Chapter 14 SEC Reporting exam questions and answers 2024.

The Securities and Exchange commission is responsible for full and fair disclosure of information regulating securities markets Which regulation created the Securities and Exchange Commission Securities Exchange Act of 1934 Which of the following divisions of the SEC regulates national securities exchanges, brokers, and dealers of securities? Division of Market Regulation Which division of the SEC develops and administers the disclosure requirements for the securities acts and reviews all registration statements and other issue-oriented disclosures? Division of Corporation Finance Identify the regulation that created an entity which insures investors from possible losses if an investment house enters bankruptcy. Securities Investor Protection Act Regulation S-X and Regulation S-K: govern the preparation of financial statements and associated disclosures. Which regulation resulted in the creation of the Public Company Accounting Oversight Board? Sarbanes-Oxley Act Regulation S-X presents the rules for preparing all of the following except: management's discussion. The preparation of which of the following items is covered by Regulation S-K? Descriptions of business Which of the following presents the results of actions taken against accountants, brokers, and other participants for filing false or misleading statements? Accounting and Auditing Enforcement Releases Which of the following covers new or revised administrative practices and interpretations used by the SEC staff in reviewing financial statements? Staff Accounting Bulletins Which of the following acts requires that a trustee be appointed for sales of bonds, debentures, and other debt securities of public corporations? Trust Indenture Act Which of the following acts helps businesses raise funds in public capital markets by minimizing regulatory requirements? Jumpstart Our Business Startups (JOBS) Act In the issuer's annual report, how many years of audited financial statements must be presented? I. Three years of audited income statements II. Two years of audited balance sheets III. Three years of audited statements of cash flows I, II and III so all three Which of the following types of securities or securities transactions are exempt from the need to be registered under the Securities Act of 1933? I. Commercial paper with a maturity of nine months or less. II. Intrastate issues in which the securities are offered and sold only within one state. III. Securities exchanged by an issuer exclusively with its existing shareholders with no commission charged. all three Regulation D of the SEC presents important exemptions from full registration requirements for: private placements Which of the following forms is the most comprehensive registration statement? Form S-1 When deficiencies are found in a registration statement that must be corrected before the securities may be offered for sale, which of the following is issued by the SEC? A comment letter The purpose of a "tombstone ad" is: to inform investors of an upcoming offering. Which of the following best describes a "red herring" prospectus? Preliminary information provided to investors about an upcoming issue, and issued between the time a registration statement is presented to the SEC and its effective date. Which of the following observations is true of the shelf registration rule? It allows large companies to select the optimal time to sell their stock. Accountants are liable for any materially false or misleading information contained in the registration statement filed with the SEC up to: the effective date of the registration statement. What does an underwriter typically require from an accountant which indicates that the company has fulfilled all the accounting requirements in the registration process? A comfort letter Which system helps the SEC accomplish its primary purpose of increasing the efficiency and fairness of the securities markets by expediting the receipt, acceptance, dissemination, and analysis of time-sensitive data filed with it? EDGAR Which of the following classes of information are included in the Form 10-K? I. Management's discussion and analysis II. Audited financial statements and footnotes III. Auditor's opinion on the company's internal control system all three of them Which of the following statements concerning Form 10-Q is NOT true? It is filed for all four quarters.