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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
This is an excellent first primer on Financial management. as well as covering the basic accounting structures, the book expands the presentation using meaningful and continuous... Read morePublished 1 month ago by Amazon Customer
The very basics only. This book might be a good choice for someone with zero financial knowledge who's looking for an introduction to accounting, but do not expect much in the way... Read morePublished 2 months ago by Jaroslav Tuček
Great book - best way to learn. Works through a startup manufacturer, stock issue and purchase expansion. Read morePublished 2 months ago by Amazon Customer