question

1. A business should begin with a vision or mission statement that is consistent with the planned overall strategy.

answer

True

question

2. The goal of any firm should be the maximization of sales.

answer

False

question

3. Shareholder wealth is the market value of a firm's common stock.

answer

True

question

4. The market value added measures the value created by the firm's managers.

answer

True

question

5. Typically, a close estimate of market value added (MVA) is the market value of equity less the book value of equity.

answer

True

question

6. The success of a business in raising funds for operations depends upon the extent that profits can be produced from operations.

answer

True

question

7. Managerial lines of authority, legal responsibility and the allocation of income and risk are directly related to the form the organization takes.

answer

True

question

8. Proprietorships are the most widely used form although they are generally the smallest organizations in terms of assets.

answer

True

question

9. A weakness for a proprietorship is that owner's liability for debts of the firm is unlimited.

answer

True

question

10. Profits from a proprietorship are taxed at the corporate income tax rates.

answer

False

question

11. A partnership is a form of business organization when two or more people own a business operated for profit.

answer

True

question

12. Partnership income is taxed at the partnership income tax rate.

answer

False

question

13. Under partnership law, each partner has unlimited liability for all the debts of the firm.

answer

True

question

14. Limited partners face liability limited to their investment in the firm, but they can participate in the operations of the firm.

answer

False

question

15. Limited partners must take an active role in the operations of the firm.

answer

False

question

16. The bylaws are the rules established to govern the corporation and include how the firm will be managed.

answer

True

question

17. A limited liability company can have an unlimited number of shareholders, including other corporations.

answer

True

question

18. All limited liability company shareholders must take active roles in managing the company.

answer

True

question

19. Poison pills are provisions in a corporate charter that make a corporate take-over more unattractive.

answer

True

question

20. With generally accepted accounting practices, there is one "right way" of accounting for business transactions.

answer

Fasle

question

21. Most of accounting practice is based upon the cash concept.

answer

False

question

22. A firm's net income over some period is the same as its cash flow.

answer

False

question

23. The balance sheet is a statement of a company's financial position over an accounting period.

answer

False

question

24. The current assets of a firm would be cash and other assets that are expected to be converted into cash within a year.

answer

True

question

25. The marginal tax rate is the rate paid on the last dollar of income.

answer

True

question

26. A corporation is a legal entity with an unending life and limited financial liability to its owners.

answer

True

question

27. One of the important reasons corporations can accumulate large sums of capital is that they are allowed to sell capital stock.

answer

True

question

28. Privately held corporations register shares with the Securities and Exchange Commission before selling them to shareholders.

answer

False

question

29. If a corporation files for bankruptcy, creditors may try to get control of the personal assets of the owners of the company to collect on their debts.

answer

False

question

30. One advantage of the corporate form of organization is the ease with which ownership may be transferred.

answer

True

question

31. Accounting is primarily concerned with matching revenues and expenses while finance focuses on identifying cash inflows and outflows.

answer

True

question

32. Common-size financial statements express balance sheet and income statement numbers as a percent of sales.

answer

false

question

33. Shareholder wealth may be defined as the price of a company's stock times the number of shares outstanding.

answer

true

question

34. Implicit agency costs do not have a direct expense associated with them, but they harm shareholders anyway.

answer

true

question

35. The liability of all owners in both a limited liability company and a limited partnership is limited to the owners' investment in the company.

answer

False

question

36. The most desirable form of business organization from a liquidity standpoint is a corporation.

answer

True

question

37. The most desirable form of business organization from a liquidity standpoint is a limited liability company.

answer

False

question

38. The most desirable form of business organization in terms of ease of start-up is a proprietorship.

answer

True

question

39. The most desirable form of business organization in terms of ease of start-up is a corporation.

answer

False

question

40. The balance sheet equation or accounting identity can be written as: assets equal liabilities minus owners' equity.

answer

False

question

41. The balance sheet equation or accounting identity can be written as: assets equal liabilities plus owners' equity.

answer

True

question

42. The goal of the firm is the maximization of profits and market share.

answer

False

question

43. Market value added can be written as: the market value of stock minus the market value of debt plus the book value of stock minus the book value of debt.

answer

False

question

44. Market value added can be written as: the market value of stock plus the market value of debt minus the book value of stock minus the book value of debt.

answer

True

question

45. Agency costs are the tangible and intangible expenses borne by shareholders because of the actual or potential self-serving actions of managers; and agency costs can include explicit, out-of-pocket expenses.

answer

True

question

46. Agency costs are the intangible expenses borne by shareholders because of the actual or potential selfserving actions of managers; they include only implicit (no cash is spent explicitly) expenses.

answer

False

question

47. Two basic tools that can be used to reduce the consequences of managers making self-serving decisions include offering managers stock options and offering managers restricted stock.

answer

True

question

48. The Sarbanes-Oxley Act was passed by the U.S. Congress in response several accounting scandals.

answer

True

question

49. The Sarbanes-Oxley Act was passed by the U.S. Congress in response several ethical scandals.

answer

True

question

50. Depletion is the Federal income tax term regarding allowable income tax deduction related to the exhaustion of mineral reserves.

answer

True

question

51. Amortization spreads out the capital expenses for intangible assets over a specific period of time (usually two years) for accounting tax purposes.

answer

False

question

52. DD may be computed for each individual property.

answer

True

question

53. Properties cannot be aggregated on the basis of a common geological structure or stratigraphic condition.

answer

False

question

54. Unit-of-production rates must be reviewed monthly.

answer

False

question

55. The book value of an asset is the value at which an asset is carried on a Balance Sheet.

answer

True

question

56. The salvage value of an asset is the estimated value the asset will have when it is sold at the end of its useful life.

answer

True

question

57. The useful life of an asset is generally the length of time the asset will actually last.

answer

False

question

58. The useful life of an asset is the same for all users.

answer

False

question

59. The book value of an asset is its initial cost minus its accumulated amortization.

answer

True

question

60. Use the reserves at the end of the year to calculate the amortization expense for the year.

answer

False

question

1. Of the following forms of organization, which businesses are the greatest in numbers? a. proprietorships b. partnerships c. corporations d. limited partnerships

answer

A. Proprietorships

question

2. Of the following forms of business organization, which have stockholders with limited liability? a. proprietorships b. partnerships c. corporations d. limited partnerships

answer

C. Corporations

question

3. Computation of a firm's market value added (MVA) includes all of the components EXCEPT: a. market value of equity b. market value of debt c. book value of equity d. book value of debt e. all of the above are included

answer

E. All of the above are included

question

4. Of the following forms of business organization, which have the advantage of limited liability but no stockholders? a. proprietorships b. partnerships c. corporations d. limited partnerships

answer

D. Limited partnerships

question

5. Which one of the following is not a basic function of financial management? a. financial planning and analysis b. acquiring other business firms c. asset management d. raising of funds

answer

B. Acquiring other business firms

question

6. Which of the following are considered to be major financial management functions? a. financial planning and analysis b. asset management c. raising funds d. all of the above

answer

D. All of the above

question

7. The current liabilities of a business may include: a. notes payable b. accounts receivable c. prepaid expenses d. depreciation reserves

answer

A. Notes Payable

question

8. For a given accounting period, which of the following is likely to represent primarily variable costs? a. cost of goods sold b. general and administrative expenses c. depreciation expense d. interest expense

answer

A. Cost of goods sold

question

9. The actual disbursement of cash is recorded in which of the following financial statements? a. income statement b. balance sheet c. statement of cash flows d. treasurer's report

answer

C. Statement of cash flows

question

10. Information about which accounting principles were used by the firm are included in the: a. balance sheet b. footnotes to the financial statements c. management discussion on annual report d. none of the above

answer

B. footnotes to the financial statements

question

11. A limited liability company (LLC): a. must register with the SEC to sell securities to the public b. is an ongoing entity, even if one of the owners leaves c. has a limited number of shareholders d. all the above e. none of the above

answer

E. None of the above

question

12. Which form of business organization has a basic weakness of raising capital? a. proprietorship b. partnership c. limited partnership d. all of the above

answer

D. All of the above

question

13. Corporate stockholders: a. cannot have limited liability b. cannot easily transfer ownership c. cannot be subject to taxes on dividends d. can limit their liability to the amount of their investment

answer

D. can limit their liability to the amount of their investment

question

14. The average tax rate on a corporation with $75,000 in income and a tax liability of $15,000 is: a. 15% b. 20% c. 25% d. 39%

answer

B. 20% 15,000/75,000=20%

question

15. The term ___________ conveys a relationship of equality between the assets of the business and the sources of funds for their acquisition. a. statement of cash flows b. cash transactions statement c. income statement d. balance sheet

answer

D. balance sheet

question

16. The notes payable of a firm may be: a. loans to other businesses b. loans from a bank c. money owed by a customer d. all of the above

answer

B. loans from a bank

question

17. The accrued liabilities of a firm are: a. retained earnings from past years b. reflect the prepayment of certain expenses c. owners' equity in the firm d. amounts owed but not yet due

answer

D. Amounts owed but not yet due

question

18. If a firm issues 10,000 shares of common stock with a par value of $5 and for a sales price of $15, what amount would be recorded in the capital paid-in excess of par account? a. $10,000 b. $15,000 c. $50,000 d. $100,000

answer

D. $100,000 10,000(15-5)=100,000

question

19. What would be recorded in the common stock par value account on the balance sheet if 20,000 shares are issued at a par value of $2 and the market value is $5? a. $20,000 b. $40,000 c. $30,000 d. $60,000

answer

B. $40,000 20,000(2)=40,000

question

20. A limited partnership is comprised of: a. only limited partners b. only general partners c. both general and limited partners d. both partners and proprietors

answer

C. both general and limited partners

question

21. Which of the following business organizations limit the liability of some or all of their owners to the extent of their investment in the company? a. proprietorships and partnerships b. corporations and proprietorships c. limited partnerships and proprietorships d. corporations and limited partnerships

answer

D. Corporations and limited partnerships

question

22. Which of the following business organizations do not limit the liability of some or all of their owners to the extent of their investment in the company? a. proprietorships and partnerships b. corporations and proprietorships c. limited partnerships and proprietorships d. corporations and limited partnerships

answer

A. proprietorships and partnerships

question

23. A business organization that receives the limited liability of a corporation but is taxed as a proprietorship or partnership is called a: a. limited proprietorship b. limited partnership c. limited corporation d. S corporation

answer

D. S corporation

question

24. Which one of the following balance sheet accounts would not be considered to be a current liability? a. account payable b. bank notes payable c. accrued liabilities d. mortgage debt

answer

D. mortgage debt

question

25. Which of the following accounts is usually part of the owners' equity for a corporation? a. common stock b. paid-in-capital c. retained earnings d. all of the above

answer

D. all of the above

question

26. Which of the following are required to file annual reports with the Securities and Exchange Commission? a. proprietorships b. partnerships c. public corporations d. all the above

answer

C. public corporations

question

27. Which of the following are included in an annual report? a. balance sheet b. income statement c. statement of cash flows d. all of the above e. none of the above

answer

D. all of the above

question

28. The three main sections of the statement of cash flows include all of the following EXCEPT: a. cash from saving b. cash from investments c. cash from operations d. cash from financing e. all are included

answer

A. cash from savings

question

29. Net income is: a. equal to cash flow b. profits remaining after income taxes are paid c. unavailable to the owners of the business d. none of the above

answer

B. profits remaining after income taxes are paid

question

30. Which of the following statements is false? a. Working capital represents assets needed to carry out the normal operations of the business. b. Wages payable are part of a firm's accounts payable. c. Because of accrual accounting, a firm's net income over some period is not necessarily the same as its cash flows. d. All the above statements are correct.

answer

B. wages payable are part of a firm's accounts payable

question

31. Current liabilities would not include: a. accounts payable b. notes payable c. bonds d. accruals

answer

C. Bonds

question

32. Owners' equity may include: a. par value of the common stock b. retained earnings c. capital paid in excess of par account d. all the above e. none of the above

answer

D. all of the above

question

33. Which of the following would not be included on the balance sheet? a. dividends paid b. retained earnings c. capital paid in excess of par d. common stock

answer

A. dividends paid

question

34. Which of the following would not be considered an asset? a. cash b. accounts receivable c. equipment d. accounts payable

answer

D. accounts payable

question

35. Which of the following would not be a source of funds? a. decrease in an equity account b. increase in a liability account c. decrease in an asset account d. all the above are sources of funds

answer

A. decrease in an equity account

question

36. Which of the following would not be a use of funds? a. increase in an asset account b. decrease in a liability account c. decrease in an equity account d. all the above are uses of funds

answer

D. all of the above are uses of funds

question

37. Shareholder wealth is measured as: a. assets plus liabilities b. assets minus liabilities c. common stock price times number of shares outstanding d. none of the above

answer

C. common stock price times number of shares outstanding

question

38. Market value added would equal: a. assets plus liabilities b. assets minus liabilities c. common stock price times number of shares outstanding d. none of the above

answer

D. none of the above

question

39. Agency costs are: a. the costs of hiring managers b. assets minus liabilities c. common stock price times number of shares outstanding d. none of the above

answer

D. none of the above

question

40. Agency costs may include: a. costs of auditing financial statements b. liability insurance for board of directors c. management perks d. all the above e. none of the above

answer

D. none of the above

question

41. Implicit agency costs: a. will not harm shareholders b. have a direct expense associated with them c. may include restrictive covenants d. all the above e. none of the above

answer

C. may include restrictive covenants

question

42. Cash flows from financing activities might include: a. increase in bonds payable b. increase in accounts payable c. depreciation d. all the above e. none of the above

answer

A. increase in bonds payable

question

43. Cash flows from operating activities might include: a. net income b. increase in equity sold to investors c. dividend payment d. all the above e. none of the above

answer

A. net income

question

44. Top finance officers in a corporation may include: a. treasurer b. chief financial officer c. controller d. all the above e. none of the above

answer

D. none of the above

question

45. The goal of a business should be: a. maximization of the owners' wealth b. maximization of accounting profit c. maximization of sales d. maximization of assets

answer

A. maximization of the owners' wealth

question

46. Which of the following is not considered to be one of the three major forms of business ownership in the United States? a. proprietorship b. partnership c. public limited company d. corporation

answer

C. public limited company

question

47. Under which one of the following business organizations do the owners have unlimited liability for all debts of the firm? a. partnership b. limited partnership c. corporation d. subchapter S corporation

answer

A. partnership

question

48. The corporate form of organization is recognized in many countries. Which one of the following does not designate a corporation? a. Inc. b. PLC c. AG d. SEC

answer

D. SEC

question

49. For corporations, the principal-agent relationship usually refers to the relationship between: a. buyers-sellers b. owners-managers c. manager-customer d. owner-bankers

answer

B. Owners-managers

question

50. Which one of the following alternatives is commonly used to reduce agency problems as they relate to corporate control? a. stock options b. higher salaries c. larger perquisites ("perks") d. less restrictive accountability requirements

answer

A. stock options

question

51. Generally accepted accounting principles are formulated by the: a. Securities and Exchange Commission b. Financial Accounting Standards Board c. Federal Trade Commission d. General Accounting Office

answer

B. Financial Accounting Standards Board

question

52. Which one of the following financial statements shows a relationship between assets and liabilities plus owners' equity? a. income statement b. statement of cash flows c. balance sheet d. statement of retained earnings

answer

C. balance sheet

question

53. All of the following forms of organization are taxed at the owners' personal tax rate EXCEPT: a. proprietorship b. LLC c. subchapter S corporation d. partnership e. all of the above assess taxes at the owners' personal rate

answer

E. all of the above assess taxes at the owners' personal rate

question

54. Which of the following forms of organization has an unlimited life? a. proprietorship b. LLC c. subchapter S corporation d. corporation e. corporation and subchapter S corporation

answer

E. corporation and sub-chapter S corporation

question

55. The financial statement that provides a snapshot view of the financial condition of a business at a point in time is the: a. balance sheet b. income statement c. statement of cash flows d. statement of retained earnings

answer

A. balance sheet

question

56. Which of the following is a source of cash? a. a decrease in an asset account b. a decrease in a liability account c. a decrease in an equity account d. none of the above

answer

A. a decrease in an asset account

question

57. Which of the following is a use of cash? a. an increase in an asset account b. an increase in a liability account c. an increase in an equity account d. none of the above

answer

A. an increase in an asset account

question

58. A statement that expresses the income statement items as a percent of total sales is called: a. a percentage of sales income statement b. a cross-sectional income statement c. a common size income statement d. a ratio based income statement e. none of the above

answer

C. a common size income statement

question

59. The rule-setting body, which authorizes generally accepted accounting principles is: a. GAAP b. FASB c. SEC d. Federal Reserve System e. none of the above

answer

B. FASB

question

60. Accounting practices and procedures used to prepare financial statements are called: a. GAAP b. FASB c. SEC d. Federal Reserve System e. none of the above

answer

A. GAAP

question

61. The U.S. federal government body that receives corporations' annual reports is the: a. IRS b. FRS c. SEC d. FBI e. none of the above

answer

C. SEC

question

62. Financial statements that must be included in the annual report include the: a. income statement b. balance sheet c. statement of cash flows d. all of the above e. none of the above

answer

D. all of the above

question

63. Financial statements that must be included in the annual report include all of the following EXCEPT: a. the income statement b. the balance sheet c. the statement of cash flows d. the cash budget e. all of the above must be included

answer

D. the cash budget

question

64. On the balance sheet, total assets minus net fixed assets equals: a. current assets b. current liabilities c. gross fixed assets d. total assets e. none of the above

answer

A. current assets

question

65. On the income statement, gross profit is defined as: a. operating profits minus operating expenses b. gross profit minus operating expenses c. sales revenue minus cost of goods sold d. sales revenue minus operating expenses e. none of the above

answer

C. Sales revenue minus cost of goods sold

question

66. On the income statement, gross profit is defined as: a. operating profits minus operating expenses b. gross profit minus operating expenses c. sales revenue minus total expenses d. sales revenue minus operating expenses e. none of the above

answer

E. none of the above

question

67. On the income statement, operating income is defined as: a. operating profits minus selling, general, and administrative expense b. gross profit minus selling, general, and administrative expense and depreciation c. sales revenue minus cost of goods sold d. sales revenue minus operating expenses e. none of the above

answer

B. gross profit minus selling, general, and administrative expense and depreciation

question

68. On the income statement, net income (profit) after tax is generally defined as: a. operating income minus operating expenses b. operating income minus cost of goods sold c. operating income minus interest d. operating income minus interest minus taxes

answer

D. operating income minus interest minus taxes

question

69. On the income statement, net income (profit) after tax is generally defined as: a. operating income minus operating expenses b. operating income minus cost of goods sold c. operating income minus interest d. operating income minus total expenses e. none of the above

answer

E. none of the above

question

70. All of the following accounts are considered to be current assets on the balance sheet except: a. cash b. accruals c. accounts receivable d. inventory e. none of the above

answer

B. accruals

question

71. All of the following accounts are considered to be current assets on the balance sheet except: a. cash b. short-term investments or marketable securities c. land d. inventory e. all of the above are current assets

answer

C. land

question

72. All of the following accounts are considered to be fixed assets on the balance sheet except: a. buildings b. equipment c. plant d. machinery e. all of the above are fixed assets

answer

E. all of the above are fixed assets

question

73. All of the following accounts are considered to be fixed assets on the balance sheet except: a. buildings b. equipment c. depreciation d. machinery e. all of the above are fixed assets

answer

C. depreciation

question

74. All of the following accounts are considered to be current liabilities on the balance sheet except: a. accounts receivable b. accounts payable c. accruals d. notes payable e. all of the above are current liabilities

answer

A. Accounts receivable

question

75. All of the following accounts are considered to be current liabilities on the balance sheet except: a. depreciation b. accounts payable c. accruals d. notes payable e. all of the above are current liabilities

answer

A. depreciation

question

76. On the balance sheet, retained earnings represents a. net profits for the current year b. net profits for the current year minus preferred stock dividends c. cash reinvested in fixed assets to support growth d. the cumulative total of earnings reinvested in the firm. e. none of the above

answer

D. the cumulative total of earnings reinvested in the firm

question

77. On the balance sheet, retained earnings represents a. net profits for the current year b. net profits for the current year minus preferred stock dividends c. cash reinvested in fixed assets to support growth d. the total of earnings reinvested in the firm for the current year e. none of the above

answer

E. none of the above

question

78. Suppose Ningbo Steel had sales revenue of $10,000, cost of goods sold of $5,000, operating expenses of $3000, interest expense of $1,000, a tax rate of 20%, and 1,000 shares of common stock outstanding. Based on this information, net income (profit) after tax was: (Pick the closest answer.) a. $1,200 b. $1,000 c. $800 d. $400 e. none of the above

answer

C. $800

question

79. Suppose Ningbo Steel had sales revenue of $11,000, cost of goods sold of $5,000, operating expenses of $3000, interest expense of $1,000, a tax rate of 20%, and 1,000 shares of common stock outstanding. Based on this information, net income (profit) after tax was: (Pick the closest answer.) a. $1,600 b. $1,000 c. $500 d. $0 e. none of the above

answer

A. $1,600 11,000-5,000-3,000-1,000=2,000 2,000(0.2)=400 2,000-400=1,600

question

80. Suppose Ningbo Steel had sales revenue of $10,000, cost of goods sold of $5,000, operating expenses of $3000, interest expense of $1,000, a tax rate of 20%, and 2,000 shares of common stock outstanding. Based on this information, earnings per share was: (Pick the closest answer.) a. $1.20 b. $1.00 c. $0.80 d. $0.40 e. none of the above

answer

D. 0.40 10,000-5,000-3,000-1,000=1,000 1,000(0.2)=200 1,000-200=800 800/2,000=0.40/share

question

81. Suppose Ningbo Steel had sales revenue of $11,000, cost of goods sold of $5,000, operating expenses of $3000, interest expense of $1,000, a tax rate of 20%, and 2,000 shares of common stock outstanding. Based on this information, earnings per share was: (Pick the closest answer.) a. $1.20 b. $1.00 c. $0.80 d. $0.08 e. none of the above

answer

C. 0.80 11,000-5,000-3,000-1,000=2,000 2,000(0.2)=400 1,000-400=1,600 1,600/2,000=0.80

question

82. Paid-in-capital in excess of par represents: a. the net proceeds from the original sale of stock b. the proceeds in excess of par value from the original sale of stock c. the current market value of the stock d. the current book value of the stock e. none of the above

answer

B. the proceeds in excess of par value

question

83. Paid-in-capital in excess of par represents: a. the proceeds from the original sale of stock less its par value b. the proceeds from resale of treasury stock less its par value c. the current market value of the stock less what investors paid for it d. the current book value of the stock less what investors paid for it e. none of the above

answer

A. the proceeds from the original sale of the sock less its par value

question

84. ABC Inc. had year end 2014 and 2015 retained earnings balances of $5,000,000 and $6,000,000 respectively. The firm paid $100,000 of dividends in 2015. Based on this information, ABC Inc.'s net income (profit) after taxes in 2015 was: (Pick the closest answer.) a. $100,000 b. $900,000 c. $1,000,000 d. $1,100,000 e. none of the above

answer

D. 1,100,000 6,000,000-5,000,000=1,000,000 1,000,000+100,000=1,100,000

question

85. ABC Inc. had year end 2014 and 2015 retained earnings balances of $6,000,000 and $6,600,000 respectively. The firm paid $20,000 of dividends in 2015. Based on this information, ABC Inc.'s net profit after taxes in 2015 was: (Pick the closest answer.) a. $200,000 b. $600,000 c. $620,000 d. $6,200,000 e. none of the above

answer

C. $620,000 6,600,000-6,000,000=600,000 600,000+20,000=620,000

question

86. The _______________ established the Public Company Accounting Oversight Board (PCAOB). a. Smoot-Hawley Act b. Sarbanes-Oxley Act c. Gram-Harkins Act d. McKean-Obama Act e. none of the above

answer

B. Sarbanes-Oxley Act

question

87. The Sarbanes-Oxley Act established this entity. . a. Auditing Commission b. Accounting Accuracy Board c. FASB d. SEC e. Public Company Accounting Oversight Board

answer

E. Public Company Accounting Oversight Board

question

88. The Sarbanes-Oxley Act was designed to: a. limit the compensation that could be paid to CEOs. b. eliminate the many disclosure and conflict of interest problems of corporations c. provide uniform international accounting standards d. two of the above e. none of the above

answer

B. eliminate the many disclosure and conflict of interest problems of corporations

question

89. The Sarbanes-Oxley Act was designed to: a. limit the compensation that could be paid to CEOs. b. increase the number of independent directors on corporate Boards. c. provide uniform international accounting standards d. two of the above e. none of the above

answer

B. increase in the number of independent directors on corporate boards

question

90. The Public Company Accounting Oversight Board (PCAOB) is a. a not-for-profit corporation that oversees auditors of public corporations b. a not-for-profit corporation that oversees managers of public corporations c. a for-profit corporation that oversees auditors of public corporations d. a not-for-profit corporation that oversees CEOs of public corporations e. a for-profit corporation that oversees CEOs of public corporations

answer

A. a not-for-profit corporation that oversees auditors of public corporations

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