Understanding financial statements

Cover the basics around the terms and concepts of financial statements.

Time frame: 60 mins

Learning objectives for participants:

  • review and understand financial statements
  • be able to ask informed questions of financial professionals

Outline:

  • How’s the business doing?
  • Did we make money this year?
  • What does my P&L tell me?
  • Why do I need a balance sheet?
  • Where is my cash coming from?
  • Where is my cash going to?
  • Why isn’t my cash equal to my profit?

Learning Materials:

  • Profit and Loss Statement — gives operating results for a specific period
  • Balance Sheet
    • shows the assets, liabilities, and capital of a business or other organization at a particular point in time
    • details the balance of income and expenditure over the preceding period
  • Cash Flow Statement
    • shows how changes in balance sheet accounts and income affect cash and cash equivalents
    • breaks analysis down to operating, investing and financing activities

Questions?

For questions, please email us.

Request a session

Want a session in your area? We will provide a CPA volunteer to lead the session with a prepared presentation, activities, handouts and worksheets. Note: If more than one session is needed, please fill out a second form and submit. Eight weeks’ notice is needed to set up a session.

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Highlights

Chartered Professional Accountants of Canada (CPA Canada) annually offers its views on priorities for the federal budget. Review past submissions of pre-budget briefs and consultations, and post-budget release opinions and commentary.

Our Firm Directory allows you to search for Canadian CPA firms using our interactive map as well as other criteria.

Jointly presented by CPA Canada and CPA Ontario, The ONE is the must-attend, multi-track event of the year, designed for all CPAs who want to be at the top of their game.