Financial Statements for Complete Beginners | Accounting How To | How to Pass Accounting Class

Financial Statements for Complete Beginners | Accounting How To is an accounting tutorial serving as an introduction to financial statements. It answers the question "what are the four financial statements", and explains: the balance sheet, statement of owner’s equity (statement of shareholder’s equity), income statement (profit and loss, P&L), and the statement of cash flows. These financial statement basics are meant to be a financial statements tutorial. Additional videos take a more in depth look at the balance sheet, the statement of owner’s or shareholder’s equity, the income statement, and the statement of cash flows. This is an accounting tutorial for accounting students, business owners, and bookkeepers to explain accounting basics for beginners. Featuring Terrance the T-Account Rex and accounting educator, Caroline Grimm, this accounting tutorial is part of a playlist series called How to Pass Accounting Class. ⏰ Accounting How To Time Stamps 00:00 Introduction to Financial Statements 00:42 Importance of Accounting 01:49 Summarizing Transactions 02:00 What Financial Statements Tell Us 02:45 Four Basic Financial Statements 03:44 Introduction to the Income Statement 04:52 Introduction to the Statement of Owner’s Equity 05:30 Introduction to the Balance Sheet 06:21 Introduction to the Statement of Cash Flows 08:03 Using Financial Statements to Manage Business Results 09:49 How the Accounting Equation is Used in Financial Statements 10:36 Hilarious Accounting Humor 🎥 How to Pass Accounting Class Playlist https://www.youtube.com/playlist?list=PLPDomDzptO13nZXwb5-MfyN2POIrUUFyY