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.
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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 entitiesDuring 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.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.
- 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 entityIdentify all false statements about non-GAAP earnings. 1. Public companies are required to reconcile non-GAAP earnings with GAAP earnings. 2. Non-GAAP earnings may be reported in a note to financial statements or in Management Discussion & Analysis section. 3. Non-GAAP earnings are usually larger than GAAP earnings as a company selects to exclude "unusual" or "nonrecurring" items. 4. Non-GAAP earnings is not audited by a CPA. 5. All U.S. public companies report some forms of non-GAAP earnings. 3 & 4 O 2 & 5 O 1, 2 & 5 O 1, 3 & 4Statement 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.The following situations involve the provision of nonauditservices. Indicate whether providing the service is a violation of AICPA rules or SECrules including Sarbanes–Oxley requirements on independence. Explain your answer asnecessary.a. Providing bookkeeping services to a public company. The services were preapprovedby the audit committee of the company.b. Providing advice to a private company client on accounting for a merger withanother private company.c. Providing internal audit services to a public company that is not an audit client.d. Implementing a financial information system designed by management for a privatecompany.e. Recommending a tax shelter to a client that is publicly held. The services were preapproved by the audit committee.f. Providing internal audit services to a public company audit client with the preapprovalof the audit committee.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?
- 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 thechoicesOrange 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 representUnder 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.
