Learn Accounts & Financial Statements - Understand Business!
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Learn Accounts & Financial Statements - Understand Business!

Understand Accounts and Financial Statements in this easy to follow course.
4.5 (102 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
1,475 students enrolled
Created by Uday Gehani
Last updated 8/2017
Current price: $20 Original price: $200 Discount: 90% off
30-Day Money-Back Guarantee
  • 3 hours on-demand video
  • 6 Articles
  • 11 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • You will learn to read Financial Statements and assess the health of your Business.
  • You will have a Fundamental Paradigm shift in how you view business. This New Paradigm will help you Understand Business better and become a more confident Business Owner.
  • You will understand how the Income Statement works which will help you maximize profitability.
  • You will understand how the Balance Sheet works and identify ways to improve the resources available in your business.
  • You will learn to avoid costly rookie mistakes - such as not understanding the You will Learn the difference between Profits and Cash Flow helping you avoid costly rookie mistakes which drain an Entrepreneurs Cash Flow.
  • You will improve your overall understanding of Business making you more confident Business Owner.
  • You will learn practical strategies making you reach your Business goals faster freeing up your time to spend with loved ones. You will successfully understand the accounting Cycle.
  • You will learn 'Accounting Jargon' and 'Real Life Business Examples' making you a better Investor.
View Curriculum
  • Know English.
  • Understand Basic Math.
  • A basic calculator would be helpful to solve some Quizzes but is not required.
  • No other prior Accounting knowledge is needed - Just a curious mind!

Do you try to avoid or procrastinate on reading your Financial Statements? 

Do you feel out of control and worry about the health of your Business?

Hey, I get it!

I completely understand! 

Under the pressure to stay alive — let alone grow —it’s easy for Entrepreneurs to get caught up in a never-ending cycle of daily work and avoid their Accounts and Financial Statements.

But as a Small Business Owner - let me tell you this.

The neglect of your Accounts and Financial Statements is coming at a cost.

The cost of not knowing if you are making progress.

The cost of feeling like you have a lack of control.  

The cost of not running a successful business. 

And, mostly - the VERY REAL possibility of running out of cash. 

Now, let me also add -

The very thing that you have been avoiding in Business will produce the results you want and lead to long term change.


Because Firstly, Understanding Accounts helps you understand the health of your Business.

It reveals how your Business is doing - what works and what doesn't. 

It shows what Resources you have and how well they are being utilized.

It tells you how efficiently you have been running your Business and identify areas of improvement. 

Once you understand how Accounts work and how to read Financial Statements - you'll be able to use your knowledge to increase Revenues and Profits, add value to your business and build a business that really works!

You’ll understand the your Business better and take steps take to produce immediate results and long-term change

I have spent a year to design this course and make 'Accounting' so radically simple that you will no longer have an excuse to avoid reading your Financial Statements and take positive action!

In each section, I cut through and make sense of Accounting jargon, give you practical advice on how Accounting functions in a Business and teach you how to read Financial Statements for Small and Big Firms. 

By the end of this course - my promise to you is this, that you'll be able to Understand Business better and take the steps necessary to create a Successful and Profitable Business of your own for Life! 

In fact, the reality is - I believe that you can't afford to not remove the time and take this course.

It's simply too important. 

So, please join me and a community of over 1,470 people who have trusted this course to give them a good overview of the one of the most important aspects of Business - Their Accounts and Financial Statements. 

Uday Gehani 

Who is the target audience?
  • Entrepreneurs, Home Based Business Owners and Small and Mid Size Business Owners who are not confident in their knowledge of Accounts and reading Financial Statements.
Curriculum For This Course
44 Lectures
"Accounting Speak"
12 Lectures 48:04

It's important for me that I meet and exceed what your looking for.  A few minutes spent in this lecture will give you an overview of this course, about me and you will see my teaching style.  I hope you enjoy it!  Thank you so much for your valuable time.  Uday Gehani :)

Preview 04:21

Accountants need to be thoroughly familiar with the different "Forms of Business Organizations" to do their job as well as give the right advice when necessary.  In this lecture, we start learning the different Forms of Business with an exploration of into Sole Proprietorships. 

Flying Solo - A look at Sole Propreitorships!

Life is not an Island and neither is Business.  Businesses often pool the talents and resources of many people towards a common Goal - Profits, using Partnerships.  In this lecture, we talk about Partnerships and their place in the business eco system, the different types of Partnerships and what are the Pros and Cons of each type of Partnership! 

Business is Better with Friends - A look at Partnerships

In today's world, Businesses form the back bone of any economy.  But who creates the rules of Business?  And who regulates them?  Dive into this Lecture to Find Out.  

Mind the GAAP

Not All Accounting Standards are created Equal!

Accounting has evolved over the years to meet the needs of different people.  In this lecture, we talk about the different types of accounting and the audiences they cater to.  Then, we go on to talk about Financial Accounting which is the main focus of this course.  

Preview 06:58

Want to know the inside information into a company?  What products are selling the most?  Is the company really profitable or is it masking its losses with a front?  We may not have access to this information as outsiders but all this information is available to Managers within the company and they can use this information to make a GOOD Company - GREAT!  Find out how in this Lecture.   

Managerial Accounting- Can you keep a secret?

Don't run because you can't get away - The Tax Man will get you anyway!  Companies run for a Profit.  To maximize their returns, they must be careful not to pay too much in taxes, and they also should make sure they pay enough to meet all their obligations to the government.  That's where Tax Accounting comes in.  Watch this Lecture to find out more!   

Tax Accounting- Everyone Must Pay!

In This Lecture - Meet Joey - Our Friend from Far Far Away and Learn about Transactions and Double Entry Accounting.   If Debits and Credits have sounded like an Alien Language to you - This Lecture is a Must Watch! 

Preview 01:47

Everything Must Balance - Get a basic understanding of the Balance Sheet and introduction to the Accounting Equation in this Lecture.  With a Name like 'The Accounting Equation' it obviously must be important in the world of accounts and this lecture should not be missed.  

The Accounting Equation and it's Components

The Accounting Equation is the basis of the double entry system, which means each transaction has a dual effect.  A transaction effects either both sides of the equation by the same amount or one side of the equation only, by increasing and decreasing it by identical amounts on the same side.  In this Short Quiz - Test your understanding of the Accounting Equation.  

Short Quiz: The Accounting Equation
2 questions

How is the company doing?  Is the Business Profitable?  These answers and more can be gained by understanding the elements of this Lecture.  

Revenue, Expenses, Earnings and More!

Companies have more then one way to make money!  This Lecture introduces you to the other ways in which a Business makes (and loses) money.    

Gains and Losses

Answer some Trivia about Accounts and get a feel for what has to follow.  

Accounts - Your Journey has just begun
5 questions
The Accounting Cycle
9 Lectures 37:37

The Chart of Accounts is a listing of all accounts that form part of a company's accounting system. It is the first thing that Accountants Set up whenever they set up a New Accounting system for a company and therefore, it forms the foundation of a company’s financial record keeping system. We go through it Step by Step in this Lecture.  

The Chart of Accounts

Technology and the Chart of Accounts

Each Transaction in a Business goes through a Journey.  Accountants call this Journey an Accounting Cycle.  Here, we take an overview of this Journey to hopefully have a Happy Ending. 


Preview 01:47

Journal Entries are the Building Blocks of accounts.  Go no further without understanding them and their importance in the world of accounting - All in this Lecture! 

Preview 02:59

Debits and Credits are a source of confusion to so many people who try to understand accounts - Yet their understanding is fundamental to learn how the accounting cycle functions.  In this Lecture, I break down Debits and Credits into an easily understandable example.  I promise you that after this lecture - You'll wonder what all the confusion was about to begin with? 

Debits and Credits

Test your knowledge of Journal Entries with these questions.  

Short Quiz: Journal Entries
4 questions

If it weren't for the hard work of bookkeepers, companies wouldn't have a clue about what happens with their financial transactions?  But, who are Bookkeepers and how are they different from Accountants?  Find out all this and more in this lecture.  

The Basics of Bookkeeping

Before Modern Accounting software - Accounting used to be done on Books.   Remember those!  This Lecture introduces you to T accounts -  Old School Methodology but still important in understanding the Functioning of the Accounting Cycle.   

T- Accounts

In this lecture, we move into the last phase of the accounting cycle.  We see the use of a Trial balance and Adjusting Entries and we Finally close out the books.   

Trial Balances, Adjusting Entries and Closing out the Accounting Cycle

This Quiz tests what we have learned about Journal Entries and the Accounting Cycle 

Testing your Knowledge - The Long Quiz
10 questions

  • If you've made it till here, you've gotten a pretty good hang of Accounting Vocabulary as well as the THEORY Behind the Accounting Cycle by now.  It's time to put ALL that you have learned to the TEST by going through the Accounting Cycle yourself.  Yup!  No Training wheels on this one.  Meet the Big Boss of this Video Game....Sorry......this Section - QUESTION 10!
Question 10 - Meet the Big Boss!
Financial Statements - The Measures of Performance
23 Lectures 01:51:23

Financial Statements reflect 'real world events' that have taken place in the life of the Business.  This Lecture  introduces to the different types of Financial Statements and how understanding them gives you a 'big picture' view of the Business.  

Financial Statements and why they are necessary

An overview of the Different Types of Financial Statements. 

Types of Financial Statements

You may have heard a lot about the Bottom Line - which is nothing but the Profits left over in the Business after deducting all the Expenses.  In this Lecture, we take a look at all aspects of the Income Statement - From Top to Bottom.  

The Income Statement - Exploring the Earnings

In this lecture, we talk about private vs. public companies.  Why as individuals can't we see the Financial Statements of our local grocery stores but the Financial Statements of Wal Mart are freely available on the Internet?  This Fundamental understanding will help build a solid foundation for any accounting or finance concepts you will encounter in the future.  

Disclosing Financial Statements - Private vs. Public Companies

The real world example in this Lecture illustrates why going Public with a company is not the right choice for everyone.  

Martians - Keeping things in the Family!

There are times in our lives when we read a great book, attend a great seminar or take the perfect class.   But despite our efforts, taking the theory we have learnt in class and applying it to real life can be difficult. In this lecture - we address that problem by taking the knowledge we have gained about income statements so far in the course and seeing how it applies to real life.  

The Income Statement - in Practice

Short Quiz: The Income Statement
4 questions

In this Lecture, we take the training wheels off and you get to explore all you have learned and your understanding of the Income Statement Independently.

An Independent Review of the Income Statement

In this article lecture, we Bookmark an article about the incomes statement to review it 7 days from now for improved retention of our newly formed skills. 

Reviewing the Income Statement

Everything must Balance.  Here, we take a look at the accounting Equation - The Fundamental Building Block of the Balance Sheet and see how the Balance Sheet is nothing but a representation of this Equation.  

The Balance Sheet - Assets - The more the Better!

Find out what a company owes by Understanding Liabilities.  If a company owes too much - It can be a sign of testing times coming up for a company the road ahead.  Learn more about Liabilities and how they impact a Business in this Lecture.  

And now we meet the other half - Liabilities and Owner's Equity.

Practice makes perfect, right?  Going over one balance sheet isn't enough and it's important that we go through a second one so you get comfortable with the concept.  This Lecture looks over the Balance sheet of Walmart to give you a better understanding of Balance Sheets. 

The Balance Sheet - In Practice

Short Quiz: The Balance Sheet
2 questions

In this Lecture, we cover Cash Vs. Accrual Accounting and why not understanding this could be devastating for a Business owner.  Further, we take a deep dive into the Impact that credit has on a business and discover why it is so important to set up the RIGHT Terms of Credit when you run a Business.  

Cash Vs. Accrual Accounting - Uncovering Hidden Secrets of Financial Statements

This Article Lecture focuses on fundamental difference between Cash and Accrual Accounting and we understand the 3 Fundamental Rules of Accrual Accounting.  

Diving Deeper into Accrual Accounting!

Short Quiz: It's time to test your understanding of the 3 Rules of Accrual Accounting that were introduced in the Last Article Lecture.  Don't worry if it takes you a bit of time to get a grasp of the concept.  Just do your best.  

Start your Calculators. Ready, Set, Go!  

Short Quiz: Accrual Accounting - Test your understanding!
4 questions

Did you know that a Business may be Profit Rich but Cash Poor?  This Lecture goes over why Profits may be misleading and 'Cash truly is King' (& Queen) of a Business.  

'Cash is King' - The Cash Flow Statement

In this Lecture, we look at the TWO METHODS used to calculate the Cash Flow from Operations - and then take a deep dive into the INDIRECT Method for calculating the Cash Flow from Operations.  In my experience, people often struggle with understanding these two methods and it is my goal that you NEVER have to go through that especially after watching the simple and easy to follow explanations in this Lecture.  

The Cash Flow From Operations - Indirect Method

In this Lecture, we continue where we left off with the 2nd Way to calculate the Cash Flow from Operations - The DIRECT METHOD.  We also talk about how important a positive Cash Flow from Operations is for the overall health of the Business.  

The Cash Flow From Operations - Direct Method

The Cash Flow from Operations is an integral part of a company and a 'key number' to watch when analyzing Financial Statements.  Learn all about it and more with the real life example of Walmart in this lecture. 

The Cash Flow from Operations - In Practice

Need a crystal ball to predict the companies future?  While it may be hard to get hold of a Crystal Ball - Through this Lecture, we could start with learning about the Cash Flow from Investing and get an insight into the Future Direction Management wants to take the Company in.


The Cash Flow From Investing

Company's need to keep purchasing resources and long term assets to ensure that they keep growing well into the future.  In this lecture, we analyze the Real Life Cash Flow from Investing Section of Walmart which gives us insights into Walmart's Long Term strategy.    

The Cash Flow from Investing - In Practice

There are primarily two ways in which a Business raises money.  Form the Owners (Equity) or from Outsiders (Debt).  The Cash Flow from Financing is a category that monitors the cash flow from these two components and we go over it in detail on this lecture

Cash Flow from Financing

There are two ways in which companies raise Finance.  They are 1. Debt & 2. Equity.  The Cash Flow from Financing highlights the effect on Company Cash balances based on how the company has decided to raise money.  It is also the part of Accounts where the world of Finance clearly intermingles.  In this lecture, we analyze the Real Life Cash Flow from Finance Section of Walmart to learn more.  

Preview 08:25

It's time to put on your Boxing gloves and take on the Cash Flow Statement.  Make sure you don't have any glasses on because the Cash Flow Statement packs a punch.    

Good Luck!  

Short Quiz: The Cash Flow Statement
2 questions

Ironically, many times taking more room than the Financial Statements themselves - Find out what Notes are all about in this Lecture.  

It's all in the Notes

All good things must come to an end.  Let's take all we have learned from this course and test our knowledge one Final Time.  Good Luck! 

Testing your Knowledge about the Financials
11 questions

Personally, I hate Goodbyes!  But I know all good things must come to an end.  But - Instead of a Goodbye - I'd just like to say.  Thank you for taking this Journey with me.  I'll see you later.  

Goodbye and Thank You!
About the Instructor
Uday Gehani
4.5 Average rating
102 Reviews
1,475 Students
1 Course
Dedicated to make complex topics easy!

I began my career as a Financial Analyst at a New York Bank analyzing the Financial Statements for Small and Medium Enterprises for 10 years which made me understand and enhance all my Accounting and Finance concepts.  This Knowledge later enabled me to create a concrete business plan and successfully start and run two profitable businesses since then - All in a span of 4 years.   Having my fundamentals of Accounting, Finance and Entrepreneurship clear has had a big impact on my life and I am passionate about teaching what I have learnt to others.