This paper describes a financial statement analysis project useful in both preparer- based and user-based introductory courses in financial accounting. The project requires students to analyze trends in corporate performance, to evaluate corporate financial decisions, to discuss non-financial statement issues that would be important to potential investors, to compare two companies within an industry, and to make investment recommendations. The project’s requirements are completely detailed on a single page, and the project is applicable to companies in any industry. The project requires only limited introduction in the classroom, is easily adaptable to reflect instructor preferences, and may be used as either an individual or a group assignment. This paper includes the complete project requirement sheet, a grading rubric, a team evaluation form, examples of items that students might be expected to address in answering the questions posed, comments on the results of employing the project, and additional suggestions for implementation.