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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.
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|Section 1: Introduction|
|Section 2: Accounting Definitions|
Debits and CreditsPreview
Difference Between Cash and ProfitPreview
What is GAAP?
|Section 3: Statement of Income|
What is an Income Statement?
What is Gross Profit?
Net Income from Operations
|Section 4: Statement of Retained Earnings|
What is a Statement of Retained Earnings?
Prior Period Adjustments
Dividends Distribute Net Income
Transfers to Holding CompanyPreview
|Section 5: Statement of Cash Flow|
What is a Statement of Cash Flow?
Cash Flow Sources
Cash Flow Distribution
What does EBIT Mean?
|Section 6: Balance Sheet|
What is a Balance Sheet?
What Happened to my Outstanding Checks?
What are Prepaid Expenses?
How is Inventory Valued?
What are Receivables, trade?
Why is Accumulated Depreciation deducted from Cost of Assets?
What are Payables and Accruals?
Why does my Balance Sheet not have Goodwill Showing?
What are Intangibles?
What are Notes Payable?
What is included in Taxes Payable?
What is Unearned Revenue?
Where will my Loan to the Company Show?
What does Authorized Share Capital Mean?
What are Notes to Financial Statements?
|Section 7: Your Accountant's Year End Services|
Why use a Licensed Public Accountant?
|Section 8: Third Parties|
How can the Owner check the Accuracy of his or her Business Financial Statements
Buyers Interests and Concerns
Tax Auditors Interests
How Transactions affect Financial Statements
Accrual System and Cash System
How does Foreign Exchange affect Financial Statements
Fiscal Year End vs Calendar Year End
Legal Structure of a Business affects Financial Statement Presentation
QuickBooks Financial Statements
Difference Between Tax Reports and Financial Statements
|Section 9: Important Financial Indicators|
What are Financial Ratios?
Earnings per Share
Return on Equity
|Section 10: Conclusion|
This Concludes the Course
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.