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In this video, I'll explain the key to understanding financial statements. You'll learn the relationship between the balance sheet and the accounting equation, and how the income statement fits into the bigger accounting picture.

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️TIMESTAMP
00:00 – Introduction
00:16 – Definition of financial statements
00:35 – The accounting equation
01:16 – The balance sheet
02:16 – What does equity consist of?
02:29 – Definition of capital contributions
02:47 – Definition of retained earnings
03:03 – Profit definition
03:27 – What does the retained profit consist of?
03:50 – The advanced accounting equation
05:08 – The connection between balance sheet and profit and loss account
05:57 – Outro

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