Core Financial Statement Concepts

Explore the components of assets, liabilities and equity and varying formats of presentation.Identify what “balancing” the balance sheet means.Discover the relationship to income statement components.Identify what comprises revenue.Explore varying types of income statements.Identify expenditures.Recognize Net Income/Loss and flow through to balance sheet.Explore why the cash flow statement is king.Discover what the cash flow statement tells the company.Recognize how the cash flow statement links to the balance sheet and income statements.Accountants and finance personnel are schooled in the basics of the concept of financial statements during their educational years. The focus is often on the calculations, format and purposes of the statements. Once professionals enter the working world they find that the financial statements are truly an integral tool for managing and monitoring the financial health of an organization.This course is focused on discussing the concepts of the primary financial statements utilized at every company: balance sheet, income statement, cash flow statement and retained earnings statements. Many professionals feel uncomfortable with trying to read and interpret the financial statements. In reality, if you can read a nutrition label you can learn to read the financial statements.Rather than focus on the computations and tactics of each of the statements, we will cover the important concepts of how the statements interact and relate to each other providing management with the critical information needed to manage financial stability of their organization. It is important professionals recognize that no one statement tells the complete story, but combined they provide a powerful tool for management.If you would like Continuing Education Credit (e.g. CPE, CE, CPD, etc.) for this course, it is available if you take this course on the Illumeo dot com platform under course title: Critical Concepts to Understand on the Balance Sheet, Income Statement, Cash Flow and Retained Earnings. Illumeo is certified to provide CPE in over two dozen different professional certifications covering finance, accounting, treasury, internal audit, HR, and more. However, in order to receive CPE credit the courses must be taken on an ‘approved-by-the-governing-body’ CPE platform, and for over two dozen corporate professional certifications, that is the Illumeo platform. Go to Illumeo dot com to learn more.Who this course is for:Anyone interested in accounting, finance, and related fields.