Question 1

Regulation S-X specifies:

Accepted Answer

A)  requirements for the nonfinancial information to be filed with the SEC. 
B)  which form a company must file to register new securities. 
C)  that the financial statements included in a company's annual report must be audited. 
D)  the form and content of financial statements to be filed with the SEC. 
E)  the internal controls a publicly traded company must maintain. 
A)  requirements for the nonfinancial information to be filed with the SEC. 
B)  which form a company must file to register new securities. 
C)  that the financial statements included in a company's annual report must be audited. 
D)  the form and content of financial statements to be filed with the SEC. 
E)  the internal controls a publicly traded company must maintain. D

Question 2

Which one of the following regulates the initial offering of securities by a company or underwriter?

Accepted Answer

A)  The Securities Act of 1933. 
B)  The Securities Exchange Act of 1934. 
C)  The Investment Company Act of 1940. 
D)  The Investment Advisers Act of 1940. 
E)  The Sarbanes-Oxley Act of 2002. 
A)  The Securities Act of 1933. 
B)  The Securities Exchange Act of 1934. 
C)  The Investment Company Act of 1940. 
D)  The Investment Advisers Act of 1940. 
E)  The Sarbanes-Oxley Act of 2002. A

Question 3

Which one of the following forms is used in connection with registration of securities of a small reporting company with $25 million of annual revenues and of $25 million of voting securities held by nonaffiliates?

Accepted Answer

A)  S-8. 
B)  S-11. 
C)  S-4. 
D)  S-1 
E)  S-3. 
A)  S-8. 
B)  S-11. 
C)  S-4. 
D)  S-1 
E)  S-3. D

Question 4

What is a wrap-around filing?

Accepted Answer

A wrap-around filing is a meth

Question 5

Which one of the following requires the maintenance of accounting records and adequate internal accounting controls?

Accepted Answer

A)  The Securities Act of 1933. 
B)  The Securities Exchange Act of 1934. 
C)  The Investment Company Act of 1940. 
D)  The Foreign Corrupt Practices Act of 1977. 
E)  The Sarbanes-Oxley Act of 2002. 
A)  The Securities Act of 1933. 
B)  The Securities Exchange Act of 1934. 
C)  The Investment Company Act of 1940. 
D)  The Foreign Corrupt Practices Act of 1977. 
E)  The Sarbanes-Oxley Act of 2002.

Question 6

The SEC's role in the initial registration of securities to be publicly issued is:

Accepted Answer

A)  to ensure that the content of the registration filing is in compliance with securities regulations. 
B)  to ensure that securities issued are quality investments. 
C)  to provide data to the public regarding first-time issuance of securities. 
D)  to give permission to an independent CPA firm to audit the registrant's financial statements. 
E)  to make the registrant's annual report available for public viewing. 
A)  to ensure that the content of the registration filing is in compliance with securities regulations. 
B)  to ensure that securities issued are quality investments. 
C)  to provide data to the public regarding first-time issuance of securities. 
D)  to give permission to an independent CPA firm to audit the registrant's financial statements. 
E)  to make the registrant's annual report available for public viewing.

Question 7

Briefly describe Regulation S-K. What is its purpose?

Accepted Answer

Regulation S-K establishes requirements

Question 8

Which statement is false regarding the registration of public accounting firms with the PCAOB under the Sarbanes-Oxley Act?

Accepted Answer

A)  Registration is required of all U.S. firms that prepare, issue, or participate in the preparation of an audit report for an entity that issues securities. 
B)  Foreign accounting firms are exempt from registration. 
C)  Disclosure requirements include annual fees received from each issuer for the firm's audit and nonaudit services. 
D)  The Public Company Accounting Oversight Board subjects registered firms to periodic inspections. 
E)  Information regarding disagreements between the issuer and the audit firm during the previous year must be disclosed. 
A)  Registration is required of all U.S. firms that prepare, issue, or participate in the preparation of an audit report for an entity that issues securities. 
B)  Foreign accounting firms are exempt from registration. 
C)  Disclosure requirements include annual fees received from each issuer for the firm's audit and nonaudit services. 
D)  The Public Company Accounting Oversight Board subjects registered firms to periodic inspections. 
E)  Information regarding disagreements between the issuer and the audit firm during the previous year must be disclosed.

Question 9

Which of the following are issued by the SEC, as needed, to supplement Regulation S-X and Regulation S-K?

Accepted Answer

A)  SABs. 
B)  ASRs. 
C)  FRRs. 
D)  ARBs. 
E)  SRBs. 
A)  SABs. 
B)  ASRs. 
C)  FRRs. 
D)  ARBs. 
E)  SRBs.

Question 10

A wrap-around filing:

Accepted Answer

A)  may be used by large companies to sell securities over a period of two years without refiling with the SEC. 
B)  is a simplified registration procedure for securities to be issued by small companies. 
C)  allows a company to simplify its form 10-K by referring to information in its annual report. 
D)  is a filing completed using the SEC's electronic filing system. 
E)  may remain in effect for a period of one to five years. 
A)  may be used by large companies to sell securities over a period of two years without refiling with the SEC. 
B)  is a simplified registration procedure for securities to be issued by small companies. 
C)  allows a company to simplify its form 10-K by referring to information in its annual report. 
D)  is a filing completed using the SEC's electronic filing system. 
E)  may remain in effect for a period of one to five years.

Question 11

What are some of the reasons for the corporate scandals of 2001 and 2002?

Accepted Answer

(1) Greed by corporate executives; (2) a

Question 12

What Federal agency has Congressional responsibility to create auditing and accounting standards?

Accepted Answer

The answer of What Federal agency has Congressional responsibility to...

Question 13

Describe the two parts of the SEC registration statement.

Accepted Answer

Part I (the prospectus) contains extensi

Question 14

What information is required in proxy statements?
(1) Five-year summary of operations.
(2) Five-year summary of industry segments.
(3) Listing of company directors and executive officers.
(4) Management discussion and analysis (MD&A).

Accepted Answer

A)  1, 2 and 3. 
B)  2, 3 and 4. 
C)  1, 3 and 4. 
D)  1, 2 and 4. 
E)  1, 2, 3, and 4. 
A)  1, 2 and 3. 
B)  2, 3 and 4. 
C)  1, 3 and 4. 
D)  1, 2 and 4. 
E)  1, 2, 3, and 4.

Question 15

Lechter Co. is preparing to issue stock. Its revenues for last year were $85,000,000, and it had $52,000,000 in stock held by nonaffiliates. The company had been filing with the SEC for eight years. Which one of the following forms should have been used for registration?

Accepted Answer

A)  S-1. 
B)  S-3. 
C)  S-4. 
D)  S-8. 
E)  S-11. 
A)  S-1. 
B)  S-3. 
C)  S-4. 
D)  S-8. 
E)  S-11.

Question 16

Name the two broad categories of filings with the SEC.

Accepted Answer

Registrati

Question 17

The goals of the SEC include all except which one of the following?

Accepted Answer

A)  Prohibiting the dissemination of materially misstated information. 
B)  Controlling the number of companies whose stock is listed on major stock exchanges. 
C)  Regulating the operation of securities markets. 
D)  Ensuring that full and fair information is disclosed to all investors before the securities of a company are allowed to be bought and sold. 
E)  Preventing the misuse of information especially by inside parties. 
A)  Prohibiting the dissemination of materially misstated information. 
B)  Controlling the number of companies whose stock is listed on major stock exchanges. 
C)  Regulating the operation of securities markets. 
D)  Ensuring that full and fair information is disclosed to all investors before the securities of a company are allowed to be bought and sold. 
E)  Preventing the misuse of information especially by inside parties.

Question 18

A proxy statement must be filed with the SEC at least how many days before being distributed?

Accepted Answer

A)  30. 
B)  60. 
C)  10. 
D)  90. 
E)  7. 
A)  30. 
B)  60. 
C)  10. 
D)  90. 
E)  7.

Question 19

What are the responsibilities of the SEC's Division of Corporation Finance?

Accepted Answer

The Division of Corporation Finance has

Question 20

Which one of the following is not a division of the SEC?

Accepted Answer

A)  The Division of Corporation Finance. 
B)  The Division of Investment Management. 
C)  The Division of Compliance Information. 
D)  The Division of Enforcement. 
E)  The Division of Trading and Markets. 
A)  The Division of Corporation Finance. 
B)  The Division of Investment Management. 
C)  The Division of Compliance Information. 
D)  The Division of Enforcement. 
E)  The Division of Trading and Markets.

Regulation S-X specifies:

Which one of the following regulates the initial offering of securities by a company or underwriter?

Which one of the following forms is used in connection with registration of securities of a small reporting company with $25 million of annual revenues and of $25 million of voting securities held by nonaffiliates?

What is a wrap-around filing?

Which one of the following requires the maintenance of accounting records and adequate internal accounting controls?

The SEC's role in the initial registration of securities to be publicly issued is:

Briefly describe Regulation S-K. What is its purpose?

Which statement is false regarding the registration of public accounting firms with the PCAOB under the Sarbanes-Oxley Act?

Which of the following are issued by the SEC, as needed, to supplement Regulation S-X and Regulation S-K?

A wrap-around filing:

What are some of the reasons for the corporate scandals of 2001 and 2002?

What Federal agency has Congressional responsibility to create auditing and accounting standards?

Describe the two parts of the SEC registration statement.

What information is required in proxy statements? (1) Five-year summary of operations. (2) Five-year summary of industry segments. (3) Listing of company directors and executive officers. (4) Management discussion and analysis (MD&A).

Lechter Co. is preparing to issue stock. Its revenues for last year were $85,000,000, and it had $52,000,000 in stock held by nonaffiliates. The company had been filing with the SEC for eight years. Which one of the following forms should have been used for registration?

Name the two broad categories of filings with the SEC.

The goals of the SEC include all except which one of the following?

A proxy statement must be filed with the SEC at least how many days before being distributed?

What are the responsibilities of the SEC's Division of Corporation Finance?

Which one of the following is not a division of the SEC?

The Equity Method of Accounting for Investments

Consolidation of Financial Information

Consolidations-Subsequent to the Date of Acquisition

Consolidated Financial Statements and Outside Ownership

Consolidated Financial Statements - Intra-Entity Asset Transactions

Variable Interest Entities, Intra-Entity Debt, Consolidated Cash Flo

Consolidated Financial Statements - Ownership Patterns and Income

Segment and Interim Reporting

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Worldwide Accounting Diversity and International Standards

Accounting for Legal Reorganizations and Liquidations

Partnerships: Formation and Operations

Partnerships: Termination and Liquidation

Accounting for State and Local Governments

Accounting for State and Local Governments

Accounting and Reporting for Private Not-For-Profit Organizations

Accounting for Estates and Trusts

Filters

Exam 12: Financial Reporting and the Securities and Exchange Commission

Regulation S-X specifies:

Which one of the following regulates the initial offering of securities by a company or underwriter?

Which one of the following forms is used in connection with registration of securities of a small reporting company with $25 million of annual revenues and of $25 million of voting securities held by nonaffiliates?

What is a wrap-around filing?

Which one of the following requires the maintenance of accounting records and adequate internal accounting controls?

The SEC's role in the initial registration of securities to be publicly issued is:

Briefly describe Regulation S-K. What is its purpose?

Which statement is false regarding the registration of public accounting firms with the PCAOB under the Sarbanes-Oxley Act?

Which of the following are issued by the SEC, as needed, to supplement Regulation S-X and Regulation S-K?

A wrap-around filing:

What are some of the reasons for the corporate scandals of 2001 and 2002?

What Federal agency has Congressional responsibility to create auditing and accounting standards?

Describe the two parts of the SEC registration statement.

What information is required in proxy statements? (1) Five-year summary of operations. (2) Five-year summary of industry segments. (3) Listing of company directors and executive officers. (4) Management discussion and analysis (MD&A).

Lechter Co. is preparing to issue stock. Its revenues for last year were $85,000,000, and it had $52,000,000 in stock held by nonaffiliates. The company had been filing with the SEC for eight years. Which one of the following forms should have been used for registration?

Name the two broad categories of filings with the SEC.

The goals of the SEC include all except which one of the following?

A proxy statement must be filed with the SEC at least how many days before being distributed?

What are the responsibilities of the SEC's Division of Corporation Finance?

Which one of the following is not a division of the SEC?

The Equity Method of Accounting for Investments

Consolidation of Financial Information

Consolidations-Subsequent to the Date of Acquisition

Consolidated Financial Statements and Outside Ownership

Consolidated Financial Statements - Intra-Entity Asset Transactions

Variable Interest Entities, Intra-Entity Debt, Consolidated Cash Flo

Consolidated Financial Statements - Ownership Patterns and Income

Segment and Interim Reporting

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Worldwide Accounting Diversity and International Standards

Accounting for Legal Reorganizations and Liquidations

Partnerships: Formation and Operations

Partnerships: Termination and Liquidation

Accounting for State and Local Governments

Accounting for State and Local Governments

Accounting and Reporting for Private Not-For-Profit Organizations

Accounting for Estates and Trusts

Filters