ExpertEasy1 markMultiple Choice
CPA · Question 42 · Area II: Technical Accounting
Under Regulation S-X, which of the following is true regarding the financial statements included in an annual Form 10-K filing?
Under Regulation S-X, which of the following is true regarding the financial statements included in an annual Form 10-K filing?
Answer options:
A.
Balance sheets for 3 years; Income statements for 2 years.
B.
Balance sheets for 2 years; Income statements for 3 years.
C.
Balance sheets for 2 years; Income statements for 2 years.
D.
Balance sheets for 1 year; Income statements for 3 years.
How to approach this question
Memorize: 2 Balance Sheets, 3 of everything else.
Full Answer
B.Balance sheets for 2 years; Income statements for 3 years.✓ Correct
B
Regulation S-X requires audited Balance Sheets for the 2 most recent fiscal years and audited Statements of Income, Cash Flows, and Changes in Equity for the 3 most recent fiscal years.
Common mistakes
Thinking it's 2 and 2 or 3 and 3.
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