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Cash flow statement - CORRECT ANSWER-While cash is not necessarily received when a sale occurs, the income statement still records the sale. As a result, the income statement captures all the economic transactions of the business. The cash flow statement is needed because the income statement uses what is called accrual accounting. In accrual accounting, revenues are recorded when earned regardless of when cash is received (revenue includes sales using cash and made on credit A/R) Since w...

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TRADING COMPS MODELING EXAM WALL STREET PREP QUESTIONS WITH 100% CORRECT ANSWERS L LATEST VERSION 2025/2026.

True or false: 10-Q's must be filed four times a year for publicly traded companies. - False; only 3x a year True or False: Both the 10-K and 10-Q filings are audited. - False; only 10-K filings are audited True or false: All publicly traded companies and private companies with revenues greater than $850m must file 10-K's annually with the SEC. - False True or false: For large accelerated filers, 10-K's must be filed no later than 90 days after the fiscal year-end date. - False...

Walk me through the 3 financial statements. - ANS "The 3 major financial statements are the Income Statement, Balance Sheet and Cash Flow Statement. The Income Statement gives the company's revenue and expenses, and goes down to Net Income, the final line on the statement. The Balance Sheet shows the company's Assets - its resources - such as Cash, Inventory and PP&E, as well as its Liabilities - such as Debt and Accounts Payable - and Shareholders' Equity. Assets must ...

You've never worked in finance before. How much do you know about what bankers actually do? - ANS I've done a lot of research on my own. Based on that, I know that bankers advise companies on transactions - buying and selling other companies, and raising capital. They are "agents" that connect a company with the appropriate buyer, seller, or investor. The day-to-day work involves creating presentations, financial analysis and marketing materials such as Executive Summaries....

What are the 3 financial statements, and why do we need them? - ANS The 3 major financial statements are the Income Statement, Balance Sheet, and Cash Flow Statement. The Income Statement shows the company's revenue, expenses, and taxes over a period and ends with Net Income, which represents the company's after-tax profits. The Balance Sheet shows the company's Assets - its resources - as well as how it paid for those resources - its Liabilities and Equity - at a specific ...

Which of the following is false about off-balance-sheet activities? They are an important source of income for some large FIs. They never have any value reflected on the balance sheet. They have to be reported in detail in the FFIEC quarterly call report. They have caused billions of dollars of losses in the past few decades. - ANS They never have any value reflected on the balance sheet Letters of credit are agreements to pay money if an event occurs. They should be consi...

What is generally not considered to be a pre-tax non-recurring (unusual or infrequent) item? - ANS Extraordinary gains/losses what is false about depreciation and amortization - ANS D&A may be classified within interest expense Company X's current assets increased by $40 million from while the companies current liabilities increased by $25 million over the same period. the cash impact of the change in working capital was - ANS a decrease of 15 million the fin...

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