In this video, learn how to create a financial statement. This result from the compilation of the journal entries.
- Once all journal entries are made and organized, … a year-end balance for each account can be computed. … This information is summarized in a trial balance, … which is a listing of all the accounts and their balances. … Hannah's end-of-year trial balance looks like this. … Now, note that the total of the debit balance … is $5.3 million, which is equal … to the total of the credit balances. … When manual accounting systems were predominant, … the equality of the debits and credits in the trial balance … was used to indicate whether the accounting process … had been completed correctly. … From a trial balance, we can easily prepare a balance sheet … and an income statement. … Each account, with its associated balance, … is merely copied to the appropriate place … in the appropriate financial statement. … The trial balance contains every account … in the books of a company. … For large companies, a paper copy of the trial balance … can involve thousands of pages. … These thousands of pages are then summarized …
- Accounting basics
- Reviewing the balance sheet and income statement
- Credits, debits, and journal entries
- Making financial statements
- Issues in financial accounting
- Revenue recognition
- Deferring taxes
- Analyzing financial statements
Skill Level Beginner
Accounting Foundations: Internal Controlswith Kay Stice1h 46m Intermediate
Cost Accounting: Analyzing Product Profitabilitywith Rudolph Rosenberg56m 49s Intermediate
Why financial accounting?1m 13s
1. Accounting Basics
The accounting equation3m 37s
2. The Financial Statement
3. The Mechanics of Accounting
4. Current Issues in Financial Accounting
5. Financial Statement Analysis
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