Section 2: Accounting Basics
Course Description
This course will: describe the basics of financial reporting for financial statement and tax return purposes; explain the basics of financial statement construction and how the income statement and balance sheet are linked through retained earnings; describe how basic accounting concepts such as conservatism, revenue and expense recognition policies affect financial statements; explain the difference between cash and accrual statement; read and understand notes to financial statements; and explain compilations, reviews, and audited statements.
60 Minutes
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