Title: Prepare net worth and P&L statements.
Course: Agricultural Business Operations II (18201-36) > Section: Managing Financial Records and Reports

Preparation should include purpose and interpretation of the following financial statements:

- Balance sheet
- Income statement
- Cash flow risk management

Process/Skill Questions:

- What are liabilities? How are they identified?
- How can individuals improve their net worth?
- How would a loan institution use one’s net worth to determine qualification for a loan? What is the difference between current and non-current liabilities?
- What is meant by non-cash income?
- What is an example of a non-cash expense?
- How does a business use a P&L statement?
- What is the difference between cash flow and a P&L statement?
- When should one evaluate a P&L statement?