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?

1. I. CEO's letter to the stockholders
2. II. Audited financial statements and footnotes
3. 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.