Who Has Primary Responsibility for Making Sure That a Company's

question 80

Multiple Choice

Who has primary responsibility for making sure that a company's financial statements follow GAAP?

• A)Management
• B)Independent auditors (CPAs)
• C)The Securities and Exchange Commission (SEC)
• D)The Public Company Accounting Oversight Board (PCAOB)

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Definitions:

Dry Climate

A climate characterized by low precipitation throughout the year, leading to arid conditions and limited vegetation.

Water Shortages

Situations where the available water supply is unable to meet the water demand, often due to drought, overuse, or contamination.

Volcanic Activity

The process of magma rising to the surface, resulting in eruptions that may release lava, pyroclastic material, and gases.

Oil Field

The region in the subsurface that contains petroleum, especially oil; also the projection of that area to the surface.