1. CPAs are licensed by; AICPA, SEC, Federal Government, State Government

2. Which of the following is not a provision of the public company accounting reform and investor protection act of 2002?; corporate executive accountability, auditor rotation, retention of workpapers, none of the above

3. The conceptual frameworks qualitative characteristic of relevance includes; predictive value, verifiability, completeness, neutrality

4. Net Income equals; assets minus liabilities, revenues minus cost of goods sold, revenue minus expenses, cash receipts minus cash payments

5. Incurring an expense for advertising on an account would be recorded by; debiting liabilities, crediting assets, debiting an expense, debiting assets,

6. Accruals occur when cash flows; occur before expense recognition, occur after revenue or expense recognition, are uncertain, may be substituted for goods or services

7. An asset that is not expected to be converted to cash or consumed within one year of the operating cycle is; goodwill, accounts receivable, inventory supplies