MIE 201 Exam 5 with answers 2024

MIE 201 Exam 5 accounting - correct answer the recording, measurement, and interpretation of financial information securities and exchange commission's SEC - correct answer federal government has taken a greater role in making rules, requirements, and policies for accounting firms and businesses public company accounting oversight board PCAOB - correct answer federal government has taken a greater role in making rules, requirements, and policies for accounting firms and businesses ability to file a disciplinary order against a firm or individual that either temporarily or permanently prohibits that firm or individual from practicing accounting certified public accountant CPA - correct answer individual who has been state certified to provide accounting services ranging from the preparation of financial records and the filing of tax returns to complex audits of corporate financial records may provide opinions regarding the accuracy of financial statements forensic accounting - correct answer growing area for public accounting accounting that is fit for legal review these accountants act much like detectives sarbanes-oxley act - correct answer required firms to be more rigorous in their accounting and reporting practices punished corporate executives with potential jail sentences required separation of consulting and auditing After the accounting scandals of Enron and Worldcom in the early 2000s, Congress passed dodd-frank act - correct answer 2010 strengthen the oversight of financial institutions gave the Federal Reserve Board the task of implementing the legislation certified fraud examiners CFEs - correct answer has grown to more than 75,000 members The Association of Certified Fraud Examiners, which certifies accounting professionals as private accountants - correct answer accountants employed by large corporations, government agencies, and other organizations to prepare and analyze their financial statements certified management accountants CMAs - correct answer private accountants who, after rigorous examination, are certifies by the Institute of Management and who have some managerial responsibility bookkeeping - correct answer typically limited to the routine, day-to-day recording of business transactions often mistakenly used interchangeably with accounting