Which of the following is correct concerning financial statements in annual reports (Form 10-K) and quarterly reports (Form 10-Q)?
a. Both Form 10-K and Form 10-Q must be audited by independent public accountants and both must be filed with the SEC.
b. Both Form 10-K and Form 10-Q must be audited by independent public accountants but neither need be filed with the SEC.
c. Although both Form 10-K and Form 10-Q must be filed with the SEC, only Form 10-K need be audited by independent public accountants.
d. Form 10-K must be audited by independent public accountants and must also be filed with the SEC; however, Form 10-Q need not be audited by independent public accountants nor filed with the SEC.
Answer: C
Tax
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