Financial Statement Basics

Understanding Your Accounts

The financial accounts of your body corporate or other community titled entity reveal a lot – if you know how to interpret them. We will take you through the elements of your financial information pack, its purpose, and what each is telling you. We’ll also cover a few tips & tricks on what to look for in your accounts, and address some commonly asked questions.

What was covered:

• Financial Funds: what they are, what for, and why they’re different.
• Some basic accounting concepts & jargon.
• The Accounting Equation: Revenue, Expenses, Assets, Liabilities, Owner’s Equity.
• The Financial Pack: Income & Expenditure Statements, Balance Sheet and Cost Centres.

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