https://youtu.be/Yb4tj-XBF4Q

1. What are the four criteria required to be met for a company to recognize items on the financial statements?

2. What are the five steps to determine the timing and measurement of revenue?

3. What are the three main approaches to determining when to report an expense? Give an example of each.

4. Describe the three levels of input for fair value.

5. Using the example from the video, why might cash basis and accrual basis financials (though eventually yielding the same results) matter to decision makers?