"Financial Statements: A Step-by-Step Guide to Understanding and Creating Financial Reports" by Thomas Ittelson is presented as a comprehensive and accessible introduction to financial reporting, requiring no prior accounting knowledge. The book explains the income statement, which reveals a company's profitability over a period, the cash flow statement, detailing cash inflows and outflows, and the balance sheet, illustrating a company's assets, liabilities, and equity at a specific point. This third edition includes new sections on nonprofit accounting and pricing for profitability, aiming to be the clearest guide available. Endorsements highlight the book's ability to explain financial concepts understandably for beginners and entrepreneurs. The text covers the structure, vocabulary, construction, analysis, and potential manipulation of financial statements, using a hypothetical company, AppleSeed Enterprises, as a practical example.

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