Advanced Accounting Study Set 12
Quiz 12 :
Financial Reporting and the Securities and Exchange Commission
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Q13 Q13 Q13
Hank Co. is preparing to issue stock. Its revenues for last year were $92,000,000, and it had $60,000,000 in stock held by non-affiliates. The company had been filing with the SEC for two years. Which one of the following forms should have been used for registration?
Q26 Q26 Q26
How has the SEC exercised its power with regard to the continuing evolution of accounting principles?Issuing Financial Reporting Releases (FRRs).Requiring additional disclosures in notes to financial statements.Declaring a moratorium on the use of specified accounting practices.Overruling the FASB.
Q30 Q30 Q30
What information needs to be included in Form 10-Q?(1) Income statements for the most recent quarter and for the year to date as well as for the comparative periods in the previous year.(2) Income statements for the most recent quarter and for the year to date as well as for the comparative periods in the previous two years.(3) A statement of cash flows is necessary, but only for the year to date as well as for the corresponding period in the preceding year.(4) Two balance sheets:one for the end of the most recent quarter and one showing the company's financial position at the end of the previous fiscal year.