Every Financial Statement Should Have "Who, What, and When" in Its

question 41

Multiple Choice

Every financial statement should have "who, what, and when" in its heading. These are:

• A) the name of the person preparing the statement, the type of financial statement, and when the financial statement was reported to the SEC.
• B) the name of the person preparing the statement, the name of the company, and the date the statement was prepared.
• C) the name of the company, the type of financial statement, and the time period or date from which the data were taken.
• D) the name of the company, the purpose of the statement, and when the financial statement was reported to the

---

Definitions:

Secured Financing

Financing or a loan that is backed by collateral, reducing the risk for lenders and often resulting in more favorable terms for borrowers.

Article 9

A provision within the Uniform Commercial Code (UCC) that governs secured transactions involving personal property, creating a framework for securing debts and financing statements.

Equipment

Tangible property or tools that are used in the process of producing goods or providing services.

Bankruptcy Trustee

An appointed individual responsible for managing the estate of a debtor during bankruptcy proceedings, including assets distribution to creditors.