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[null,"Basic Financial Literacy Self-Assessment Tool"]
[null,"Introduction"]
[null,"This Basic Financial Literacy Self-Assessment Tool includes questions about basic financial accounting and reporting issues (please note, some of the questions relate to issues faced only by public companies). It was designed to identify members who may require more focused financial literacy education but does not cover all financial literacy topics."]
[null,"In addition to the basic concepts presented in the tool, audit committee members should consider whether they can answer questions around key financial accounting and reporting issues that are important to the entity whose board they are on.  For example, do you understand how your company recognizes revenue?  Some questions that you may want to ask to gain a better understanding in this area are:"]
[null,"●","How is cash generated by the sales of the organization's products and services?"]
[null,"●","Are there significant sales to related parties? If so, are the disclosures adequate?"]
[null,"●","Is the company impacted by seasonality, meaning the revenue is not earned evenly over a financial year?  If there is seasonality, understanding how the staff ensure that revenue is recorded in the appropriate period will be important."]
[null,"●","How do the company’s revenue recognition policies differ from others in the industry?"]
[null,"●","Are there separate performance obligations?  Accounting standards require that revenue be allocated to each performance obligation."]
[null,"Another area that audit committee members will want to ensure that they have a strong grasp of is employee compensation, including employee benefits:"]
[null,"●","Does the company have significant employee benefit obligations? If so, what are the key assumptions that have been used to calculate the related liability?"]
[null,"●","Is the company self-insured for general liability, workers’ compensation, or other risks typically covered by insurance?"]
[null,"●","Does the company have stock options, restricted or deferred stock, or other complex forms of compensating employees? If so, what are the significant judgments and estimates that contribute to the valuation of any stock-based compensation?\n"]
[null,"While we can’t cover all topics that may be key to your company or the industry that your company operates within, some general questions that may assist you with understanding the most pertinent financial accounting considerations are:"]
[null,"●","What are the most significant accounting policies?"]
[null,"●","Who are the company’s significant related parties, clients, and suppliers?"]
[null,"●","Does the company have unique financing arrangements? What covenants are in the debt agreements?"]
[null,"●","Is the company’s capital structure complex?"]
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[null,"Upon completion of this self-assessment, if you achieved an overall grade of 80%, a certificate of achievement will be automatically generated. If a knowledge gap is detected, we will invite you to participate in learning activities to increase your financial literacy."]
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[null,"© Deloitte LLP and affiliated entities."]

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[null,"Part I: Basic financial statements and accounting concepts",null,null,null,null,null,null,"Answer key"]
["1)","The balance sheet (statement of financial position)",null,null,null,null,null,null,{"$f":"IF(OR(F11=\"Incorrect. Please Review.\",F11=\"Congratulations! That is Correct.\"),\"A is correct. The objective of the balance sheet is to present the financial condition of a company at a particular point in time.\",\"\")","v":""}]
[null,"a.","Is a financial snapshot of the assets the company owns and the claims against those assets taken at a point in time?"]
[null,"b.","Records the flow of financial resources over time."]
[null,"c.","Reports the operating results of a company for a period of time."]
[null,"d.","Is prepared by the auditors."]
[null,"e.","Both \"a\" and \"d\" are correct."," "]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D11=\"a\",\"Congratulations! That is Correct.\",IF(D11=\"b\",\"Incorrect. Please Review.\",IF(D11=\"c\",\"Incorrect. Please Review.\",IF(D11=\"d\",\"Incorrect. Please Review.\",IF(D11=\"e\",\"Incorrect. Please Review.\",IF(D11=\"\",\"\"))))))","v":""}]
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["2)","Shareholders’ equity (owners’ equity, stockholders’ equity, net worth, or equity) ",null,null,null,null,null,null,{"$f":"IF(OR(F20=\"Incorrect. Please Review.\",F20=\"Congratulations! That is Correct.\"),\"C is correct. Shareholders’ equity may include a number of other items as well, such as treasury stock and certain unrealized gains and losses.\",\"\")","v":""}]
[null,"a.","Is a source of reserve assets consisting of undistributed income."]
[null,"b.","Is the amount of cash paid by shareholders at the time the shares were initially issued by the company."]
[null,"c.","Includes both the amount received by the company on issuance of stock and undistributed income."]
[null,"d.","Is dependent on the company’s stock price fluctuations."]
[null,"e.","Both \"c\" and \"d\" are correct."]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D20=\"c\",\"Congratulations! That is Correct.\",IF(D20=\"b\",\"Incorrect. Please Review.\",IF(D20=\"a\",\"Incorrect. Please Review.\",IF(D20=\"d\",\"Incorrect. Please Review.\",IF(D20=\"e\",\"Incorrect. Please Review.\",IF(D20=\"\",\"\"))))))","v":""}]
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["3)","Basic earnings per share (EPS) is calculated by ",null,null,null,null,null,null,{"$f":"IF(OR(F29=\"Incorrect. Please Review.\",F29=\"Congratulations! That is Correct.\"),\"D is correct. Detailed guidance on earnings per share can be found in CPA Canada Handbook Section 3500, and International Accounting Standard 33, Earnings Per Share.\",\"\")","v":""}]
[null,"a.","Dividing net income by the number of common shares outstanding at the end of the reporting period."]
[null,"b.","Dividing net income by the weighted average number of preferred and common stock outstanding during the reporting period."]
[null,"c.","Dividing income before taxes by the number of common shares outstanding at the end of the reporting period."]
[null,"d.","Dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the reporting period."]
[null,"e.","Varies from company to company."]
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[null,null,"Your response:",null,null,{"$f":"IF(D29=\"d\",\"Congratulations! That is Correct.\",IF(D29=\"b\",\"Incorrect. Please Review.\",IF(D29=\"a\",\"Incorrect. Please Review.\",IF(D29=\"c\",\"Incorrect. Please Review.\",IF(D29=\"e\",\"Incorrect. Please Review.\",IF(D29=\"\",\"\"))))))","v":""}]
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["4)","Financial statements to be filed with your provincial securities commission should be prepared ",null,null,null,null,null,null,{"$f":"IF(OR(F38=\"Incorrect. Please Review.\",F38=\"Congratulations! That is Correct.\"),\"C is correct. Financial statements filed with the provincial securities commissions are required to comply with GAAP, which in most cases means International Financial Reporting Standards.\",\"\")","v":""}]
[null,"a.","Following the tax laws."," "]
[null,"b.","As the company’s financing agreements dictate or prescribe."]
[null,"c.","Following generally accepted accounting principles or “GAAP\"."]
[null,"d.","Using the practices followed by others in the same industry."]
[null,"e.","All of the above."," "]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D38=\"c\",\"Congratulations! That is Correct.\",IF(D38=\"b\",\"Incorrect. Please Review.\",IF(D38=\"a\",\"Incorrect. Please Review.\",IF(D38=\"d\",\"Incorrect. Please Review.\",IF(D38=\"e\",\"Incorrect. Please Review.\",IF(D38=\"\",\"\"))))))","v":""}]
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["5)","Which of the following is a source of authoritative financial accounting literature? ",null,null,null,null,null,null,{"$f":"IF(OR(F47=\"Incorrect. Please Review.\",F47=\"Congratulations! That is Correct.\"),\"A is correct. The CPA Canada Handbook contains, IFRS as well as Accounting Standards for Private Entities, Not-for-profit Standards and Standards for Pension Plans.  Depending on the company, they may use US GAAP, Canadian GAAP or IFRS.\",\"\")","v":""}]
[null,"a.","The Canadian Professional Accountants (CPA) Handbook."]
[null,"b.","The applicable provincial securities commission rules and regulations."]
[null,"c.","The Securities and Exchange Commission in the United States."]
[null,"d.","International Financial Reporting Standards (IFRS)."]
[null,"e.","\"a,\" \"c,\" or \"d\" depending on the circumstances."]
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[null,null,"Your response:",null,null,{"$f":"IF(D47=\"a\",\"Congratulations! That is Correct.\",IF(D47=\"b\",\"Incorrect. Please Review.\",IF(D47=\"e\",\"Incorrect. Please Review.\",IF(D47=\"f\", \"Incorrect. Please Review.\",IF(D47=\"d\",\"Incorrect. Please Review.\",IF(D47=\"c\",\"Incorrect. Please Review.\",IF(D47=\"\",\"\")))))))","v":""}]
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["6)","Which of the following statements concerning the Statement of Cash Flows is NOT true?",null,null,null,null,null,null,{"$f":"IF(OR(F55=\"Incorrect. Please Review.\",F55=\"Congratulations! That is Correct.\"),\"D is correct. The starting point of the statement is generally net income from the statement of profit and loss.\",\"\")","v":""}]
[null,"a.","The statement is divided between operating, financial, and investing cash flows."]
[null,"b.","The statement shows a breakdown of how profitable the company was over the time period."]
[null,"c.","The opening and closing cash balances are tied to the statement of financial position."]
[null,"d.","The starting point of the statement is generally net income from the statement of profit and loss."]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D55=\"d\",\"Congratulations! That is Correct.\",IF(D55=\"e\",\"Incorrect. Please Review.\",IF(D55=\"a\",\"Incorrect. Please Review.\",IF(D55=\"f\", \"Incorrect. Please Review.\",IF(D55=\"b\",\"Incorrect. Please Review.\",IF(D55=\"c\",\"Incorrect. Please Review.\",IF(D55=\"\",\"\")))))))","v":""}]
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["7)","Which of the following balance sheet items generally do not require management to make significant judgments and/or estimates? ",null,null,null,null,null,null,{"$f":"IF(OR(F64=\"Incorrect. Please Review.\",F64=\"Congratulations! That is Correct.\"),\"C is correct. Most balance sheet items require significant estimates or judgments, including inventory (e.g. obsolescence reserves), accounts receivable (e.g. allowance for doubtful accounts), and accrued liabilities (e.g. warranty reserves).\",\"\")","v":""}]
[null,"a.","Valuation of inventory."," "]
[null,"b.","Net receivables."," "]
[null,"c.","Cash."," "]
[null,"d.","Accrued liabilities."," "]
[null,"e.","Both \"a\" and \"c\" are correct."," "]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D64=\"c\",\"Congratulations! That is Correct.\",IF(D64=\"b\",\"Incorrect. Please Review.\",IF(D64=\"a\",\"Incorrect. Please Review.\",IF(D64=\"d\",\"Incorrect. Please Review.\",IF(D64=\"e\",\"Incorrect. Please Review.\",IF(D64=\"\",\"\"))))))","v":""}]
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["8)","A company should only consolidate its financial statements with a company in which it owns 50 percent or more equity shares ",null,null,null,null,null,null,{"$f":"IF(OR(F70=\"Incorrect. Please Review.\",F70=\"Congratulations! That is Correct.\"),\"B is correct. Refer to CPA Canada Handbook Section 1581, and IFRS 3, Business Combinations for further guidance. There are criteria in addition to share ownership which factor into this determination.\",\"\")","v":""}]
[null,"a.","True."," "]
[null,"b.","False."," "]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D70=\"b\",\"Congratulations! That is Correct.\",IF(D70=\"c\",\"Incorrect. Please Review.\",IF(D70=\"a\",\"Incorrect. Please Review.\",IF(D70=\"d\",\"Incorrect. Please Review.\",IF(D70=\"e\",\"Incorrect. Please Review.\",IF(D70=\"\",\"\"))))))","v":""}]
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["9)","Why is it necessary to have specific accounting standards for related party transactions? ",null,null,null,null,null,null,{"$f":"IF(OR(F79=\"Incorrect. Please Review.\",F79=\"Congratulations! That is Correct.\"),\"A is correct. There is a different environment in an arm’s length transaction leading to the need for additional disclosures around these transactions.\",\" \")","v":" "}]
[null,"a.","A pre-existing relationship between the seller and the purchaser may lead to a transaction price that is not indicative of the price that would be paid in an arm’s length transaction."]
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[null,"b.","A related party will always try to exert pressure to ensure that the benefit of the transaction will be to them."]
[null,"c.","The related parties will likely collude."]
[null,"d.","There is no necessity to have specific standards for related party transactions. They must follow the same standards as arm’s length transactions."]
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[null,null,"Your response:",null,null,{"$f":"IF(D79=\"a\",\"Congratulations! That is Correct.\",IF(D79=\"b\",\"Incorrect. Please Review.\",IF(D79=\"c\",\"Incorrect. Please Review.\",IF(D79=\"d\",\"Incorrect. Please Review.\",IF(D79=\"e\",\"Incorrect. Please Review.\",IF(D79=\"\",\"\"))))))","v":""}]
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["10)","Which of the following is true regarding the Statement of Profit and Loss?",null,null,null,null,null,null,{"$f":"IF(OR(F88=\"Incorrect. Please Review.\",F88=\"Congratulations! That is Correct.\"),\"B is correct. The Statement of Profit and Loss may include cash payments such as amounts paid to contractors but it also includes accruals and depreciation of fixed assets.\",\"\")","v":""}]
[null,"a."," This statement shows the financial results of a company at a point in time."]
[null,"b."," There are both cash and non-cash items in this statement."]
[null,"c."," This statement separately discloses executive compensation."]
[null,"d."," This statement includes only those items that are part of regular business operations."]
[null,"e.","Both \"a\" and \"c\" are required."," "]
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[null,null,"Your response:",null,null,{"$f":"IF(D88=\"b\",\"Congratulations! That is Correct.\",IF(D88=\"c\",\"Incorrect. Please Review.\",IF(D88=\"a\",\"Incorrect. Please Review.\",IF(D88=\"d\",\"Incorrect. Please Review.\",IF(D88=\"e\",\"Incorrect. Please Review.\",IF(D88=\"\",\"\"))))))","v":""}]
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["11)","Management is required to record any adjustments that the auditors propose.",null,null,null,null,null,null,{"$f":"IF(OR(F94=\"Incorrect. Please Review.\",F94=\"Congratulations! That is Correct.\"),\"B is correct. Management is not required to record proposed audit adjustments; however, if the auditors determine that the financial statements are materially misstated, they will qualify their opinion accordingly.\",\"\")","v":""}]
[null,"a.","True."," "]
[null,"b.","False."," "]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D94=\"b\",\"Congratulations! That is Correct.\",IF(D94=\"c\",\"Incorrect. Please Review.\",IF(D94=\"a\",\"Incorrect. Please Review.\",IF(D94=\"d\",\"Incorrect. Please Review.\",IF(D94=\"e\",\"Incorrect. Please Review.\",IF(D94=\"\",\"\"))))))","v":""}]
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["12)","An amount is always immaterial to the financial statements if it is less than: ",null,null,null,null,null,null,{"$f":"IF(OR(F102=\"Incorrect. Please Review.\",F102=\"Congratulations! That is Correct.\"),\"D is correct. The calculation of materiality is a matter of professional judgment, and there is no single threshold that is applied to all companies.\",\"\")","v":""}]
[null,"a.","10 percent of income before taxes."]
[null,"b.","10 percent of shareholders' equity."]
[null,"c.","2 percent of net assets."," "]
[null,"d.","None of the above."," "]
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[null,null,"Your response:",null,null,{"$f":"IF(D102=\"d\",\"Congratulations! That is Correct.\",IF(D102=\"c\",\"Incorrect. Please Review.\",IF(D102=\"a\",\"Incorrect. Please Review.\",IF(D102=\"b\",\"Incorrect. Please Review.\",IF(D102=\"e\",\"Incorrect. Please Review.\",IF(D102=\"\",\"\"))))))","v":""}]
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["13)","Financial ratios are tools that allow you to understand the economic activity of a company without having to understand accounting.",null,null,null,null,null,null,{"$f":"IF(OR(F108=\"Incorrect. Please Review.\",F108=\"Congratulations! That is Correct.\"),\"B is correct. Without an understanding of the accounting policies used by a company to prepare the financial statements, financial ratios are of little value.\",\"\")","v":""}]
[null,"a.","True."," "]
[null,"b.","False."," "]
[]
[null,null,"Your reponse:",null,null,{"$f":"IF(D108=\"b\",\"Congratulations! That is Correct.\",IF(D108=\"c\",\"Incorrect. Please Review.\",IF(D108=\"a\",\"Incorrect. Please Review.\",IF(D108=\"d\",\"Incorrect. Please Review.\",IF(D108=\"e\",\"Incorrect. Please Review.\",IF(D108=\"\",\"\"))))))","v":""}]
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["14)","The following are tools or metrics that can be used to assess the liquidity of a company:",null,null,null,null,null,null,{"$f":"IF(OR(F116=\"Incorrect. Please Review.\",F116=\"Congratulations! That is Correct.\"),CONCATENATE(\"D is correct. The statement of Cash Flows shows the inflows and outflows of cash which can assist in determining liquidity. \",\"The working capital ratio indicates whether there are adequate current assets to satisfy payment of current liabilities.  The interest coverage ratio indicates how many times the company could pay their interest from their net income.\"),\"\")","v":""}]
[null,"a.","The Statement of Cash Flows."]
[null,"b.","Working capital."]
[null,"c.","Interest coverage ratio."]
[null,"d.","All of the above."]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D116=\"d\",\"Congratulations! That is Correct.\",IF(D116=\"c\",\"Incorrect. Please Review.\",IF(D116=\"a\",\"Incorrect. Please Review.\",IF(D116=\"b\",\"Incorrect. Please Review.\",IF(D116=\"e\",\"Incorrect. Please Review.\",IF(D116=\"\",\"\"))))))","v":""}]
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[null,null,"Your score:",{"$f":"COUNTIF(F11:F116,\"Congratulations! That is Correct.\")/14","v":0},null,{"$f":"IF(D119>0.7999, \"Congratulations! You can move on to Part II.\",\"We invite you to read our answer key to understand why your responses were not right. You may want to consult our separate suggested 'Resources' tab to create a learning plan to increase your financial literacy in this area.\")","v":"We invite you to read our answer key to understand why your responses were not right. You may want to consult our separate suggested 'Resources' tab to create a learning plan to increase your financial literacy in this area."}]
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[null,"© Deloitte LLP and affiliated entities."]

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[null,"Part II: Disclosure requirements",null,null,null,null,null,null,"Answer key"]
["1)","Which of the following contains financial disclosure for a public company? ",null,null,null,null,null,null,{"$f":"IF(OR(F11=\"Incorrect. Please Review.\",F11=\"Congratulations! That is Correct.\"),\"D is correct. All of these items are financial disclosures.\",\"\")","v":""}]
[null,"a.","Management's Discussion & Analysis (MD&A)."]
[null,"b.","Earnings announcements."," "]
[null,"c.","The company’s financial statements."]
[null,"d.","All of the above are forms of financial disclosure."]
[null,"e.","Both \"a\" and \"c\" are financial disclosure."]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D11=\"d\",\"Congratulations! That is Correct.\",IF(D11=\"b\",\"Incorrect. Please Review.\",IF(D11=\"c\",\"Incorrect. Please Review.\",IF(D11=\"a\",\"Incorrect. Please Review.\",IF(D11=\"e\",\"Incorrect. Please Review.\",IF(D11=\"\",\"\"))))))","v":""}]
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["2)","Which of the following financial information is included in the financial statement audit? ",null,null,null,null,null,null,{"$f":"IF(OR(F20=\"Incorrect. Please Review.\",F20=\"Congratulations! That is Correct.\"),CONCATENATE(\"C is correct. Although all of these items consist of accounting information, A, B, and D are not directly audited. \",\" The auditors may have some responsibility for other information under Canadian Auditing Standard 720 The Auditors Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements.\"),\"\")","v":""}]
[null,"a.","Earnings announcements."," "]
[null,"b.","Pro forma earnings releases."," "]
[null,"c.","The footnotes to the financial statements."]
[null,"d.","MD&A."," "]
[null,"e.","All of the above."," "]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D20=\"c\",\"Congratulations! That is Correct.\",IF(D20=\"b\",\"Incorrect. Please Review.\",IF(D20=\"a\",\"Incorrect. Please Review.\",IF(D20=\"d\",\"Incorrect. Please Review.\",IF(D20=\"e\",\"Incorrect. Please Review.\",IF(D20=\"\",\"\"))))))","v":""}]
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["3)","Which of the following items should be addressed in the MD&A? ",null,null,null,null,null,null,{"$f":"IF(OR(F28=\"Incorrect. Please Review.\",F28=\"Congratulations! That is Correct.\"),\"D is correct. Generally, all of these items are expected to be discussed in the MD&A.\",\"\")","v":""}]
[null,"a.","The most critical accounting policies used to prepare the financial statements."]
[null,"b.","Liquidity and capital resources."," "]
[null,"c.","Any item that helps investors assess the company’s current condition and future prospects."]
[null,"d.","All of the above should be addressed in the MD&A."]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D28=\"d\",\"Congratulations! That is Correct.\",IF(D28=\"b\",\"Incorrect. Please Review.\",IF(D28=\"a\",\"Incorrect. Please Review.\",IF(D28=\"c\",\"Incorrect. Please Review.\",IF(D28=\"e\",\"Incorrect. Please Review.\",IF(D28=\"\",\"\"))))))","v":""}]
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["4)","Which of the following is a requirement for public companies to disclose with respect to executive compensation?",null,null,null,null,null,null,{"$f":"IF(OR(F36=\"Incorrect. Please Review.\",F36=\"Congratulations! That is Correct.\"),\"D is correct.  National Instrument 51-102 Continuous Disclosure Obligations contains detailed requirements concerning both the selection of the 5 individuals and what information needs to be disclosed.\",\"\")","v":""}]
[null,"a.","The base salary and bonus for all members of the company’s executive team."]
[null,"b.","The base salary and bonus for all members of the company’s management team."]
[null,"c.","No information is required to be disclosed for executives. That information is subject to confidentiality provisions."]
[null,"d.","Detailed information for 5 of the top members of the executive team, categorized by type of remuneration."]
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[null,null,"Your response:",null,null,{"$f":"IF(D36=\"d\",\"Congratulations! That is Correct.\",IF(D36=\"b\",\"Incorrect. Please Review.\",IF(D36=\"a\",\"Incorrect. Please Review.\",IF(D36=\"c\",\"Incorrect. Please Review.\",IF(D36=\"e\",\"Incorrect. Please Review.\",IF(D36=\"\",\"\"))))))","v":""}]
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["5)","If a company presents non-GAAP financial measures, ",null,null,null,null,null,null,{"$f":"IF(OR(F44=\"Incorrect. Please Review.\",F44=\"Congratulations! That is Correct.\"),\"D is correct. CSA Staff Notice 52-306, Non-GAAP Financial Measures requires companies to consider 7 practices, including the ones in this question.\",\"\")","v":""}]
[null,"a.","They should be accompanied by an explicit statement that the non-GAAP financial measure does not have any standardized meaning under GAAP. "]
[null,"b.","A clear quantitative reconciliation from the non-GAAP financial measure to the most directly comparable GAAP measure must be included in the document."]
[null,"c.","They cannot be presented with greater prominence that the most directly comparable GAAP measure."]
[null,"d.","All of the above."," "]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D44=\"d\",\"Congratulations! That is Correct.\",IF(D44=\"b\",\"Incorrect. Please Review.\",IF(D44=\"a\",\"Incorrect. Please Review.\",IF(D44=\"c\",\"Incorrect. Please Review.\",IF(D44=\"e\",\"Incorrect. Please Review.\",IF(D44=\"\",\"\"))))))","v":""}]
[]
["6)","Non-cash charges, such as for asset impairments, ",null,null,null,null,null,null,{"$f":"IF(OR(F53=\"Incorrect. Please Review.\",F53=\"Congratulations! That is Correct.\"),\"D is correct. Non-cash transactions are often disregarded as “paper losses,” as they do not result from cash outflows; however, these transactions, have negative economic implications to the company and in some instances require appropriate disclosure.\",\"\")","v":""}]
[null,"a.","Should be ignored during most analyses, as they do not have an impact on the cash flows of the company."]
[null,"b.","Should be ignored during most analyses only if they are non-recurring charges and are not indicative of the ongoing operations of the company."]
[null,"c.","Can be put “below the line” on the income statement to signal to investors that the item should be removed before analysis."]
[null,"d.","Are the results of situations that may have diminished the economic value of the company."]
[null,"e.","None of the above."," "]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D53=\"d\",\"Congratulations! That is Correct.\",IF(D53=\"e\",\"Incorrect. Please Review.\",IF(D53=\"a\",\"Incorrect. Please Review.\",IF(D53=\"f\", \"Incorrect. Please Review.\",IF(D53=\"b\",\"Incorrect. Please Review.\",IF(D53=\"c\",\"Incorrect. Please Review.\",IF(D53=\"\",\"\")))))))","v":""}]
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[null,null,"Your score:",{"$f":"COUNTIF(F11:F53,\"Congratulations! That is Correct.\")/6","v":0},null,{"$f":"IF(D56>0.79999, \"Congratulations! You can move on to Part III.\",\"We invite you to read our answer key to understand why your responses were not right. You may want to consult our separate suggested 'Resources' tab to create a learning plan to increase your financial literacy in this area.\")","v":"We invite you to read our answer key to understand why your responses were not right. You may want to consult our separate suggested 'Resources' tab to create a learning plan to increase your financial literacy in this area."}]
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[null,"© Deloitte LLP and affiliated entities."]

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[null,"Part III: Form and content of public filings",null,null,null,null,null,null,"Answer key"]
["1)","The primary objective of the provincial securities commissions is to prevent the sale of risky or speculative securities. ",null,null,null,null,null,null,{"$f":"IF(OR(F8=\"Incorrect. Please Review.\",F8=\"Congratulations! That is Correct.\"),CONCATENATE(\"B is correct. The provincial securities commissions’ primary mission is to protect investors and foster a fair and efficient capital market. \",\"Its focus is to provide timely and accurate information for investors to make informed investment choices, not to restrict risky or speculative issuances.\"),\"\")","v":""}]
[null,"a.","True."," "]
[null,"b.","False."," "]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D8=\"b\",\"Congratulations! That is Correct.\",IF(D8=\"a\",\"Incorrect. Please Review.\",IF(D8=\"c\",\"Incorrect. Please Review.\",IF(D8=\"d\",\"Incorrect. Please Review.\",IF(D8=\"e\",\"Incorrect. Please Review.\",IF(D8=\"\",\"\"))))))","v":""}]
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["2)","Which of the following is NOT a required filing for a public company? ",null,null,null,null,null,null,{"$f":"IF(OR(F17=\"Incorrect. Please Review.\",F17=\"Congratulations! That is Correct.\"),\"D is correct. Currently, there are some ESG or sustainability disclosures required in some securities regulations.  However, stand-alone reports are not currently required.\",\"\")","v":""}]
[null,"a.","Certifications signed by the CEO and CFO regarding internal controls over financial reporting and disclosure controls and procedures."]
[null,"b.","Annual and quarterly financial statements."]
[null,"c.","Annual proxy statement."," "]
[null,"d.","Stand-alone sustainability reports."]
[null,"e.","Both \"b\" and \"d\"."," "]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D17=\"d\",\"Congratulations! That is Correct.\",IF(D17=\"b\",\"Incorrect. Please Review.\",IF(D17=\"a\",\"Incorrect. Please Review.\",IF(D17=\"c\",\"Incorrect. Please Review.\",IF(D17=\"e\",\"Incorrect. Please Review.\",IF(D17=\"\",\"\"))))))","v":""}]
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["3)","Which of the following is true about a company’s annual filing requirements? ",null,null,null,null,null,null,{"$f":"IF(OR(F25=\"Incorrect. Please Review.\",F25=\"Congratulations! That is Correct.\"),\"D is correct.\",\"\")","v":""}]
[null,"a.","Companies must file annual financial statements of the company."]
[null,"b.","These financial statements must include an unqualified audit report."]
[null,"c.","These financial statements must be accompanied by a certificate signed by the CEO and CFO."]
[null,"d.","All of the above are true."," "]
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[null,null,"Your response:",null,null,{"$f":"IF(D25=\"d\",\"Congratulations! That is Correct.\",IF(D25=\"b\",\"Incorrect. Please Review.\",IF(D25=\"a\",\"Incorrect. Please Review.\",IF(D25=\"c\",\"Incorrect. Please Review.\",IF(D25=\"e\",\"Incorrect. Please Review.\",IF(D25=\"\",\"\"))))))","v":""}]
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["4)","Which of the following items concerning the mandatory interim financial filing requirements is NOT true? ",null,null,null,null,null,null,{"$f":"IF(OR(F33=\"Incorrect. Please Review.\",F33=\"Congratulations! That is Correct.\"),\"B is correct. Auditors may perform limited review procedures on the financial statements included in the quarterly public filings, though this is not a requirement. These review procedures are not adequate to allow the issuance of an audit opinion.\",\"\")","v":""}]
[null,"a.","Companies must file quarterly financial statements."]
[null,"b.","These financial statements must include an unqualified audit report."]
[null,"c.","These financial statements must be accompanied by a certificate signed by the CEO and CFO."]
[null,"d.","The financial statements must include notes."]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D33=\"b\",\"Congratulations! That is Correct.\",IF(D33=\"c\",\"Incorrect. Please Review.\",IF(D33=\"a\",\"Incorrect. Please Review.\",IF(D33=\"d\",\"Incorrect. Please Review.\",IF(D33=\"e\",\"Incorrect. Please Review.\",IF(D33=\"\",\"\"))))))","v":""}]
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["5)","A material change report is required to be filed ",null,null,null,null,null,null,{"$f":"IF(OR(F41=\"Incorrect. Please Review.\",F41=\"Congratulations! That is Correct.\"),\"D is correct.\",\"\")","v":""}]
[null,"a.","After a significant acquisition."," "]
[null,"b.","After a change in auditors."," "]
[null,"c.","A company is never required to file a material change report, but companies often do so at their own discretion to notify investors of significant events."]
[null,"d.","Both \"a\" and \"b\"."," "]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D41=\"d\",\"Congratulations! That is Correct.\",IF(D41=\"b\",\"Incorrect. Please Review.\",IF(D41=\"a\",\"Incorrect. Please Review.\",IF(D41=\"f\", \"Incorrect. Please Review.\",IF(D41=\"e\",\"Incorrect. Please Review.\",IF(D41=\"c\",\"Incorrect. Please Review.\",IF(D41=\"\",\"\")))))))","v":""}]
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[null,null,"Your score:",{"$f":"COUNTIF(F8:F41,\"Congratulations! That is Correct.\")/5","v":0},null,{"$f":"IF(D44>0.7999, \"Congratulations! You can move on to Part IV.\",\"We invite you to read our answer key to understand why your responses were not right. You may want to consult our separate suggested 'Resources' tab to create a learning plan to increase your financial literacy in this area.\")","v":"We invite you to read our answer key to understand why your responses were not right. You may want to consult our separate suggested 'Resources' tab to create a learning plan to increase your financial literacy in this area."}]
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[null,"© Deloitte LLP and affiliated entities."]

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[null,"Part IV: Internal controls ",null,null,null,null,null,null,"Answer key"]
["1)","Internal controls are designed to provide reasonable assurance over the:",null,null,null,null,null,null,{"$f":"IF(OR(F11=\"Incorrect. Please Review.\",F11=\"Congratulations! That is Correct.\"),CONCATENATE(\"D is correct. A control is an activity that prevents or detects errors. An internal control is an activity or process that occurs using the company’s internal systems or personnel. \",\"Accordingly, although internal controls are crucial to a company’s financial reporting and information, their use is not limited to financial reporting.\"),\"\")","v":""}]
[null,"a.","Effectiveness and efficiency of operations"]
[null,"b.","Reliability of financial reporting and information"]
[null,"c.","Compliance with applicable laws and regulations"]
[null,"d.","All of the above"," "]
[null,"e.","Both \"b\" and \"c\""," "]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D11=\"d\",\"Congratulations! That is Correct.\",IF(D11=\"b\",\"Incorrect. Please Review.\",IF(D11=\"c\",\"Incorrect. Please Review.\",IF(D11=\"a\",\"Incorrect. Please Review.\",IF(D11=\"e\",\"Incorrect. Please Review.\",IF(D11=\"\",\"\"))))))","v":""}]
[]
["2)","An effective system of internal control will always prevent and detect fraud.",null,null,null,null,null,null,{"$f":"IF(OR(F17=\"Incorrect. Please Review.\",F17=\"Congratulations! That is Correct.\"),\"B is correct.\",\"\")","v":""}]
[null,"a.","True."," "]
[null,"b.","False."," "]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D17=\"b\",\"Congratulations! That is Correct.\",IF(D17=\"c\",\"Incorrect. Please Review.\",IF(D17=\"a\",\"Incorrect. Please Review.\",IF(D17=\"d\",\"Incorrect. Please Review.\",IF(D17=\"e\",\"Incorrect. Please Review.\",IF(D17=\"\",\"\"))))))","v":""}]
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["3)","Who is responsible for the design and effectiveness of the company’s internal controls? ",null,null,null,null,null,null,{"$f":"IF(OR(F26=\"Incorrect. Please Review.\",F26=\"Congratulations! That is Correct.\"),\"A is correct. Under Multilateral Instrument 52-109, management is also required to certify their responsibility for establishing and maintaining adequate internal controls over financial reporting.\",\"\")","v":""}]
[null,"a.","Management"," "]
[null,"b.","Internal audit"," "]
[null,"c.","External audit"," "]
[null,"d.","The audit committee"," "]
[null,"e.","All of the above"," "]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D26=\"a\",\"Congratulations! That is Correct.\",IF(D26=\"b\",\"Incorrect. Please Review.\",IF(D26=\"d\",\"Incorrect. Please Review.\",IF(D26=\"c\",\"Incorrect. Please Review.\",IF(D26=\"e\",\"Incorrect. Please Review.\",IF(D26=\"\",\"\"))))))","v":""}]
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["4)","Under the full annual CEO/CFO certification required under Multilateral Instrument 52-109, management is required to certify that it has disclosed which of the following to its auditor and audit committee? ",null,null,null,null,null,null,{"$f":"IF(OR(F36=\"Incorrect. Please Review.\",F36=\"Congratulations! That is Correct.\"),\"D is correct. Management must report fraud, whether or not material, as well as significant deficiencies and material weaknesses in the company’s internal controls.\",\"\")","v":""}]
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[null,"a.","Significant deficiencies in the design and operation of internal controls that are reasonably likely to adversely affect the company’s ability to record, process, summarize, and report financial data."]
[]
[null,"b.","The method used in designing the company’s internal control framework."]
[null,"c.","Fraud involving management or other employees who have a significant role in the company’s internal control."]
[null,"d.","Both \"a\" and \"c\" are correct."," "]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D36=\"d\",\"Congratulations! That is Correct.\",IF(D36=\"b\",\"Incorrect. Please Review.\",IF(D36=\"a\",\"Incorrect. Please Review.\",IF(D36=\"c\",\"Incorrect. Please Review.\",IF(D36=\"e\",\"Incorrect. Please Review.\",IF(D36=\"\",\"\"))))))","v":""}]
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["5)","Which of the following organizations developed the most widely accepted internal control framework in Canada? ",null,null,null,null,null,null,{"$f":"IF(OR(F44=\"Incorrect. Please Review.\",F44=\"Congratulations! That is Correct.\"),\"B is correct. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is an organization dedicated to improving the quality of financial reporting through effective business ethics, corporate governance and internal controls.\",\"\")","v":""}]
[null,"a.","The Accounting and Internal Controls Program Administration. "]
[null,"b.","The Committee of Sponsoring Organizations of the Treadway Commission."]
[null,"c.","The Canadian Public Accountability Board."]
[null,"d.","The Canadian Securities Administrators."]
[]
[null,null,"Your response:",null,null,{"$f":"IF(D44=\"b\",\"Congratulations! That is Correct.\",IF(D44=\"e\",\"Incorrect. Please Review.\",IF(D44=\"a\",\"Incorrect. Please Review.\",IF(D44=\"f\", \"Incorrect. Please Review.\",IF(D44=\"d\",\"Incorrect. Please Review.\",IF(D44=\"c\",\"Incorrect. Please Review.\",IF(D44=\"\",\"\")))))))","v":""}]
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[null,null,"Your score:",{"$f":"COUNTIF(F11:F44,\"Congratulations! That is Correct.\")/5","v":0},null,{"$f":"IF(D47>0.7999, \"Congratulations! You have completed the Assessment.\",\"We invite you to read our answer key to understand why your responses were not right. You may want to consult our separate suggested 'Resources' tab to create a learning plan to increase your financial literacy in this area.\")","v":"We invite you to read our answer key to understand why your responses were not right. You may want to consult our separate suggested 'Resources' tab to create a learning plan to increase your financial literacy in this area."}]
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[null,"© Deloitte LLP and affiliated entities."]

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[null,"CERTIFICATE OF ACHIEVEMENT"]
[]
[]
[null,null,"Congratulations on the successful completion of the Basic Financial Literacy Self-Assessment Tool",null,null,null,null,null,null,null,"Results"]
[]
[null,null,null,null,null,null,null,null,null,null,"Part I: Basic Financial Statements and Accounting Literature ",null,null,{"$f":"'Part I'!D119","v":0}]
[]
[null,null,null,null,null,null,null,null,null,null,"Part II: Disclosure Rules",null,null,{"$f":"'Part II'!D56","v":0}]
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[null,null,"Overall Score:",null,null,{"$f":"AVERAGE(N17,N19,N21,N23)","v":0},null,null,null,null,"Part III: Form and Content of Public Filings ",null,null,{"$f":"'Part III'!D44","v":0}]
[]
[null,null,null,null,null,null,null,null,null,null,"Part IV: Internal Controls",null,null,{"$f":"'Part IV'!D47","v":0}]
[null,null,"Note: This Certificate is meant for guidance and is not an official certificate. "]

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[null,"Resources"]
[null,"Stay up to date on corporate reporting matters: "]
[null,"●","Subscribe to Financial Reporting Insights, our electronic communication."]
[]
[null,"●","Visit the CFO’s corner for editorials on top-of-mind issues."]
[]
[null,"●","Use the CFO Lens, an app delivering easily digestible, CFO-centric information."]
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[null,"Keep up to date at the Centre for Financial Reporting where we feature: "]
[null,"●","An extensive collection of news and resources on fnancial reporting, assurance, and regulatory developments relevant to the Canadian marketplace."]
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[null,"●","Summaries of developments in the United States that are closely related or might have an impact on IFRS standards."]
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[null,"●","Summaries of the activities of the accounting, assurance, and regulatory boards."]
[]
[]
[null,"© Deloitte LLP and affiliated entities."]

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["Part IV score",{"$f":"'Part IV'!D47","v":0}]