How to Read and Understand Financial Statements
Details
Whether you are an executive, manager or professional, you may need to evaluate a customer, plan new projects or policies, or simply deal with the financial aspects of your role. To be effective you'll have to be able to show the business consequences of your analysis or what you propose. You'll want to be able to use the language of accounting.v
This course is designed to give you a working knowledge of the concepts on which accounting is based. You won't learn to keep the books, but you will learn to really understand what financial reports say. You'll learn enough basic terminology to be able to carry on an intelligent discussion of financial implications of your work.
The course is intended to give you the ability to anticipate how others in management will attempt to evaluate your work. It will equip you to understand alternatives and make enlightened choices.
What you will learn
- Understand basic principles of financial measurements and reporting
- Learn key vocabulary such as the difference between expense and expenditure
- Read and understand an income statement
- Read and understand a balance sheet
- Read and understand a cash flow statement
- Apply key concepts such as "revenue recognition" to your everyday work
Who should participate
Sales, marketing and product management professionals who wish to enlarge the scope of their responsibilities should be armed with the understanding that this practical course can provide.
Executives who need to make decisions that impact financial results of an organization will find a new awareness and understanding.
Research, Development, Engineering and Technical Support professionals who want to broaden their understanding of business as an aid to increased effectiveness can profit from this exposure.
Accounting or finance professionals who have not had formal training will find this course to be a great launching platform.
Outline
- Entity, Money Management, and Dual Aspect Concepts
- The Balance Sheet
- Assets, Liabilities, and Equity
- Going Concern Concept
- Implications of "going concern" on inventory
- Income Statements
- Terminology: orders, backlog, sales
- Terminology: expense versus expenditure
- Terminology: margin, profit, income, earnings
- Conservatism and Matching Concepts
- Exercises in matching expenses to sales
- Cost concept for assets
- Exercises on costs
- Materiality Concept
- Exercises on materiality
- Realization (Revenue Recogntion) concept
- Operating pitfalls in revenue recognition
- Cash Flow Statement
- Cash flow as the life blood of a business
Speaker/s
Mr. Verderber is a senior Quest Team training coach and a retired industry executive. His training focus is on providing financial knowledge for professionals in numerous industries, along with pricing and modeling development knowledge for management.
He has been a Quest Team instructor in open enrollment and On-Demand programs since 1994, while still working in industry. He is highly experienced in financial concepts, team building, organizational development, and employee motivation.
As a young engineer out of MIT he was mentored by an executive who taught him about business and financial disciplines. He advanced in his career to company president and attributes a great deal of his career success to this mentoring. Joe has been motivated to "give back" by training others and his retirement has allowed him to fully focus his energies in this area.
Joe gained experience in the high-tech equipment businesses in R&D, engineering, product management, marketing, sales and general management, He was hired as President of Teradyne Laser Systems, Inc. and then as VP and General Manager of General Scanning Inc.'s (now GSI Group) Laser Systems Division. He has significant experience doing business in Asia and Europe. He also served on the Board of General Scanning Japan K.K., retiring as its Chairman, and was a Geschaftsfuhrer of General Scanning GmbH in Germany.
Joe holds Bachelor's and Master's Degrees in Mechanical Engineering from the Massachusetts Institute of Technology where he was a National Merit and National Science Foundation Scholar. He also completed the Advanced Management Program at the Harvard Graduate School of Business.
For 42 years The Quest Team has provided high impact, semi-custom trainingprocesses for the development of sales, marketing and customer teams on 3 continents and with 800 corporations.
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QUEST TEAM MEMBERS are highly qualified. Each has had a successful career as a senior executive in a sales and marketing career path. All have in-depth experience in the areas in which they are consulting and/or training. This experience, combined with Quest's knowledge of learning and behavior change, provides you with quality solutions and defined payoffs at a highly favorable cost/performance ratio.
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QUEST TEAM KNOWS YOU. We have worked extensively with management, sales, marketing, engineering and manufacturing teams in some 23 industries. Our broad experience means innovative, timely solutions that are "real world" to your people.
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QUEST TEAM APPROACHES are uniquely tuned to your organization. We listen to you and then design a semi-custom solution for the challenges you face. When seeking sales or marketing consultation we can rapidly bring to bear more than 200 person years of in-depth experience. When seeking training and development, we have numerous modules and hundreds at our disposal to design a process that is a precise fit for your organization. ...
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