Question

SEC Financial Reporting Requirements Which standard-setting body has the legal (i.e. statutory) authority to regulate accounting principles for publicly-traded entities? a. FASB b. AICPA c. PCAOB d. SEC 2. Which of the following financial statements is required to be audited? a. The financial statements accompanying the annual 10-K filing b. The financial statements accompanying the quarterly 10-Q filing c. MD& A d. All of the above 3. The Form 10-K is an annual filing that is due a. December 31" b. 4 days after the close of the year-end c. 40 days after the year-end d. 60 days after the year-end 4. Which of the following represents a "triggering event" that necessitates a Form 8-K? a. The replacement of the registrant's certifying external auditor b. The replacement of the registrant's internal auditor c. The replacement of the registrant's marketing director d. All of the above

Answer 1

Question No. - (1) - Answer -

Step - (1) - Facts of the case given -

Which standard setting body has the legal authority to regulate accounting principles for publicly-traded entities?

• Option - (a.) - FASB
• Option - (b.) - AICPA
• Option - (c.) - PCAOB
• Option - (d.) - SEC

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Step - ( 2 ) - Analysis -

FASB - The The Financial Accounting Standards Board (FASB) issues and maintains the Generally Accepted Accounting Principles, which guide publicly traded entities.

AICPA - The American Institute of Certified Public Accountants (AICPA) is the professional organization of Certified Public Accountants in the U.S.

PCAOB - The Public Company Accounting Oversight Board (PCAOB) is to ensure auditors of publicly traded companies are complying with guidance and regulations for auditing.

SEC - Securities and Exchange Commission (SEC) is the authority in the U.S. for regulating trade and markets.

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Step - ( 3 ) - Conclusion -

Option (a.) - FASB, is Correct, because it has the legal authority to regulate accounting principles for publicly-traded entities in United States.