The Accounting Profession Is Divided into Two Main Fields: Bookkeeping

question 169

True/False

The accounting profession is divided into two main fields: bookkeeping and auditing.

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Definitions:

Financial Statements

Reports that summarize the financial performance and position of a company, including the balance sheet, income statement, and cash flow statement.

Public Utility Holding Company Act

A law enacted in 1935 to regulate the electric utility companies by restricting their operations and ensuring they operate within their designated jurisdictions.

Trust Indenture Act

A federal law in the United States that imposes regulations on the issuance of certain securities, including requiring a formal agreement between bond issuers and trustees.

Investment Company Act

A federal law regulating the organization and activities of investment companies, primarily to protect investors from conflicts of interest and other abuses.