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hello and welcome today we're going to work on financial accounting and accounting standards this is an intermediate accounting topic and it's in chapter one hello i'm jeff mankin from finally learn.com and we help you learn financial literacy so chapter one is introductory material and we have a good information about accounting accounting is the identification the measurement communication financial information about entities to interested parties could be outside the entity or inside the entity so public or private information financial accounting is the preparation of financial reports on that entity could be a company a non-profit a government agency these financial reports or financial statements are used by both internal and external parties all right so our financial statements we really have three plus the fourth one so the first three we always would have we always have a balance sheet we always have an income statement we always have a cash flow state

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