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Financial Statements: A Step-by-Step Guide to Understanding and Creating Financial Reports Paperback – August 15, 2009
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From the Back Cover
"Buy this book first."
"Perfect for budding entrepreneurs!"
"Makes a complicated subject seem like child's play."
"A masterpiece for non-financial managers."
"The best book available on the subject."
About the Author
Top Customer Reviews
This book - a must on every manager’s shelf - adds value by providing clear and concise definitions and relates them visually. The chapter on connections ties a lot of information together with such ease. Above all the step by step examples go a long long way into clarifying any remaining confusion you'd have. It is very easy to read. You'd probably finish it over a weekend. So it is tremendous bang for buck.
Clearly the first introductory book one should read. There are plenty of good books for the next level (IMHO).
**_Simply go get it - read it. Enjoy the clarity in your decision making. Highly recommended._**
Here is a list of books that might also help.
1. Financial statements (Thomas Ittelson, this book)
2. How to use financial statements: A guide to understanding the numbers (James Bandler)
3. How to read a financial report: wringing vital signs out of numbers (John A. Tracy)
4. Financial Statement Analysis: the investors self study to interpretting & analyzing financial statements, revised edition (Charles J. Woelfel)
5. Analysis For Financial Management (Robert C. Higgins) - This is one excellent book.
6. Techniques Of Financial Analysis: A Modern Approach (Eric A. Helfert)
7. Finance & Accounting for Nonfinancial Managers (Steven A. Finkler)
7.Read more ›
Ittelson has a gift that few experts have. He anticipates all my newbie/beginner stupid questions. Here I am on page 169 wondering why paying payroll taxes doesn't show up on the Income Statement. Sure enough, right after I've wondered to myself why there is no transaction on the Income Statement, I see his note explaining that these payroll tax expenses were put on the Income Statement when the goods were shipped, "not when the actual payment is made."
As soon as the little voice in my head asks, "But why did they do it *this* way?" Ittelson gives me the answer.
I give Ittelson a lot of credit for this. After you've studied something for years, as he clearly has, it's often almost impossible to see the subject with the eyes of a beginner. Believe me, I'm a teacher, I know how difficult it can be.
The first part of the book examines the three basic statements line-by-line: Income Statement, Cash Flow Statement, and Balance Sheet.
The largest part of the book sounds incredibly dry and dull. Each even-numbered page displays all three financial statements: Income Statement, Cash Flow Statement, and Balance Sheet. The odd-numbered page explains a business transation: paying payroll taxes, for example. The transaction's impact on the three financial statements is displayed on the even-numbered page.
Believe it or not, Ittelson makes it interesting to read about these business transactions. He creates a narrative about starting a business and running it. Along the way, he offers a few humorous pearls of business wisdom.Read more ›
I am no longer in the financially confused majority, largely thanks to this book. The author's education is in biochemistry (as is my undergraduate education), and because he originally came from the hard sciences where clarity and accuracy are valued above all else he was better able to be clear and easy to understand in comparison to many business school authors who seem to thrive on jargon and platitudes.
This is a great book to have on the reference shelf. If you are involved with business finance or investment analysis it is simply the best book available on the subject and should be considered indispensable!
Almost 60% of this book is formatted in a way that relies on you having two opposing pages. The idea is that on the right page you read a description of a transaction that a company makes, while on the opposing left page you see how that same transaction is tabulated in the relevant financial statements.
The problem with the kindle is that you only have one page. So you first see how an entry is made on the Balance Sheet/Cash Flow Statement/Income Statement , then, after skipping the page, you read about the transaction the company made to affect those changes. So in a way it's like your friends telling you what they think of a movie before you actually watch the movie to know what they're talking about.
In other words, do buy this book, but not on a kindle..
Most Recent Customer Reviews
Enjoyed reading through this clearly illustrated book on basic accounting principles. With the "lingo" of accounting explained, this sets a good foundation for the reader... Read morePublished 6 days ago by SI
Great book. Perfect for begginers.
If you are looking for a very detail book, don't buy this one.
This book was helpful, because it explained the financial formulas and gave examples too.Published 11 days ago by Monique
Bought this book to get an idea of financial statements. Good to get a general idea.Published 18 days ago by Tommy Cvetanovski
I was glad I purchased this book. The concepts that I had difficulty absorbing in my class textbooks was broken down so simply in the text that someone who had no idea what... Read morePublished 28 days ago by Amazon Customer
I bought this particular e-book for light reading on the plane but I saw some amazing and easy to understand contents. Read morePublished 29 days ago by Josh Yod-Oon
Excellent text teaches financial business structure with true to (business) life considerations, examples and explanations. Read morePublished 1 month ago by Mark_Fr