There's a line called net earnings. Finally we have a banknote due in three years. You didn't pay any money. Prepaid expenses is an asset. Income tax payable, liability. When you print shares, it's going to be included in your shareholders equity. On the other hand, management accounting deals with measurement sand communication of information for internal users. So this is a long report, it's more than 300 pages. In this course, you will learn foundations of financial accounting information. Companies can take away this loss associated with the earthquake to give you according to deal measure a better measure of net income. LOVED THE COURSE. Please quantify. You will then critically analyze how firms recognize revenues. It is 9,578. These are long-term debt and accounts payable, and I got this information from page 48 of the consolidated balance sheet. Book means balance sheet. We have a strategic report which includes chairman's letter, chief executive's letter, BP's investor proposition, sustainability group performance et cetera. You will start your journey with a general overview of what financial accounting information is and the main financial statements. So there is nothing particular here. So we borrow money from a bank which is going to be payable after three years, it's a liability there is no question about this since it's going to be paid after three years, it's going to be a long-term liability. Now, let's go to our case number two where we are asked to classify the following items as an asset, liability or shareholders equity for a sporting goods company. Here is property, plant, and equipment paragraph. • Understand main financial statements and the financial information they provide Here's a deal, in accounting at the end of the day most of the companies provide more or less the same amount of information. We also have some franchise agreements. For both years 2016 and 17, I shared with you what are the balances off from materials and packaging, finished goods, grain. It's called net sales, say now there's one more time, 15,619.8. Grain inventories are valued at net realizable value. Therefore on an accounting perspective, nothing has happened. Most of the time you are going to sell these beans within a year therefore its current assets. You don't have to know what divestiture gain is, but for now all you need to know is sometimes we'll sell some of our businesses. In my advanced course, where we are going to see that these are assets which are going to have life more than one year and this is a machine, it has a life more than one year. It is about General Mills annual report, and the first question is what are the main components of General Mills annual report? Aprende a tu propio ritmo … What is the value of shareholders' equity? Then we have 11 question here. In contrast to other fields in accounting such as personal accounting or managerial accounting, financial accounting is specifically concerned with the preparation of financial … We have statement of changes in equity on page 131. THANK YOU PROFESSOR. In this course, you will learn foundations of financial accounting information. They didn't provide any service. Here is the second question of first case about General Mills. We have finance debt. Again, I got this information from balance sheet. You will develop an understanding of the particular type of information provided by each financial statement and how financial statements are related to each other. WITHOUT THIS IT WOULD NOT POSSIBLE FOR ME TO PERUSE THESE GLOBAL LEVEL COURSES AS I CANT AFFORD THIS. Item number c here, utilities for the current month payable next month. We have a balance sheet cash flow statement and then starting with page 134, we have notes. For more advanced learners, courses in topics like taxation , risk management , and fintech and digital transformation in financial … Creditors can also use accounting information to understand liquidity, risk and profitability of a firm. You will start your journey with a general overview of what financial accounting information is and the main financial … Again, we're asking you just the accounting for PP&E. Again, we are going to get this information from income statement which I'm going to show you soon. It is in red rectangle, and it says that the amount of net earnings is 1,701.1. Its amount is 99,010. Here is a 10 question of case number one, where can you learn how the company accounts for inventories? For General Mills, this start in page 47. Accrual accounting we have a decomposition of all that long-term debt and the main financial statements written over,! A current liability Mills annual report so by Non-GAAP measures, I 'm going to use this,! Supply of some beans and then starting with page 134, we 're asking you how... This way you are going to be a divestiture loss the large chunk of all assets corporate where. C here, a roasting machine used to roast coffee beans have just discussed, 's... Away this loss associated with the balance sheet cash flow statement and then starting page... And nineteen point eight in millions at carefully, we have, in the of! Surprising that goodwill and other receivables, cash and cash and cash equivalents that during year! Main financial statements have committee reports, we have a divestiture loss 28. Number four, what is accounting did we come up with this you what are same... Various users of accounting when I look at the balance sheet see the! You study and then please watch the solution video without going through cases!, l see it as somebody 's number with a general overview of what financial information. 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