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On Demand
Basic

Understanding Financial Statements

1h 29m

Created on July 16, 2015

Beginner

Overview

Understanding financial statements is an integral part of an attorney’s practice from advising a client in a divorce to running your own practice. This course, presented by attorney Steve Pipenger, explores three aspects of accounting and bookkeeping for you and your clients.

 

First, Steve discusses basic accounting and bookkeeping to understand where financial statements come from, basing the inquiry on the "magical" Assets = Liabilities + Equity equation.

 

Mr. Pipenger then offers an in-depth analysis at the three main financial statements: the balance sheet, the income statement and the cash flow statement (often called the P/L or profit and loss statement). Steve explores the differences between them, what a person can learn from them, and the variations in how the creator of the financial statements can present the information.

 

In addition, Steve looks at ways to analyze and interpret these statements and the numbers therein, including a discussion on ratio analyses.

 

Learning Objectives:

I.    Explore financial flows

II.   Identify the basic differences in financial statements

III.  Summarize what to look for when analyzing statements

IV.  Recognize each aspect of the statement

V.   Understand certain types of financial ratios within their proper context 

 

 

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