Khan Academy

Definition

Khan Academy is a non-profit educational organization that provides free online resources and courses on various subjects, including finance. It's widely used by students for supplemental learning and exam preparation.

5 Must Know Facts For Your Next Test

1. Khan Academy offers comprehensive tutorials on financial statements, including the Statement of Owner’s Equity.
2. It includes practice exercises and quizzes to test your understanding of finance principles.
3. The platform covers how to report changes in owner’s equity due to investments, withdrawals, and net income.
4. Khan Academy explains the relationship between the Statement of Owner's Equity and other financial statements such as the balance sheet and income statement.
5. Interactive videos on the platform help clarify complex financial concepts with visual aids.

Review Questions

• What are some key components covered in Khan Academy's lessons on the Statement of Owner’s Equity?
• How does Khan Academy help in understanding changes in owner’s equity?
• What types of resources does Khan Academy provide for practicing principles of finance?

Related terms

Financial Statements:

Documents that provide an overview of a company's financial condition in both short and long term.

Owner’s Equity: The residual interest in the assets of an entity after deducting liabilities.

Balance Sheet:

A financial statement that reports a company's assets, liabilities, and shareholder equity at a specific point in time.