- Which one of these is not part of the elements of financial statements that are directly related to the measurement of financial position? A) Equity B) Assets C) Income 2) Which one of these is not a qualitative characteristics of financial statements? A) Understandability B) Comprehensiveness C) Relevance 3) Which one of these is not a characteristics of an effective financial reporting framework? A) Consistency B) Transparency C) Reliability 4) Which one of these is not required to be filed annually by the SEC? A) Forms 10K B) Forms 10-Q C) Annual Report 5) Which of these forms is filed to report employee stock purchases, savings, and similar plans? A) Form 8K B) Form 6K C) Form 11K 6) Which of these is a barrier to a single coherent framework? A) Materiality B) Valuation C) Comparability
all the way till the end huh Damil… . . c b c b c? - not sure what this is b
5 is C. An 8k is material events and a 6k is something to do with foreign investors. C B A B C C
k - thx chuck 6 is valuation - esp if you have nothing solid/material to go off of.
like when valuing historical costs
Yep, valuation is it because, for instance, IFRS differ on revaluing assets.
C B C B A? B
Just looked it up. Form 6K is for non-US companies who have issued securities in the US. Form 11K is to report employee stock purchases, etc., and Form 8K is to announce significant changes in the company, ie: bankruptcy, M&A, etc.
What is the correct answer to 3?
Correct Answers C B C C C B
Reliability, Relevance, Comparability, Understandability for the qual characteristics of fin statements. Transparency and Consistency for the framework?
I don’t know why I put B for #4. What a noob mistake.
Did you just say noob? Really?
Unfortunately so. We’re less than 24 hours from D-Day so I am allowed immunity!
They wouldn’t ask #4 on the actual exam. It’s misleading because 10-Qs have to be filed quarterly, not annually. Doesn’t annually imply ONCE per year?