Missed CPA Excel Questions with correct answers

Which of the following is not a required component of the 10-K filing? CORRECT ANSWER A. Product market share. B. Description of the business. C. Market price of common stock. D. Executive compensation. The market share of the company's product is not a required disclosure. The company may choose to voluntarily present this information, but it is not a required disclosure. A company is required to file quarterly financial statements with the United States Securities and Exchange Commission on Form 10-Q. The company operates in an industry that is not subject to seasonal fluctuations, which could have a significant impact on its financial condition. In addition to the most recent quarter end, for which of the following periods is the company required to present Balance Sheets on Form 10-Q? CORRECT ANSWER The end of preceding fiscal year. For a firm that elects to use fair value to measure eligible financial assets and financial liabilities, specific disclosures are required for which of the following financial statements? CORRECT ANSWER Yes, Yes. Firms which elect to measure financial assets and financial liabilities at fair value are required to make significant additional disclosures for both the statement of financial position (balance sheet) and for the income statement. Which of the following statements concerning the fair value hierarchy used in ascertaining fair value is/are correct? I. Quoted market prices should be adjusted for a "blockage factor" when a firm holds a sizable portion of the asset being valued. II. Quoted market prices in markets that are not active because there are few relevant transactions cannot be used. CORRECT ANSWER Neither Statement I nor Statement II is correct.