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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
Some private and foreign companies also issue quarterly and annual reports.
The answer can be found on page 215.
Correct! Foreign companies often issue the same reports but they do not have to follow SEC guidelines, and their reports may look very different from the 10-Q & 10-K.
2 / 10
In what section of the 10-K will you find legal proceedings?
The answer can be found on page 219.
Correct! This section includes a rundown of all the litigation and regulatory proceedings that the company faces.
3 / 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.
4 / 10
10-Qs and 10-Ks are useful tools to do what?
The answer can be found on page 223.
Correct! 10-Qs and 10-Ks are multi-purpose tools for reporters.
5 / 10
Earnings per share is simply net income divided by the number of what?
The answer can be found on page 217.
Correct!
6 / 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.
7 / 10
What item number in the 10-K is reserved for future SEC rulemaking?
Correct! Item 4 has no required information, but is reserved by the SEC for future rulemaking.
8 / 10
What part of the 10-K goes most deeply into the numbers and financial activities?
9 / 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!
10 / 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.
Your score is
The average score is 65%
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