How much money did a business make or lose over a period of time?

The income statement gives us the answer.

In this episode, we’ll explain the parts of an income statement, how it shows revenue, expenses, and profit, and why it’s one of the most important tools for decision-making.

What does a business really own, and what does it owe?

A balance sheet answers that question.

In this episode, we’ll break down the three parts of a balance sheet, assets, liabilities, and equity.

It shows how it’s like a snapshot of financial health at one moment in time.

What’s the difference between profit and cash flow?

Many people think they’re the same, but they’re not.

In this episode, we’ll explain income and expenses in simple terms, show how profit is different from cash flow, and why both matter for every business.

Every business is built on three building blocks: assets,liabilities, and equity.

In this episode, we’ll explain what each term means, why they matter, and how they come together in the basic accounting equation: Assets = Liabilities + Equity.

In this episode, we’ll review everything we covered this week, from the meaning of accounting to the accounting cycle.

We’ll also answer some common questions students might have about accounting and why it matters.

How does a simple transaction, like buying coffee, turn into a full financial statement?

In this episode, we’ll break down the accounting cycle step by step, showing how businesses record, process, and report financial information.

Why do accountants around the world follow rules like GAAPand IFRS?

In this episode, we’ll explain what these principles mean, why they exist, and how they keep businesses speaking the same “financial language.”

Accounting isn’t just one thing! It has many branches.

In this episode, we’ll break down the four main types of accounting:Financial, Managerial, Governmental, and Tax.

You’ll learn what makes each one unique, who uses it, and why it matters for your career choices.

Why do people call accounting the “language of business”?

In this episode, we’ll explore how accounting communicates the story of a company, how it connects managers, investors, and governments, and why this “language” is essential for anyone who wants to understand business.

Accounting is more than just numbers!

In this episode, we’ll explain what accounting really is, why it’s so important, and how it shows up in everyday life. Whether you dream of running your own business or just want to understand money better in this 5 minutes. The episode will give you the clarity you need.