1.amie is a self-employed accountant who has been certified in his state. He mostly prepares financial records for small businesses and helps individuals file their tax returns. Which type of accountant is Jamie?
- a certified public accountant
- a certified private accountant
- a forensic accountant
- a corporate accountant
- a noncertified accountant
2.Carlos is a certified public accountant who works for a large accounting firm. Since he has been certified by the state in which he practices accounting services, he is authorized to
- express his personal opinion in all financial matters and audit a firm’s accounting practices within his state.
- handle every firm’s reports by different rules.
- choose whether to apply the accounting practices of Sarbanes-Oxley for a firm.
- express, officially, an unbiased opinion about the accuracy of a firm’s financial statements.
- publicly express a biased opinion about the unethical practices carried out in a firm.
3.Ashley is a self-employed accountant who has been licensed by the state to assess the accuracy of the financial statements of certain firms and express an unbiased opinion regarding them. According to this information, Ashley is most likely to be a(n)
- certified public accountant.
- certified management accountant.
- environmental accountant.
- certified fraud examiner.
- forensic accountant.
4.Which of the following acts seemed to reduce the accounting errors among nonfinancial companies?
- the Sarbanes-Oxley Act
- the Sherman Antitrust Act
- the Clayton Act
- the Contract Disputes Act of 1978
- the Antideficiency Act
5.The accountants at Excess Electronics have prepared the company’s financial statements, which revealed a low return on stockholders’ investments and poor managerial performance. As a result, which of the following will this company most likely do?
- It will start a campaign to attract more investors who want to help improve the company.
- It will pay its employees more to come work for the company.
- It will bribe its investors to stay with the company.
- It will make changes in its top management.
- It will file bankruptcy to avoid accountability for its poor performance.