17 - The Objectives of Financial Reporting & Concepts of

17 - The Objectives of Financial Reporting & Concepts of Accrual Accounting

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I've read a lot of boring stuff so that you don't have to! Today we will summarize some of the useful information in the FASB Concepts Statements and other literature. This information will be useful as you move along to more advanced levels of accounting.

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Update May 2020

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Published 05/10/20

Accounting 101 with Jimmy Stewart

Published 05/10/20

16 - Closing the Books at the End of the Period (The Closing Process)

Example: You own a sole proprietorship. For this period, you had revenue of $100,000, wage expense of $40,000, and computer expense of $30,000 (net income of $30,000). You also contributed $10,000 to the business this period. Step 1 – Transfer Revenue and Expense items to Income...

Published 02/02/19