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Unformatted text preview: 1-1AC 316 BBA Name.ID... Chapter 1: The Demand for Audit and Other Assurances Services 1. The process of recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision-making is a. finance. b. auditing. c. accounting. d. economics. 2. The organization that is responsible for providing oversight for auditors of public companies is called the ________. a. Auditing Standards Board. b. American Institute of Certified Public Accountants. c. Public Oversight Board. d. Public Company Accounting Oversight Board. 3. The provisions of the Sarbanes-Oxley Act apply to which of the following companies? a. All companies. b. Privately-held companies. c. Public companies. d. All public companies and privately-held companies with assets greater than $250 million. 4. A typical objective of an operational audit is to a. determine whether the financial statements fairly present the entitys operations. b. evaluate the feasibility of attaining the entitys operational objectives. c. make recommendations for improving performance. d. report on the entitys relative success in attaining profit maximization. 5. An audit of financial statements is conducted to determine whether the a. organization is operating efficiently and effectively....
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This note was uploaded on 01/20/2010 for the course ECONO econ132 taught by Professor Anderson during the Fall '09 term at UCSB.
- Fall '09