Self-assessment exam.

[ILLUSTRATION OMITTED]

Make the leap: Convergence brings new opportunities to the profession

1. What is expected to have a bigger impact on accounting than Sarbanes-Oxley?

   1. A looming recession

   2. Globalization

   3. International Financial Reporting Standards

   4. Extensible Business Reporting Language

2. According to the article, what job skill will employers expect from those seeking to be controllers and CFOs?

   1. SEC reporting experience

   2. A proven track record in IFRS

   3. Experience in applying U.S. based GAAP

   4. Extensive marketing experience

3. What benefit will come to accounting firms that help their clients with the transition to IFRS?

   1. A competitive advantage

   2. An enhanced reputation

   3. Greater market penetration

   4. An increase in big client audit fees

4. CPAs who audit SEC registrants should train their employees on IFRS before these standards are adopted to assure that:

   1. The 2009 adoption date can be met

   2. The auditors can help their clients transition smoothly to IFRS

   3. The auditors can help refine company practices to meet global standards

   4. Auditors are not caught off guard when dealing with transitional issues

5. What new opportunities will IFRS create for accounting firms?

   1. The adoption of IFRS will not create any new business opportunities for accountants

   2. IFRS will increase company growth for all accounting firms

   3. IFRS will lead to a new practice niche: namely convergence consulting

   4. IFRS will lead to a new practice niche: namely GAAP analyzer

   Build your business with marketing strategy

6. What is the main source of business growth for individual CPAs as well as large CPA firms?

   1. A growing economy

   2. Current client referrals

   3. Perceived firm quality

   4. The globalization of U.S. markets

7. What is one of the two primary objectives of most firms' marketing programs?

   1. Improve firm relations with customers

   2. Steal clients from other firms

   3. Keep young talented CPAs within the firm

   4. Increase revenue

8. What approach do many smaller accounting firms, like Lublin Sussman LLP, follow?

   1. The comprehensive approach

   2. The referral-based approach

   3. The time to complete approach

   4. The best practices approach

9. Which answer is not named as an entity that a start-up accounting firm should build strong relationships with?

   1. Large publicly traded companies

   2. Universities

   3. Banks

   4. Law firms

10. Which of the following was not identified as one of the benefits of a comprehensive approach to firm marketing?

    1. A comprehensive approach can raise the firm's profile among professional referral groups

    2. A comprehensive approach can be used to differentiate the firm from its competition

    3. A comprehensive approach can be used to improve client retention and staff recruiting

    4. A...