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Multiple  Choice 1.  Which report not required to be filed by

Question : Multiple  Choice 1.  Which report not required to be filed by : 1410639

 

Multiple  Choice

 

1.  Which report is not required to be filed by public companies to the SEC?

a. Annual reports (Form 10-K).

b. Financial Reporting Rulings.

c. A prospectus for any new security offering.

d. Quarterly reports (From 10-Q).

 

2.  The globalization of business activity has resulted in which of the following?

a. Increased corruption and unethical behavior.

b. A uniform set of accounting rules in all countries.

c. The FASB and IASB working jointly on a project to converge accounting standards.

d. The requirement that U.S. firms use international accounting rules as of 2006.

 

3.  What basic financial statements can be found in a corporate annual report?

a. Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows.

b. Balance sheet, auditor's report and income statement.

c. Earnings statement and statement of retained earnings.

d. Statement of cash flows and five-year summary of key financial data.

 

4.  What information can be found on a balance sheet?

a. Information to support that assets equal liabilities.

b. The profit or loss for the accounting period.

c. The reasons for changes in the cash account.

d. The financial position on a particular date; i.e. assets, liabilities and shareholders' equity.

 

5.  What information can be found on an income statement?

a. The financing and investing activities during an accounting period.

b. Cash inflows and cash outflows.

c. A reconciliation of the beginning and ending balances of all revenue accounts.

d. Revenues, expenditures, net profit or loss and net profit or loss per share.

 

 

 

 

6.  What information can be found on a statement of stockholders’ equity?

a. A reconciliation of the cash account and the retained earnings account.

b. A reconciliation of the beginning and ending balances of all accounts that appear in the stockholders’ equity section of the balance sheet.

c. A reconciliation of the operating, investing and financing activities of a firm.

d. A reconciliation of net profit or loss and the cash account.

 

7.  What item is not included in the notes to the financial statements?

a. Details about inventory and property, plant and equipment.

b. Information about major acquisitions or divestitutures.

c. The management discussion and analysis.

d. A summary of the firm's accounting policies.

 

8.  What type of audit report indicates that the financial statements have not been presented fairly?

a. A disclaimer of opinion.

b. An unqualified report.

c. A qualified report.

d. An adverse opinion.

 

9.  What type of audit report indicates that the financial statements have been presented fairly?

a. An unqualified report.

b. A disclaimer of opinion.

c. A qualified report.

d. An adverse opinion.

 

10.  What does Section 404 of the Sarbanes-Oxley Act of 2002 require?

a. The external auditors must create an adequate internal control structure for the firm being audited.

b. The external auditors must approve of all internal auditors hired by a firm.

c. The inclusion of an internal control report in the annual report.

d. The external auditors need to perform internal audit services.

 

 

 

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