Proxy statements are:a. filed by an entity that acquires beneficial ownership of more than 5percent in a company.b. interim financial statements need not be audited.c. materials submitted to shareholders for votes on corporate matters.d. used to disclose unscheduled material events.

Explanation: Proxy statements are documents that publicly traded companies send to shareholders in…

Answered: Proxy statements are: a. filed by an…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 12DQ

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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
Which of the following is a valid assumption from an accounting perspective? O A company that has declared bankruptcy is referred to as a going concern. O Financial statements should be prepared on a calendar-year basis. O Financial statements are prepared for a specific entity that is distinct from the entity's owners. O The results of customer satisfaction surveys should be reported in the financial statements because such results could impact decisions of financial statement users.
Statement 1: The primary responsibility for the preparation and presentation of the financial statements of an entity is reposed in the management of the entity. Statement 2: An entity can rectify inappropriate accounting policies either by disclosure of the accounting policies used or by notes or explanatory information Both statements are true. Both statements are false. Only statement 1 is true. Only statement 2 is true.
Accdg. to PAS , related party disclosures are necessary * to indicate the possibility that an entity's financial position and performance might have been affected by the existence of such relationship because related party transactions may have resulted to assets and liabilities that were recognized in the financial statements of the reporting entity to notify users of financial statements of the fact that related party transactions may not have been made on arm's length basis in order to eliminate or minimize the effects of related party transactions on the FS of the reporting entity
Statement I: In retained earnings, the auditor should ensure whether it has been properly declared in accordance with the requirements of the Revised Corporation Code of the Philippines. Statement II: Shareholders’ Equity is the residual interest of owners in the net assets of a corporation measured by the excess of liabilities over asset. a. Statement I and II are trueb. Statement I and II are falsec. Statement I is true, Statement II is falsed. Statement I is false, Statement II is true
Which of the following is not true of a registration statement? A . It helps the SEC make judgments about the worth of securities. B. It contains financial statements certified by independent public accountants. C. It provides information about the management of the company. D. It is different for different types of companies that offer securities for sale.
When a public shareholding company changes an accounting policy voluntarily, it has to (a) Inform shareholders prior to taking the decision. (b) Account for it retrospectively. (c) Treat the effect of the change as an extraordinary item. (d) Treat it prospectively and adjust the effect of the change in the current period and future periods.
The notes to financial statements should not be used to [A] present disclosures required by generally acceptedaccounting principles B] describe the accounting policies adopted by an enterprise [C] correct an improper financialstatement presentation [D] describe the basis for resolving uncertainties in the financial statements [E] none of thechoices
Orange Server Management Inc is a publicly traded company. The CFO of the company has responsibility to the user of the financial statement that the financial statement should not miss or omitted any information that could mislead the readers. This represents that the financial statements are A Going concern B) Free of material misstatement Complete D Faithfully represent
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In establishing the existence and ownership of an investment held by a corporationin the form of publicly traded stock, an auditor should inspect the securities or(1) obtain written representations from management confirming that the securitiesare properly classified as trading securities.(2) inspect the audited financial statements of the investee company.(3) confirm the number of shares owned that are held by an independent custodian.(4) determine that the investment is carried at the lower of cost or market.
PSA 570 (Going Concern) states that a fundamental principle in the preparation of financial statements is the going concern assumption. Under this assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws and regulations. The responsibility to make an assessment of an entity's ability to continue as a going concern rests with the Auditor Entity's management SEC Entity's creditors

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Proxy statements are: a. filed by an entity that acquires beneficial ownership of more than 5 percent in a company. b. interim financial statements need not be audited. c. materials submitted to shareholders for votes on corporate matters. d. used to disclose unscheduled material events.