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    NOTE: Since the back of the pages are printed in reverse order (last page is printed first), keep the pages in the same order as they were after Step 1. Also, be sure to feed the pages in the same direction as you did in Step 1.
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Viewing:

Accounting 1B - Unit 7 Test Review

front 1

Represent the difference between what is right and wrong

back 1

Ethics

front 2

Attempting to influence a person of authority by offering something of value is considered a

back 2

Bribe

front 3

The Financial Accounting Standards Board oversees

back 3

GAAP

front 4

Ethical obligations to society and the environment

back 4

Social responsibility

front 5

The Securities and Exchange Commission is the ____ authority requiring publicly traded companies to submit accurate financials.

back 5

ultimate

front 6

Which organization represents the main authority to promote investor confidence by ensuring that publicly traded companies provide accurate financial information?

back 6

SEC

front 7

Buying and selling securities also means to

back 7

trade

front 8

State and local governments are also considered

back 8

municipalities

front 9

Municipalities are allowed to sell _____ to fund projects.

back 9

bonds

front 10

The shareholder’s equity and retained earnings statement include information about a company’s

back 10

stock

front 11

_____ is the trading of securities based on non-public information. This is illegal.

back 11

Insider trading

front 12

_____ is a plan to reorganize debt by eliminating or reducing the amount owed to creditors and shareholders.

back 12

Bankruptcy

front 13

Auditing firms have a duty to independently review financials to prevent and minimize

back 13

fraud

front 14

Which entity has a duty to independently review financials to prevent and minimize fraud?

back 14

auditing firms

front 15

Refers to interfering with an investigation

back 15

Obstruction of justice

front 16

The SEC can bring _____ charges against the entities who commit fraud.

back 16

criminal

front 17

The Sarbanes-Oxley Act of 2002 provided additional laws and regulations for ________ traded U.S. companies

back 17

publicly

front 18

The Sarbanes-Oxley Act of 2002 provided

back 18

additional laws and regulations for publicly traded U.S. companies

front 19

The balance sheet for governmental agencies _____ corporate balance sheets.

back 19

is similar to

front 20

IFRS is _____ across the world.

back 20

widely used