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Basic Financial Statements


Basic Financial Statements

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This is a series of "lectures" that describe the concept of double entry accounting, the balance sheet and the income statement. Students can read through the lectures, see examples, and take practice quizzes.
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Material Type: Tutorial
Date Added to MERLOT: May 15, 2001
Date Modified in MERLOT: February 17, 2017
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Submitter: Cathy Swift


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Primary Audience: College General Ed
Mobile Compatibility: Not specified at this time
Language: English
Cost Involved: no
Source Code Available: no
Accessibility Information Available: no
Creative Commons: unsure
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Discussion for Basic Financial Statements

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Avatar for Brenda Canning
2 years ago

Brenda Canning (Faculty)

I will be teaching Financial Management in the fall and feel this is a great review as they generally seem to forget everything learned in their previous accounting courses. I agree, with the previous comment regarding debits being listed before credits. In practice the debit is always listed first. I selected none of the above for the cost of materials question on the double-entry accounting quiz as I would have put it in some type of inventory account - possibly raw materials. As it should be classified as an asset and expensed when the final product is sold. However, I am quite certain that my students would not pick up on either. Despite the minor issues listed above, I am looking forward to utilizing the review in my course.

Avatar for Paul Koulakov
5 years ago

Paul Koulakov (Faculty)

Enjoy the fact you can move mouse over item and definition pops up. this is a helpful reminder .

Avatar for Abbie Gail Parham
5 years ago

Abbie Gail Parham (Faculty)

I think this would be a great review tool for students.  Two comments on the self study quizzes

(1) We teach that debits are recorded first, followed by credits.  Multiple choice quiz answers include the credit portion followed by the debit. 

(2) Materials purchased for use in production are not debited to materials expense but to material inventory.  This concept may not have been covered yet but the inforamtion is incorrect.


Technical Remarks:

Easy to use.  No specifc technical skills needed.

Time spent reviewing site: 20 minutes

Avatar for Connie Fajardo
14 years ago

Connie Fajardo (Faculty)

This will be a good material for self-study.