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Accounting for Non-Accountants Quiz 11

1. The Securities and Exchange Commission (SEC) has issued a rule that the financial statements of public companies (those companies selling stock to the public) must be examined by an independent public accountant through the process of an audit.

True
False

 

2. What are the “Big Four” accounting firms?

PriceWaterhouseCoopers
KPMG'Deloitte and Touche
Ernst and Young
All of the Above

 

3. What are the types of reports that are issued by a CPA firm?

Adverse Audit Report
Disclaimer Audit Report
Qualified Audit Report
Unqualified Audit Report
All of the Above

 

4. Why was the PCAOB established?

They help auditors prepare a qualified audit report
They are responsible for creating accounting standards for public companies
They help auditors prepare financial statements
None of the above

 


Answers

Use the answers below to figure out your score, and see how well you understand the material of the first chapter. If you scored less than an 80% you should read over the chapter again before moving on.

Question 1: True
Question 2: All of the Above
Question 3: All of the Above
Question 4: They are responsible for creating accounting standards for public companies

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