4. The profession requires disaggregated information in the following ways:

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MULTIPLE CHOICE QUESTION:

4. The profession requires disaggregated information in the following ways:

a. Products or services.

b. Geographic areas.

c. Major customers.

d. All of these.

5. In considering interim financial reporting, how does the profession conclude that such reporting should be viewed?

a. As a “special” type of reporting that need not follow generally accepted accounting principles.

b. As useful only if the activity is evenly spread throughout the year so that estimates are unnecessary.

c. As reporting for a basic accounting period.

d. As reporting for an integral part of an annual period.

6. The MD&A section of a company’s annual report is to cover the following three items:

a. Income statement, balance sheet, and statement of owners’ equity.

b. Income statement, balance sheet, and statement of cash flows.

c. Liquidity, capital resources, and results of operations.

d. Changes in the stock price, mergers, and acquisitions.

7. Which of the following best characterizes the difference between a financial forecast and a financial projection?

a. Forecasts include a complete set of financial statements, while projections include only summary financial data.

b. A forecast is normally for a full year or more and a projection presents data for less than a year.

c. A forecast attempts to provide information on what is expected to happen, whereas a projection may provide information on what is not necessarily expected to happen.

d. A forecast includes data that can be verified about future expectations, while the data in a projection is not susceptible to verification.


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