It is important, for a lawyer, to know a basic accounting principle that will help in legal practices. Whether it is litigating or a corporate work, in either case, the numbers will come up. Understanding basic accounting will equip you with a working knowledge of how to decipher the numbers on the page and connect the law with the accounting before you.
Basic accounting knowledge for lawyers, including reviewing and understanding balance sheets, income statements, statements of cash flow, and financial statement footnotes. Additional topics include the roles of the various regulatory authorities and understanding financial statement representations and warranties.