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Chapter 20: 10-Q and 10-K Filings Quiz
Test your knowledge of the 10-Q and 10-K filings chapter material!
1 / 10
What is the clause that is among the strongest warnings that a company’s auditor can issue that indicates that a company is in financial trouble?
The answer can be found on page 225.
Correct! The clause can appear under a heading such as, “Basis of presentation,” within the company’s Summary of Significant Accounting Policies. Or just search for the phrase “going concern” and read carefully.
2 / 10
The statement of cash flows includes cash from what kind of activities?
The answer can be found on page 217.
That's right. The statement of cash flows includes cash from all of these activities. It also includes supplemental information from taxes and interest paid.
3 / 10
You can find similar information about executive compensation in the 10-K as you would find in a proxy statement.
The answer can be found on page 222.
That's right!
4 / 10
All public companies end their fiscal year on Dec 31.
The answer can be found on page 214.
That’s right! While many companies end their fiscal year on Dec. 31, many others don’t. For example, many retailers end their fiscal year on Jan. 31 to capture the full Christmas-to-New Year’s selling season in one quarter.
5 / 10
Which of these is not listed under the tips and tricks section of the chapter?
The answer can be found on pages 223-226.
Correct!
6 / 10
A balance sheet includes what?
The answer can be found on page 216.
Correct! The balance sheet is divided into two main parts: assets and liabilities.
7 / 10
Both 10-Ks and 10-Qs must be audited by outside accounting firms.
The answer can be found on page 218.
That’s right! The 10-K must be audited by an outside accounting firm, while the 10-Q is often simply “reviewed” – a less rigorous standard.
8 / 10
What part of the 10-K contains similar information to proxy statements?
Correct! Check these sections for information about directors and top executives, including compensation, stock holdings, and potential conflicts of interest.
9 / 10
What part of the 10-K goes most deeply into the numbers and financial activities?
The answer can be found on page 219.
10 / 10
A balance sheet in the 10-Q is what?
Correct! The balance sheet is where the company’s books stand at the close of business on a specific day — the last day of the quarter (or year). It doesn’t tell you much about what happened over the course of the quarter unless you compare it with a previous balance sheet.
Your score is
The average score is 65%
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