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 lists the assets, liabilities, and equity of an organization as of a specific date?

Statement of Cash Flows

Statement of Retained Earnings

Balance Sheet

Income Statement

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Verified step by step guidance

Understand the purpose of each financial statement: The Statement of Cash Flows shows cash inflows and outflows over a period, the Statement of Retained Earnings explains changes in retained earnings, the Income Statement reports revenues and expenses, and the Balance Sheet lists assets, liabilities, and equity as of a specific date.

Focus on the Balance Sheet: It is the financial statement that provides a snapshot of an organization's financial position at a specific point in time.

Break down the components of the Balance Sheet: Assets represent resources owned by the organization, liabilities are obligations owed to others, and equity represents the residual interest of the owners after liabilities are subtracted from assets.

Understand the accounting equation: The Balance Sheet is structured based on the fundamental accounting equation, \( \text{Assets} = \text{Liabilities} + \text{Equity} \). This equation ensures that the Balance Sheet is balanced.

Recognize the importance of the Balance Sheet: It helps stakeholders assess the financial health of the organization, including its liquidity, solvency, and overall stability as of the specific date mentioned.