Regulatory and professional bodies Write the full name of the following regulatory and professional acronyms and describe the function of each entity: PCAOB AICPA SEC IIA FASB
PCAOB is the primary governing regulatory body of auditors of public company financial statements. It was established by the Congress as a result of the Sarbanes-Oxley Act of 2002 . It sets auditing standards for audits of public companies, requires registration of audit firms auditing public companies and performs quality reviews of registered firms. The PCAOB is overseen by the SEC.
AICPA With the establishment of the PCAOB, the role of the AICPA has diminished. Membership in the organization is voluntary. The AICPA establishes standards for other attestation services, accounting and review services, consulting and tax services. It organizes continuing education programs and administers the Uniform CPA Examination.
Securities and Exchange Commission Congress established the SEC to regulate the capital market system and establish GAAP for publicly traded companies. The SEC delegated the standard setting authority to the FASB but reviews and suggests standards when necessary. The SEC oversees the responsibilities of the PCAOB.
Institute of Internal Auditors The IIA issues standards and interpretations of standards for internal auditing. It also administers the Uniform CIA Examination and the certified internal auditor program to establish the benchmark measure of competence for the internal auditing profession.
Financial Accounting Standards Board The FASB is charged with issuing authoritative accounting pronouncements.
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During 2016, Penny Co had net income of $200,000 including after-tax interest expense of $30,000 on convertible bonds. The $300,000 face value of convertible bonds can be converted into common stock at the rate of 300 shares per $1,000 bond. Prior to the conversion, there were 400,000 shares of common stock outstanding. What is the amount of fully diluted earnings per share?
A) $0.500 B) $0.469 C) $0.408 D) not determinable because the bonds are not dilutive
As CEO Vince Thompson? states, "the ability for billions of people worldwide to share and express their? opinions" on the Internet makes it even more important? to, as the chapter? states, ___________.
Fill in the blank(s) with the appropriate word(s).
Gabrielle writes a sales message in the AIDA approach. She should Announce her intention, Infer the central selling point, Deal with objections, and ask the reader to take Action
Indicate whether the statement is true or false
A maker or drawer can appoint an agent to sign a negotiable instrument on his or her behalf
Indicate whether the statement is true or false