Adjusting Entry Mistakes Part 2 Overstating and Understating Revenues Business Debunked
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In Part 2 of our series on adjusting entry mistakes, we talk about what happens when companies overstate or understate their REVENUES. Bad things, apparently! We'll look at examples of how these mistakes impact a company's net income and retained earnings accounts over multiple periods. • This video was produced in partnership with the UBC Sauder School of Business. • 🛌 Related Videos 🛌 • To review the basics: • What is Accrual Accounting? Part 1: R... • To watch Part 1: • Adjusting Entry Mistakes: (Part 1) Ov... • * * * * • 0:00 Intro to over and understatement of revenues • 0:39 Understating revenues: forgetting to record an accrued revenue • 1:37 Understating revenues: forgetting to adjust a deferred revenue • 1:54 Understating revenues: long-term impact on financial statements • 2:34 Overstating revenues: recording cash as revenue (deferred revenue) • 3:34 Overstating revenues: long-term impact on financial statements • 4:04 Summary and takeaways • * * * * • 🛌 Special Thanks To 🛌 • Scripting and Filming by Maddie Zapach • Animating and Editing by Arkie Liu • Advising by Dr. Xin Zheng • For more information, please contact [email protected] • * * * * • 🛌 Sound FX Used 🛌 • Free sound effects from https://www.fesliyanstudios.com • Additional sound effects from https://www.zapsplat.com • 🛌 Images Used 🛌 • Music cd case vector image designed by nicemonkey; • Cartoon round-the-clock boutique vector image designed by vectorpocket; • Jeans vector image designed by alegria111; • Floral antlers vector image designed by relato; • Moose head logo icon vector image designed by brandingashell; • Hanging t shirt vector image designed by Wachirakl; • Ladyluck sexy cowgirl vector image designed by ClipArt4U; • Cartoon shop-window of boutique clothing vector image designed by vectorpocket; • Halloween party ticket card template vector image designed by kraphix; • Metal chain seamless pattern metallic industrial vector image designed by vikivector; • at https://www.vectorstock.com • One Direction image from https://commons.wikimedia.org/wiki/Fi... • * * * * • This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. • For more information, please visit creativecommons.org/licenses/by-nc-nd/4.0/ • 🛌 Thank YOU For Watching 🛌
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