How to Read and Interpret Financial Statements

1

Understanding Financial Statements

Learning Objectives By the end of this chapter, you should be able to: • Identify the two major users of accounting information and explain their specific needs. • List the various entities that influence the development of Generally Accepted Accounting Principles (GAAP). • Describe the basic principles of accounting and financial statement preparation. • Explain the differences between financial statements that have been audited as opposed to those that are only reviewed or compiled. • Identify and explain the limitations of financial statements.

INTRODUCTION

The goal of this course is to help you ...