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LeadAfrik
Beginner · Self-paced2026 Edition

Reading a Financial Statement

How to read a 10-K like an analyst — the income statement, balance sheet, cash flow statement, the notes, and the patterns that separate clean reporting from creative accounting.

10

Modules

~8h 55m

Reading time

Beginner

Level

Self-paced

Format

§

Syllabus

  1. 01

    Why financial statements exist

    What they're trying to tell you, who they're written for, and why three statements instead of one.

    ~35 minModule 01
    →
  2. 02

    The income statement, top to bottom

    Revenue, gross profit, operating income, net income — and why each line matters for a different audience.

    ~50 minModule 02
    →
  3. 03

    The balance sheet and the accounting identity

    Assets = liabilities + equity. The point-in-time snapshot of what the business owns, owes, and is worth.

    ~55 minModule 03
    →
  4. 04

    The cash flow statement

    Operating, investing, financing. Where the actual cash came from and where it went — the statement that's hardest to fake.

    ~55 minModule 04
    →
  5. 05

    Working capital and the cash cycle

    DSO, DPO, DIO, and the cash conversion cycle. The single most underappreciated number in operating businesses.

    ~45 minModule 05
    →
  6. 06

    The ratios that matter

    Profitability, liquidity, leverage, efficiency. Twelve ratios you'll actually use, and three you'll see quoted but should ignore.

    ~60 minModule 06
    →
  7. 07

    Common-sizing and trend analysis

    How to make statements from different companies (or different years) directly comparable. The first step before any judgment.

    ~40 minModule 07
    →
  8. 08

    The notes — where the truth often hides

    Off-balance-sheet items, revenue recognition policies, related-party transactions, segment data. The notes are not optional.

    ~50 minModule 08
    →
  9. 09

    Earnings quality

    Accruals, non-GAAP adjustments, one-time items, and how to spot a number that's been polished beyond recognition.

    ~55 minModule 09
    →
  10. 10

    A guided walk through a real 10-K

    Take everything from modules 1-9 and apply it to one public-company filing, line by line, with the questions a senior analyst would ask.

    ~90 minModule 10
    →

How to use this course

Start with module 01 if the material is new; skip ahead if you have prior exposure. Each module is self-contained but the arc is sequential — the projects in the final module assume the toolkit from modules 1-11. Every module ends with key takeaways and a curated further-reading list with primary sources.