Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

The Financial Statements

Financial Accounting

1. Introduction to Accounting

The Financial Statements

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Multiple Choice

Which financial statement shows a detailed increase or decrease of transaction payment types, such as cash inflows and outflows from operating, investing, and financing activities?

Income Statement

Statement of Retained Earnings

Balance Sheet

Statement of Cash Flows

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Verified step by step guidance

Understand the purpose of each financial statement: The Income Statement shows revenues and expenses, the Statement of Retained Earnings tracks changes in retained earnings, and the Balance Sheet provides a snapshot of assets, liabilities, and equity. The Statement of Cash Flows focuses on cash transactions.

Recognize the structure of the Statement of Cash Flows: It is divided into three sections—Operating Activities, Investing Activities, and Financing Activities. Each section details cash inflows and outflows related to specific types of transactions.

Operating Activities: This section includes cash flows from core business operations, such as cash received from customers and cash paid to suppliers or employees.

Investing Activities: This section covers cash flows related to the purchase or sale of long-term assets, such as equipment or investments.

Financing Activities: This section includes cash flows from transactions with creditors and investors, such as issuing debt, repaying loans, or paying dividends.