1. Please name five financial statements.
A balance sheet is a piece of financial information which allows companies or individual investors to assess and to compare accounting assets and liabilities to preview’s years and finding out if they are doing well financially when computing total balance, assets must always equal equity plus liabilities.
An income statement is a piece of financial information that includes revenues, expenses as well as various expenses after subtracted result will be a net income.
statement of comprehensive income is all changes to the owners’ equity: stocks bonds pension plans, and securities (FASB and IASB).
Statement of shareholder’s equity is useful financial information which allows determining changes in equity.
a cash flow statement basically measures the cash movement and it has three categories such as operating, investing and cash flows from financial services. It can also be measured by a direct or indirect method.
2. Please name the required SEC filings for U.S. public companies, and briefly describe the filings.
Corporations have to file SEC forms so that they can be transparent these forms are; 8-K, 10-K, 10-Q.
The form 8-K is information, where there are unusual changes, occur such as bankruptcy, if acquisition takes a place as well as if there is a resignation of high-level position like CEO’s
The form 10-K is an annual financial report. it has a summary report that shows management’s discussion and it provides a financial result. It is very important as well, audit professionals to give an opinion over financial reporting that companies operating effectively.
10-Q form similarly to 10-K provides the summary however it is reported quarterly which means it is reported 4 times a year.
the form 20-F is the same as 10-K however, 20-F is a form for non-US firms that need to be registered with SEC.
3. Please name basic internal reports.
Basic internal reports contain financial as well as operational reports. Reports usually are distributed so that it can be helpful to those organizations to gain understanding to perform better as well as educate low-level workers and low-level managements what top management requires to achieve they’re for example:
• Purchases of inventory or raw materials
• Necessary manpower
• Production timing and amounts (for manufacturers)
• Selling expenses (fixed and variable)
• General and administrative expenses
• Cash needs
• Expected investments in equipment and other production facilities
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