Introduction to Financial Accounting | Financial Accounting (Part 1/12)

This video is the first part of a 12-part course on financial accounting. The course is designed to be easy to follow and does not require any prior knowledge of accounting. In this first part, I introduce the following topics: -Why you should learn financial accounting -The four basic financial statements: balance sheet, income statement, statement of retained earnings, and statement of cash flows -The accounting equation -Notes to financial statements I also provide a brief overview of the accounting cycle, which is the process of recording, summarizing, and reporting financial information. 00:00 Introduction 00:16 Why learn Financial Accounting? 02:43 Course Outline 04:31 Session 1 Outline 05:24 What is Financial Accounting? 06:02 GAAP vs IFRS 07:17 Who are the players in Financial Accounting? 09:10 Financial Accounting vs Managerial Accounting 10:55 Basic Financial Statements 14:41 How are the Financial Statements related? 17:07 Notes to Financial Statements