1. Which of the following statements is not true about private companies?

	Private companies often report to specific user groups for specific purposes.
	User groups of a private company are not permitted to request additional information, outside of the issued financial statements, from the company.
	Private companies are not required to issue "general-purpose" financial statements.
	Private companies usually have easily identifiable user groups.

2.

At December 31, 2020, Crowe Company has 80,000 common shares outstanding while Dylan Inc. has 40,000 common shares outstanding. Crowe wishes to gain control over Dylan and will enter into a reverse takeover of Dylan to gain Dylan's listing on the stock exchange. In order to facilitate the reverse takeover, which of the following would have to occur?

Question 1 options:

	Dylan would have to issue more than 40,000 shares.
	Dylan would have to issue less than 40,000 shares.
	Crowe would have to issue less than 80,000 shares.
	Crowe would have to issue more than 80,000 shares.

3.

How should accounting fees for an acquisition be treated?

Question 12 options:

	Expensed in the period of acquisition
	Capitalized as part of the acquisition cost
	Deferred and amortized
	Deferred until the company is disposed of or wound-up