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

a.True

b.False

15.According to fact pattern #4, the U.S. Department of Treasury and Department of Defense would be aggregated to determine if it's a major customer.

a.True

b.False

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

a.Sales to unaffiliated customers$2,000,000

b.Intersegment sales$600,000

Slowley has a reportable segment if that segment's revenues exceed

a.$200,000

b.$204,000

c.$260,000

d.$264,000

27.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

28.Which of Disney's 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

Chapter 14

SEC Financial Reporting Requirements

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

a.AICPA

b.FASB

c.IRS

d.PCAOB

e.SEC

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

a.AICPA

b.FASB

c.IRS

d.PCAOB

e.SEC

3.Which of the following is required to be audited according to the SEC regulations?

a.The financial statements accompanying the 10-K report

b.The financial statements accompanying the 10-Q report

c.The MD& A section of the 10-K report

d.All of the above

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

a.On December 31^st

b.4 days after the close of the year-end

c.40 days after the year-end

d.60 days after the year-end