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Towards Financial Statements: Income Statement and Balance Sheet

This video will guide you through a meaningful step: how we assess balance sheet and income statement at the end of the year.

This video is the last leg of activity 3 in week 3. It is fairly lengthy and you may want to consider pausing towards min 10, after all the adjustments are over and before the ledger accounts pop in. The purpose of the video is analysing how we deal with investments whose lives will go beyond the current year and how we can correctly attribute costs and revenues to the periodic income. Furthermore, we will finally abandon the use of Trial Balance to work with balance sheet and the income statement. Finally, we landed to the Financial Statements!

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Introduction to Financial Accounting

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