How to Read Financial Statements

A practical course based on over 25 years of actual experience teaching Entrepreneurs how to read financial statements.
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Instructed by John Whiteley Business / Finance
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  • Lectures 59
  • Length 2 hours
  • Skill Level Beginner Level
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
    Certificate of Completion
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About This Course

Published 8/2015 English

Course Description

This How to Read Financial Statements training will introduce the student and/or entrepreneur to the meaning behind the terms and descriptions included in the financial statements for small business entities. The author, John Whiteley, CPA has taken a practical approach to explaining the objective and content of the financial statements, based on his 25 years, plus, experience serving small business clients in all types of industries.

The busy entrepreneur will be able to quickly complete the course as well as find answers to specific questions about a financial statement.

The course contains 66 brief individual lectures which are grouped into eight different sections, including accounting definitions, income statement, retained earnings, cash flow, accountant's year end services, third party interests and financial indicators. The course expands on the areas of interest by the different third parties, including entrepreneurs, business owners, lenders, IRS and investors.

Each of the major financial statements types, is examined as to its content and the significant information conveyed to the reader.

Upon completion of the course, the student should have a better understanding of the information provided by financial statements and will be able to arrive at a more informed decision as to the financial position and operating status of a small business corporation.

What are the requirements?

  • Desire to understand small business financial statements

What am I going to get from this course?

  • Understand the meaning of financial statements

What is the target audience?

  • Small business owners, potential business buyers, lenders and investors

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Introduction
Introduction
Preview
02:06
Section 2: Accounting Definitions
Accounting Equation
Preview
02:24
Debits and Credits
Preview
03:42
Difference Between Cash and Profit
Preview
02:10
What is GAAP?
02:08
Section 3: Statement of Income
What is an Income Statement?
03:44
What is Gross Profit?
00:44
Net Income from Operations
00:49
Depreciation
04:32
Section 4: Statement of Retained Earnings
What is a Statement of Retained Earnings?
01:19
Prior Period Adjustments
01:31
Dividends Distribute Net Income
02:44
Transfers to Holding Company
Preview
01:47
Section 5: Statement of Cash Flow
What is a Statement of Cash Flow?
01:26
Cash Flow Sources
01:14
Cash Flow Distribution
00:55
What does EBIT Mean?
00:23
Section 6: Balance Sheet
What is a Balance Sheet?
01:40
Assets Explained
02:21
Liabilities Explained
02:12
Equity Explained
03:41
What Happened to my Outstanding Checks?
00:56
What are Prepaid Expenses?
00:46
How is Inventory Valued?
02:08
What are Receivables, trade?
00:34
Why is Accumulated Depreciation deducted from Cost of Assets?
00:30
What are Payables and Accruals?
01:18
Why does my Balance Sheet not have Goodwill Showing?
00:55
What are Intangibles?
00:32
What are Notes Payable?
00:31
What is included in Taxes Payable?
01:31
What is Unearned Revenue?
00:31
Where will my Loan to the Company Show?
01:30
What does Authorized Share Capital Mean?
01:02
What are Notes to Financial Statements?
00:34
Section 7: Your Accountant's Year End Services
Why use a Licensed Public Accountant?
04:32
Compilation
01:12
Review
00:59
Audit
01:12
Section 8: Third Parties
How can the Owner check the Accuracy of his or her Business Financial Statements
05:08
Lenders Concerns
02:05
Buyers Interests and Concerns
02:04
Tax Auditors Interests
03:25
Business Valuation
01:34
How Transactions affect Financial Statements
01:59
Accrual System and Cash System
01:19
How does Foreign Exchange affect Financial Statements
01:41
Fiscal Year End vs Calendar Year End
01:04
Legal Structure of a Business affects Financial Statement Presentation
05:28
QuickBooks Financial Statements
02:02
Difference Between Tax Reports and Financial Statements
02:56
Section 9: Important Financial Indicators
What are Financial Ratios?
00:26
Profitability Ratios
02:54
Debt Ratios
01:19
LIquidity Ratios
02:32
Inventory Turnover
00:55
Earnings per Share
01:21
Return on Equity
01:16
Section 10: Conclusion
This Concludes the Course
01:02

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Instructor Biography

John Whiteley, Certified ProAdvisor for QuickBooks Online and CPA

John Whiteley is a CPA (also a Certified General Accountant and Certified Management Accountant from Canada) and Certified Pro Advisor for QuickBooks Online. He has also completed the Chartered Financial Planning program and holds a Bachelor of Commerce degree from the University of Moncton.

John has provided public accounting, tax and consulting services to small business owners for over 25 years to clients across Canada. He has trained hundreds of clients on accounting software including QuickBooks, Simply Accounting, AccPac and DacEasy. He has setup accounting systems for small business clients during his public accounting career in Calgary, Edmonton and Moncton.

John Whiteley owned and operated a computer software training business franchise (Academy of Learning) from 1994 to 1997 which trained students in accounting software, database software, bookkeeping, and Microsoft office products. The method of training was self-paced with use of manuals, audio, relative computer programs and facilitators.

John has authored kindle books on QuickBooks Pro as well as QuickBooks Online.

John Whiteley currently consults with clients on a one to one basis helping them improve their QuickBooks accounting system as well as teaching QuickBooks posting and reporting procedures. John has also created customized training manuals, including QuickBooks procedures, for small business owners.

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