F2 M6 SEC Reporting Requirements

Question 1

In general, an enterprise preparing interim financial statements should:
A. Use the same accounting principles following in preparing its latest annual financial statements
B. Defer recognition of seasonal revenue
C. Disregard permanent decreases in the market value of its inventory
D. Allocate revenues and expenses evenly over the quarters, regardless of when they actually occurred

Answer 1

A

Question 2

For interim reporting purposes, costs that benefit multiple periods should be _____.

Answer 2

Allocated equally to those periods

Question 3

Under Regulation S-X, an entity’s annual financial statements filed with the SEC should include, at a minimum, two ____.

Answer 3

Balance sheets

Question 4

What is the maximum number of days after the company’s fiscal year end that the company has to file form 10-K with the SEC?

Answer 4

75 days

Question 5

A company is required to file quarterly financial statements with the SEC on form 10-Q. The company operates in an industry that is not subject to seasonal fluctuations that could have a significant impact on its financial condition. In addition to the most recent quarter end, for which of the following periods is the company required to present balance sheets on Form 10-Q?
A. The end of the preceding fiscal year and the end of the corresponding fiscal quarter of the preceding fiscal year
B. The end of the preceding fiscal year and the end of the prior two fiscal years
C. The end of the preceding fiscal year
D. The end of the corresponding fiscal quarter of the preceding fiscal year

Answer 5

C, due to the absence of season fluctuations, the end of the preceding fiscal year is appropriate

Question 6

This form filed with the SEC reports on major corporate events, including corporate asset acquisitions/disposals, accountant changes, financial statement changes, management changes, changes in securities, etc.

Answer 6

Form 8-K

Question 7

An XBRL financial statement exhibit is required to be submitted with all of the following SEC filings, except:
A. Form 6-K
B. Forms 3, 4 and 5
C. Form 20-K
D. Form 10-K

Answer 7

B

Question 8

What does the acronym MD&A stand for?

Answer 8

Management’s discussion and analysis

Question 9

This form contains information regarding the filer’s ownership of the entity’s securities (it doesn’t include financial statements)

Answer 9

Form 3

Question 10

A company that is a large accelerated filer must file its Form 10-Q with the SEC within how many days after the end of the period?
A. 40 days
B. 30 days
C. 60 days
D. 45 days

Answer 10

A, 40 days for large corps

45 days for small corps

Question 11

Regulation ___ sets forth the form and content of and requirements for interim and annual financial statements to be filed with the SEC.

Answer 11

S-X

Question 12

Regulation ___ sets forth rules governing electronic filings.

Answer 12

S-T

Question 13

Regulation ___ sets forth the disclosure requirements for small business issuers.

Answer 13

S-B

Question 14

Regulation ___ sets forth non-financial reporting requirements for various SEC filings used by public companies

Answer 14

S-K

Question 15

What amount of a gain or loss from a sale of fixed assets should be reported and when?

Answer 15

The entire amount should be reported in the period (quarter) incurred

Question 16

Form ___ is filed semiannually by foreign private issuers and contains unaudited financial statements.

Answer 16

Form 6-K

Question 17

Form ___ is filed quarterly by US registered companies contains unaudited financial statements.

Answer 17

Form 10-Q

Question 18

In preparing its interim financial statements, assuming that no changes in accounting principle were implemented, Pro Tem Corp would apply generally accepted accounting principles:
A. Projected for use in future years
B. Used in the most recent annual report
C. Applicable to interim financial statements
D. Projected for use in the current year

Answer 18

B, generally accepted accounting principles that were used in the most recent annual report of an enterprise should be applied to interim financial statements of the current year unless a change in account principle is adopted in the current year

Question 19

Form 10-K filing deadlines:
Large accelerated = __ days
Accelerated = __ days
All other = __ days

Answer 19

60 days
75 days
90 days

Question 20

Form 10-Q filing deadlines:
Large accelerated = __ days
Accelerated = __ days
All other = __ days

Answer 20

40 days
40 days
45 days

Question 21

Form ___ is the annual report of a company’s employee benefit plans

Answer 21

Form 11-K

Question 22

Form ___ is compared as the Non-US Form 10-K

Answer 22

Form 20-F

Question 23

Form ___ is compared as the Canadian Form 10-K

Answer 23

Form 40-F

Question 24

Form ___ are required to be filed by directors, officers, or beneficial owners of more than 10% of a class of equity securities of a registered company.

Answer 24

Forms 3, 4 & 5

Question 25

Requirements for Interim Financial statements:
US companies have to file a __ how often?
Foreign companies have to file a ___ how often?

Answer 25

US, Form 10-Q, quarterly

Foreign, Form 6-K, semi-annually

Question 26

___ requires at a minimum 2 balance sheets, 2 statements of comprehensive income, 2 statements of changes in equity, 2 statements of cash flows, and related notes.

Answer 26

IFRS

Question 27

What does XBRL stand for?

Answer 27

Extensible Business Reporting Language