What four financial statements can be found in a firm's 10-K filing? What checks are there...
What four financial statements can be found in a firm's 10-K filing? What checks are there on the accuracy of these statements?
Every public company is required to produce quarterly and annual financial statements. Those statements are: (Select all the choices that apply.)
A.
The statement of financial position.
Your answer is correct.
B.
The income statement.
Your answer is correct.
C.
The statement of cash flows.
Your answer is correct.
D.
The statement of stockholders' equity.
What checks are there on the accuracy of these statements? (Select all the choices that apply.)
A.
Public companies must use a common set of rules and standard format when they prepare their reports.
B.
Corporations are required to hire a neutral party, known as an auditor, to check the annual financial statements, ensure that the statements are prepared according to GAAP and provide evidence to support the reliability of the information.
C.
In addition to the auditor's role in reviewing the financial statements, the Sarbanes-Oxley Act requires both the CEO and the CFO to personally attest to the accuracy of the financial statements presented to shareholders and to sign a statement to that effect.
D.
When an auditor is not available, a corporation's CFO or the CEO can certify that financial statements are prepared according to GAAP.
Homework Answers
The correct options are A,B and C.
A) Public company must use common set of rules and standard format when preparing their report.
B) Corporation are required to hire a neutral parity who is kniwn as the auditor who checks the financial statement s and ensures that the statement prepared by the the company are in accordance with GAAP and provide evidence to support the reliability of the information.
C) In addition to the role of auditor in the review of financial statement, the Sarbanes Oxley act requires both the CFO and CEO to personally attest to the accuracy of the financial statements presented to shareholder and to sign a statement to that effect.
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