The KEY to Understanding Financial Statements

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In this video I’ll share the key to understanding Financial Statements. You’ll learn the relationship between the Balance Sheet and the Accounting Equation, and where the Income Statement fits into the big picture of Accounting.

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⏱️TIMESTAMPS
00:00 – Intro
00:16 – Financial Statements Definition
00:35 – The Accounting Equation
01:16 – The Balance Sheet
02:16 – What is Equity made up of?
02:29 – Capital Contributions Definition
02:47 – Retained Earnings Definition
03:03 – Profit Definition
03:27 – What are Retained Earnings made up of?
03:50 – The Expanded Accounting Equation
05:08 – The Link between the Balance Sheet and the Income Statement
05:57 – Outro

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