Question
What four financial statements can be found in a? firm's 10-K?filing? What checks are there on the accuracy of these?statements? Every public company is required
What four financial statements can be found in a? firm's 10-K?filing? What checks are there on the accuracy of these?statements?
Every public company is required to produce quarterly and annualfinancial statements. Those statements? are:???(Select all thechoices that? apply.)
A.
The statement of financial position.
Your answer is correct.
B.
The income statement.
Your answer is correct.
C.
The statement of cash flows.
Your answer is correct.
D.
The statement of? stockholders' equity.
What checks are there on the accuracy of these?statements????(Select all the choices that? apply.)
A.
Public companies must use a common set of rules and standardformat when they prepare their reports.
B.
Corporations are required to hire a neutral? party, known as an?auditor, to check the annual financial? statements, ensure that thestatements are prepared according to GAAP and provide evidence tosupport the reliability of the information.
C.
In addition to the? auditor's role in reviewing the financial?statements, the? Sarbanes-Oxley Act requires both the CEO and theCFO to personally attest to the accuracy of the financialstatements presented to shareholders and to sign a statement tothat effect.
D.
When an auditor is not? available, a? corporation's CFO or theCEO can certify that financial statements are prepared according toGAAP.
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