Understanding Financial Statements

Event description

This workshop begins with a summary discussion of accounting terms, their definition, and basic accounting rules. The value of other numeric but not dollar information is noted as well.  It then discusses the difference between accrual and cash accounting methods, with examples. With that information as background, it focuses on the three standard financial statements of Balance Sheet, Profit and Loss (Income), and Cashflow in detail. The value and use of comparative statements to help management actively monitor and control the business’ financial situation is then discussed.