#financial-statements
Understand and prepare balance sheets, income statements, and cash flow reports
Learn what FASB (Financial Accounting Standards Board) is, how it sets U.S. accounting standards (GAAP), its standard-setting process, key standards like ASC 606 and ASC 842, and why it matters for small and private businesses.
Learn the essential financial literacy skills every small business owner needs, from reading financial statements and managing cash flow to budgeting, tax planning, and avoiding the most common financial mistakes that cost businesses thousands.
Learn what forensic accounting is, when your business needs it, how forensic accountants investigate fraud, common red flags for embezzlement, and proactive steps to protect your small business from financial fraud.
Learn what GAAP (Generally Accepted Accounting Principles) is, the 10 core principles, who must follow GAAP, how it differs from IFRS, and why it matters for your small business financial reporting.
Learn what goodwill is in accounting, how to calculate it when acquiring a business, how impairment testing works under ASC 350, the difference between public and private company rules, and common mistakes to avoid.
Luca Pacioli, a 1494 Franciscan friar, documented double-entry bookkeeping in Summa de Arithmetica—the foundation of every modern accounting system.
Learn the essentials of nonprofit accounting including fund accounting, the three key financial statements, tax-exempt filing requirements, common mistakes to avoid, and best practices to keep your organization compliant and transparent.
Learn what pro forma financial statements are, the three main types (income statement, balance sheet, cash flow), how to create them step by step, common mistakes to avoid, and when your business needs them for planning, fundraising, or strategic decisions.
Learn what retained earnings are, how to calculate them using the simple formula, real-world examples, what negative retained earnings mean, common mistakes to avoid, and how to use retained earnings strategically for business growth.
Learn what revenue recognition is, how the ASC 606 five-step model works, common mistakes to avoid, and best practices for recording revenue accurately in your small business.
Learn what revenue recognition is, when to record income under GAAP and ASC 606, and how to apply the five-step model. Includes practical examples for service, product, subscription, and construction businesses.
US SG&A (selling, general & administrative) expenses: how to calculate the ratio, benchmarks, and what to cut without hurting growth.
