WSP ACCOUNTING COMPREHENSIVE ANSWERS
AND QUESTIONS SET A+
✔✔Major Underlying Accounting Constraint 4 - ✔✔Conservatism: financial statements
should be prepared with a downward measurement bias. Assets and revenues should
not be overstated, while liabilities and expenses should not be understated.
✔✔10-K Report - ✔✔At the end of the fiscal year, publicly-traded companies must file a
10-K report, which includes thorough overview of their businesses, finances, and
financial assets. Must be filed 60-90 days within year end, depending on status (large
accelerated, accelerated, non-accelerated). Audited by independent firms.
✔✔10-Q Report - ✔✔At the end of the first 3 quarters of the fiscal year, publicly traded
companies must also file report with the SEC (financial and non-financial data). Must be
filed within 40-45 days of quarter-end. Reviewed by CPA, but unaudited
✔✔Form 8-K - ✔✔Required filing anytime company undergoes/announces materially
significant event (e.g. an acquisition)
✔✔Form 14-A - ✔✔Required filing prior to companies' annual shareholders' meeting.
Contains detailed information about top officers and their compensation
✔✔Securities Offerings - ✔✔S-1: registration filed by company when it goes public and
sells securities and an Initial Public Offering. S-2 & S-3: required filings for secondary
offerings. S-4: filed to register a securities offering in certain mergers or reorganizations.
S-11: filed by real estate companies (limited partnership & investment trusts)
✔✔Reading the 10-K - ✔✔Item 1: Business | Item 6: Selected Financial Data | Item 7:
Management's Discussion & Analysis of Financial Condition and Results of Operation
(MD&A) | Item 8: Financial Statements and Supplementary Data
✔✔Income Statement - ✔✔financial report that depicts operating performance of a
company (e.g. profitability) over a period of time (usually quarter/year). Other names for
AND QUESTIONS SET A+
✔✔Major Underlying Accounting Constraint 4 - ✔✔Conservatism: financial statements
should be prepared with a downward measurement bias. Assets and revenues should
not be overstated, while liabilities and expenses should not be understated.
✔✔10-K Report - ✔✔At the end of the fiscal year, publicly-traded companies must file a
10-K report, which includes thorough overview of their businesses, finances, and
financial assets. Must be filed 60-90 days within year end, depending on status (large
accelerated, accelerated, non-accelerated). Audited by independent firms.
✔✔10-Q Report - ✔✔At the end of the first 3 quarters of the fiscal year, publicly traded
companies must also file report with the SEC (financial and non-financial data). Must be
filed within 40-45 days of quarter-end. Reviewed by CPA, but unaudited
✔✔Form 8-K - ✔✔Required filing anytime company undergoes/announces materially
significant event (e.g. an acquisition)
✔✔Form 14-A - ✔✔Required filing prior to companies' annual shareholders' meeting.
Contains detailed information about top officers and their compensation
✔✔Securities Offerings - ✔✔S-1: registration filed by company when it goes public and
sells securities and an Initial Public Offering. S-2 & S-3: required filings for secondary
offerings. S-4: filed to register a securities offering in certain mergers or reorganizations.
S-11: filed by real estate companies (limited partnership & investment trusts)
✔✔Reading the 10-K - ✔✔Item 1: Business | Item 6: Selected Financial Data | Item 7:
Management's Discussion & Analysis of Financial Condition and Results of Operation
(MD&A) | Item 8: Financial Statements and Supplementary Data
✔✔Income Statement - ✔✔financial report that depicts operating performance of a
company (e.g. profitability) over a period of time (usually quarter/year). Other names for