Mastering Financial Statements: Essential Reading Guide
This is the CitePep accuracy record for “Mastering Financial Statements: Essential Reading Guide”, published by When Notes Fly. It lists every change experts checked and accepted on that page.
Mastering financial statements means reading the income statement, balance sheet, and cash flow statement together to reveal a company's condition.
What has been corrected on this page?
Every accepted correction to this page is recorded with the exact change, so readers can see how the page improved over time.
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Corrected one factual error: quarterly 10-Q filings are not audited (they are reviewed but not audited by the company's outside auditor); only the annual 10-K includes fully audited financial statements.
Corrected the claim that both filing types 'include audited financial statements.' The current-ratio ('above 1.5 is generally healthy, though this varies by industry') and free-cash-flow (correctly noted as not a GAAP line item, calculated from operating cash flow minus capital expenditures) sections were already appropriately qualified and accurate.
What the page claimedThe article stated that both 10-Q quarterly and 10-K annual SEC filings include audited financial statements.
What was correctedCorrected the claim to note only the annual 10-K includes fully audited financials, while the 10-Q is reviewed but not audited.
Why: This is a standard, well-documented distinction in SEC reporting requirements. Correction fixes the factual error rather than adding new sources.
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Who checked this page?
1 contributor has checked "Mastering Financial Statements: Essential Reading Guide" on When Notes Fly. Each name below links to that person's public CitePep profile, where every contribution they have made is listed with the exact change they proposed.