Chapter_5_HW_Solution_final

Chapter_5_HW_Solution_final - AEM 221 Financial Accounting...

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AEM 221 Financial Accounting Spring 2007 Chapter 5 Homework Solution E5-1 Matching Players in the Accounting Communication Process with Their Definitions Match each player with the related definition by entering the appropriate letter in the space provided. A. Adviser who analyzes financial and other economic information to form forecasts and stock recommendations. B. Financial institution or supplier that lends money to the company. C. Chief executive officer and chief financial officer who have primary responsibility for the information presented in financial statements. D. Independent CPA who examines financial statements and attests to their fairness. E. Securities and Exchange Commission, which regulates financial disclosure requirements. F. A company that gathers, combines, and transmits (paper and electronic) financial and related information from various sources. G. Individual who purchases shares in companies. H. Manager of pension, mutual, and endowment funds that invests on the behalf of others. Definitions Players E 1. SEC D 2. Independent auditor H 3. Institutional investor C 4. CEO and CFO B 5. Creditor A 6. Financial analyst G 7. Private investor F 8. Information service E5-3 Finding Financial Information: Matching Information Items to Financial Reports 1
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Following are information items included in various financial reports. Match each information item with the report(s) in which it would most likely be found by entering the appropriate letter(s) in the space provided. Report Information Item Report A,F 1. Summarized financial data for 5- or 10-year period. A. Annual report C 2. Initial announcement of quarterly earnings. B. Form 8-K B 3. Announcement of a change in auditors. C. Press release D 4. Complete quarterly income statement, balance sheet, and cash flows statement. D. Form 10-Q A,F 5. The four basic financial statements for the year. E. Quarterly report E 6. Summarized income statement information for the quarter. F. Form 10-K F 7. Detailed discussion of the company's competition. G. None of the above A,F 8. Notes to financial statements.
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