1)Which of the following statements concerning the management discussion and analysis (MD&A) of a company's financial condition is true? I

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1)Which of the following statements concerning the management discussion and analysis (MD&A) of a company's financial condition is true?
I.    It should cover the financial statements and other statistical data for the most recent three- year time span.
II.    It should make year-to-year comparisons of material changes in the line items.
III.    Management need not explain the cause(s) of the material changes.
IV.    Disclosure of material off-balance sheet transactions, arrangements, and obligations is required in each annual and each quarterly report.
A.    I, II, and IV
B.    II and III
C.    I, III, and IV
D.    I, II, III, and IV
2.    Pro forma disclosures are:
A.    used to disclose unscheduled material events.
B.    interim financial statements need not be audited.
C.    materials submitted to shareholders for votes on corporate matters.
D.    "what-if " presentations often taking the form of summarized financial statements.
3.    Which of the following statements concerning pro forma disclosures is not true?
A.    They show the effects of major transactions that occur after the end of the fiscal period.
B.    They show the effects of major transactions that have occurred during the year but are not fully reflected in the company's historical cost financial statements.
C.    The SEC requires these to be presented only when the company has made an unusual asset exchange, or a restructuring of existing indebtedness.
D.    They often take the form of summarized financial statements.