R1. SEC, FASB and AICPA
1. Mission of the SEC 1st blank 2nd blank 3rd blank The mission of the U.S. Securities and Exchange Commission is to ___,
maintain______ markets, and facilitate ____. Crucial to the SEC's effectiveness
in each of these areas is its ______. Each year
write the SEC brings hundreds of civil enforcement actions against individuals and
companies for violation of the securities laws. Typical infractions include
______, _______, and _______. 2. Structure of the SEC
SEC has the following divisions: 1)_________ assists the Commission in executing its responsibility to oversee
corporate disclosure of important information to the investing public. 2)_______ assists the Commission in executing its responsibility for maintaining
fair, orderly, and efficient markets. 3)_______ assists the Commission in executing its responsibility for investor
protection and for promoting capital formation through oversight and regulation
of America's $26 trillion investment management industry. 4)_______ assists the Commission in executing its law enforcement function by
recommending the commencement of investigations of securities law
violations, by recommending that the Commission bring civil actions in federal
court or as administrative proceedings before an administrative law judge, and
by prosecuting these cases on behalf of the Commission. 5)________ assists the Commission in executing its mission to protect investors,
maintain fair, orderly, and efficient markets, and facilitate capital formation by
integrating robust economic analysis and rigorous data analytics into the work
of the SEC. 3. Mission of FASB your answers The mission of the FASB is to establish and improve ______ that foster financial
reporting by ___ that provides ___ information to ____. That mission is accomplished through a ______ process that encourages ___,
objectively considers ____, and is subject to oversight by the _____. 4. Structure of FASB The FASB is part of a structure that is independent of all other business and
professional organizations. That structure includes _____, ____, ____, the
_____, and the ______. 5. History of AICPA Founded in ___, the AICPA represents the CPA profession nationally regarding
___ and ____, and serves as an advocate before legislative bodies, public
interest groups and other professional organizations. The AICPA develops
standards for ___; provides ___ to its members; develops and grades the ____;
and monitors and enforces compliance with the ____. The AICPA’s founding
established accountancy as a profession distinguished by _____, _____, _____,
______ and _____. 4th blank 5th blank …… here R2. Why do you think Accountants (CPAs) in the US need to learn about IFRS?
Answer: R3. Sarbanes-Oxley Act (SOX) The Sarbanes–Oxley Act of 2002 (enacted since ____) is
also known as __________ (in the Senate) and
___________ (in the House). The bill, which contains eleven sections, was enacted as
a reaction to a number of major corporate and
accounting scandals, including ___ and ___. The sections
of the bill cover responsibilities of a public corporation’s
board of directors, adds criminal penalties for certain
misconduct, and required the ______ to create
regulations to define how public corporations are to
comply with the law. Sarbanes–Oxley was named after
_____ and ______. As a result of SOX, ____ must individually certify the
accuracy of financial information. In addition, penalties
for ____ are much more severe. Also, SOX increased the
oversight role of ____ and the independence of the ___
who review the accuracy of corporate financial
statements. It created a new, quasi-public agency, the ____, charged
with overseeing, regulating, inspecting, and disciplining
accounting firms in their roles as auditors of public
companies. The act also covers issues such as ____,
____, _____, and ______.
Some major elements:
Auditor Independence Title II consists of nine sections and establishes
standards for external auditor independence, to limit
____. It also addresses new auditor approval
requirements, audit partner rotation, and auditor
reporting requirements. 1st blank 2nd blank 3rd blank 4th blank It restricts auditing companies from providing ____ for
the same clients. Corporate Responsibility Title III
consists of eight sections and mandates that senior
executives take _____ for the accuracy and completeness of
corporate financial reports. It defines the interaction of
external auditors and corporate audit committees, and
specifies the responsibility of corporate officers for the
accuracy and validity of corporate financial reports. It
enumerates specific limits on the behaviors of corporate
officers and describes specific forfeitures of benefits and civil penalties for noncompliance. For example, Section 302 requires that the
company's ____ certify and approve the ____ of their
company financial reports quarterly.
Enhanced Financial Disclosures Title IV describes enhanced reporting requirements for
financial transactions, including off-balance-sheet
transactions, pro-forma figures and stock transactions of
corporate officers. It requires ____ for assuring the
accuracy of financial reports and disclosures, and
mandates both audits and reports on those controls.
Analyst Conflicts of Interest Title V consists of only one section, which includes
measures designed to help restore investor confidence
in the reporting of securities analysts. It defines the
codes of conduct for securities analysts and requires
disclosure of knowable ______. 5th blank R4. Please post the link below. R5. Complete the journal entries for the following transactions.
6. Summary daily cash sales total $15,500.
account name
$ amount
Dr:
Cr:
Hint: you will need to use the following account names: sales revenue, cash
9. On March 1, pay rent of $6,000 for a two-year term.
account name $ amount Dr:
Cr:
Hint: you will need to use the following account names: prepaid rent, cash
11. Pay $400 cash for office supplies.
account name $ amount Dr:
Cr:
Hint: you will need to use the following account names: supplies expense, cash
13. Issue a note of $120,000 to bank (one year, annual interest rate 3%) for cash.
account name $ amount Dr:
Cr:
Hint: you will need to use the following account names: notes payable, cash
21. Pay utitlities expense, $10,902.
account name $ amount Dr:
Cr:
Hint: you will need to use the following account names: Utilities expense, cash
23. On September 1, pay cash $7,500 to Farmington for merchandise purchased last year.
account name $ amount Dr:
Cr:
Hint: you will need to use the following account names: accounts payable, cash 25. Over the year, sales and office employees earned $45,500 in salaries and wages, of which $1,500 was still payable at th account name $ amount Dr:
Cr:
Dr:
Cr:
Hint: you will need to use the following account names: salaries expense, salaries payable, cash 500 was still payable at the end of year. R6. Prepare journal entries for the following business transactions assuming the inventory system is i) perpetual or i 1) on 1/1/2016 Purchase inventory for $10,000 on credit. There is zero inventory in the be
Perpetual system
account name $ amount Dr:
Cr: Hint: you will need the following account names: Purchase, inventory, accounts payable
1) on 12/31/2016 sold the entire inventory for $15,000 Perpetual system
account name $ amount account name $ amount Dr:
Cr: Dr:
Cr:
Hint: you will need the following account names: sales revenue, cash, cost of goods sold, inventory, purchase system is i) perpetual or ii) periodic s zero inventory in the beginning balance.
Periodic system
account name $ amount Dr:
Cr: Periodic system
account name $ amount account name $ amount Dr:
Cr: Dr:
Cr:

 

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