Basic Accounting Terms
3.7 (68 ratings)
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Basic Accounting Terms

An introduction to Accounting terms
3.7 (68 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.
2,484 students enrolled
Created by Irfan Sharif
Last updated 2/2015
Price: Free
  • 25 mins on-demand video
  • 1 Supplemental Resource
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Understand Accounting terms & reports
  • Classify and Record the Transactions
  • Prepare and use main Accounting Reports
  • Understand the input & output GST
View Curriculum
  • No prerequisites required
  • No software or material required
  • If you like to practice your Accounitng skills in an Accounting software along this course, you may choose WAVE ACCOUNTING (always free) or Xero or Quickbooks free demo. They are cloud based, means they require no installation!

Accounting for Entrepreneurs is a unique course, designed to teach Accounting to Non-Accounting professionals. This course covers all the basic concepts of Accounting that a business person needs to know to handle his business financials. For example,

  • Accounting terms
  • Cash and Accrual Accounting
  • Double entry concept
  • General Ledger and Chart of Accounts
  • Trial Balance and Financial Statements
  • Fixed Assets and Depreciation
  • Intangible Assets and Amortization
  • GST and its Accounting treatment

This built of the course is fairly easy, the format is beautifully designed interesting interactive video, the course flows from basis to Accounting to the preparation of financial statements first and then the more complex and frequently used areas of Accounting have been dealt with. This course also covers various practical concepts which are quite useful when you are maintaining your books in an accounting software. In short, in the next 30 minutes you will be able to understand all the basis aspects of Accounting that you need to know to well handle your business financials.

This course is also ideal for entrepreneurs, non financial managers and new students to accountancy, as they will be able to learn accounting in more natural and practical style rather than typical class room lectures. You don't need any previous knowledge or experience to learn this course.

How I am uniquely qualified to teach this course:

I am Certified Chartered Accountant with 7 years of professional work and teaching experience and have taught more than 4000 students! I have implemented accounting software and ERP at various organizations and have expertise in financial transformation. I have been leading accountancy practice for small and medium sized entities for the last 4 months and have frequent interaction with entrepreneurs. So I know what exactly do entrepreneurs need to know to well manage their books.

Who is the target audience?
  • Entrepreneurs
  • Non Financial Managers
  • New Accountancy Students
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Curriculum For This Course
Introduction to Accounting
8 Lectures 14:39

In this lecture we will introduce you to the main terms used in Accounting. This is very important to know before we proceed to any other lecture.

Accounting terms

Let us discuss the way records are maintained in Accounting System.

Introduction to accounts and general ledger

Let us learn how transactions are compiled in categories and also you can drill down data in details for reporting purposes.

Parent & Child Accounts

Let us learn the complete system of maintaining accounts in Accounting System.

Chart of Accounts

This is the basic rule of recording any transaction in Accounting.

Double entry bookkeeping

The complete rules of when an account is to be debited and when it has to be credited.

Recording tranactions - Rules

Let us practice the recording of transaction in Accounting.

Recording transactions - Examples

Once the transactions have been recorded, the next step is to compile them for reporting. Let us learn how this is done.

Compiling accounts and Trial Balance
Preparing Financial Statements
1 Lecture 01:12

The two are the most important reports for business owners and managers. Learn how it is to produce them.

Profit & Loss Statement and Balance Sheet
Additional Areas of Accounting
5 Lectures 03:51

These two are the methods of accounting. Let us learn if you can use either of them.

Cash Accounting and Accruals Accounting

The may be a time difference in making an expense and paying for it. In this lecture we will learn how should account for such transactions.

Accruals & Prepayments

A very important concept for distinguishing expenses which result in long term benefit from the ones with short term benefit.

Capital & Revenue Expenditure

Complete accounting treatment of Fixed Assets.

Fixed Assets & Depreciation

What intangible assets are how they should be accounted for in the books.

Intangible Assets and Amortization

Additional areas of Accounting
3 questions
General Sales Tax
5 Lectures 05:14

Understand what is GST and how GST system operates.

General Sales Tax

These are the advanced areas of GST that a business owner must know.

GST - Zero Rated and Exempt Supplies
1 page

The terms which are important to know to deal with GST.

Accounting for GST - 1

Let us learn the Accounting treatment of GST - the way the GST is recorded dealt in books of Accounting.

Accounting for GST - 2

A simple example to illustrate Accounting for GST.

Accounting for GST - Example
About the Instructor
Irfan Sharif
3.7 Average rating
67 Reviews
2,484 Students
1 Course
Certified Chartered Accountant, Entrepreneur & Lecturer

Irfan Sharif, ACCA

Experienced finance professional with practical experience of teaching accountancy and finance.

I am Certified Chartered Accountant (ACCA-UK), with a rich experience of providing finance and accountancy services to large organizations of banking, FMCG and professional services sectors. I have worked as a Consultant at "PwC" and as Finance Manager at a FTSE 100 MNC. Now I am leading Accountancy Service of "Excelsious" where we provide Accountancy and Finance services to small and medium sized entities.

Throughout my career I have been associated with professional education as visiting member of faculty at prestigious professional colleges and universities for ACCA, CA and MBA. Over this time, I have helped more than 4000 students successfully achieve their aspirations and professional education goals. I am really excited about the enhanced learning experience of teaching online and sharing my knowledge and expertise with wider audience.