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

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