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Understanding Financial Statements

Seminar: ID# 1003649
Understanding Financial Statements

Agenda

First Things First — Basic Accounting Principles for Non-Financial Professionals
  • How to use general accounting terminology (GAAP) like a pro
  • Become familiar with the underlying assumptions accountants use when preparing financial statements: historical cost, revenue recognition, matching principles, product costs, period costs, full disclosure, conservatism, materiality, and accrual accounting
  • What the FASB, SEC, and AICPA are and how they govern accounting methods
  • Two primary groups who are users of financial information — who they are, what they need to know
  • The difference between managerial accounting and financial accounting
The Balance Sheet
  • Discover what a balance sheet is, and what sets it apart from other financial statements
  • Decipher how accounts are classified within the balance sheet
  • "Current," "fixed," and "other" assets — what they are, how to assess their value to the company
  • Use comparative analysis to analyze an organization's financial picture over a specified period of time
The Income Statement
  • Identify the components of a classified income statement
  • Understand why tax expense on the income statement is not always the same as taxes paid during the year
  • Distinguish gains and losses categorized as "extraordinary" and how they are reflected on the income statement
  • Cost of Goods Sold — learn what this means to an analysis of expenses
  • Learn how to determine gross profit, compare to net profit, and draw conclusions about a company's operating environment
Understanding and Analyzing Financial Statements
  • What financial statements can't tell you — review the limitations of financial analysis
  • Using horizontal analysis to determine increases or decreases in income, profits, and expenses
  • Using vertical analysis to compare individual income and expense amounts with net sales
  • An introduction to ratio analysis
  • Using ratios to determine profitability: proven formulas for net profit margin, net operating margin, return on assets, return on equity, earnings per share, and more!
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Understanding Financial Statements
Pricing: $249.00
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