Which of the Following Is a Responsibility of the PCAOB

question 83

Multiple Choice

Which of the following is a responsibility of the PCAOB?

• A)To set financial reporting standards for public companies.
• B)To set financial reporting standards for private companies.
• C)To set audit standards for public companies.
• D)To set audit standards for private companies.

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Definitions:

Asset Account

An account on a company's balance sheet that represents tangible or intangible items of value owned by the company.

Liability Account

An accounting record that represents a company's legal debts or obligations that arise during business operations.

Other Accounts

Other accounts generally refer to miscellaneous financial accounts on a company's balance sheet that don't fit into standard categories like assets, liabilities, or equity.

Debit Entry

An accounting entry that results in either an increase in assets or expenses, or a decrease in liabilities or equity, on a company's balance sheet.