Financial Statement Basics: Balance Sheets, Income Statements and Cash Flow (Currently Unavailable)

Author: Linda Keith

CPE Credit:  2 hours for CPAs

Financial statements can be like puzzles. They fit together in certain ways, and without all the pieces, it is difficult to see clearly what they depict. Yet, the stated purpose of financial statements is to allow users of those statements to analyze, understand, and act.

This course sets the foundation for all financial statement analysis topics. Linda Keith, an experienced CPA, business owner, bank consultant and lending trainer describes each of the three main statements: the Balance Sheet, Income Statement and Statement of Cash Flows. Her no-nonsense approach and terminology cuts through the often-shrouded world of financial statement analysis and clarifies the significant differences between personal and business financial statements.

Publication Date: September 2012

Designed For
Practicing CPAs, CPAs in industry responsible for preparing, explaining or understanding financial statements of their organization,and Business Lenders.

Topics Covered

  • Balance Sheet Format and terminology
  • Income Statement Format and terminology
  • Statement of Cashflows Format and terminology
  • Differences between business and personal statements
  • How the 3 statements fit together

Learning Objectives

  • Identify the basic statements and how they are interrelated
  • Classify assets and liabilities into appropriate categories on a business balance sheet
  • Recognize fair market, liquidation and book value
  • Identify examples of intangible assets
  • Identify Goodwill
  • Recognize entities that will show Cost of Goods Sold on the Income Statement
  • Distinguish between Gross Receipts and Gross Profit
  • Distinguish between the difference between Cash Flows from Operations, Investing and Financing
  • Verify the results to the accompanying balance sheet

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None

">
 Chat — Books Support