2.11 Questions

Chapter 2:  Questions

Question 1:  What were the major Acts enacted by Congress that created today’s Financial Reporting Environment in the US?

Question 2:  Provide a summary of the role of the SEC in today’s financial reporting environment for public companies.

Question 3:  What are the main objectives of the SEC’s Interactive Data Disclosure?

Question 4:  What are the four major financial statements?

Question 5:  Which Item of 10-K would you look to see the four major financial statements and their supporting details?

Question 6:  Describe briefly the role of the auditor in a 10-K filing to the SEC?

Question 7:  What is the role of the Auditor in the financial reporting environment?

Question 8:  What item in a 10-K contains the auditor's report?

Question 9:  Describe briefly what Item 7 of a 10-K contains.

Question 11:  If you need to access a quick summary of consolidated financial information which Item in the 10-K would you look at?

Question 10:  If you want to access the manager’s perspective on the financial condition and results from operations, what Item would you look at?