Understanding Financial Accounting

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Financial accounting is the process of recording financial information for a company through reports on the company's balance sheet, income statement and statement of cash flow. Learn how financial accounting allows businesses to make financial decisions with information from an accounting professor in this free video on accounting.

Part of the Video Series: Accounting Careers & Information
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Video Transcript

Hi, my name is Shawn Jones, adjunct professor here at Argosy University. Today we're talking about the basic principles of financial accounting. Simply put, financial accounting is being able to record the financial information of a given company or organization. This is basically done through the reporting of a company's balance sheet, income statement and statement of cash flows. Financial accounting revolves around being able to put the given revenue, expenses, liabilities and assets into those given reports in a way that management or leaders of an organization can interpret that economic data to be able to make sound financial decisions to help run their business or organization. These reports can be used by several different people outside of the organization, including creditors, investors, shareholders. All these people are wanting to use this information to be able to understand what's going on within the company or the organization. For more information about this topic, please visit our website, argosy.edu. There you can find our phone number or an address to come and visit our Salt Lake City campus.

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