Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 1, Problem 10SE
To determine
Match the description with their suitable terms.
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Which of the following is a provision of the Sarbanes-Oxley Act?
a. Lessens penalties for corporate fraud
b.Developed the Consumer Financial Protection Bureau
c. Recommends codes of ethics for financial reporting in corporations
d. Makes fraudulent financial reporting a civil offense
e.Requires greater transparency in financial reporting
6) Some rules of conduct apply to accountants in public practice and not to those employed in industry.
a. true
b. false
7) Audits are conducted by accountants internal to the organization so that the users of the financial
information can have confidence in the accuracy of the financial reporting.
a) True
b) False
Match each of the numbered descriptions 1 through 7 with the term or phrase it best reflects. Indicate your answer by writing the letter A through G for the term or phrase in the blank provided. A. Ethics B. Fraud triangle C. Prevention D. Internal controls E. Sarbanes-Oxley Act 1. Requires the SEC to pay whistleblowers. 2. Examines whether financial statements are prepared using GAAP; it does not ensure absolute accuracy of the statements. 3. Requires documentation and verification of internal controls and increases emphasis on internal control effectiveness. 4. Procedures set up to protect company property and equipment, ensure reliable accounting, promote efficiency, and encourage adherence to policies. 5. A less expensive and more effective means to stop fraud. 6. Three factors push a person to commit fraud: opportunity, pressure, and rationalization. 7. Beliefs that distinguish right from wrong.
Chapter 1 Solutions
Principles of Accounting
Ch. 1 - What makes accounting a valuable discipline?Ch. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - How are expenses and withdrawals similar, and how...Ch. 1 - How do generally accepted accounting principles...Ch. 1 - Why do managers in governmental and not-for-profit...Ch. 1 - Prob. 1SECh. 1 - Match the descriptions that follow with the...Ch. 1 - Determine the amount missing from each accounting...Ch. 1 - Use the accounting equation to answer each...
Ch. 1 - Use the accounting equation to answer each...Ch. 1 - Prob. 6SECh. 1 - Use the following accounts and balances to prepare...Ch. 1 - Randall Company engaged in activities during the...Ch. 1 - Prob. 9SECh. 1 - Prob. 10SECh. 1 - Prob. 1EACh. 1 - Financial accounting uses money measures to gauge...Ch. 1 - You have been asked to compare the sales and...Ch. 1 - Use the accounting equation to answer each...Ch. 1 - Daiichi Companys total assets and liabilities at...Ch. 1 - 1. Indicate whether each of the following accounts...Ch. 1 - Listed in random order are some of Oxford Services...Ch. 1 - Dukakis Company had the following accounts and...Ch. 1 - Prob. 9EACh. 1 - Prob. 10EACh. 1 - Complete the financial statements that follow by...Ch. 1 - Prob. 12EACh. 1 - Match the terms that follow with the appropriate...Ch. 1 - Prob. 14EACh. 1 - Prob. 15EACh. 1 - Prob. 1PCh. 1 - The following three independent sets of financial...Ch. 1 - Fuel Designs financial accounts follow. The...Ch. 1 - The accounts of Frequent Ad, an agency that...Ch. 1 - Athena Riding Clubs financial statements follow.Ch. 1 - A list of financial statement items follows....Ch. 1 - Three independent sets of financial statements...Ch. 1 - Prob. 8APCh. 1 - Prob. 9APCh. 1 - Aqua Swimming Clubs financial statements follow....Ch. 1 - Costco Wholesale Corporation is Americas largest...Ch. 1 - Prob. 2CCh. 1 - Prob. 3CCh. 1 - Prob. 4CCh. 1 - Refer to the CVS annual report and the financial...
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Similar questions
- Match each of the numbered descriptions 1 through 7 with the term or phrase it best reflects. Indicate your answer by writing the letter A through G for the term or phrase in the blank provided. A. Ethics. B. Fraud triangleC. Prevention.arrow_forwardFraudulent financial reporting is most likely to be committed by whom? Select one: a. company management b. outside members of the company's board of directors c. employees of the company d. the company's auditorsarrow_forwardWhat is the answer? A or B or C or Darrow_forward
- Which of the following is NOT a purpose of an audit of financial statements? a.To express an opinion on the financial statements b. To detect fraud c. To provide assurance to stakeholders d.To improve the company's financial reportingarrow_forwardThe concept of adequate disclosure continues to be one of the most important issues facing accountants. Disclosures are also necessary to the public for their protection against fraud when securities or stocks are offered to the public for sale. Disclosure requirements for the financial statements are covered in: a. IAS 36 b. IAS 7 c. IAS 1 d. IAS 3arrow_forwardHow can fraud be prevented in the making use of accounting information systems? How do ethics and internal control play key roles in reporting misstated financial statements? (Accounting Information System Tenth Edition by James Hall chapter 3)arrow_forward
- Objective Question: In accounting, what term describes the illegal actions that individuals may engage in while handling a company's finances? a) Financial management b) Ethical accounting c) Fraudulent activities d) Regulatory compliancearrow_forwardthe answer is just without explanation A or B or C or D ???arrow_forwardThe concept of adequate disclosure continues to be one of the most important issues facing accountants. Disclosures are also necessary to the public for their protection against fraud when securities or stocks are offered to the public for sale. Disclosure requirements for the financial statements are covered in: a. O b. C. O d. IAS 1 IAS 7 IAS 36 IAS 3arrow_forward
- Select the necessary words from the list of possibilities to complete the following statements. 1 Statements Answer When CPAS are associated with 1. the CPAS' services and believe that the accountants are acting as auditors. a possibility exists that the client may misinterpret the extent of Under the Securities Act of 1933, initial purchasers of securities may sue the auditors for misleading audited 2. financial statements and need not prove that they relied on the financial statements. The burden of proof is on the auditors to prove that they were in the performance of their work. 3. Unwritten law that has developed through court decisions is referred to as 4. When damage to another is directly attributable to a wrongdoer's act, is said to exist. of financial statements involves the performance of limited investigative procedures that provide a basis for the expression of limited assurance that there are no material departures from generally accepted accounting principles. 5.arrow_forwardBusiness damages, as a result of financial fraud, directly impact the operations of any company. What can be, some of the commercial damages resulting from financial fraud? What methods can you use to assess the damages caused by financial fraud? How do generally accepted accounting principles help prevent financial statement fraud?arrow_forwardIndependent auditors perform audits on the financial reports of public companies. This type of auditing can best be described as: Select one: O 1. a discipline that assures financial information presented by management. O 2. an activity whose purpose is to search for irregularities. 3. a regulatory function that prevents the issuance of improper financial information. O 4. a professional activity that measures and communicates financial and business data.arrow_forward
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