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Free CECP Exam Braindumps (page: 11)

Page 10 of 26
PDF with 100 Questions

What most accurately describes a reason why organizations use financial reports?

  1. To differentiate company financial data from industry competitors to prevent loss of proprietary information
  2. To provide subjective information to key constituents that reflects the company's performance in the most favorable manner depending on stakeholder priorities
  3. To create a historical record of financial performance and identify trends that may justify changes in strategy
  4. To promote consistency of communication regarding company performance and value

Answer(s): D



Information on the annual report shows results for what time period?

  1. The calendar year from January 1 to December 31
  2. The fiscal year, which matches the calendar year from January 1 to December 31
  3. The fiscal year, which shows results from July 1 to June 30
  4. The fiscal year, which may match the calendar year or may be a different 12-month period, depending on the company

Answer(s): D



Quarterly financial reports typically include data for a given quarter compared to what?

  1. The previous quarter
  2. The budget
  3. The same quarter in the previous year, plus the current six-month or nine-month cumulative comparables
  4. The aggregate performance of the same quarter in the previous three years

Answer(s): C



How do quarterly reports most commonly compare to the annual report?

  1. The cumulative information on the four quarterly reports adds up to the information on the annual report.
  2. The quarterly reports are more detailed. The annual report provides similar data in summary form.
  3. The annual report is required and the quarterly reports, while commonly used, are optional.
  4. The quarterly reports are not as detailed as annual reports, and might not match due to changing accounting estimates over the year.

Answer(s): D






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