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Introduction to Financial Statements

Designed to help lawyers develop their business acumen. Covers the four main financial statements, how different transactions affect them, and how to understand a company’s financial position from its annual report and financials.

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  1. still frame from The Main Financial Statements 16 min

    Introduction to Financial Statements

    An introduction to the four main financial statements, with examples of how the statements are affected by different business transactions.

  2. still frame from Assets 19 min

    Balance Sheets

    An introduction to balance sheets, including an explanation of the balance sheet equation and descriptions of assets, liabilities and shareholders’ equity.

  3. still frame from The Income Statement 15 min

    Income Statements

    The income statement shows whether and how a company made or lost money over an accounting period. This course describes the income statement and the common classifications of revenue and expenses you’ll see on it. It also explains different measures of profitability such as net income, EBIT and EBITDA.

  4. still frame from Structure and the Direct and Indirect Methods 11 min

    Cash Flow Statements

    Cash flow is fundamental to a company’s ability to stay in business. This course explains cash flow statements and how they’re used to track cash from a company’s operating, investing and financing activities.

  5. still frame from How the Statement Works 5 min

    Statements of Shareholders’ Equity

    A walkthrough of a statement of shareholders’ equity, including what events typically cause changes in the value of shareholders’ equity.