Preface

Crash Course is not an accounting textbook. We believe that standard accounting texts make the subject inaccessible for the nonaccountant. This is a crash course, born out of years of our experience training students and professionals who need to learn accounting quickly in order to understand financial reports, perform financial analysis, and speak the language of business. Our trainees come from universities, Fortune 500 companies, consulting firms, law firms, and financial institutions all over the world. This crash course was written for both those with no prior accounting background, and for those who are a little rusty and need a refresher.

This book begins with an analysis of basic accounting rules and their impact on real-world situations, and then analyzes the structure and composition of the key financial filings (10-K, 10-Q, 8-K, etc.). Financial statements are then introduced, analyzed, and methodically deconstructed; the income statement, balance sheet, cash flow statement, and their important interactions, are thoroughly analyzed and discussed line-by-line. Finally, we conclude with a discussion of ratio analysis, tying together earlier concepts in the book.

Written in a clear, easy-to-follow style that makes accounting accessible, this book is filled with exercises that test and reinforce covered concepts. Throughout the book, extensive discussion focuses on a number of accounting case studies (WorldCom and AOL) and on recent developments in accounting (from stock options expensing to the convergence of U.S. and international accounting principles), with special emphasis placed on their real-world impact.

Good luck.

Matan Feldman

Arkady Libman