question archive 1) Which of the following classes of information are included in the Form 10-K? I
1) Which of the following classes of information are included in the Form 10-K? I
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1) Which of the following classes of information are included in the Form 10-K?
- I. CEO's letter to the stockholders
- II. Audited financial statements and footnotes
- III. Auditor's opinion on the company's internal control system
Multiple Choice
- I, II, and III
- I and III
- I and II
- II and III
2) Corporate verses governmental, what differentiates the reporting process?
Multiple Choice
- Both corporate enterprises and governmental entities use the accrual or cash basis of accounting to record and report transactions.
- In corporate enterprises the measurement focus is on the flow of current financial resources, whereas the focus for government funds is on all economic resources.
- In corporate enterprises the measurement focus is on the flow of all economic resources of the firm, whereas the focus for governmental funds is on current financial resources.
- Both corporate enterprises and governmental entities have an objective to measure profitability.
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1) Which of the classes of information are included in the Form 10-K?
Answer
II and III
II. Audited financial statements and footnotes
III. Auditor's opinion on the company's internal control system
2) Corporate verses governmental, what differentiates the reporting process?
Answer
In corporate enterprises the measurement focus is on the flow of all economic resources of the firm, whereas the focus for governmental funds is on current financial resources.
