Questions from Financial Accounting

Q: What types of information must be disclosed in the management discussion

What types of information must be disclosed in the management discussion and analysis

Q: Describe the major requirements of the Sarbanes-Oxley Act of 2002

Describe the major requirements of the Sarbanes-Oxley Act of 2002.

Q: Define the following terms, which are part of the SEC terminology

Define the following terms, which are part of the SEC terminology: Customary review Comment letter Red herring prospectus Shelf registration

Q: How might information on a company’s operations in different industries be helpful

How might information on a company’s operations in different industries be helpful to investors?

Q: Describe the basic rules for computing cost of goods sold and inventory

Describe the basic rules for computing cost of goods sold and inventory on an interim basis. In what circumstances are estimates permitted to determine costs?

Q: What is the difference in the application of the lower-of

What is the difference in the application of the lower-of-cost-or-market valuation method for inventories for interim statements and annual statements?

Q: Describe the process of updating the estimate of the effective annual tax

Describe the process of updating the estimate of the effective annual tax rate in the second quarter of a company’s fiscal year.

Q: Maness Company made a change in accounting for its inventories during the

Maness Company made a change in accounting for its inventories during the third quarter of its fiscal year. The company switched from the LIFO method to the average cost method. Describe the reporting...

Q: What are the three 10 percent significance tests used to determine reportable

What are the three 10 percent significance tests used to determine reportable segments under ASC 280? Give the numerator and denominator for each test.

Q: A company has 10 industry segments, of which the largest 5

A company has 10 industry segments, of which the largest 5 account for 80 percent of the combined revenues of the company. What considerations are important in determining the number of segments that...