Understand Business Financial Statements
Workshop session outcomes: Delegates to:
Understand the principle reasons for book-keeping, accounting and keeping financial records and data.
Understand the differences between external (financial statements) and internal (management accounts) financial information.
Be able to analyse different sources of income on the Profit & Loss Account / Income Statement.
Be able analyse different items of expenditure on the Profit & Loss Account / Income Statement.
Be able to analyse the different profit values on the Profit & Loss Account / Income Statement.
Understand the different types of assets and liabilities on the Balance Sheet / Statement of Financial Position
Understand the differences between the Cash Operating Cycle, the Trading Cycle and Cashflow.
Understand the term ‘overtrading’.
Understand what are the key budgets and how the cash budget works.
Be able to make comparisons between budgets and actual values, using variance analysis.
Establish what sources of finances are available and the advantages and disadvantages of each.
Understand they are ‘not alone’.
Share and discuss ideas.
Understand that it is acceptable to ask for help, if needed.
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