Learn the fundamentals of accounting in this comprehensive 3-hour 30-minute video series. Explore key concepts such as debits and credits, the accounting equation, double-entry accounting, and the relationship between balance sheets and income statements. Dive into topics like accruals, prepaid expenses, suspense accounts, and depreciation. Gain insights into the history of accounting, general ledgers, and the differences between US GAAP and IFRS. Master essential accounting tools including trial balances, T accounts, and closing entries. Understand crucial financial concepts like current assets and liabilities, Cost of Goods Sold (COGS), gross profit, and inventory valuation methods. This series provides a solid foundation for beginners and a valuable refresher for those looking to reinforce their accounting knowledge.
Overview
Syllabus
Debits and credits DC ADE LER.
Accounting equation explained.
Debits and credits explained.
Double entry accounting explained.
Balance sheet and income statement relationship.
Accruals explained.
Prepaid expenses explained.
Prepaid expense examples.
Suspense accounts explained.
Depreciation explained.
History of accounting.
What is a general ledger.
US GAAP vs IFRS.
Trial balance explained.
T accounts explained.
Current assets and current liabilities.
Cost Of Goods Sold (COGS) explained.
Income statement explained.
BALANCE SHEET explained.
Closing entries in accounting.
Accrued revenue.
Accrued revenue vs deferred revenue.
Adjusting entries.
Trial balance vs balance sheet.
What is gross profit.
Average cost inventory method.
Taught by
The Finance Storyteller
