AC 352 Homework 1 review

What information can be found on a statement of stockholders' equity? A reconciliation of the cash account and the retained earnings account. A reconciliation of the beginning and ending balances of all accounts that appears in the stockholders' equity section of the balance sheet. A reconciliation of net profit or loss and the cash account. A reconciliation of the operating, investing and financing activities of a firm.

A reconciliation of the beginning and ending balances of all accounts that appears in the stockholders' equity section of the balance sheet

What is a qualified report? A report that states the financial statements are presented fairly, in all material respects, and are in conformity with GAAP. A report that states that departures from GAAP exist in the firm's financial statements. A report that states the financial statements are in violation of GAAP. A report stating that the auditors are not qualified to report on a firm.

A report that states that departures from GAAP exist in the firm's financial statements.

What is an unqualified audit report? A report stating that the auditors are not qualified to report on a firm. A report that states that departures from GAAP exist in the firm's financial statements. A report that states the financial statements are presented fairly, in all material respects, and are in conformity with GAAP. A report that states the financial statements are in violation of GAAP.

A report that states the financial statements are presented fairly, in all material respects, and are in conformity with GAAP

Which financial statement shows the assets, liabilities and stockholders' equity of the firm on a particular date? Balance sheet Earnings statement Statement of cash flows Statement of stockholders' equity

Balance sheet

What basic financial statements can be found in a corporate annual report? Balance sheet, auditor's report and income statement. Earnings statement and statement of retained earnings. Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows. Statement of cash flows and five year summary of key financial data.

Balance sheet, income statement, statement of shareholders equity and statement of cashflows

According to section 302 of the SOX Act, who must certify the accuracy of the financial statements of a public company? Public Company Accounting Oversight Board. SEC. External auditor. CEO and CFO.

CEO and CFO

Which financial statements presents the results of operations? Statement of financial position Income statement Statement of cash flows Balance sheet

Income Statement

What organization has the authority to register, inspect, and discipline auditors of all publicly owned companies? Public Company Accounting Oversight Board. FASB. Congress. SOX.

Public Company Accounting Oversight Board

Which financial statement provides information about operating, financing and investing activities? Statement of cash flows Statement of financial position Statement of stockholders' equity Income statement

Statement of Cash Flows

Which agency requires the filing of Form 10-Ks, Form 10-Qs, and form 8-Ks. GAAP FASB SEC IASB

The SEC