Description

Understand the fundamental elements of accounting with this introduction covering simple explanations of the key financial statements, terminology and principles.

Learning Objectives

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1. Identify the three main financial statements and their key elements, including assets, liabilities, equity, profit, cash flow.
2. Identify the purpose and types of accounting, financial vs. management.
3. Recognize the users of financial statements.
4. Identify the contents of financial reports.
5. Recall accounting standards.
6. Use the accounting equation.
7. Recall the concepts of accrual accounting, the matching principle, and capitalization.