True / False Questions
 

1. External users of accounting information include decision makers such as investors, creditors, and financial analysts. 
2. The mission of the Securities & Exchange Commission (SEC) is to develop generally accepted accounting principles. 
3. Independent auditors are advisors who analyze financial statements and other economic information to formulate forecasts and stock recommendations. 
4. The Securities & Exchange Commission (SEC) oversees the work of the Financial Accounting Standards Board (FASB). 
5. The Financial Accounting Standards Board (FASB) oversees the work of the Public Company Accounting Oversight Board (PCAOB). 
6. The Public Company Accounting Oversight Board (PCAOB) sets auditing standards for independent auditors. 
7. The primary responsibility for the information in a corporation's financial statements lies with the chief executive officer (CEO) and the chief financial officer (CFO). 
8. The board of directors is responsible for maintaining the integrity of a company's financial statements and financial reporting. 
9. The Securities & Exchange Commission requires publically traded companies to have their financial statements audited by their internal auditors. 
10. Financial analysts utilize a company's financial reports to assist them in making earnings projections and earnings per share projections.