17. Which of the following is the correct sequence for the process of creating a Statement of Financial Accounting Standard?

A. Hearing, Preliminary View, Exposure Draft

B. Preliminary View, hearing, Exposure Draft

C. Hearing, Exposure Draft, Preliminary View

D. Exposure Draft, hearing, Preliminary View

18. Which of the following is required as a result of the Sarbanes-Oxley Act?

A. Audit firms are required to rotate every five years.

B. The FASB is responsible for creating auditing standards.

C. CEOs and CFOs should personally certify that financial statements are accurate and complete.

19. GAAP SOURCE: Which of the following has become the complete and official source for all financial accounting standards?

A. FASB Statements on Financial Accounting Standards

B. FASB Accounting Standards Codification

C. SEC Accounting Bulletins

D. AICPA Audit and Accounting Guides

20. What are the two fundamental qualities for accounting information to be decision useful?

A. Relevance and faithful representation

B. Comparability and verifiability

C. Timeliness and understandability