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 one of the following is NOT one of the four basic financial statements?

Statement of Retained Earnings

Statement of Cash Flows

Balance Sheet

Statement of Budgeted Expenses

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Understand the four basic financial statements: These are the Balance Sheet, Income Statement, Statement of Retained Earnings, and Statement of Cash Flows. Each serves a specific purpose in financial reporting.

The Balance Sheet provides a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and equity.

The Income Statement summarizes revenues and expenses over a period, showing the company's profitability.

The Statement of Retained Earnings explains changes in retained earnings over a period, including net income and dividends paid.

The Statement of Cash Flows details cash inflows and outflows from operating, investing, and financing activities. 'Statement of Budgeted Expenses' is not one of the four basic financial statements, as it pertains to planning rather than reporting actual financial performance.