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

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Audit firms that are subject to inspections by the PCAOB staff include:

Firms that audit public companies registered with the SEC

Firms that only audit private companies

Firms that audit non-profit organizations exclusively

Firms that provide only tax preparation services

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Verified step by step guidance

Understand the role of the PCAOB (Public Company Accounting Oversight Board): The PCAOB is responsible for overseeing the audits of public companies to ensure compliance with established standards and protect investors.

Identify the scope of PCAOB inspections: PCAOB inspections are specifically targeted at audit firms that audit public companies registered with the SEC (Securities and Exchange Commission).

Clarify the exclusions: Firms that audit private companies, non-profit organizations exclusively, or provide only tax preparation services are not subject to PCAOB inspections because these activities fall outside the PCAOB's jurisdiction.

Relate the PCAOB's focus to public interest: The PCAOB's primary concern is ensuring the reliability of financial reporting for public companies, which directly impacts investor confidence and market stability.

Conclude the correct answer: Based on the PCAOB's mandate, the correct answer is 'Firms that audit public companies registered with the SEC.'