Basic Accounting Terms

An introduction to Accounting terms
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2,424 students enrolled
Instructed by Irfan Sharif Business / Finance
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  • Lectures 19
  • Length 26 mins
  • Skill Level Beginner Level
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
    Certificate of Completion
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About This Course

Published 2/2015 English

Course Description

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.

What are the requirements?

  • 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!

What am I going to get from this course?

  • Understand Accounting terms & reports
  • Classify and Record the Transactions
  • Prepare and use main Accounting Reports
  • Understand the input & output GST

Who is the target audience?

  • Entrepreneurs
  • Non Financial Managers
  • New Accountancy Students

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.


Section 1: Introduction to Accounting

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.


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


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


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


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


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


Let us practice the recording of transaction in Accounting.


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

Section 2: Preparing Financial Statements

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

Section 3: Additional Areas of Accounting

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


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.


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


Complete accounting treatment of Fixed Assets.


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

Additional areas of Accounting
3 questions
Section 4: General Sales Tax

Understand what is GST and how GST system operates.

1 page

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


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


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


A simple example to illustrate Accounting for GST.

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Instructor Biography

Irfan Sharif, 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.

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