ACCOUNTANCY BASICS: a Information to (Nearly) Everything
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Would certainly you favor to recognize what Accounting REALLY MEANS? On this quick tutorial we’ll take 1 very easy circumstances as well as follow it by all 8 Steps of the Accounting Cycle – from start to finish – you will certainly create a steady understanding of every one of the Accounting Fundamentals we run into together with the method which. Things much like the Accounting Equation, Debits & Credit, Double-Entry Accounting, T-Accounts, the Trial Steadiness and also lots of others.
When you’re an Accounting Newbie, after that I such as to advise viewing this throughout to the top – not much less than as quickly as – to obtain an entire photo of just how Accounting functions. After that, you’ll have the ability to jump right into my Accounting Fundamentals Playlist (see under) as well as find each topic in added aspect.
LEARN ACCOUNTING BASICS FOR FREE
▪ The Full Playlist → https://www.youtube.com/playlist?record=PL5zKSeS09l339nB6ujJPQ9Rsv99_b-aTb
▪ Fairness Video → https://youtu.be/Fr5oHEYrT2A
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⏱ TIMESTAMPS.
00:00 – Intro.
00:16 – What’s Monetary Accounting?
01:11 – STEP 1: IDENTIFY TRANSACTIONS.
01:29 – STEP 2: PREPARE JOURNAL ENTRIES.
01:32 – What’s a Journal Entry?
01:36 – What does a Journal Entry look like?
02:05 – What’s Double Entry Accounting?
02:58 – What’s the Accounting Equation?
04:17 – STEP 3: POST TO GENERAL LEDGER.
04:22 – What’s the Basic Ledger?
04:43 – Posting to Accounts.
04:49 – What’s an Account?
04:58 – The 6 Kinds of Account – Belongings, Liabilities, Fairness, Income, Bills & Dividends.
05:21 – What are T-Accounts?
06:00 – What does the Basic Ledger look like?
06:18 – STEP 4: UNADJUSTED TRIAL BALANCE.
06:22 – What’s a Trial Steadiness?
06:43 – Easy approaches to create a Trial Steadiness.
07:10 – Why is it described as Trial Steadiness?
07:28 – STEP 5: POST ADJUSTING ENTRIES.
07:32 – What are Adjusting Entries?
07:40 – IFRS vs GAAP.
08:21 – What’s the Accrual Technique of Accounting?
08:41 – Adjusting Entries Instance.
10:14 – STEP 6: ADJUSTED TRIAL BALANCE.
10:41 – STEP 7: CREATE FINANCIAL STATEMENTS.
10:44 – What are Monetary Statements?
10:59 – What are the 3 kind of Monetary Statements?
11:10 – What’s the Steadiness Sheet?
11:28 – What’s the Revenue Assertion?
11:43 – Revenue vs Money Move.
11:54 – What’s the cash Move Assertion?
12:04 – Who would certainly utilize Monetary Statements?
12:34 – STEP 8: POST CLOSING ENTRIES.
12:41 – What are Closing Entries?
12:51 – Closing Entries Instance.
13:10 – Submit Closing Trial Steadiness.
13:20 – THE ACCOUNTING CYCLE.
FREQUENTLY ASKED QUESTION.
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PLEASE NOTE.
A variety of the links over are associate links, the location I make a tiny cost in case you click on the link as well as acquire a product. You aren’t obliged to act, nonetheless it does aid fund these films in hopes of bringing worth to you!
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#accounting #accountingbasics #accountingstuff
Bookkeeping Cycle Cheat Sheet → https://accountingstuff.com/store
Would certainly you favor to recognize what Accounting REALLY MEANS? On this short tutorial we’ll take 1 simple circumstances as well as abide with it by all 8 Steps of the Accounting Cycle – from start to finish – you will certainly build a steady understanding of all of the Accounting Fundamentals we experience together with the means in which. Things simply like the Accounting Equation, Debits & Credit, Double-Entry Accounting, T-Accounts, the Trial Steadiness as well as lots of others.
Accounting Stuff
I packed a lot into this one! Here are the timestamps if you’d like to skip to a section…
⏱️TIMESTAMPS
00:00 – Intro
00:16 – What is Financial Accounting?
01:11 – STEP 1: IDENTIFY TRANSACTIONS
01:29 – STEP 2: PREPARE JOURNAL ENTRIES
01:32 – What is a Journal Entry?
01:36 – What does a Journal Entry look like?
02:05 – What is Double Entry Accounting?
02:58 – What is the Accounting Equation?
04:17 – STEP 3: POST TO GENERAL LEDGER
04:22 – What is the General Ledger?
04:43 – Posting to Accounts
04:49 – What is an Account?
04:58 – The 6 Types of Account – Assets, Liabilities, Equity, Revenue, Expenses & Dividends
05:21 – What are T-Accounts?
06:00 – What does the General Ledger look like?
06:18 – STEP 4: UNADJUSTED TRIAL BALANCE
06:22 – What is a Trial Balance?
06:43 – How to build a Trial Balance
07:10 – Why is it called Trial Balance?
07:28 – STEP 5: POST ADJUSTING ENTRIES
07:32 – What are Adjusting Entries?
07:40 – IFRS vs GAAP
08:21 – What is the Accrual Method of Accounting?
08:41 – Adjusting Entries Example
10:14 – STEP 6: ADJUSTED TRIAL BALANCE
10:41 – STEP 7: CREATE FINANCIAL STATEMENTS
10:44 – What are Financial Statements?
10:59 – What are the three types of Financial Statements?
11:10 – What is the Balance Sheet?
11:28 – What is the Income Statement?
11:43 – Profit vs Cash Flow
11:54 – What is the Cash Flow Statement?
12:04 – Who would use Financial Statements?
12:34 – STEP 8: POST CLOSING ENTRIES
12:41 – What are Closing Entries?
12:51 – Closing Entries Example
13:10 – Post Closing Trial Balance
13:20 – THE ACCOUNTING CYCLE
Gowtham A
This is one of the best ‘clear & upto to the point with real world use case’ explanations of accounting in a span of 15 minutes. Thanks a lot man !
Accounting Stuff
@Gowtham A Thanks, I’m glad you enjoyed it 🙂
goldy joy
Thankz.. & luv frm india💖
The God of Thunder
Best video which I only needed to watch to clear all my basic doubts about financing and a huge request for more such videos like financial ratios ROE,ROA, ROS, etc ….. u know it as ur the champion of it all😄. A lot of love and support.
goldengamer 30001
Im confused is the credit side where money is being removed from the customers accounts and the debit side where its put into your account?
Phoebe Jose-Balgobin
Thanks for explaining and using examples simply to understand helps to have a refresher when accounting is a struggle in the beginning 🙂
Nawfel Bourmel
Thank you for this , I really hoped if there was an Arabic subtitle it would’ve helped a lot
Yasin Nabi
I found your channel very educational and worth subbing. thanks for the apploads ! a fellow creator
Hala Fayek
tysmmmmm for this im starting accouting course I failed two times I hopefully pass this one while watching your videos tuesday is the introduction day and watched it even before the first class I feel I will understand more now
Nader Thomas
Damn, he just covered an entire semester of college in 14 minutes. I believe I owe this boy a big wet sloppy kiss.😚💋
iamFabgirl
I really really wish that you were my accounting teacher 😭😭
Nina
Clearly I can’t understand these terms, but yeah let’s not give up, give it some more time
Paul Balogun
helped a lot thanks james
Be Ro
where have you been my entire uni life?!!! 🔥
ayaka simp
thank you so soooo much! I have taken STEM (Science and technology, Engineering and Mathematics) strand for my 11th to 12th grade since my school doesn’t offer Business strand, which was my preferred one. I am definitely at a disadvantage among other students in my college since most took it. But watching your video was a greaaaat help especially for me that is new to accounting. Thank you sooo much!
Doroteja
Hi James, wanted to say thank you, because I didn’t pass the exam but rather got a JOB thanks to your videos!!! God bless you and I wish you and your family a lot of health and happiness.
Oteng Manyako
i think i heard your voice on allison lmao
AARO ACADEMY
Great videos, both informative and inspiring.
JENNIFER GASPAR CARDONA
Is there someone an accountant that wants to learn Spanish? I want to improve my English but I’m Englisg learner from Colombia I can teach Spanish and something about accounting here, Nice Video!!!