Accounting Basics and Definitions: Accounting Fundamentals
What do GAAP and OCBOA mean? What are revenues, expenses, assets, and liabilities? What are the stages of the accounting cycle? This video answers those questions and many others as it introduces viewers to the process of accounting as illustrated by a cupcake shop and a medical clinic. Sections include: Importance of Accurate Accounting, Basic Accounting Terms, Financial Reporting, Income Statements, Balance Sheets: Assets, Balance Sheets: Liabilities and Owner Equity, and Statements of Cash Flows. A Films for the Humanities & Sciences/MotionMasters Coproduction. A part of the series Accounting Fundamentals.
Includes the following Segments
1. Purpose of Accounting 01:08
2. Importance of Accurate Accounting 03:34
3. Basic Accounting Terms 02:43
4. Financial Reporting 03:05
5. Income Statements 06:06
6. Balance Sheets: Assets 06:03
7. Balance Sheets: Liabilities and Owners' Equity 02:33
8. Statement of Cash Flows 02:28
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