Question31. Which of the following acts requires that a trustee b

31. Which of the following acts requires that a trustee be appointed for sales of bonds, debentures, and other debt securities of public corporations?
A. Securities Investor Protection Act
B. Trust Indenture Act
C. Investment Company Act
D. Investment Advisors Act

32. Which of the following choices best describes correct use of the forms indicated?

A. Option A
B. Option B
C. Option C
D. Option D

33. The history of securities regulation can be traced to:
A. the stock market crash of 1929.
B. medieval times.
C. 18^th century creation of the New York Stock Exchange.
D. 18^th century English Parliament’s passage of the Bubbles Acts.

34. Which of the following statements concerning the management discussion and analysis (MD&A) of a company’s financial condition is true?
I. It should cover the financial statements and other statistical data for the most recent three-year time span.
II. It should make year-to-year comparisons of material changes in the line items.
III. Management need not explain the cause(s) of the material changes.
IV. Disclosure of material off-balance sheet transactions, arrangements, and obligations is required in each annual and each quarterly report.
A. I, II, and IV
B. II and III
C. I, III, and IV
D. I, II, III, and IV

35. Pro forma disclosures are:
A. used to disclose unscheduled material events.
B. interim financial statements need not be audited.
C. materials submitted to shareholders for votes on corporate matters.
D. “what-if ” presentations often taking the form of summarized financial statements.

36. Which of the following statements concerning pro forma disclosures is not true?
A. They show the effects of major transactions that occur after the end of the fiscal period.
B. They show the effects of major transactions that have occurred during the year but are not fully reflected in the company’s historical cost financial statements.
C. The SEC requires these to be presented only when the company has made an unusual asset exchange, or a restructuring of existing indebtedness.
D. They often take the form of summarized financial statements.

Essay Questions

37. The Securities Exchange Act of 1934 requires publicly held companies to file periodic financial disclosures as updates of their economic activity. The three basic forms used for this updating are Form 10-K, Form 10-Q, and Form 8-K.

Required:
Describe the information contained in each of the three basic forms noted above.

38. The items below are associated with the Securities and Exchange Commission. Describe or explain each item as concisely as possible.

(a) Customary Review
(b) Comment Letter
(c) “Red Herring” Prospectus
(d) “Tombstone Ad”
(e) Financial Reporting Releases
(f) Staff Accounting Bulletins
(g) Accounting and Auditing Enforcement Releases
(h) Management’s Discussion and Analysis

Each of the following questions names an item. Select the correct description of the item from this list. Indicate your selection by entering the letter of the description.

Descriptions
a. Provides preliminary information to investors about an upcoming issue.
b. Informs investors of an upcoming offering.
c. Required annual filing to the SEC.
d. Discloses unscheduled material events.
e. Includes amendments to the Securities Act, additional disclosure requirements, and other current issues regarding accounting and auditing principles and standards.
f. Results in a thorough examination by the SEC of a registration statement.
g. Issued by the staff of the SEC and contains differences that must be corrected in a registration statement before the securities may be offered or sale.
h. Quarterly report to SEC.
i. Includes new or revised administrative practices and interpretations used in reviewing financial statements.
j. Includes the results of actions taken against accountants or other participants because false or misleading statements were filed.
k. Includes Regulations S-X and S-K.

39. Customary Review

40. Comment Letter

41. “Red Herring” Prospectus

42. “Tombstone ad”

43. Form 10-K

44. Form 10-Q

45. Form 8-K

46. Financial Reporting Releases

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