An understanding of financial statements is crucial to accounting. Let's learn why we need financial statements, then dive into the principal financial statements: the balance sheet (which breaks down an organization's finances into assets, liabilities, and owner's equity), the income statement (which helps us understand profitability), and the cash flow statement (which tracks how cash is spent through operating activities, investing activities, and financing activities).

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00:00 Intro
02:32 Balance sheet
03:34 Income statement
05:17 Cash flow statement

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