Which Organization Prepares and Grades the Uniform CPA Examination

question 20

Multiple Choice

Which organization prepares and grades the Uniform CPA Examination?

• A) Financial Accounting Standards Board
• B) Public Company Accounting Oversight Board
• C) American Institute of Certified Public Accountants
• D) International Accounting Standards Board

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Definitions:

Basic Accounting Equation

The fundamental equation of double-entry bookkeeping, stating that assets equal liabilities plus owner's equity.

Transaction

An agreement or exchange between two parties that has a measurable financial effect on the accounts of a business.

Accounts

Financial records of transactions that track the income, expenses, assets, liabilities, and equity of an entity.

Double-Entry System

An accounting method that records each transaction in at least two accounts, ensuring the accounting equation (Assets = Liabilities + Equity) remains balanced.