Ch 2: Financial Statements in Accounting: Tutoring Solution

About This Chapter

The Financial Statements in Accounting chapter of this College Financial Accounting Tutoring Solution is a flexible and affordable path to learning about accounting's financial statements. These simple and fun video lessons are each about five minutes long and they teach all of the information involving financial statements required in a typical college financial accounting course.

How it works:

  • Begin your assignment or other financial accounting work.
  • Identify the financial statements concepts that you're stuck on.
  • Find fun videos on the topics you need to understand.
  • Press play, watch and learn!
  • Complete the quizzes to test your understanding.
  • As needed, submit a question to one of our instructors for personalized support.

Who's it for?

This chapter of our college financial accounting tutoring solution will benefit any student who is trying to learn financial statements in accounting and earn better grades. This resource can help students including those who:

  • Struggle with understanding balance sheets, income statements, statements of cash flows or any other financial statements topic
  • Have limited time for studying
  • Want a cost effective way to supplement their accounting learning
  • Prefer learning accounting visually
  • Find themselves failing or close to failing their financial statements in accounting unit
  • Cope with ADD or ADHD
  • Want to get ahead in financial accounting
  • Don't have access to their accounting teacher outside of class

Why it works:

  • Engaging Tutors: We make learning financial statements simple and fun.
  • Cost Efficient: For less than 20% of the cost of a private tutor, you'll have unlimited access 24/7.
  • Consistent High Quality: Unlike a live financial accounting tutor, these video lessons are thoroughly reviewed.
  • Convenient: Imagine a tutor as portable as your laptop, tablet or smartphone. Learn financial statements on the go!
  • Learn at Your Pace: You can pause and rewatch lessons as often as you'd like, until you master the material.

Learning Objectives

  • Describe the purpose and importance of financial statements.
  • Explain how to format a balance sheet.
  • Discuss the purpose, components and format of an income statement.
  • Define the purpose of a statement of cash flows.
  • Describe the significance of notes made on financial statements.
  • Learn how to prepare a basic income statement and statement of retained earnings.
  • Understand how to prepare a basic balance sheet and statement of cash flows.
  • Explain the significance of external audits on financial statements.
  • Learn how to apply the fundamental principles of accounting.

13 Lessons in Chapter 2: Financial Statements in Accounting: Tutoring Solution
Test your knowledge with a 30-question chapter practice test
What Are Financial Statements? - Definition, Purpose & Importance

1. What Are Financial Statements? - Definition, Purpose & Importance

Financial statements are big players in the world of accounting. In this lesson, you will be introduced to each of the financial statements. You will also learn what their role is in the accounting industry, who they are important to and why they are important.

The Balance Sheet: Purpose, Components & Format

2. The Balance Sheet: Purpose, Components & Format

There are four financial reports that make up a group known as the financial statements. We will take a walk with one of those reports - the balance sheet - and learn what it is, what items are included on it and what its role in the group is.

What Is an Income Statement? - Purpose, Components & Format

3. What Is an Income Statement? - Purpose, Components & Format

There are four financial reports that are created during the accounting cycle. These four reports make up what is commonly known as the financial statements. In this lesson, we will focus our attention on the income statement. We will learn what the income statement is, what its role in the financial statements is, and why it is important in accounting.

The Statement of Cash Flows: Purpose, Format & Examples

4. The Statement of Cash Flows: Purpose, Format & Examples

There are four financial reports that are required in financial statements. In this lesson, you will learn about the fourth and final report - the statement of cash flows. You'll learn what the makeup of the statement is, its purpose, and why it is important to users of the financial statements.

The Purpose of Notes on Financial Statements

5. The Purpose of Notes on Financial Statements

Financial statements are very important in accounting and finance. In this lesson, you will learn about notes to the financial statements, what information they may give, and why they are important to financial statement users.

Preparing the Basic Income Statement and Statement of Retained Earnings

6. Preparing the Basic Income Statement and Statement of Retained Earnings

Preparing financial statements can be tricky. In this lesson, we are going to talk about how to prepare the first two basic financial statements: the income statement and the statement of retained earnings.

How to Prepare the Basic Balance Sheet and Statement of Cash Flows

7. How to Prepare the Basic Balance Sheet and Statement of Cash Flows

There are four reports that make up the financial statements. In this lesson, we will talk about how to create the balance sheet and the statement of cash flows. You will learn how to format the reports, as well as what information is reported on them.

External Audits of Financial Statements

8. External Audits of Financial Statements

Financial statements are one of the most heavily relied upon group of reports in the business world, and they must be accurate and reliable. In this lesson, you'll learn about financial statement audits, who performs them, and why they are important.

The Fundamental Principles of Accounting

9. The Fundamental Principles of Accounting

Accounting is an art, but just as with any form of art, you need the right tools to make your masterpiece. For accounting, those tools are the seven major accounting principles. In this lesson, you will learn what those principles are and what they are used for.

Financial Prospectus: Definition, Components & Examples

10. Financial Prospectus: Definition, Components & Examples

A financial prospectus is a legal document that provides a lot of financial, company, and transaction information for prospective investors to decide whether or not they want to invest.

How to Write a Financial Prospectus

11. How to Write a Financial Prospectus

This lesson describes how to write a financial prospectus, along with why a prospectus is written and what its major components are. We describe those major components and give examples of each.

What is Cash Over and Short? - Definition & Examples

12. What is Cash Over and Short? - Definition & Examples

It is difficult to manage money perfectly when you are receiving cash or providing change to customers. In this lesson, you will learn about cash over and short situations.

Product Costs in Accounting: Definition & Examples

13. Product Costs in Accounting: Definition & Examples

This lesson provides the definition and example of what product costs are, how they differentiate from period costs, and how they are used on a cost of goods manufactured schedule in relation to financial statements.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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