1- Refer to Fact Pattern #4: GAAP requires that Hertz be identified by name as a major customer.

1. True
2. False

2- According to fact pattern #4, the U.S. Department of Treasury and Department of Defense would be aggregated to determine if its a major customer.

1. True
2. False

3- The following information pertains to Slowley Corporation for the year ended December 31, 2017.

1. Sales to unaffiliated customers $2,000,000
2. Intersegment sales $ 600,000

4- Slowley has a reportable segment if that segments revenues exceed

1. $200,000
2. $204,000
3. $260,000
4. $264,000

5- Disney reported its Long-lived Assets in the United States, Europe and Asia in its notes to its financial statements. Disney included the following in its description of Long-lived Assets:

a. Merchandise for sale

b. Financial investments

c. Property, Plant, & Equipment

d. All of the above

e. None of the above

6- Which of Disneys separately reported segments exhibited the greatest exposure of risk due to the pandemic?

(This topic was discussed in class.)

a. Parks and experiences

b. Media Networks

c. Studio Entertainment

d. Direct-to-Consumer

SEC Financial Reporting Requirements

7- Which standard-setting body has the statutory (i.e. legal) authority to regulate accounting principles for publicly-traded entities?

1. AICPA
2. FASB
3. IRS
4. PCAOB
5. SEC

8- Which standard-setting body has the statutory (i.e. legal) authority to set auditing standards for publicly-traded entities?

6. AICPA
7. FASB
8. IRS
9. PCAOB
10. SEC

9- Which of the following is required to be audited according to the SEC regulations?

11. The financial statements accompanying the 10-K report
    12. The financial statements accompanying the 10-Q report

1. 13. The MD& A section of the 10-K report
   14. All of the above

10- The Form 10-K is an annual filing that is due

• • On December 31^st
  • 4 days after the close of the year-end
  • 40 days after the year-end
  • 60 days after the year-end