Summary of Lecture 01- Introduction

00:00:00 - 00:35:00

This lecture provides an introduction to the mathematical concepts and methods used in seismology. The lecture covers topics such as the wave equation, the speed of waves, and the propagation of waves. The lecture also discusses the types of seismic waves and how they are used to study the Earth's interior.

• 00:00:00 In this lecture, Dr. Anil K Sharma discusses financial statement analysis and reporting, explaining the three financial statements that are statutorily required in a day and how to calculate profit or loss in a business. He also discusses how to make sure the funds invested are secure and grow.
• 00:05:00 In this lecture, the author discusses the concepts of return on investment (ROI), profit and loss statement (P&L), and GAAP. The author explains that GAAP is a set of principles that businesses must follow in order to prepare financial statements that can be used for decision making. The author also notes that there are different types of GAAPs in different countries, and that the institute that prepares GAAP is usually responsible for ensuring the proper implementation of GAAP and making changes as needed.
• 00:10:00 Accounting is a process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by the users of that information. Accounting objectives include making decisions concerning the use of limited resources.
• 00:15:00 In this lecture, accounting professor David C. Kapp discusses the two objectives of accounting - maximizing the business' resources and achieving the greatest return on those resources. He also discusses the importance of identifying the critical decision areas and objectives of a business.
• 00:20:00 The main purpose of financial accounting is to provide information to various stakeholders about a business's financial health and performance. Financial accounting systems can be divided into two categories - cash or accrual. Under the cash system of accounting, transactions are recorded only when there is a movement of cash. Under the accrual system, transactions are recorded regardless of the cash flow. The main difference between the two systems is that under the cash system, liabilities are not necessarily matched with assets, while under the accrual system, liabilities are matched with assets. Financial statements prepared under the cash system are called "trading" statements, while financial statements prepared under the accrual system are called "profit and loss" statements, "balance sheet" and "cash flow statement."
• 00:25:00 The mercantile system of accounting is used in businesses where transactions do not depend upon the movement of cash, while the accrual system of accounting is used in businesses where transactions do depend upon the movement of cash.
• 00:30:00 The lecture discusses the difference between the mercantile and accrual accounting systems, and how the latter, the cash system, is needed in the banking industry due to the rise of nonperforming assets.
• 00:35:00 This lecture provides an introduction to the mathematical concepts and methods used in seismology.