Bookkeeping Basics – Financial Statements



Every tax preparer and accountant somewhere along the lines needs to have a fundamental basic understanding of bookkeeping in order to ensure they are using the correct numbers when preparing a tax return or otherwise presenting financial information to their client.

Financial Statements

  • Learn the basics of financial statements through a basic overview
  • Learn how the Chart of Accounts is set up to work seamlessly with Financial Statement reporting
  • Understand the Income Statement (or P&L) and Balance Sheet in its construction and layout, and what information it presents
  • Understand the Statement of Cash Flows and see the way it ties the other two financial statements together
  • Discover how understanding financial statements can help in meeting overall financial goals as well as indicating where changes may need to be made
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