Name: Financial Statements - Lecture 10 - How to approach a Financial Statements Question
Uploaded: 2017-06-23T13:24:00.000Z
Duration: 12 min 37 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

be it a quiz, test, or final exam, marks count.

Knowing that, you can use a series of steps

question that will help you get the maximum amount of marks.

have to talk about transferring knowledge.

Giving you a roadmap to use when answering a question is great.

regardless of the structure of the question,

Research shows that students have a hard time transferring

They might be able to do one style of question perfectly.

But change that question around even a little bit,

and they're unable to apply their knowledge.

You've already been introduced to the accounting equation.

Which of the following is the correct accounting equation?

But the answer is actually E, all of the above.

assets with the number 10, liabilities with the number 7,

If we replace all of the letters with these numbers,

you can quickly see that all of these equations are correct.

that the structure of the question didn't matter.

being able to transfer knowledge to new situations?

In addition, by realizing that this is a common problem,

you're able to focus on the required in the question.

The required tells you what you need to do.

How the question is structured is immaterial

Let's look at what I'm talking about with

regards to a question about financial statements.

A financial statement question can be structured

You might get a list of accounts in alphabetical order.

Or you might get a list of accounts in random order.

you're provided with one or more financial statements.

Note that for this question the information

Understanding that is key in solving problems.

A final style, you might get a trial balance.

In each of the questions I just showed you,

But I changed the structure of the question

the way the information was provided to you, was different,

these questions are essentially the same.

and see what steps you could use to solve it.

I'm going to take the list of accounts in random order

I suggest you pause the video and download the statement

Try to solve it first yourself using whatever method

the steps I'm demonstrating to solve the same problem.

See which you prefer and which gets you the right answer.

Step one, read the required, and then read it again.

You've been provided with a list of financial statement

Required-- provide a Statement of Financial Position, also

called a Balance Sheet under ASPE, for Green Company.

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Financial Statements - Lecture 10 - How to approach a Financial Statements Question

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