In 2003, What Board Replaced the AICPA as the Auditing

question 11

Multiple Choice

In 2003, what board replaced the AICPA as the auditing standard-setter for companies that are publicly held?

• A) SOX.
• B) SEC.
• C) FASB.
• D) PCAOB.

---

Definitions:

Prepaid Rent

An asset account showing the amount of rent payments made ahead of time, indicating rent that has been paid but not yet incurred.

Tenant's Balance Sheet

A tenant's balance sheet is a financial statement that details a tenant's financial position at a given time, including assets, liabilities, and equity, specific to their rental obligations and resources.

Owner's Equity Account

Represents the amount of capital that the owner or owners of an entity have contributed, including profits retained in the business and personal withdrawals.

Supplies

Items used in the operation of a business or in the production of goods and services that are typically consumed within a short period.