Which One of the Following Is Not a Characteristic of the Public

question 59

Multiple Choice

Which one of the following is not a characteristic of the Public Company Accounting Oversight Board?

• A) Minimizes self-regulation in the accounting profession.
• B) Has the authority to amend, modify, repeal, or reject any audit standard of the ASB.
• C) Only one member can be an accountant, past or present.
• D) SEC has oversight and enforcement authority over the Board.
• E) Enforces auditing, quality control, and independence standards and rules.

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Definitions:

Asset

An item of value owned by an individual or corporation, expected to provide future benefits or value.

Stockholders' Equity

Stockholders' Equity represents the ownership interest of shareholders in the net assets of a company, calculated as the difference between total assets and total liabilities.

Revenues

Revenues represent the income earned by a business from its normal operations, such as sales of goods or services, before any expenses are deducted.

Assets

Resources owned or controlled by a business, expected to bring future economic benefits.