Financial Statements For Beginners

Understanding the Profit & Loss Statement, the Balance Sheet, and the Cash Flow Statement

What you'll learn

The key concepts behind the 3 financial statements

Profit and Loss Statement

Balance Sheet

Cash Flow Statement

Understand how transactions in a business impact each of the financial statements

How the financial statements interact with each other

The difference between GAAP & IFRS accounting

Creation of all 3 financial statements

Requirements

No previous experience is required

Basic understanding of Excel

High School Mathematics understanding

Description

Are you looking to get a better understanding of financial accounts? Take our course and learn the ins and outs of the profit and loss statement, the balance sheet, and the cash flow statement.From explanation of accounting concepts to preparation of the financial statements, this course is very much about learning by doing, as you embark on preparing the 3 financial statements for a fictional business!Get ahead of the game with our fantastic financial statement course today!This course is the ideal option for those that are looking to get some explanation of the structure of the profit and loss statement, the balance sheet, and the cash flow statement. We will also deal with how these financial statements are linked together.The course is perfect for all those outside the finance profession but looked to get some insights into how to understand and prepare the financial statements.· Understand how specific types of financial transactions will affect the company’s financial statements. This includes everything from capitalizing the company, taking loans from banks, buying equipment and stock, making sales, and paying staff salaries. We will even investigate how to account for cash injections, making acquisitions, and making dividend payments.· During this course, you will become familiar with how to prepare basic financial statements.· You will also learn what each specific line means in each of the financial statements, so you won’t be baffled with terminology going forward.Techniques and Methodologies taught:· Difference in accounting standards. GAAP vs IFRS· Reading, interpretation and preparation of the Profit and Loss account (Income Statement), which will provide information around the financial performance during a period of time.· Reading, interpretation and preparation of the Balance Sheet, which provides us with an ‘imperfect’ measure of the net worth of the business· Reading, interpretation and preparation of the Cash Flow Statement, which tells us about the quality of the profit, as well as providing us with useful information about investment and financing for the business.This course is like no other. Sometimes we learn be being told, sometimes we learn by being shown, and other times we learn by doing.In this course you will learn in all three ways, with several assignments and quizzes, where you be able to prepare the financial statements yourself.Most importantly, we will pretend to set up a new company from inception, and capitalize it, lend to it, transact in it, and see how all these transactions impact the P&L, Balance Sheet, and Cash Flow Statement. There is no better way to learn it!The contents to this course can be applied to retail, manufacturing, distributions and a lot more.Modules Included:Module 1 - Overview· Introduction· The difference Between GAAP and IFRS accounting· Introduction to accounting and finance· Financial Reporting: An Introduction· Profit & Loss Statement· Balance Sheet· Cash Flow Statement· Financial Statement NotesModule 2 – Year One Financial Statements· Year One Transactions· Year One Balance Sheet· Year One Profit and Loss Statement· Year One cash Flow StatementModule 3 – Year Two Financial Statements· Year Two Transactions· Year Two Profit and Loss Statement· Year Two Balance Sheet· Year Two Cash Flow StatementModule 4 – Year three Financial Statements· Year Three Transactions· Year Three Cash Flow StatementModule 5 – Year 4 to 10 Financial Statements· Year Four to Ten· Year Four Transactions· Year Four Assignment· Year Four Quiz· Year Four Answers· Year Five Transactions· Year Five Assignment· Year Five Quiz· Year Five Answers· Year Six Transactions· Year Six Assignment· Year Six Quiz· Year Six Answers· Year Seven Transactions· Year Seven Assignment· Year Seven Quiz· Year Seven Answers· Year Eight Transactions· Year Eight Assignment· Year Eight Quiz· Year Eight Answers· Year Nine Transactions· Year Nine Assignment· Year Nine Quiz· Year Nine Answers· Year Ten Transactions· Year Ten Assignment· Year Ten Quiz· Year Ten Answers· Year Ten Cash Flow StatementModule 6 – Conclusions· Financial Statement ConclusionsMultiple downloadable Assignments and Quizzes to help with the calculations.Everything you could possibly need in relation to understanding the financial accounts.Enjoy!

Overview

Section 1: Introduction

Lecture 1 Introduction

Lecture 2 The difference between GAAP & IFRS Accounting Standards

Lecture 3 Introduction to Accounting and Finance

Lecture 4 Financial Reporting: An Introduction

Lecture 5 Profit & Loss Statement

Lecture 6 Balance Sheet

Lecture 7 Cash Flow Statement

Lecture 8 Financial Statement Notes

Section 2: Year One Financial Statements

Lecture 9 Year One Transactions

Lecture 10 Year One Balance Sheet

Lecture 11 Year One Profit & Loss Statement

Lecture 12 Year One Cash Flow Statement

Section 3: Year Two Financial Statements

Lecture 13 Year Two Transactions

Lecture 14 Year Two Profit & Loss Statement

Lecture 15 Year Two Balance Sheet

Lecture 16 Year Two Cash Flow Statement

Section 4: Year Three Financial Statements

Lecture 17 Year Three Transactions

Lecture 18 Year Three Cash Flow Statement

Section 5: Year 4 to 10 Financial Statements

Lecture 19 Year Four to Ten

Lecture 20 Year Four Transactions

Lecture 21 Year Four Answers

Lecture 22 Year Five Transactions

Lecture 23 Year Five Answers

Lecture 24 Year Six Transactions

Lecture 25 Year Six Answers

Lecture 26 Year Seven Transactions

Lecture 27 Year Seven Answers

Lecture 28 Year Eight Transactions

Lecture 29 Year Eight Answers

Lecture 30 Year Nine Transactions

Lecture 31 Year Nine Answers

Lecture 32 Year Ten Transactions

Lecture 33 Year Ten Answers

Lecture 34 Year Ten Cash Flow Statement

Section 6: Conclusions

Lecture 35 Financial Statements Conclusions

Beginners looking to get a better understanding of the key financial statements,Non-financial folk interested in the financial statements,Investors looking to get a better understanding of any business,Small Business Owners,Consultants, Analysts, Advisors