1. A basic
understanding of financial statements is needed due to ongoing financial
turmoil and major corporate failures.
2. The SEC
requires all companies, both public and private, to file annually a Form 10-K
report.
3. Financial
statements are currently prepared according to generally accepted accounting
principles in the U.S.
4. The FASB was
given Congressional authority to write accounting rules.
5. The goal of
the International Accounting Standards Board is the adoption of uniform
international accounting standards.
6. In 2006, the
IASB and the FASB agreed to work on all major projects jointly.
7. Annual
reports of public companies can only be found on the SEC’s EDGAR database.
8. A corporate annual report contains three basic
financial statements.
9. The notes to financial statements, while helpful,
are not an integral part of the statements.
10. Management
is responsible for the preparation of the financial statements, including the notes,
and the auditorΓ’ΒΒs report attests to the fairness of the presentation.
11. The Sarbanes-Oxley Act eliminated the need for
internal auditors.
12. An unqualified
auditor’s report states that the financial statements present fairly the
financial position, results of operation, and the cash flows of the
entity.
13. The
Sarbanes-Oxley Act of 2002 requires all members of management as well as directors
to certify the accuracy of the financial statements.
14. Despite the
enactment of the Sarbanes-Oxley Act of 2002, corruption and unethical behavior
continued in the 2000s.
15. The management discussion and analysis is of
potential interest to the analyst because it contains information that cannot
be found in the financial data.
16. The management discussion and analysis should
contain a discussion of the commitments for capital expenditures, the purpose
of such commitments, and expected sources of funding.
17. The
shareholders’ letter from the CEO of a firm offers factual information needed
to analyze the financial statements.
18. The proxy statement offers information about such
items as corporate governance, audit-related matters, directors and executive
compensation, and related party transactions.
19. Publicity
in the media can impact a firmΓ’ΒΒs financial performance.
20. Conglomerates operating in diversified lines of
business are required to create separate annual reports for each line of
business.
21. Accounting
choices and estimates rarely have a significant impact on financial statement numbers.
22. The accrual
basis of accounting means that revenues are recognized when the sale is made
rather than when cash is received.
23. United States
accounting rules have been perceived as being less complex than international
standards.
24. The matching principle requires that expenses be
matched with the generation of revenues in order to determine net income for an
accounting period.
25. Examples of discretionary items include repairs
and maintenance, research and development and advertising.
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