Ac 550 mid-term

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Unformatted text preview: 1. Question : (TCO A) Which of the following statements is not an objective of financial reporting? Student Answer: Provide information that is useful in investment and credit decisions. Provide information about enterprise resources, claims to those resources, and changes to them. Provide the liquidation value of a company. Provide information that is useful in assessing cash flow prospects. Instructor Explanation: General Feedback: Chapter 1 Points Received: 5 of 5 Comments: 2. Question : (TCO A) Under Sarbanes Oxley, the new law does not: Student Answer: require a national CPA license for all CPAs. establish an oversight board, called the Public Company Accounting Oversight Board, for accounting practices. require a company to maintain a system of internal controls. require codes of ethics for senior financial officers. Instructor Explanation: General Feedback: Chapter 1 * Times are displayed in (GMT-07:00) Mountain Time (US & Canada)...
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