11 regulations and standards are important because they standardize format and conte 4352170

11.Regulations and standards are important because they standardize format and content of financial statements.

12.Form 10K Reports are NOT required to be filed by corporations if they provide annual audited financial statements.

13.The General Accounting Office (GAO) is the agency that oversees accounting practices at the State and Local levels.

14.A Statement of Financial Accounting Standards is the official guideline for accounting procedures that is prepared and maintained by the Internal Revenue Service.

15.Objectives of financial reporting provide an overall purpose of financial reports.

16.Periodic measurement relates to the tests that auditors perform on the accounting records.

17.A major purpose of internal controls is to ensure compliance with regulations and laws

18.Background checks done on prospective employees are usually required by the Board of Directors.

19.Only top management should be allowed to receive copies of a company’s annual report.

20.Audits are performed by CPA’s who are employed by the company’s accounting department.

21.A strong system of internal controls will guarantee that employees can be trusted.


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