Lesson 1: Introduction to Financial Accounting

Lesson Details

Video Lessons

Below are the lesson presentation videos. Each lesson is organized in a series of video segments (i.e., Part 1, Part 2, Etc.). Please watch the videos one after another in order. Upon completion, navigate to the next lesson. We strongly suggest you take the practice quizzes as we present them below to test your understanding of the content.

Part 1

Part 2

Part 3

Part 4

Know Your Words

Accounting is the language of business. To become proficient in accounting, you must understand each term associated with each accounting concept. Every lesson has a specific set of words, which will always be listed here at the end of each lesson. Simply click on a word to display the definition within our glossary. We urge you to take the neccesary time to carefully study each term before taking any assessment.

Accounting
AICPA
Annual Report
Auditor's Report
Balance Sheet
Bankruptcy
Board of Directors
Business
Capital
CEO
CFO
Company
Corporation
CPA
Creditor
Debt Financing
Dissolution
Distributions in the Event of Dissolution
Entreprenuer
Equity Financing
FAF
FASB
Financial Accounting
Financial Statements
Financing
Foreclosure
GAAP
GAAS
General Purpose Financial Statements
Income Statement
Investor
IRS
LLC
LLP
Management

Managerial Accounting
Managers
Manufacturing Business
Merchandising Business
NASDAQ
Non-profit Business
NYSE
Partnership
Proprietorship
Publicly Held Company
Retail Merchandiser
S Corporation
SEC
Service Business
Shares
Statement of Cash Flows
Stock
Wholesale Merchandiser



Additional Lesson Resources

Below are two additional resources to help you learn the material. The most important of these resources is the Lesson Notes, which we provide via a PDF (see link below). The Lesson Notes contain the important slides of the presentation. We strongly suggest you print out this PDF and  follow along during the presentations. Making notes on the slides about key concepts will help you cement the concepts in your mind at a quicker pace. We also provide a supplemental textbook for your review. Most students NEVER use the textbook in this course; however, it is here if you want to refer to a particular concept.