Financial Statements are a foreign language.
Covers 26 terms found in the three statements
Look up terms by type of statement or name
Clear explanations of confusing terms
Examples of each
- Financial Statement Analysis | Balance Sheet Basics
- Financial Statement Analysis | Income Statement Basics
- Financial Statement Analysis | Statement of Cash Flows Basics
- Types of Business Entities
- Cash vs Accrual Basis
Yes, it should balance. What else?
Three characteristics of the Balance Sheet
The difference between personal and business
Three types of “value” and which the balance sheet shows
What do they mean by that term?)
Revenue – Expenses = Profits. What else?
How the income statement and balance sheet fit together
Nuances of the income statement equation
Terminology. “Which gross is gross” and other questions.
Three ways a business can increase profits
My personal favorite of the three statements.
DIY when you have the income statement and balance sheet
Five sources of cash flow (and which we want to see)
If they are making money, where is it going?
If they are losing money, how are they covering the shortfall?
Covering Seven Types of Entities
Advantages and disadvantages of each
Forms filed and which of them have choices
Risk exposure of owners and how that mitigates lender risk
How owners get paid (you might be surprised)
An accounting difference that makes a difference
What is the difference between cash and accrual basis?
How does it impact your impression of the business?
Where do you look to see which they are using?
Which is best for the business?
What lenders are saying
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