Financial Statement Fundamentals (2 of 39): What are Financial Statements? скачать в хорошем качестве

Financial Statement Fundamentals (2 of 39): What are Financial Statements?

Get more in-depth lessons via Axel's Accofina books: (1) Financial Statement Basics https://www.amazon.com/Financial-Stat... (2) Ratio Analysis Fundamentals https://www.amazon.com/Ratio-Analysis... Financial Statement Fundamentals (2 of 39): What are Financial Statements? Support the AccoFina Patreon if you're a fan, or believer, in my work:   / accofina   Time Markers: 1) Summaries 0:18 2) Outputs of a Financial Accounting System 1:05 3) Financial Accounting Reports 2:32 4) Management Accounting Report 4:24 5) The Universality of Financial Statements 6:47 Please Help Translate the Captions, Title and Description of this Video Tutorial: http://www.youtube.com/timedtext_vide... FINANCIAL STATEMENTS: WHAT ARE THEY? They are Summaries: Turn vast amounts of business activity into three brief reports Transform every business action into quantifiable financial representation Allow anyone a bird’s eye view into this activity and action in minutes Outputs of Financial Accounting Systems: Reports generated by accounting software Statements (i.e. spreadsheets or reports) listing accounts and attached financial values Statement Format: Accounts, like (but not exactly) accounting ‘categories’, run down the left hand side And respective financial values of accounts run parallel down the right hand side Financial Accounting Reports: Driven by ‘external’ stakeholder decision needs Investors, Creditors, Governments, NGOs, etc. Reliability over relevance Often require auditing Generated by set rules (GAAP) Management Accounting Reports: Driven by ‘internal’ stakeholder decision needs CEOs, General managers, Floor managers, etc. Relevance over reliability No auditing (no proving) Generated by custom design (no GAAP) The 3 Universal Financial Statements are Financial Accounting Reports But... The immense utility generated by their: Common language and availability Ease of comprehension and use Story-telling ability results in the statements often being used by those internally (like other management accounting reports). This video was brought to you by AccoFina... Subscribe to the Channel: https://goo.gl/84Sfeg Or just check out the Channel Page: https://goo.gl/yTj9Bs Most Popular YouTube Video: https://goo.gl/Jbv685 Latest YouTube Upload: https://goo.gl/wDM83Y http://www.accofina.com http://www.amazon.com/author/axeltracy   / accofina   http://plus.google.com/+accofina   / axel_accofina     / accofina.page   #Accounting #FinancialEducation #FinancialStatementFundamentals