Of the following, which is the most recent example of legislation passed by the federal government to deal with a major economic or highly visible corporate event?
A) The Federal Deposit Insurance Corporation Improvement Act
B) The Securities and Exchange Act
C) The Sarbanes-Oxley Act
D) The Securities Act of 1933
Answer: C
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Which of the following statements is false regarding materiality judgments?
a. Materiality judgments are a matter of professional judgment. b. Materiality judgments depend on the needs of a reasonable person (an investor, potential investor, or other stakeholder) relying on the information. c. Materiality judgments involve both quantitative and qualitative considerations. d. Materiality judgments are easy for auditors to make.
A new roof costs $10,000. Assume that the value of the roof depreciates 5% per year. If your roof is destroyed by fire after five years, then
A) actual cash value is $7,500 and replacement cost is $10,000. B) actual cash value and replacement cost are $7,500. C) actual cash value and replacement cost are $10,000. D) actual cash value is $7,500 and replacement cost is $2,500.
Which organization was originally designed to encourage free trade between member states by regulating and reducing tariffs on traded goods?
A) NAFTA B) EU C) ASEAN D) GATT
With symmetric, "bell-shaped" distributions, approximately what percent of the observations are within two standard deviations of the mean?
a. 50% b. 68% c. 95% d. 99.7% e. 100%