Introduction to Financial Statement Analysis

What is the primary role of financial reporting?

Which financial statement reports a company's financial position at a specific point in time?

The fundamental accounting equation is best expressed as:

Which statement reports all changes in equity owners' investment in the firm over a period of time?

Cash flows resulting from the acquisition or sale of a firm's assets are classified as:

Information about accounting methods, estimates, and assumptions is primarily disclosed in the:

Which document contains management's discussion and analysis (MD&A) of business trends and liquidity?

An independent review of an entity's financial statements is best described as:

Which type of audit opinion is issued when financial statements are considered free from material omissions and errors?

If a company's financial statements materially deviate from accounting standards, the auditor is most likely to issue a(n):

Who is responsible for maintaining an effective internal control system?

Which SEC form is used for the filing of annual financial statements?

A company typically files a Form 8-K when:

Information about matters requiring a shareholder vote is typically found in:

What is the first step in the financial statement analysis framework?

In the financial statement analysis framework, 'Analyze and interpret the data' is which step?

Which financial statement reports inflows and outflows from the issuance of debt?

Which of the following is considered a component of equity?

Comprehensive income includes all changes in equity EXCEPT those arising from:

What is the final step in the financial statement analysis framework?

Revenues are best described as:

Which audit opinion indicates the auditor was unable to express an opinion?

Which of the following is classified as an Investing Cash Flow?

Under US GAAP, firms can report comprehensive income in which document?

Which document is considered a quarterly financial report?

Earnings guidance is typically found in:

The phrase 'resources controlled by the firm' defines:

Expenses are defined as:

Which section of the annual report typically discusses risks and future outlook?

Which of the following is NOT one of the six steps in the Financial Statement Analysis Framework?

A 'Qualified Opinion' from an auditor implies:

If a company changes its management significantly, it must file which form with the SEC?

The Income Statement is also known as:

Which equation correctly represents the Balance Sheet?

In the context of Step 3 of the analysis framework ('Process the data'), which activity is most likely?

Other income typically refers to:

Which statement best describes the 'Cash Flow from Operating Activities'?

Which of the following is an example of an external source of information?

Amounts owed to lenders and other creditors are reported on the Balance Sheet as:

If an auditor confirms assets and liabilities but finds the statements are not presented fairly, they issue an:

Step 2 of the financial statement analysis framework is:

Which statement includes 'Net Income' + 'Other Comprehensive Income'?

Analyst recommendations are reported in which step of the analysis framework?

Which of the following items is found in the 'Notes' to the financial statements?

Which document reports the company's cash receipts and payments?

The independent review of financial statements is conducted by:

Which filing covers 'corporate governance' issues?

Analyst's sources of information include:

In the analysis framework, 'State the objective' includes:

The relationship 'Assets = Liabilities + Equity' applies to which financial statement?