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How to read a Profit & Loss Account and Balance Sheet

Interpret the figures on a profit and loss account and a balance sheet for both businesses and for yourself (personal)
3.8 (6 ratings)
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31 students enrolled
Created by Lisa Newton
Last updated 7/2015
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  • 2 hours on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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The course is about how to read a Profit & Loss Account and Balance Sheet. Learn how to read the numbers for both a business and for individuals i.e. yourself. The principles are still the same and this is what this course teaches you.

We cover terminology such as profit, loss, income, expenses, assets, liabilities and net assets and net cashflow.

If you have to read the numbers on accounting reports, or indeed if you want to read your own financial report card to understand what it means and what is going on, then this course is for you.

There's a video to explain each concept, and the course materials includes an example of a Profit & Loss account and a Balance Sheet and one to download for you to be able to fill in personally.

The course will take approx 1 hour to complete.

It's an ideal course if you are working in the accounts / finance department and/or if you are thinking of embarking on a career in accountancy or bookkeeping and part of your requirement is to produce the accounts and report back to the owners of the firm.

If you are thinking of starting your own business and want to understand what your figures mean and whether or not your business is doing well, and how you can improve upon those numbers, then this course is for you.

We explain the material and then you get an opportunity to fill out your own financial report card for yourself (hence you will need to get access to your bank statements).

This course is useful for everyone who has any money coming into or out of their bank account. Its important to be able to read your own figures, because this indicates how financially healthy you are. Your balance sheet is an immediate snapshot, and we'll show you how you can read the numbers to know whether things are good, or bad, and how you can improve the picture.

Who is the target audience?
  • Business owners, students of accountancy / finance / bookkeeping, budding finance directors and management accountants
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What Will I Learn?
By the end of the course you will be able to read a profit and loss account
By the end of the course you will be able to read a balance sheet
You'll be able to read your own personal profit and loss account and balance sheet
View Curriculum
  • You'll need an interest in accounts
  • You'll need to be prepared to dig out your own bank statements (last 3 months min) so that you can fill in the template
Curriculum For This Course
Expand All 13 Lectures Collapse All 13 Lectures 01:52:40
1 Lecture 02:51
The numbers tell a story
6 Lectures 01:00:01

How to read a profit and loss account.

Preview 10:11

How to read a balance sheet.

How to read a Balance Sheet

Reading the numbers on your own personal profit and loss account.

The Portman Meadow IT Ltd story (PnL)

Portman Meadow IT - Balance Sheet thoughts

Reading the numbers on a sample profit and loss

The Grangeworth Kitchens Ltd story - PNL analysis

Grangeworth Kitchens Balance Sheet - comments
The background
2 Lectures 27:28
Financial language

Effects of accounting adjustments
Number crunching
3 Lectures 17:54
Interpreting the numbers

Portman Meadow IT analysis

Grangeworth Kitchens Ltd analysis
1 Lecture 04:26
Where can you go from here?
About the Instructor
3.9 Average rating
182 Reviews
3,064 Students
80 Courses
Entrepreneur & Serial Author

Lisa Newton BA MSc FMAAT has a masters degree in Investment Management and a first class honours degree in Accounting with Marketing. She formed her first company in 2004 with £150 in the same month of graduating from City University, London UK. Lisa has never had a full time 9 to 5 job in her life. She's a serial entrepreneur and author who holds directorships in various industries including telecoms, property management, publishing, hair & beauty as well as finance. She has won various awards in Business including: Young Entrepreneur of the Year Award 2007, in 2008 Enterprising Business Award, in 2016 BE Mogul Award and has been nominated and shortlisted in numerous others. In 2011 and in 2012 one of her companies won Best Accounting Franchisor Award. In 2015 and 2017 one of her companies won Best Bookkeeping Business London (Accountancy International Awards).

Lisa's books include: How to write a book in two weeks, Constant Cashflow, Make the most of your money, How to start your own bookkeeping business, Cosmic ordering with Vision Boards, How to Franchise Your Business and Quickbooks Online The Handbook. Some of the books are in audio-format on itunes and audible.

Lisa supports the charity The MS Society. A speaker, coach, consultant and an avid networker, Lisa enjoys meeting people and working on projects with like-minded individuals.

In her spare time, Lisa likes traveling, dancing salsa, writing books, learning languages, meditation, yoga and cosmic ordering.

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