The Public Company Accounting Oversight Board (PCAOB) Sets Financial Accounting

question 18

True/False

The Public Company Accounting Oversight Board (PCAOB) sets financial accounting standards and oversees the audits of public companies in the United States.

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Definitions:

T Account

A graphical representation in accounting that resembles the letter "T", used to track the increases and decreases in accounts, making it easier to understand transactions.

Credit Side

The right side of an accounting ledger where increases in liabilities, equity, and revenue accounts are recorded.

Debit Side

The left side of a ledger account that records increases in assets and expenses or decreases in liabilities and equity.

Journalizing

A process in accounting that involves recording transactions in a journal before they are transferred to a ledger.