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Financial Statements for Beginners

  • Understanding the Profit & Loss Statement, the Balance Sheet, and the Cash Flow Statement
  • New
  • Rating: 3.9 out of 53.9 (2 ratings)
  • 342 students
  • 1hr 46min of on-demand video
  • Created by Daniel Keating
  • English

What you’ll learn

  • The key concepts behind the 3 financial statements
  • Profit and Loss Statement
  • Balance Sheet
  • Cash Flow Statement
  • Understand how transactions in a business impact each of the financial statements
  • How the financial statements interact with each other
  • The difference between GAAP & IFRS accounting
  • Creation of all 3 financial statements


  • No previous experience is required
  • Basic understanding of Excel
  • High School Mathematics understanding


Are you looking to get a better understanding of financial accounts? Take our course and learn the ins and outs of the profit and loss statement, the balance sheet, and the cash flow statement.

From explanation of accounting concepts to preparation of the financial statements, this course is very much about learning by doing, as you embark on preparing the 3 financial statements for a fictional business!

Get ahead of the game with our fantastic financial statement course today!

This course is the ideal option for those that are looking to get some explanation of the structure of the profit and loss statement, the balance sheet, and the cash flow statement. We will also deal with how these financial statements are linked together.

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The course is perfect for all those outside the finance profession but looked to get some insights into how to understand and prepare the financial statements.

Β· Understand how specific types of financial transactions will affect the company’s financial statements. This includes everything from capitalizing the company, taking loans from banks, buying equipment and stock, making sales, and paying staff salaries. We will even investigate how to account for cash injections, making acquisitions, and making dividend payments.

Β· During this course, you will become familiar with how to prepare basic financial statements.

Β· You will also learn what each specific line means in each of the financial statements, so you won’t be baffled with terminology going forward.

Techniques and Methodologies taught:

Β· Difference in accounting standards. GAAP vs IFRS

Β· Reading, interpretation and preparation of the Profit and Loss account (Income Statement), which will provide information around the financial performance during a period of time.

Β· Reading, interpretation and preparation of the Balance Sheet, which provides us with an β€˜imperfect’ measure of the net worth of the business

Β· Reading, interpretation and preparation of the Cash Flow Statement, which tells us about the quality of the profit, as well as providing us with useful information about investment and financing for the business.

This course is like no other. Sometimes we learn be being told, sometimes we learn by being shown, and other times we learn by doing.

In this course you will learn in all three ways, with several assignments and quizzes, where you be able to prepare the financial statements yourself.

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Most importantly, we will pretend to set up a new company from inception, and capitalize it, lend to it, transact in it, and see how all these transactions impact the P&L, Balance Sheet, and Cash Flow Statement. There is no better way to learn it!

The contents to this course can be applied to retail, manufacturing, distributions and a lot more.

Modules Included:

Module 1 – Overview

Β· Introduction

Β· The difference Between GAAP and IFRS accounting

Β· Introduction to accounting and finance

Β· Financial Reporting: An Introduction

Β· Profit & Loss Statement

Β· Balance Sheet

Β· Cash Flow Statement

Β· Financial Statement Notes

Module 2 – Year One Financial Statements

Β· Year One Transactions

Β· Year One Balance Sheet

Β· Year One Profit and Loss Statement

Β· Year One cash Flow Statement

Module 3 – Year Two Financial Statements

Β· Year Two Transactions

Β· Year Two Profit and Loss Statement

Β· Year Two Balance Sheet

Β· Year Two Cash Flow Statement

Module 4 – Year three Financial Statements

Β· Year Three Transactions

Β· Year Three Cash Flow Statement

Module 5 – Year 4 to 10 Financial Statements

Β· Year Four to Ten

Β· Year Four Transactions

Β· Year Four Assignment

Β· Year Four Quiz

Β· Year Four Answers

Β· Year Five Transactions

Β· Year Five Assignment

Β· Year Five Quiz

Β· Year Five Answers

Β· Year Six Transactions

Β· Year Six Assignment

Β· Year Six Quiz

Β· Year Six Answers

Β· Year Seven Transactions

Β· Year Seven Assignment

Β· Year Seven Quiz

Β· Year Seven Answers

Β· Year Eight Transactions

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Β· Year Eight Assignment

Β· Year Eight Quiz

Β· Year Eight Answers

Β· Year Nine Transactions

Β· Year Nine Assignment

Β· Year Nine Quiz

Β· Year Nine Answers

Β· Year Ten Transactions

Β· Year Ten Assignment

Β· Year Ten Quiz

Β· Year Ten Answers

Β· Year Ten Cash Flow Statement

Module 6 – Conclusions

Β· Financial Statement Conclusions

Multiple downloadable Assignments and Quizzes to help with the calculations.

Everything you could possibly need in relation to understanding the financial accounts.


Who this course is for:

  • Beginners looking to get a better understanding of the key financial statements
  • Non-financial folk interested in the financial statements
  • Investors looking to get a better understanding of any business
  • Small Business Owners
  • Consultants, Analysts, Advisors

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Course content

6 sections β€’ 19 lectures β€’ 1h 45m total lengthCollapse all sections

Introduction8 lectures β€’ 31min

  • Introduction00:58
  • The difference between GAAP & IFRS Accounting Standards04:41
  • Introduction to Accounting and Finance02:06
  • Financial Reporting: An Introduction05:18
  • Profit & Loss Statement02:58
  • Balance Sheet07:41
  • Cash Flow Statement03:48
  • Financial Statement Notes03:28

Year One Financial Statements4 lectures β€’ 27min

  • Year One Transactions13:48
  • Year One Balance Sheet03:45
  • Year One Profit & Loss Statement04:13
  • Year One Cash Flow Statement05:01

Year Two Financial Statements4 lectures β€’ 23min

  • Year Two Transactions11:40
  • Year Two Profit & Loss Statement01:36
  • Year Two Balance Sheet07:12
  • Year Two Cash Flow Statement02:20

Year Three Financial Statements2 lectures β€’ 23min

  • Year Three Transactions17:17
  • Year Three Cash Flow Statement06:12

Year 4 to 10 Financial Statements0 lectures β€’ 0min

  • Year Four Assignment1 question
  • Year Five Assignment1 question
  • Year Six Assignment1 question
  • Year Seven Assignment1 question
  • Year Eight Assignment1 question
  • Year Nine Assignment1 question
  • Year Ten Assignment1 question

Conclusions1 lecture β€’ 2min

  • Financial Statements Conclusions01:50

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