standards
Which of the following authorities has not been sanctioned by the American Institute
of Certified Public Accountants (AICPA) to establish accounting principles pursuant to
Rule 203 of its Code of Professional Conduct.
A) The Governmental Accounting Standards Board (GASB) for state and local
governments
B) The Federal Accounting Standards Advisory Board (FASAB) for the federal
government
C) The Financial Accounting Standards Board (FASB) for nongovernmental not‐for‐
profits
D) The Internal Revenue Service (IRS)
Give this one a try later!
D) The Internal Revenue Service (IRS)
Taking into account the unique characteristics of governments and their environment,
the Governmental Accounting Standards Board has established accountability as the
cornerstone of financial reporting. The GASB has divided the objective of
accountability into three subobjectives. Which of the following is not one of those?
A) Interperiod equity
B) Intergenerational equity
C) Budgetary and fiscal compliance
D) Service efforts costs and accomplishments
Give this one a try later!
