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If you need a refresher on the difference between Accrual and Deferral adjusting entries, watch this YouTube video!
If you need a refresher on the difference between Accrual and Deferral adjusting entries, watch this YouTube video!
Some key takeaways:
Some key takeaways:
1) "Dollars before actions"
2) "Actions before dollars"
Financial Accounting Youtube Playlist
Financial Accounting Youtube Playlist
What is the objective of Financial Accounting?
What is the objective of Financial Accounting?
to provide useful information to external users: investors, creditors, and other external users
THE BREAKDOWN ON HOW TO PREPARE A MULTI-STEP INCOME STATEMENT!
The purpose of the multi-step income statement is to get a better understanding of the business operations with a company!
Income Statement
Income Statement
Calcuations from the Income Statement, Example: Earnings per share
FIFO, LIFO, Weighted Average
FIFO, LIFO, Weighted Average
***Gross Profit = Sales Revenue - Cost of Goods Sold***
***Gross Profit = Sales Revenue - Cost of Goods Sold***
Use different methods ( FIFO, LIFO, and Weighted Average) and compare them by finding Gross Profit of each one.
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