Financial Statements: A Step-by-Step Guide

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Busy Accountant - The Best Books Reviews

Busy professional

33 episodes

4 days ago

Join AIra and AIlex as they explore must-read books for accounting professionals! Each episode breaks down key insights and practical strategies from the most impactful and up-to-date books in the world of accounting and finance. Whether you're a public accountant, corporate controller, tax advisor, or auditor, this podcast helps you stay sharp, compliant, and competitive—without the time drain. From financial reporting and tax strategy to ethics, automation, and career growth, you'll get expert summaries tailored to the realities of busy accounting professionals.

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Financial Statements: A Step-by-Step Guide

Busy Accountant - The Best Books Reviews

25 minutes 14 seconds

1 month ago

Financial Statements: A Step-by-Step Guide

Thomas Ittelson's "Financial Statements: A Step-by-Step Guide" offers a comprehensive and accessible introduction to understanding and creating financial reports, requiring no prior accounting knowledge. The book explains the purpose and structure of the income statement (profit or loss over a period), the cash flow statement (cash inflows and outflows), and the balance sheet (assets, liabilities, and equity at a specific point in time). Through clear explanations and a hypothetical company example, AppleSeed Enterprises, the text covers fundamental accounting principles, the construction and analysis of these key statements, and also explores topics like nonprofit accounting, financial ratios, alternative accounting policies, and potential for fraud. Furthermore, the guide extends into business expansion strategies, risk management, the time value of money, and making informed investment decisions.

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