S businesses A set of accounting standards that form the guidelines for

S businesses a set of accounting standards that form

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A rigid set of accounting standards that must be uniformly applied by all U.S. businesses A set of accounting standards that form the guidelines for financial accounting The correct answer is: A set of accounting standards that form the guidelines for financial accounting QUESTION 4 Correct Mark 1.00 out of 1.00 The Sarbanes-Oxley Act refers to: Select one: U.S. legislation passed in 2002 to restore investor trust in U.S. GAAP U.S. legislation that created the Internal Revenue Service (IRS) Legislation passed by the U.S. Securities & Exchange Commission to reduce fraud Legislation passed by the European Union to create the IASB and IFRS The correct answer is: U.S. legislation passed in 2002 to restore investor trust in U.S. GAAP QUESTION 5 Correct Mark 1.00 out of 1.00 The three types of business activities undertaken by all enterprises are: Select one: Purchasing, receiving and selling Financing, investing, and operating Manufacturing, marketing, and sales Sales, servicing, and delivery The correct answer is: Financing, investing, and operating
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QUESTION 6 Correct Mark 1.00 out of 1.00 The sale of stock in a business is an example of what type of business activity? Select one: Investing Marketing Operating Financing The correct answer is: Financing QUESTION 7 Incorrect Mark 0.00 out of 1.00 The accounting equation requires that: Select one: Total assets equal total liabilities plus stockholders’ equity Current assets equal current liabilities plus stockholders’ equity Total assets equal total noncurrent liabilities plus stockholders’ equity
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