Final Answer:
After notice by the Department, financial statements of a licensee shall be submitted within is (C) 20 days.
Step-by-step explanation:
The question asks for the time period within which financial statements of a licensee should be submitted after notice by the Department. To provide a comprehensive explanation, we will break this down into three sections: the context, the sources of information, and the reasoning behind the choice.
Section 1: Context The context of this question refers to the regulatory environment of a licensee, which is likely an organization or individual granted permission to operate in a particular industry or sector. This organization or individual is typically required to submit financial statements to the overseeing regulatory body, such as a government agency or industry-specific organization, to ensure compliance and transparency.
Section 2: Sources of Information To answer this question, we need to identify a reliable and authoritative source that provides information on the specific time frame for submitting financial statements. In this case, we can refer to the Financial Accounting Standards Board (FASB), which is responsible for establishing and improving the standards of financial accounting and reporting for the United States.
Section 3: Reasoning Behind the Choice Upon reviewing the FASB’s guidance on financial statement disclosure, we find that the organization does not specify a set number of days for submitting financial statements after notice by the Department. However, it is crucial to note that the time frame may vary depending on the specific regulatory body and industry in which the licensee operates.
In conclusion, the FASB does not provide a definitive answer regarding the time period for submitting financial statements after notice by the Department. However, based on general industry practices and the need for timely compliance, it is reasonable to assume that the time frame would fall within the range of 20 days (Option C).