FIN 3321 Bailey Allen TTU Exam 1
Questions & Answers (Grade A+)
Annual report fled by U.S. companies -
correct answer ✅10-K
Have the ultimate say in financial reporting standards -
correct answer ✅regulatory authorities
Develop accounting and financial reporting standards (ex: FASB and
IASB) -
correct answer ✅standard settings board
Develops the standards that comprise U.S. Generally Accepted
Accounting Principles -
correct answer ✅FASB
Sets the International Financial Reporting Standards (IFRS) -
correct answer ✅IASB
Regulate financial reporting standards -
correct answer ✅regulatory authorities
,FIN 3321 Bailey Allen TTU Exam 1
Questions & Answers (Grade A+)
An independent federal agency that oversees securities markets in
the U.S. -
correct answer ✅SEC
• Required for a U.S. company to offer new securities to the public -
correct answer ✅S-1
Annual report fled by U.S. companies -
correct answer ✅10-K
Submitted by "foreign private issuers" whose shares are traded on
U.S. exchanges -
correct answer ✅20-F
Filed by companies domiciled in Canada with shares listed on U.S.
exchanges -
correct answer ✅40-F
Quarterly report fled by U.S companies -
correct answer ✅10-Q
,FIN 3321 Bailey Allen TTU Exam 1
Questions & Answers (Grade A+)
Filed in advance of shareholder voting and is primarily fled prior to
the required annual shareholder meeting. -
correct answer ✅proxy statement
Filed by companies to notify the public about a variety of material
events or changes. -
correct answer ✅8-K
True/False: FASB is the ultimate authority in setting financial
reporting standards for U.S. publicly traded companies. -
correct answer ✅FALSE (regulatory has the ultimate authority)
Which of the following is NOT a characteristic of an asset?
When added to the balance sheet, an asset must be accompanied
by a corresponding liability
A resource the firm controls as a result of a past transaction
Is expected to provide a future benefit to the firm
, FIN 3321 Bailey Allen TTU Exam 1
Questions & Answers (Grade A+)
Should be classified as current or non-current when preparing a
classified balance sheet
Is expected to provide a future benefit to the firm -
correct answer ✅When added to the balance sheet, an asset must
be accompanied by a corresponding liability
A resource the firm controls as a result of a past transaction
Is expected to provide a future benefit to the firm
Should be classified as current or non-current when preparing a
classified balance sheet
Is expected to provide a future benefit to the firm -
correct answer ✅characteristics of assets
True/False: When a parent company shows non-controlling
interests in the equity section of their balance sheet, this means
that the parent owns less than 50% of a subsidiary. -
correct answer ✅FALSE
Questions & Answers (Grade A+)
Annual report fled by U.S. companies -
correct answer ✅10-K
Have the ultimate say in financial reporting standards -
correct answer ✅regulatory authorities
Develop accounting and financial reporting standards (ex: FASB and
IASB) -
correct answer ✅standard settings board
Develops the standards that comprise U.S. Generally Accepted
Accounting Principles -
correct answer ✅FASB
Sets the International Financial Reporting Standards (IFRS) -
correct answer ✅IASB
Regulate financial reporting standards -
correct answer ✅regulatory authorities
,FIN 3321 Bailey Allen TTU Exam 1
Questions & Answers (Grade A+)
An independent federal agency that oversees securities markets in
the U.S. -
correct answer ✅SEC
• Required for a U.S. company to offer new securities to the public -
correct answer ✅S-1
Annual report fled by U.S. companies -
correct answer ✅10-K
Submitted by "foreign private issuers" whose shares are traded on
U.S. exchanges -
correct answer ✅20-F
Filed by companies domiciled in Canada with shares listed on U.S.
exchanges -
correct answer ✅40-F
Quarterly report fled by U.S companies -
correct answer ✅10-Q
,FIN 3321 Bailey Allen TTU Exam 1
Questions & Answers (Grade A+)
Filed in advance of shareholder voting and is primarily fled prior to
the required annual shareholder meeting. -
correct answer ✅proxy statement
Filed by companies to notify the public about a variety of material
events or changes. -
correct answer ✅8-K
True/False: FASB is the ultimate authority in setting financial
reporting standards for U.S. publicly traded companies. -
correct answer ✅FALSE (regulatory has the ultimate authority)
Which of the following is NOT a characteristic of an asset?
When added to the balance sheet, an asset must be accompanied
by a corresponding liability
A resource the firm controls as a result of a past transaction
Is expected to provide a future benefit to the firm
, FIN 3321 Bailey Allen TTU Exam 1
Questions & Answers (Grade A+)
Should be classified as current or non-current when preparing a
classified balance sheet
Is expected to provide a future benefit to the firm -
correct answer ✅When added to the balance sheet, an asset must
be accompanied by a corresponding liability
A resource the firm controls as a result of a past transaction
Is expected to provide a future benefit to the firm
Should be classified as current or non-current when preparing a
classified balance sheet
Is expected to provide a future benefit to the firm -
correct answer ✅characteristics of assets
True/False: When a parent company shows non-controlling
interests in the equity section of their balance sheet, this means
that the parent owns less than 50% of a subsidiary. -
correct answer ✅FALSE
