Cash Basis vs. Accrual Basis (02:37)
Income statements can be created in two ways. See examples of a business using cash basis and a business using accrual basis.
The Matching Concept (05:51)
Learn the elements of the matching concept, based on the accrual basis. Vocabulary includes overstated profits, revenue versus expenses, deferred expenses, accruals, and depreciation.
The Accounting Cycle (02:34)
Accounting cycles are monthly, quarterly, semi-annually, or annually. Learn the eight steps that take place during an accounting period.
The Accounting Cycle in Action (05:19)
Learn the first four steps of the accounting cycle. Vocabulary includes journal entries, ledger, unadjusted trial balance, and adjusting entries.
The Accounting Cycle in Action: II (04:17)
Learn the last four steps of the accounting cycle. Vocabulary includes adjusted trial balance, financial statements- income statement-balance sheet-cash flow statement, closing entries, and post-closing trial balance.
The Accounting Cycle Quick Review (02:46)
Review the eight steps of the accounting cycle and its importance.
Credits: Matching Concept and Accounting Cycle: Accounting Fundamentals (00:27)
Credits: Matching Concept and Accounting Cycle: Accounting Fundamentals
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