,4. The Public Reform and Investor Protection Act of 2002 (Sarbanes-Oxley) changed the
entity responsible for setting auditing standards in the United States.
TRUE
7. The primary responsibility for properly applying GAAP when communicating with
investors and creditors through financial statements lies with a firm's auditors.
FALSE
12. Revenues are inflows or other enhancements of assets or settlements of liabilities from
activities that constitute the entity's ongoing operations.
TRUE
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