FSA Q effective, reporting, framework, statements

Jupiter

1) Which one of these is not part of the elements of financial statements that are directly related to the measurement of financial position?

A) Equity
B) Assets
C) Income


2) Which one of these is not a qualitative characteristics of financial statements?

A) Understandability
B) Comprehensiveness
C) Relevance


3) Which one of these is not a characteristics of an effective financial reporting framework?

A) Consistency
B) Transparency
C) Reliability


4) Which one of these is not required to be filed annually by the SEC?

A) Forms 10K
B) Forms 10-Q
C) Annual Report


5) Which of these forms is filed to report employee stock purchases, savings, and similar plans?

A) Form 8K
B) Form 6K
C) Form 11K


6) Which of these is a barrier to a single coherent framework?

A) Materiality
B) Valuation
C) Comparability

joemoran

They wouldn't ask #4 on the actual exam. It's misleading because 10-Qs have to be filed quarterly, not annually. Doesn't annually imply ONCE per year?

btcapital

Did you just say noob? Really?

dcfox83

Unfortunately so. We're less than 24 hours from D-Day so I am allowed immunity!

sgupta0827

Reliability, Relevance, Comparability, Understandability for the qual characteristics of fin statements.

Transparency and Consistency for the framework?

sdada

What is the correct answer to 3?

bluejazzy

Correct Answers

C
B
C
C
C
B

siavosh

Just looked it up. Form 6K is for non-US companies who have issued securities in the US. Form 11K is to report employee stock purchases, etc., and Form 8K is to announce significant changes in the company, ie: bankruptcy, M&A, etc.

Daniel1985

C
B
C
B
A?
B

suyash1989

like when valuing historical costs