From the course: Accounting Foundations: Bookkeeping
Join today to access over 22,600 courses taught by industry experts or purchase this course individually.
The balance sheet
- Now, before we get into the complexities of analyzing transactions and such, let's step back and look at what this analyzing of transactions eventually results in. The financial statements. One of the major results of bookkeeping is to provide information with which individuals can make decisions. Financial statements are a means whereby the effects of lots of transactions are summarized and reported in a manner that is useful to users of financial statements. The three most common financial statements are the balance sheet, the income statement and the statement of cash flows. Now, let's take a look at each of these in turn. Now we'll start with the mother of all financial statements, the balance sheet. The balance sheet is called the fundamental financial statement. It contains a listing of a company's assets, it's resources, it's valuable things like cash, inventory, land, those things that it holds to sell. Those are it's assets. The other part of the balance sheet is a listing…
Practice while you learn with exercise files
Download the files the instructor uses to teach the course. Follow along and learn by watching, listening and practicing.
Download courses and learn on the go
Watch courses on your mobile device without an internet connection. Download courses using your iOS or Android LinkedIn Learning app.