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 of the following financial statements does NOT report financial data over a period of time?

Statement of Retained Earnings

Statement of Cash Flows

Income Statement

Balance Sheet

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Understand the nature of each financial statement: Financial statements are tools used to report a company's financial performance and position. Some statements report data over a period of time, while others provide a snapshot at a specific point in time.

Review the Statement of Retained Earnings: This statement shows changes in retained earnings over a period of time, including net income and dividends paid.

Examine the Statement of Cash Flows: This statement reports cash inflows and outflows over a period of time, categorized into operating, investing, and financing activities.

Analyze the Income Statement: The income statement reports revenues, expenses, and net income over a specific period of time, such as a month, quarter, or year.

Identify the Balance Sheet: Unlike the other statements, the balance sheet provides a snapshot of a company's financial position at a specific point in time, listing assets, liabilities, and equity. This is why the balance sheet does NOT report financial data over a period of time.