6. Which of the following is postponed for emerging growth companies?O a. Internal revenue filingsO b. Board compositionO c. 1934 Securities Act reporting requirementsO d. Submission of audited financials in their registration statements

The question is about the rules and exceptions that apply to new businesses that are growing…

Answered: 6. Which of the following is postponed…

Cornerstones of Financial Accounting

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ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

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7. According to the 1934 Securities Act, select ALL who must certify the quarterly and annual financial statements for a company. a. The chief executive officer of the company b. An external auditor hired by the company c. The chief financial officer of the company С. d. A representative of the Securities and Exchange Commission (SEC) 8. Select ALL of the following that are required in a proxy statement. a. How the proxy materials will be sent b. How much is expected to be spent on the solicitation c. Who the shareholders for the proxy are Od. Who is soliciting the proxy
7.What are the three major areas of accounting? 8.What is the purpose of the Financial Accounting Standards Board? 9.What groups consistently offer opinions about proposed FASB statements? 10.What is the function of the Securities and Exchange Commission? 11.What led to the passage of the Public Company Accounting Reform and Investor Protection Act of 2002? 12.What is the purpose of the Public Company Accounting Oversight Board?"
Which of the following is not an account appearing in the equity section of a corporation's statement of financial position? Question 18 options: Accrued liabilities. Accumulated other comprehensive income. Common shares. Contributed surplus. Financial accounting can be broadly defined as the area of accounting that prepares financial statements to be used: Question 19 options: by parties both internal and external to the business enterprise. primarily by the Canada Revenue Agency. by investors only. by parties internal to the business enterprise only.
Which items are required by the SEC to be included in the Form 10-K? Question 14 options: Customer accounts, legal proceedings, financial statements. Executive compensation, properties, list of all shareholders by name. Financial statements and supplementary data, properties, risk factors. Legal proceedings, three-year summary of financial data, risk factors
Which of the following is not one of the five primary responsibilities of the Securities and Exchange Commission (the SEC)? A. inform and protect investors B. regulate securities law C. facilitate capital formation D. assure that dividends are paid by corporations
This is the independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
Which of the following information is not specifically a required disclosure in relation to financial statements? a. Name of the reporting entity or other means of identification and any change in that information from the previous year b. Names of major shareholders of the entity c. Level of rounding used in presenting the financial statements d. Whether the financial statements cover the individual entity or a group of entities
What group or organization is/was responsible for the issuance of Accounting Research Bulletins? Question 15 options: a) Securities and Exchange Commission b) Accounting Principles Board c) Finanical Accounting Standards Board d) Committee on Accounting Procedures
1. Companies present sufficient financial information so the creditors and reasonably prudent investor will not be misled. 2. Companies listed on the philippine stock exchange report audited financial information annually and report unaudited information quarterly. Choices: a. Full disclosure principle b. Time period assumption c. Materiality constraint d. Cost Principle e. Revenue recognition principle f. Conservatism Constraint g. Matching principle h. Economic entity assumption i. Monetary unit j. Going concern k. Some other answers
Auditing Debt and Equity The following is attached to the company's financial statements, pay attention to the non current liabilities and shareholders’ equity sections. Questions:a. Based on the financial statements above, explain possible “debt to equity swap” scheme carried out by the client! b. What evidence do you need to collect to ensure that the client's debt to equity swap is free from material misstatement?
"To maintain public confidence and trust in the financial reporting of companies" is the purpose of Oa. Sarbanes-Oxley Юв. GAAP Oc. the IRS Od. the FASB

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6. Which of the following is postponed for emerging growth companies? O a. Internal revenue filings O b. Board composition O c. 1934 Securities Act reporting requirements O d. Submission of audited financials in their registration statements