Financial Account 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.

The correct answer is:c. materials submitted to shareholders for votes on corporate matters.…

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
During an audit of an entity’s stockholders’ equity accounts, the auditor determines whether there are restrictions on retained earnings resulting from loans, agreements, or state law. This audit procedure most likely is intended to verify management’s assertion ofa. Existence or occurrence.b. Completeness.c. Valuation or allocation.d. Presentation and disclosure.
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
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.
Occasionally, public accounting firms are engaged to report on specified elements, accounts, and items of financial statements. a. Discuss types of reports that may be provided for a nonpublic company for specified elements, accounts, and items of financial statements. b. Why should reports on the application of agreed-upon procedures to information be restricted to specified users?
Under IFRS, changes in accounting policies are a. permitted if the change will result in a more reliable and more relevant presentation of the financial statements. b. permitted if the entity encounters new transactions, events, or conditions that are substantively different from existing or previous transactions. c. required on material transactions, if the entity had previously accounted for similar, though immaterial, transactions under an unacceptable accounting method. d. required if an alternate accounting policy gives rise to a material change in assets, liabilities, or the current- year net income.
The statement of shareholders' equity reports the effects from the recognition or valuation of certain asset or liability transactions that change Accumulated Other Comprehensive Income. True False
The measurment princple requires that..?
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
Which of the following standards set the required disclosures forconsolidated financial statements? a. IFRS 3 – Business Combinationb. IFRS 10 – Consolidated Financial Statementsc. IFRS 12 – Disclosure of Interest in Other Entitiesd. IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors

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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.