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10 Cards in this Set
- Front
- Back
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Which form is not required to include audited financial statements? a. Form 20-F. b. Form 10-K. c. Form 6-K. d. Form 40-F.
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Explanation Choice "c" is correct. Form 6-K is filed semi-annually by foreign private issuers and contains unaudited financial statements. Form 10-Q, which is filed quarterly by U.S. registered companies, also contains unaudited financial statements. Choice "b" is incorrect. Form 10-K is filed annually by U.S. registered companies and must contain audited financial statements. Choice "d" is incorrect. Form 40-F is filed annually by specific Canadian companies registered with the SEC and must contain audited financial statements. Choice "a" is incorrect. Form 20-F is filed annually by non-U.S. registrants registered with the SEC and must contain audited financial statements. |
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Under Regulation S-X, an entity's annual financial statements filed with the SEC should include, at a minimum, two: a. Balance sheets. b. Income statements. c. Statements of changes in owners' equity. d. Statements of cash flows. |
Explanation Choice "a" is correct. Under Regulation S-X, an entity's audited financial statements filed with the SEC should include balance sheets for the two most recent fiscal years and the statements of income, changes in owners' equity, and cash flows for the three fiscal years preceding the date of the most recent audited balance sheet. |
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A company is an accelerated filer that is required to file Form 10-K with the United States Securities and Exchange Commission (SEC). What is the maximum number of days after the company's fiscal year end that the company has to file Form 10-K with the SEC? a. 75 days. b. 90 days. c. 60 days. d. 120 days.
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Explanation Choice "a" is correct. In 2002, the SEC approved a deadline of 75 days for Form 10-K "accelerated filers." An accelerated filer is an issuer: With a public float of greater than or equal to $75 million, Subject to the Securities Exchange Act's reporting requirements for greater than or equal to 12 months, That previously filed at least 1 report, Which is not eligible to file quarterly and annual reports on Forms 10-QSB and 10-KSB. Choice "c" is incorrect. This is the correct filing period for "large accelerated filers" (those with floats over $700 million). Choice "b" is incorrect. This is the time period for non-accelerated filers. Choice "d" is incorrect. This answer is not applicable. |
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A company is required to file quarterly financial statements with the United States Securities and Exchange Commission on Form 10-Q. The company operates in an industry that is not subject to seasonal fluctuations that could have a significant impact on its financial condition. In addition to the most recent quarter end, for which of the following periods is the company required to present balance sheets on Form 10-Q? a. The end of the preceding fiscal year and the end of the prior two fiscal years. b. The end of the preceding fiscal year and the end of the corresponding fiscal quarter of the preceding fiscal year. c. The end of preceding fiscal year. d. The end of the corresponding fiscal quarter of the preceding fiscal year. |
Explanation Choice "c" is correct. Due to the absence of seasonal fluctuations, the end of the preceding fiscal year is the appropriate period to include in addition to the most recent quarter end. |
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An XBRL financial statement exhibit is required to be submitted with all of the following SEC filings, except: a. Form 20-F. b. Form 6-K. c. Forms 3, 4, and 5. d. Form 10-K. |
Explanation Choice "c" is correct. Forms 3, 4, and 5 are required to be filed by directors, officers, or beneficial owners of more than 10 percent of a class of equity securities of a registered company. These forms do not contain the registered company's financial statements because they are not filed by the company, and therefore are not required to present the company's financial statements in an exhibit prepared using XBRL. Choices "d", "a", and "b" are incorrect. An XBRL financial statement exhibit is required to be submitted with a filer's 10-K, 20-F, or 6-K because these filings include the filer's financial statements. |
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Which of the following items in not required to be presented in an exhibit prepared using XBRL when a filer submits Form 10-K to the SEC? a. Balance sheet. b. Summary of significant accounting policies. c. Management's discussion and analysis. d. Statement of comprehensive income. |
Explanation Choice "c" is correct. The MD&A is not required to be presented in an exhibit prepared using XBRL. The SEC's Interactive Data Rule requires a U.S. public company submitting a Form 10-K to present financial statements, including the balance sheet, statement of comprehensive income, and all footnotes, and any applicable financial statement schedules, in an exhibit prepared using XBRL. |
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Under Regulation S-X, an entity's interim financial statements filed with the SEC should include all of the following, except: a. A balance sheet as of the end of the preceding fiscal year. b. An income statement for the cumulative 12 month period ending during the most recent fiscal quarter. c. An income statement for the period between the end of the preceding fiscal year and the end of the most recent fiscal quarter. d. A statement of cash flows for the most recent fiscal quarter. |
Explanation Choice "d" is correct. Interim financial statements filed with the SEC would not include a statement of cash flows for the most recent fiscal quarter, but should include statements of cash flows for the period between the end of the preceding fiscal year and the end of the most recent fiscal quarter, and for the corresponding period for the preceding fiscal year. The financial statements may also present statements of cash flows for the cumulative 12 month period ended during the most recent fiscal quarter and for the corresponding preceding period. Choice "a" is incorrect. Interim financial statements filed with the SEC should contain balance sheets as of the end of the most recent fiscal quarter and as of the end of the preceding fiscal year. A balance sheet for the corresponding fiscal quarter for the preceding fiscal year is not required unless necessary to understand the impact of seasonal fluctuations. Choice "c" is incorrect. Interim financial statements filed with the SEC should contain income statements for the most recent fiscal quarter, for the period between the end of the preceding fiscal year and the end of the most recent fiscal quarter, and for the corresponding periods of the preceding fiscal year. The financial statements may also include income statements for the cumulative 12 month period ended during the most recent fiscal quarter and for the corresponding preceding period. Choice "b" is incorrect. Interim financial statements filed with the SEC should contain income statements for the most recent fiscal quarter, for the period between the end of the preceding fiscal year and the end of the most recent fiscal quarter, and for the corresponding periods of the preceding fiscal year. The financial statements may also include income statements for the cumulative 12 month period ended during the most recent fiscal quarter and for the corresponding preceding period. |
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An entity has modified liability for its interactive data (XBRL) exhibits for a period: a. Ending on October 31, 2014. b. Of 30 days after the earlier of the due date or filing date of the related report or registration statement. c. Ending on June 15, 2011. d. Of 24 months from the time the filer first is required to submit interactive data files. |
Explanation Choice "d" is correct. XBRL exhibits submitted to the SEC are subject to modified liability for 24 months from the time the filer first is required to submit interactive data files. The modified liability provision will terminate completely on October 31, 2014, but will end sooner than this date for most entities. |
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Which of the following SEC filings would not include a set of financial statements? a. Form 3. b. Form 20-F. c. Form 10-K. d. Form 11-K.
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Explanation Choice "a" is correct. Form 3 is required to be filed by directors, officers, or beneficial owners of a class of equity securities of a registered company and would not contain financial statements. This form contains information regarding the filer's ownership of the entity's securities. Choice "c" is incorrect. Form 10-K is the annual report of a U.S. registered company and would contain financial statements. Choice "b" is incorrect. Form 20-F is the annual report of non-U.S. registrant and would contain financial statements. Choice "d" is incorrect. Form 11-K is the annual report of an entity's employee benefit plan and would include the financial statements of the benefit plan. |
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A company that is a large accelerated filer must file its Form 10-Q with the United States Securities and Exchange Commission within how many days after the end of the period? a. 40 days. b. 60 days. c. 30 days. d. 45 days.
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Explanation Choice "a" is correct. Form 10-Q is a quarterly report filed within 40 days for large corporations and 45 days for small corporations after the end of the first three quarters of each fiscal year. It must contain reviews of interim financial information by an independent CPA. Choice "c" is incorrect. There is no 30 day requirement. Form 10-Q is due 40 days after the end of the quarter for large corporations. Choice "d" is incorrect. Form 10-Q is due 45 days after the end of the quarter for small corporations. Choice "b" is incorrect. Form 10-K, an annual report, is due 60 days after the end of the fiscal year for large corporations. |
