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1. In addition to the financial statements andthe accompanying notes, corporate annual reports normally includewhich of the following?

a. Management Discussion and Analysis

b. Report on Internal Control

c. Report on Fairness of the Financial Statements

d. All of these choices are correct.

2. Typical items included in the MD&A wouldinclude all the following except

a. management's analysis and explanations of any significantchanges between the current and prior years' financialstatements.

b. important accounting principles or policies that could affectinterpretation of the financial statements, including the effect ofchanges in accounting principles or the adoption of new accountingprinciples.

c. management's assessment of the company's liquidity and theavailability of capital to the company.

d. a worksheet.

3. An extraordinary item is defined as an eventor transaction that is

a. unusual in nature.

b. infrequent in occurrence.

c. both unusual in nature and infrequent in occurrence.

d. None of these choices are correct.

4. Generally accepted accounting principlesrequire that unusual items

a. be reported within operating income on the incomestatement.

b. be reported separately on the income statement.

c. not be reported on the income statement.

d. None of these choices are correct.

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Casey Durgan
Casey DurganLv2
29 Sep 2019
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