Accounting Quiz7

1. Which one of the following is not a prescribed event for the filing of Form 8-K?

Changes in control of the registrant.

Changes in the registrant's independent auditor.

Acquisitions or dispositions of assets.

Resignation of a middle manager.

Bankruptcy or receivership.

2. Which one of the following requires the audit committee to be responsible for the appointment and compensation of the external auditor?

The Foreign Corrupt Practices Act of 1977.

The Sarbanes-Oxley Act of 2002.

The Securities Act of 1933.

The Securities Exchange Act of 1934.

The Investment Company Act of 1940.

3. Which one of the following regulates the subsequent trading of securities through brokers and exchanges?

The Investment Advisers Act of 1940.

The Sarbanes-Oxley Act of 2002.

The Securities Act of 1933.

The Securities Exchange Act of 1934.

The Investment Company Act of 1940.

4. Which one of the following regulates the initial offering of securities by a company or underwriter?

The Investment Advisers Act of 1940.

The Sarbanes-Oxley Act of 2002.

The Securities Act of 1933.

The Securities Exchange Act of 1934.

The Investment Company Act of 1940.

5. Which one of the following requires the maintenance of accounting records and adequate internal accounting controls?

The Foreign Corrupt Practices Act of 1977.

The Sarbanes-Oxley Act of 2002.

The Securities Act of 1933.

The Securities Exchange Act of 1934.

The Investment Company Act of 1940.

6. Which one of the following is not a characteristic of the Public Company Accounting Oversight Board?

SEC has oversight and enforcement authority over the Board.

Enforces auditing, quality control, and independence standards and rules.

C. Has the authority to amend, modify, repeal, or reject any audit standard of the ASB.

Only one member can be an accountant, past or present.

Minimizes self-regulation in the accounting profession.

7. Which one of the following requires the registration of mutual funds that engage in investing and trading in securities?

The Foreign Corrupt Practices Act of 1977.

The Sarbanes-Oxley Act of 2002.

The Securities Act of 1933.

The Securities Exchange Act of 1934.

The Investment Company Act of 1940.

8. Which one of the following is not a prescribed event for the filing of Form 8-K?

Changes in control of the registrant.

Changes in the registrant's independent auditor.

Acquisitions or dispositions of assets.

Resignation of a middle manager.

Bankruptcy or receivership.

9. Which one of the following Federal laws was enacted in 1935?

Securities Act.

Public Utility Holding Company Act.

Securities Exchange Act.

Trust Indenture Act.

Investment Company Act.

10. Which one of the following is not a division of the SEC?

The Division of Investment Management.

The Division of Enforcement.

The Division of Corporation Finance.

The Division of Trading and Markets.

The Division of Compliance Information.