Understanding Your Financial Statements, Four New Lessons in Course 3 from schoolofbookkeeping.com

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We’ve been working hard to deliver more amazing content for schoolofbookkeeping.com. Over the weekend, we completed these four lessons within our course Understanding Your Financial Statements. We hope you enjoy them!

Understanding Your Financial Statements – An Overview

March 12th, 2014 | by Seth David “aka” Nerd

With Our Bookkeeping Fundamentals Course in place it makes sense to talk about financial statements now. The financial statements are the ultimate output based on the bookkeeping which is the input. It is really important for…

Section 1 – The Profit and Loss Statement

March 12th, 2014 | by Seth David “aka” Nerd

Every business owner I have ever worked with has wanted to look at their profit and loss statement. Essentially they are asking me how much money they made and my response to that is you’re asking the wrong question. The profit…

Section 2 – The Balance Sheet

March 12th, 2014 | by Seth David “aka” Nerd

We have three sections to be concerned with here: Assets Liabilities Equity Simply put (many of us know this already) Assets are the things we “own,” Liabilities are things we “owe,” and Equity is the difference – the…

2-1. The Balance Sheet – Asset Accounts

March 12th, 2014 | by Seth David “aka” Nerd

Asset accounts are the things we own or have rights to. Watch the video to see how I like to explain and analyze the various types of assets. Back to course index Previous Lesson Next…

2-2. The Balance Sheet – Liabilities

March 12th, 2014 | by Seth David “aka” Nerd

The liabilities are the opposite of assets. They’re the things we owe, and like the assets when we review a balance sheet it’s important to understand how these accounts relate to the other accounts on both the…

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