WSP Crash Course In Accounting | ACTUAL EXAM
QUESTIONS WITH ANSWERS VERIFIED 100%
CORRECT
Receivables Turnover - ✔✔Revenue During Period / Average Accounts Receivable
Days Sales Outstanding (DSO) - ✔✔Days in Period / Receivables Turnover
Inventory Turnover - ✔✔COGS / Average inventory
Inventory Days - ✔✔Days in Period / Inventory Turnover
Accounts Payable Turnover - ✔✔COGS / Average Accounts Payable
Payables Payment Period (PPP) - ✔✔Days in Period / Average Payable Turnover
Form 10-K - ✔✔At the end of each year, publicly-traded companies must file a
__________ report which includes a thorough overview of their businesses and finances
as well as their financial statements
Form 10-Q - ✔✔At the end of the first three quarters of each fiscal year, publicly-
traded companies must file a __________ with the SEC which includes financial
statements and non-financial data
Form 8-K - ✔✔A _________ is a required filing any time a company undergoes or
announces a materially significant event such as an earnings press release, acquisition,
disposal of assets, bankruptcy, etc. (typically filed within 4 days of event)
, Form 14A - ✔✔A __________ is a required filing prior to a company's annual
shareholder meeting; It contains detailed information about top officers and their
compensations; also solicits shareholder votes (proxies)
One - ✔✔Part __________ of the 10-K details the 1) business, 2) risk factors, 3)
unresolved staff comments, 4) properties, 5) legal proceedings, and 6) mine safety
disclosures
Two - ✔✔Part __________ of the 10-K details the 1) market for registrant's common
equity, related stockholder matters, and issuer purchases of equity securities, 2)
selected financial data, 3) MD&A, 4) quantitative/qualitative disclosure about market
risk, 5) financial statements and supp. data, 6) changes in and disagreements w/
accountants, 7) controls and procedures, and 8) other information
Three - ✔✔Part _________ of the 10-K details the 1) directors, executives, and
corporate governance, 2) exec compensation, 3) security ownership of certain beneficial
owners and management and related stockholder matters, 4) certain relationships and
related transactions, and director independence, 5) principal accounting fees and
services
Four - ✔✔Part __________ of the 10-K details the exhibits and financial statement
schedules and signatures
Gross Profit - ✔✔Revenues - COGS
Gross Profit Margin - ✔✔(Revenue - COGS) / Revenue
Revenue Recognition Principal - ✔✔States that a company cannot record revenue
until it is earned
QUESTIONS WITH ANSWERS VERIFIED 100%
CORRECT
Receivables Turnover - ✔✔Revenue During Period / Average Accounts Receivable
Days Sales Outstanding (DSO) - ✔✔Days in Period / Receivables Turnover
Inventory Turnover - ✔✔COGS / Average inventory
Inventory Days - ✔✔Days in Period / Inventory Turnover
Accounts Payable Turnover - ✔✔COGS / Average Accounts Payable
Payables Payment Period (PPP) - ✔✔Days in Period / Average Payable Turnover
Form 10-K - ✔✔At the end of each year, publicly-traded companies must file a
__________ report which includes a thorough overview of their businesses and finances
as well as their financial statements
Form 10-Q - ✔✔At the end of the first three quarters of each fiscal year, publicly-
traded companies must file a __________ with the SEC which includes financial
statements and non-financial data
Form 8-K - ✔✔A _________ is a required filing any time a company undergoes or
announces a materially significant event such as an earnings press release, acquisition,
disposal of assets, bankruptcy, etc. (typically filed within 4 days of event)
, Form 14A - ✔✔A __________ is a required filing prior to a company's annual
shareholder meeting; It contains detailed information about top officers and their
compensations; also solicits shareholder votes (proxies)
One - ✔✔Part __________ of the 10-K details the 1) business, 2) risk factors, 3)
unresolved staff comments, 4) properties, 5) legal proceedings, and 6) mine safety
disclosures
Two - ✔✔Part __________ of the 10-K details the 1) market for registrant's common
equity, related stockholder matters, and issuer purchases of equity securities, 2)
selected financial data, 3) MD&A, 4) quantitative/qualitative disclosure about market
risk, 5) financial statements and supp. data, 6) changes in and disagreements w/
accountants, 7) controls and procedures, and 8) other information
Three - ✔✔Part _________ of the 10-K details the 1) directors, executives, and
corporate governance, 2) exec compensation, 3) security ownership of certain beneficial
owners and management and related stockholder matters, 4) certain relationships and
related transactions, and director independence, 5) principal accounting fees and
services
Four - ✔✔Part __________ of the 10-K details the exhibits and financial statement
schedules and signatures
Gross Profit - ✔✔Revenues - COGS
Gross Profit Margin - ✔✔(Revenue - COGS) / Revenue
Revenue Recognition Principal - ✔✔States that a company cannot record revenue
until it is earned
