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Financial Statements Rev Ed [Paperback]

Thomas Ittelson
4.3 out of 5 stars  See all reviews (3 customer reviews)
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Book Description

Aug. 11 2009
Now the best-selling book of its kind has gotten even better.This revised and expanded second edition of Ittelson's master work will give you that firm grasp of "the numbers" necessary for business success.

With more than 100,000 copies in print, Financial Statements is a perfect introduction to financial accounting for non-financial managers, stock-market investors, undergraduate business and MBA students, lawyers, lenders, entrepreneurs, and more. Most introductory finance and accounting books fail either because they are written "by accountants for accountants" or the authors "dumb down" the concepts until they are virtually useless. Financial Statements deftly shows that all this accounting and financial-reporting stuff is not rocket science and that you can understand it!

Ittelson empowers non-financial managers by clearly and simply demonstrating how the balance sheet, income statement and cash flow statement work together to offer a "snapshot" of any company's financial health. Every term is defined in simple, understandable language. Every concept is explained with a basic, straightforward transaction example. And with the book's uniquely visual approach, you'll be able to see exactly how each transaction affects the three key financial statement of the enterprise. Two new major sections with nine new chapters were added to this revised second edition of Financial Statements, simply the clearest and most comprehensive introduction to financial reporting available.


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Financial Statements Rev Ed + Accounting Made Simple: Accounting Explained in 100 Pages or Less + Financial Intelligence for Entrepreneurs: What You Really Need to Know About the Numbers
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Most helpful customer reviews
By Sumit
Format:Paperback|Verified Purchase
A Very good book. The financial concepts are addressed and explained in an easy-to-understand manner. The idea of relating all the subject matter to a fictitious company makes for a practical and real-world learning. Although, I wish that the book explained topics like sensitivity analysis and IRR a little more in depth in the last parts of the book, the overall impact of the book will render the readers with a great and insightful reading experience. Highly recommend this book for an elementary to low-intermediate level of financial statement knowledge.
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4.0 out of 5 stars What you need to know Oct. 11 2009
Format:Paperback
Thomas R. Ittleson, does not beat around the bush. This book was developed so that you can get the information you want quick and easy. From the Balance sheet to the profit and loss statement (income stmt)and on to the cash flow statement, you don't need an MBA or even an Accounting background to understand the numbers. Ittleson presents the information you need to succeed and understand the numbers so you can make sound decisions in your business. It is a book that is meant for every start-up business out there. You will not be disappointed and when you finally learn to understand the numbers and to present the numbers accurately and correctly, your bottom line just may look a lot better after reading this book
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5.0 out of 5 stars Five Stars Aug. 1 2014
Format:Paperback|Verified Purchase
Comprehensive
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Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com: 4.5 out of 5 stars  150 reviews
488 of 490 people found the following review helpful
5.0 out of 5 stars Simply The Best! Aug. 26 2006
By climbhigh - Published on Amazon.com
Format:Paperback
A solid foundation is critical to understanding concepts. So you'd think most books would spend a lot of time ensuring and clarifying the basics, right? Wrong! Simply not true! Most of the accounting/finance books just don't get into clarifying the very basics - the confusing array of terms used, how they fit together, what they actually mean in a realworld setting, etc.

This book - a must on every managers shelf - adds value by providing clear and consise definitions and relates them visually. The chapter on connections ties a lot of information together with such ease. Above all the step by step examples go a long long way into clarfying any remaining confusion you'd have. Its very easy to read. You'd probably finish it over a weekend. So its tremendous bang for buck.

Clearly the first introductory book one should read. There are plenty of good books for the next level (IMHO).

**_Simply go get it - read it. Enjoy the clarity in your decision making. Highly recommended._**

Here is a list of books that might also help.
Introductory level:
1. Financial statements (Thomas Ittelson, this book)
2. How to use financial statements: A guide to understanding the numbers (James Bandler)
3. How to read a financial report: wringing vital signs out of numbers (John A. Tracy)

Next Level:
4. Financial Statement Analysis: the investors self study to interpretting & analyzing financial statements, revised edition (Charles J. Woelfel)
5. Analysis For Financial Management (Robert C. Higgins) - This is one excellent book.
6. Techniques Of Financial Analysis: A Modern Approach (Eric A. Helfert)
7. Finance & Accounting for Nonfinancial Managers (Steven A. Finkler)

MBA Level:
7. The Analysis And Use Of Financial Statements (Gerald White, Sondhi, et. al) - dense reading (plus the plain format of this version of the book is sure to make you fall asleep. Hats off to you if you can read this book cover to cover. :).)
8. Also Corporate Finance: theory and practice (Damodaran) has a very good advanced level introductory chapter. Pick it up at a library and ...

If you had to buy 1 book:
I'd recommend - #1 above.

If you could buy 2 books (over time):
I'd recommend - #1 and #5 above.

If you could buy 3 books (for an in depth managerial understanding):
I'd recommend - #1, #5 and #6 above.

#7 - has a decent cd of spreadsheets for ready use (proforma cash flows, ledgers, etc; very handy)

Good luck!
138 of 142 people found the following review helpful
5.0 out of 5 stars Financial Statements for Dummies! April 14 2004
By M Kramer - Published on Amazon.com
Format:Paperback|Verified Purchase
I've been buying from Amazon.com for at least 5 years but this is my first review. I am 3/4 of the way through Ittelson's book and I want to write this review while my enthusiasm is still burning white hot.
Ittelson has a gift that few experts have. He anticipates all my newbie/beginner stupid questions. Here I am on page 169 wondering why paying payroll taxes doesn't show up on the Income Statement. Sure enough, right after I've wondered to myself why there is no transaction on the Income Statement, I see his note explaining that these payroll tax expenses were put on the Income Statement when the goods were shipped, "not when the actual payment is made."
As soon as the little voice in my head asks, "But why did they do it *this* way?" Ittelson gives me the answer.
I give Ittelson a lot of credit for this. After you've studied something for years, as he clearly has, it's often almost impossible to see the subject with the eyes of a beginner. Believe me, I'm a teacher, I know how difficult it can be.
The first part of the book examines the three basic statements line-by-line: Income Statement, Cash Flow Statement, and Balance Sheet.
The largest part of the book sounds incredibly dry and dull. Each even-numbered page displays all three financial statements: Income Statement, Cash Flow Statement, and Balance Sheet. The odd-numbered page explains a business transation: paying payroll taxes, for example. The transaction's impact on the three financial statements is displayed on the even-numbered page.
Believe it or not, Ittelson makes it interesting to read about these business transactions. He creates a narrative about starting a business and running it. Along the way, he offers a few humorous pearls of business wisdom. This is dry, technical stuff but he makes it entertaining without ever sacrificing explanatory precision.
This is a great book for anyone who feels they need to sharpen their skills with financial statements. I've read short descriptions of financial statements before but it never sank in. What's great about Ittelson's book is that first he gives very clear definitions of key terms and then he takes you step-by-step through each business transaction and how it is reflected on the financial statements.
I wish I had read this book more than 10 years ago when I first started in the business world. I assume that you learn this stuff if you have an MBA. But I didn't. This gives one a solid grounding in the brass tacks of the business world.
This book has been of enormous value to me. It is an essential reference for anyone who needs to understand what business finances are about.
89 of 92 people found the following review helpful
5.0 out of 5 stars The Best Book on Financial Statements, Period! Nov. 22 2003
By Robert I. Hedges - Published on Amazon.com
Format:Paperback|Verified Purchase
Wow, what a great book! I am a technical professional enrolled in a graduate business degree program, and until now the plethora of financial and accounting terminology and rules has been bewildering for me. That is no longer true after buying this book. I have primarily used it as a reference book, and without fail any explanation I have needed has been easy to find, clear and concise.
I am no longer in the financially confused majority, largely thanks to this book. The author's education is in biochemistry (as is my undergraduate education), and because he originally came from the hard sciences where clarity and accuracy are valued above all else he was better able to be clear and easy to understand in comparison to many business school authors who seem to thrive on jargon and platitudes.
This is a great book to have on the reference shelf. If you are involved with business finance or investment analysis it is simply the best book available on the subject and should be considered indispensable!
73 of 81 people found the following review helpful
1.0 out of 5 stars Great Book, Bad Kindle Book Dec 16 2009
By M. Hamoui - Published on Amazon.com
Format:Kindle Edition|Verified Purchase
I got this book to read on my kindle. And while it's a great book and is filled with tons of sound business advice, I do not recommend you buy it for the kindle, and here's why:

Almost 60% of this book is formatted in a way that relies on you having two opposing pages. The idea is that on the right page you read a description of a transaction that a company makes, while on the opposing left page you see how that same transaction is tabulated in the relevant financial statements.

The problem with the kindle is that you only have one page. So you first see how an entry is made on the Balance Sheet/Cash Flow Statement/Income Statement , then, after skipping the page, you read about the transaction the company made to affect those changes. So in a way it's like your friends telling you what they think of a movie before you actually watch the movie to know what they're talking about.

In other words, do buy this book, but not on a kindle..
35 of 38 people found the following review helpful
5.0 out of 5 stars A very useful book Jan. 18 2005
By R. Chonchol - Published on Amazon.com
Format:Paperback
As I have had the occassion to prepare financial statements and reports on spreadsheet, I frequently found that when I had a basic (i.e., elementary) question about how to prepare the accounting entries, the chances were good that I would find the answer in this book. The last time I had such an accounting question, I promised myself that if this book would have the answer that I would write a review on Amazon. Sure enough it did!

While the book gets only skin deep on accounting concepts, it does an excellent job in deconstructing how the Income Statement, Statement of Cash Flows, and Balance Sheet are changed. It literally shows the statements before the change, the individual line item changes, and the statements after the change. It does this case by case for about thirty or so, commonly occuring accounting entries during the regular business cycle.

Very few accounting related books make explicit what happens the way this book does. While the book skips a lot of details, it has proven very useful and is well worth the price. I highly recommend it.

Incidently, another book which covers practical presents techniques that can be used in accounting and financial related spreadsheets is "Excel Best Practices for Business".
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