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Financial Statements, Third Edition: A Step-by-Step Guide to Understanding and Creating Financial Reports (Over 200,000 copies sold!) (Paperback)
Thomas R. Ittelson’s master work for entrepreneurs, non-financial managers, business students, lawyers, lenders, and investors—the bestselling book of its kind, with over 200,000 copies in print—has gotten even better with this 20th anniversary edition.
Ittelson is an expert at translating complicated financial topics in an accessible way for non-financial audiences. In this book, he empowers readers by clearly and simply demonstrating how the three major accounting statements interact to offer a snapshot of a company's financial health.
This book teaches readers how to use specialized accounting vocabulary and makes accessible the structure and purpose of the three major numeric statements that describe a company’s financial condition. Each statement paints a different and essential picture—the “three-legged stool” of company reporting:
The income statement shows the manufacturing (or service offerings) and selling actions of the company that result in profit or loss during a period. It gives a very important perspective on the company’s performance, its profitability.
The cash flow statement details cash into and out of the company for a period. You need money to make money. Running out of cash is bad. Duh.
The balance sheet records at the end of a period, an instant in time, what the company owns and what it owes, including the owners’ stake, called shareholders’ equity.
With two new major topic sections (nonprofit organization accounting and pricing theory for profitability) and spot color reformatting to improve comprehension, this third edition of Financial Statements is simply the clearest and most comprehensive introduction to financial reporting available. No accounting background is required.
About the Author
Thomas R. Ittelson is a scientist, businessman, author, and teacher with many years of hands-on experience in business development and marking for technical companies. As a consultant to entrepreneurs, Ittelson has written business plans and prepared financial projections that have helped raise more than $500 million in start-up equity capital. Financial Statements was born from the author's efforts to teach client entrepreneurs how to design and use financial statements in their start-up businesses.
“After reading Financial Statements, executives will no longer have to pretend that they understand what financial statements mean. A great introductory book." - Timothy D. MacLellan, CPA, PFS, partner, Morgan & Morgan, PC — Timothy D. MacLellan
"Finally, a handbook that takes the mystery out of accounting principles. I recommend this book to any ‘non-financial’ type who sits at the head of the table?boardroom or kitchen.' - Margi Gandofi, vice president, strategic programs/clinical services, New York Blood Center — Margi Gandofi
"I wish this book were around when I started my first company. The entrepreneur can learn in one evening’s reading what it took me two years of learning-by-doing!"” - Gordon B. Baty, partner, Zero Stage Capital — Gordon B. Baty