Reading & Understanding Basic Financial Statements …make better use of the information in financial statements



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Reporting and Financial Statements 1

Reading & Understanding Basic Financial Statements …make better use of the information in financial statements

Lewis & Knopf CPAs, P.C.

  • AICPA
  • MACPA
  • Builders Association of Metro Flint
  • Flint, Fenton & Grand Blanc Chambers of Commerce
  • West Flint Business Association

Lewis & Knopf CPAs, P.C.

  • Services Include:
  • Profitability and Efficiency Analysis
  • Projections and Business Plans
  • Business Valuations
  • Auditing & Assurance
  • Estate and Gift Planning
  • Tax Planning and Preparation
  • Traditional Accounting, Bookkeeping and Payroll Services

Agenda

  • Purpose of financial statements
  • The Balance Sheet
  • The Income Statement
  • Statement of Retained Earnings
  • Statement of Cash Flows
  • Notes to the financial statements
  • Fundamental concepts and assumptions
  • Accrual vs. cash-basis accounting
  • Standards for comparison
  • Tools of analysis

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