Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

6. Internal Controls and Reporting Cash

Five Components of Internal Controls

Financial Accounting

6. Internal Controls and Reporting Cash

Five Components of Internal Controls

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Multiple Choice

What is a central responsibility of the audit committee in a public company?

Overseeing the integrity of the company's financial reporting process

Setting the company's overall business strategy

Managing the day-to-day operations of the accounting department

Approving all employee expense reports

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Verified step by step guidance

Understand the role of the audit committee in a public company. The audit committee is a subset of the board of directors responsible for overseeing financial reporting and disclosure processes.

Recognize that the central responsibility of the audit committee is to ensure the integrity of the company's financial reporting process. This includes monitoring internal controls, compliance with regulations, and the accuracy of financial statements.

Eliminate options that are not related to the audit committee's primary role. For example, setting the company's overall business strategy and managing day-to-day operations of the accounting department are responsibilities of other departments or executives, not the audit committee.

Consider the option 'Approving all employee expense reports.' While expense reports may be reviewed as part of financial oversight, this is not the central responsibility of the audit committee.

Conclude that the correct answer is 'Overseeing the integrity of the company's financial reporting process,' as this aligns directly with the audit committee's primary function in a public company.