Week 5 · Readings & resources

Week 5 — Readings & Resources

Financial Accounting Free sample edition

Your primary reading is Chapter 5 (in this module). Everything below is the optional, go-deeper layer — pick what helps, skip the rest.

How to use this page

This page has 10 items (4 readings and 6 videos). Allow 46–54 minutes for everything. Each group points back to the matching chapter section and class-session segment, so use the full menu when you want more, or take the quick path below.

Every video here has captions: turn them on with the CC button in the player. The chapter covers the same ideas in text.

Pick-one quick path (19–21 min total)

① One statement feeds the next

Chapter 5, Section “Prepare the statements in the right order” · Session 1, Segment 1, “The statements in order” · Remember: the income statement finds net income, the statement of retained earnings carries it forward, and the balance sheet uses the ending balance.

Relationship between financial statements — The Finance Storyteller — a two-minute sketched explainer on how a balance sheet is a picture at one moment while the income statement and the cash flow statement describe a whole period, and how the period's profit is added to retained earnings so the closing balance sheet balances. This builds on Week 4's work with the adjusted trial balance. It files equity on the side of what the business owes; the course reads equity as the owners' claim, not a debt, and it leaves the cash flow statement for later in the course. (video, 2 min) (captions: creator)
Financial Statements Overview — Simplified Sphere — a five-minute lesson that starts from the adjusted trial balance and shows where each kind of account goes: revenues and expenses to the income statement, the resulting net income to the statement of owner's equity, and the ending equity and the ending cash to the balance sheet. Use it while working through the Week-5 module overview. Its business has an owner's capital and drawings, where the course's corporation uses a statement of retained earnings with Common Stock and Dividends, and it adds the statement of cash flows, which this week does not cover. (video, 5 min) (captions: automatic)

② Current or long-term?

Chapter 5, Section “Classify the balance sheet: current versus long-term” · Session 1, Segment 3, “The classified balance sheet” · Remember: current items turn into cash, get used up, or come due within one year or the operating cycle; everything else is long-term.

Classified Balance Sheet Explained — AccountingCorner — a five-minute narrated walk through the classified balance sheet: current assets such as cash, receivables, and inventory, long-term assets such as property, plant, and equipment, current and long-term liabilities, and equity, then a sample sheet whose group totals add up on both sides. It uses one year as the dividing line where the chapter says one year or the operating cycle, and it calls contributed capital share capital, which the bicycle shop records as Common Stock; its closing talk of liquidity-based and function-based layouts goes beyond this course, and its dollar totals are the video's own. (video, 5 min) (captions: automatic)
Balance sheet basics for small business owners: key components — Xero — an accounting-software company's guide, deep-linked to its key components section on current and non-current assets, current and non-current liabilities, contra assets such as accumulated depreciation, and retained earnings as profits not yet paid out to owners. It uses a 12-month rule of thumb where the chapter says one year or the operating cycle; skip the tax-form notes and the product pitch. (reading, 5–7 min)

③ Closing the temporary accounts

Chapter 5, Section “Journalize the closing entries through Income Summary” · Session 2, Segment 5, “Closing entries” · Remember: revenues and expenses close to Income Summary, Income Summary closes to Retained Earnings, and Dividends closes straight to Retained Earnings.

Closing entries in accounting — The Finance Storyteller — a seven-minute sketched lesson that sorts accounts into permanent and temporary, closes one revenue and five expenses to the income summary account with T-accounts, checks the income summary balance against net income before closing it to retained earnings, closes dividends directly to retained earnings, and compares the trial balance before and after closing. Its example uses cost of goods sold and a single equity account; stop here before cost of goods sold, next week takes that up. (video, 7 min) (captions: creator)
Wrap up Your Accounting Period With Closing Entries — Patriot Software — a payroll and accounting software company's blog post on why temporary accounts are reset, the four closing steps in order, and a small month-end example. Read it critically: it calls the dividends account an expense, which the course does not, because a dividend is a distribution to owners; skip the product pitch. (reading, 4–6 min)

④ The last check and the whole cycle

Chapter 5, Section “Trace the accounting cycle from transaction to closed books” · Session 2, Segment 7, “The post-closing trial balance and the cycle” · Remember: the statements come before closing, and the post-closing trial balance lists only the accounts that carry into next month.

What is a trial balance? Types of trial balances — Xero — the same software company's guide, deep-linked to the section that sets the unadjusted, adjusted, and post-closing trial balances side by side as stages of the close; read that section and its limitations section above it, which lists errors a balanced trial balance cannot catch. Its café example is the guide's own; skip the product pitch near the end. (reading, 3–5 min)
Financial Accounting 101: The Accounting Cycle — MV Learning Systems — a four-minute spoken run through the steps, from analyzing transactions and journal entries through posting, the trial balance, adjusting entries, the adjusted trial balance, and the statements, to closing revenues, expenses, and dividends into retained earnings and a post-closing trial balance. (video, 4 min) (captions: automatic)
Accounting Cycle Overview in 7 Minutes — Simplified Sphere — an animated overview of the cycle with a memory sentence for the order of the steps. Watch it critically: it counts eight steps where the chapter lists nine, it says a business records depreciation because assets lose value, which the course treats as cost allocation, not market value, and it closes drawings where the course's corporation closes Dividends. (video, 7 min) (captions: automatic)

Optional one-stop reference (free online reference)

Beginners' Guide to Financial Statements: Balance Sheets — U.S. Securities and Exchange Commission — the SEC's plain-language guide for investors; read its balance sheets section, which separates current assets and liabilities, due or used within a year, from the noncurrent ones, and stop before the income statements section. (reading, 4–6 min)

Heads-up (links rot): these point to outside sites that occasionally move or rename pages. If a link ever fails, tell your instructor and use the reference above in the meantime.

Provenance: Built with The Course Maker · samples.thecoursemaker.com