Assessing Income: Revenues and Expenses

A fundamental role of accounting is identifying revenues and expenses. These differ from cash inflows and cash outflow and this is a key threshold concept in accounting. Think about the following problem – as a trigger: a company buys properties downtown an pays the seller in cash. Is there any expense involved? A company pays for consultancy services to ensure their budgeting process is sound: is there any expense involved? This video will introduce you to some of the most important concepts in accounting. Please, make sure you listen to it carefully and engage in the comment section with your peers. Reach us out in case anything is unclear. Happy Watching!

You can find attached below the slides in pdf version we are presenting during the video.