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

Entrepreneur

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.