Lesson 2: Introduction to Financial Accounting

Lesson Details - Lesson 2: Introduction to Financial Accounting

Below are the lesson presentation videos. Each lesson is organized in a series of video segments (i.e., Part 1, Part 2, Etc.). Please watch the videos one after another in order. Upon completion, navigate to the next lesson. We strongly suggest you take the practice quizzes as we present them below to test your understanding of the content.

Part 1

Part 2

Part 3

Part 4

Know Your Words

Accounting is the language of business. To become proficient in accounting, you must understand each term associated with each accounting concept. Every lesson has a specific set of words, which will always be listed here at the end of each lesson. Simply click on a word to display the definition within our glossary. We urge you to take the necessary time to carefully study each term before taking any assessment.

Accounts Payable
Accounting Period
Accounts Receivable
Balance Sheet
Basic Accounting Equation
Calendar Year
Capital Contributions
Cost of Goods Sold
Current Assets
Current Liabilities
Earnings Per Share
Financial Position
Financial Statements
Fiscal Year
General Purpose Financial Statements
Income Statement
Long-term Assets
Long-Term Liabilities
Net Income
Net Loss
Note Payable
Notes to the Financial Statements
Owners' Equity
Results of Operations
Retained Earnings/Deficits
Statement of Cash Flows
Statement of Owners' Equity
Statement of Retained Earnings/Deficits

Additional Lesson Resources

Below are two additional resources to help you learn the material. The most important of these resources is the Lesson Notes, which we provide via a PDF (see link below). The Lesson Notes contain the important slides of the presentation. We strongly suggest you print out this PDF and  follow along during the presentations. Making notes on the slides about key concepts will help you cement the concepts in your mind at a quicker pace. We also provide a supplemental textbook for your review. Most students NEVER use the textbook in this course; however, it is here if you want to refer to a particular concept.