The Ultimate Guide to Financial Statements

In this video we're doing a deep dive into Financial Statements. Financial Statements are external reports that summarize a business's financial performance and position over a period of time. There are three main Financial Statements:

▪ Balance Sheet (aka. Statement of Financial Position)
▪ Income Statement (aka. Statement of Profit & Loss or "P&L")
▪ Cash Flow Statement (aka. Statement of Cash Flows)

We'll over each one in detail with examples to illustrate how they work. If you watch this video through to then end then you'll become an expert on Financial Statements in no time at all!

⏱️TIMESTAMPS
00:00 - Intro
00:36 - What are Financial Statements?
09:00 - What is a Balance Sheet?
15:35 - What is an Income Statement?
19:56 - What is a Cash Flow Statement?

🔎FAQ

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#accounting #accountingbasics #accountingstuff

[AccountingStuff]

Accrued Expenses can be found in which Financial Statement?

a) Income Statement
b) Balance Sheet
c) Cash Flow Statement
d) None of them

🔗 FINANCIAL STATEMENT PRACTICE QUESTIONS

⏱TIMESTAMPS
00:00 - Intro
00:36 - What are Financial Statements?
09:00 - What is a Balance Sheet?
15:35 - What is an Income Statement?
19:56 - What is a Cash Flow Statement?

[j_b_]

Your way of creating content is very interesting and creative, making the concepts of accounting much fun to learn. The videos really help a lot of beginners like myself here, keep up the good work james!

[allannortje]

Thank you so much Sir, I have been studying accounting for like two years now and this is always a "new learning" curve no matter how well you know everything, please keep this up this is what keeps us alive in the workplace . Much love from South Africa, and May you be Blessed !

[deadsylph]

hi james, it may seem like not all ur videos are getting the attention, but thank uu that u keep going with making them. every year there will be new accounting students and they will immensely need u so dont stop<33

[Penelope-fbbg]

I have been using your videos to help me get through my cert 4 in business financial administration. Thanks to you I am nearly done and only have one more project to go. Its on operational budgets... You should do a video on that cause every one on the internet is hard to follow and you are the only person on the internet i can watch to learn things.

[yashagashe]

You explain the accounting things very conceptually & precisely, I expect you to post videos on complex accountings topics like financial reporting in the future

[jazza]

Please can you do a video on double entry for bad and doubtful debt?

[lhsgolf]

19:23 what is considered interest expense?

[gosu_bg]

Im trying to find an accounting apprenticeship or privately paid course as a recently graduated A level student, could anyone guide me or share some insight please?

Thanks!

[drock]

No one uses the direct method for cashflow

[RenuDevi-vyy]

🫰yo i was waiting for this video🎥
Best explained... Easy peasy lemon squeezy way🩵