Financial statements provide the raw data people use in making financial decisions.
- Let's talk a little about financial statements. … These reports provide some of the raw data … people use in making financial decisions. … - [Man In Blue] The first primary financial … statement is the balance sheet. … A balance sheet is a list of a company's … valuable resources, it's assets. … - A balance sheet also shows the three general … sources that companies use to get money to buy assets. … First, they can borrow. … Second, the owners can take money … from their private savings and invest it in the business. … And third, the company can generate profits … that are then kept in the business … to buy more assets. … - [Man In Blue] The second primary financial … statement is the income statement. … An income statement is a report telling … how much money a company made during the month, … or the quarter, or the year, … whatever period is covered by the income statement. … - It seems like people are always talking … about companies' income statements. … - Yeah, you often hear in the business news …
- Identify how a balance sheet reflects the accounting equation.
- Name the account where debits are increases and credits are decreases.
- Define a journal.
- List the three things, in order, that you must address when making journal entries.
- Explain the function of financial statements that is most important for entrepreneurs.
- Assess the purpose of a trial balance.
Skill Level Beginner
1. Review of the Financial Statements
2. Fours Steps in the Bookkeeping Process
3. How Transactions Affect the Accounting Equation
4. The General Ledger
5. Illustration of the First Three Steps in the Accounting Cycle
The role of computers3m 44s
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