- Understand what the accounting equation is
- Understand what an income statement is
- Understand what a statement of owner’s equity is
- Understand what a balance sheet is
- Understand what a statement of cash flows is
Financial Statements Connected
Watch the following video, and pay special attention to the interconnection between the four financial statements required by GAAP.
You can view the transcript for “Financial Statements – Interconnectivity” (opens in new window).