Module4Lecture8Notes - UGBA 10 Module 4 Lecture 8 Notes...

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UGBA 10 Module 4 Lecture 8 Notes 4/10 Accounting and Finance Review Questions A firm increases its inventory during a fiscal year. What results on the Statement of Cash Flows? A. Cash goes up due to operations B. Cash goes down due to operations C. Cash goes up due to investing D. Cash goes down due investing What happens to CPA firms that conduct an audit, if it is later shown that the company’s financial statements were completely fraudulent? A. CPA firm is likely to get sued by investors B. CPA firm has to pay back fee to the company C. CPA firm has to pay back fee to the SEC D. CPA firm is no longer allowed to conduct audits In Japan, a firm cannot conduct audit In the reader, the Big 5 went to Congress to ask for immunity for getting sued. Thus, if their audit is done correctly, if the firm fails it will not be their fault Robinson hopes the proposal will not pass Exam 36 questions from lecture 4 questions from reader No PPTs on Dean Campbell’s guest lecture but 4
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