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It guides learners through an accounting-equation review, double-entry bookkeeping, and the preparation and interpretation of financial statements, including balance sheet, income statement, and cash flow statement. 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As you complete the activities in this workbook, you will be practicing some of the calculations presented in the workshops. You will also determine some of the basics of the value of your company.  \nWorkbook Organization  \nEach workshop section in this workbook includes the following:  \n• Key Questions: These are reflection questions you can answer for yourself when you complete the workshop and its workbook section. You don’t need to write down your answers.  \n• Key Terms: These are important accounting terms to become familiar with as you begin to keep track of the financial facts of your business. Terms in each section are listed in the order they are presented in the video workshop.  \nOverview 3  \nThe same terms and definitions are listed in the separate glossary document, but are in alphabetical order  \n• Activity: These questions give you practice in the methods of accounting introduced in the workshop. Your learning expert can help you work through any of the activities. If you have a business, use your own business information as much as you can.  \nNow, if you have already viewed Workshop 1: Accounting Equation, proceed to the Workshop 1 section of this workbook.  \nOverview 4  \nWorkshop 1: The Accounting Equation  \nIn this workshop, you learned about the Accounting Equation. The following workbook section reviews the many terms introduced and helps you calculate your company’s current net worth.  \nKey Questions  \nThese questions don’t need answers in writing. By the time you finish listening to Workshop 1 and working through the workbook content, you’ll have the answers to these questions for yourself.  \n• What is the formula for the accounting equation?  \n• What is another accounting term for Net Worth?  \n• Why is it important to pay attention to your net worth?  \nKey Terms  \nThis first workshop includes quite a few terms and their definitions. You might want to download and save the glossary from the course page, so that you can refer to it throughout the workshop series and  \nWorkshop 1: Accounting Equation 5  \nin the future. Over time, you’ll become more familiar with the meaning and use of these terms.  \nNet Worth: the amount you have left when you subtract liabilities (what you owe) from assets (what you own), also known as “owner’s equity”  \nAssets: everything of value that the company owns  \nLiabilities: what the company owes to other businesses, including legal debts or obligations, like accounts payable (A/P), credit card balancesand interest, insurance premiums, and notes payable (written promises to pay money the company owes)  \nAccounting Equation: Net Worth = Assets − Liabilities  \nTangible Assets: items that have physical form and belong to the business, usually present on the premises of the business  \nIntangible Assets: assets that cannot be physically touched, including accounts receivable (A/R)  \nWorkshop 1: Accounting Equation 6  \nAccounts Payable: money your business owes for goods and services your business has received  \nAccounts Receivable: money your customers owe your business in exchange for goods or services your business provided  \nCurrent Assets: assets that are used or consumed within one year, for example, bank accounts, pe","cbCaid8jxQVUuk9d","https://ap.wps.com/l/cbCaid8jxQVUuk9d","pdf",528667,84,"English","# Overview\n# Workshop 1: The Accounting Equation\n# Workshop 2: Double-Entry Bookkeeping\n# Workshop 3: Financial Statements\n# Workshop 4: The Balance Sheet\n# Workshop 5: The Income Statement\n# Workshop 6: The Cash Flow Statement\n# Workshop 7: Analyzing Financial Statements\n# Workshop 8: Accounting Ratios","[{\"question\":\"What is the purpose of this workbook?\",\"answer\":\"It provides practice calculations and activities tied to the workshop sessions, helping learners understand core concepts behind the value of a company.\"},{\"question\":\"What is the accounting equation used to calculate?\",\"answer\":\"It is expressed as Net Worth = Assets − Liabilities and helps learners calculate a company’s current net worth.\"},{\"question\":\"How are assets and liabilities defined in the workbook?\",\"answer\":\"Assets are items of value the company owns, while liabilities are what the company owes to others, including obligations such as accounts payable and notes payable.\"}]","ACCOUNTING BASICS & FINANCIAL REPORTS - Workbook - Table of Contents - Overview | PDF",1790073528,29]