The Primary Purpose of the Security and Exchange Commission's Form

question 9

Multiple Choice

The primary purpose of the Security and Exchange Commission's Form 20-F is to

• A) explain in detail the differences between the internal controls established under the accounting and auditing principles of a foreign country and those of the United States.
• B) determine the fee a foreign company must pay to register its financial statements with the Securities and Exchange Commission.
• C) explain in detail the differences between net income computed under the accounting principles of a foreign country and U.S.GAAP.
• D) explain in detail the differences between total assets measured using the accounting principles of a foreign country and U.S.GAAP.

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Definitions:

Birthright

A right or privilege that one is entitled to at birth, often pertaining to citizenship or familial inheritance.

Liberty

Living without the influence of restricting authority over one’s personal life choices, behaviors, or political ideologies within the social order.

Colonies

Territories under the political control of an outside power, often settled by people from that power and exploited for economic benefit.

Navigation Acts

A series of British laws that regulated colonial trade and enabled England to collect taxes from its colonies by controlling goods shipped to and from the colonies.