In the first week of the course, we were introduced to the fundamental accounting concepts. These concepts are crucial for understanding a company's financial performance and position. Let's review the key topics covered: Financial Accounting: Financial accounting focuses on external data and follows specific principles such as Generally Accepted Accounting Principles (GAAP), Accounting Standards for Private Enterprises (ASPE), and International Financial Reporting Standards (IFRS). Management Accounting: This type of accounting collects internal data within an organization and generates reports and statements that aid in decision-making for the company's prospects. Statement of Income: This statement calculates a company's expenses and provides information on profitability, including earnings per share. Balance Sheet: The balance sheet provides information about a company's assets, liabilities, and shareholders' equity at a specific time. It includes information regarding the financial health of an organization and its ability to meet its obligations. Additionally, I learned about retained earnings, which represent the earnings retained by the company after paying dividends and reinvesting in the business.

Conclude it and mention some challenges to make different financial statements.