What do GAAP and OCBOA mean? What are revenues, expenses, assets, and liabilities? What are the stages of the accounting cycle? This video answers those questions and many others as it introduces viewers to the process of accounting as illustrated by a cupcake shop and a medical clinic. Sections include: Importance of Accurate Accounting, Basic Accounting Terms, Financial Reporting, Income Statements, Balance Sheets: Assets, Balance Sheets: Liabilities and Owner Equity, and Statements of Cash Flows.