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Basic Question 1 of 18

Which one of the following is the best resource for an analyst who wants to find management's explanations for changes in financial and operating data, as well as management's assessment of future opportunities and risks?

A. Annual proxy statements
B. Management discussion and analysis
C. Financial statements

User Contributed Comments 2

User Comment
garethdav I thought they state 10Q?
pamela The 10Q is an interim report (quaterly) whilst a 10k is an annual report thus the best for analyst to use as it encompasses all the information that the 10Q produced during the year will have.
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Colin Sampaleanu

Colin Sampaleanu

Learning Outcome Statements

describe the importance of regulatory filings, financial statement notes and supplementary information, management's commentary, and audit reports

describe information sources that analysts use in financial statement analysis besides annual and interim financial reports

CFA® 2025 Level I Curriculum, Volume 2, Module 1.