Accounting basics, how to create financial statements easily

Name: Accounting basics, how to create financial statements easily
Rating: 4.2 (405 reviews)

Discover, develop, practice all kinds of financial statements

Created byM. Samir

Last updated 12/2023

English

English [Auto],

What you'll learn

How to create a Balance Sheet.
How to create an Income Statement.
How to form a Statement of Cash Flow.
Develop your knowledge as an accountant and start practicing your career as an expert.

Course content

5 sections • 30 lectures • 49m total length

Introduction1:01
Bookkeeping1:15
Bookkeeping is the first step in the world of accounting. Accountants start with bookkeeping and end with the income statement and balance sheet. You should know what is bookkeeping, how it started and where.
Double entry Bookkeeping0:57
Master double entry bookkeeping by recording every transaction as a debit and a credit, showing asset increases on the left and liabilities or capital on the right.
The importance of bookkeeping0:53
Accounting & reporting1:16
Master core accounting and reporting by transforming raw data into usable financial information, then summarize transactions to evaluate a company's efficiency and financial position for stakeholders.
kinds of accounting2:17
Motives & goals of accounting3:03
Various accounting terminologies1:11
Explore how international accounting standards and IFRS shaped financial statements by adopting terms like income statement and statement of financial position, replacing profit and loss account and balance sheet.
Income statement2:07
Balance sheet2:41
Section 1
Bookkeeping, accounting & reporting

Introduction0:55
BODMAS2:07
Explain BODMAS, the order of operations, and how brackets indicate which steps to perform first in accounting calculations. Show how M+ and MRC memory functions help save and recall results.
Rounding numbers0:59
Master rounding numbers and how precision affects cash transactions, using the penny as the smallest unit and the 0–4/5–9 rule, with a $20 ÷ 3 example yielding $6.67.
Fractions2:09
A fraction shows a part of something, with a numerator over a denominator, written in decimal form and simplified to the lowest term, including multiply or add fractions.
Percentages0:52
Explore how percentages express proportions as fractions or decimals, with examples like 75% equals 0.75 and 70% of assets for loan calculations.
Ratios1:01
Explore how ratios and fractions reveal financial performance by modeling time and salary allocation, showing three-fifths to Department A and two-fifths to Department B.
Negative numbers1:21
Reasonableness & equivalences1:12
Apply a test of reasonableness to verify answers, especially after using a calculator; round large numbers, avoid totals over 100, and convert fractions to decimals and percentages to fractions.
Managing skilfully equations and formulas2:37
Section 2

Introductuion1:10
Learn how financial records underpin financial statements, bookkeeping basics, and compliance across business sizes, including balance sheets and income statements or profit and loss statements.
Stakeholders and their financial needs0:54
Creating an income statement2:24
Learn to structure an income statement by identifying revenues, cost of goods sold, gross profit, operating and non-operating income, and net income calculations.

A case study, part 23:12
A case study, part 31:20
A case study, part 41:51
Prepare the master trading balance sheet by detailing assets (total current assets and long term asset), liabilities (current), and equity, ensuring total assets equal total liabilities and equities.
A case study, part 12:54
Follow a case study where three friends start a mobile phones and tablets business, recording ten transactions in Excel across bookkeeping, income statement, and balance sheet, including capital and loans.
Congratulations & Remember0:45
Complete the sections to master accounting basics, mathematical skills, income statement, balance sheets, and a case study. Apply what you learned to become a professional accountant, financial analyst, or controller.

Requirements

You should have any version of Microsoft Excel or Numbers if you have An Apple laptop.

Description

The course is very comprehensive, as it takes you through its five sections into the world of accounting. It shows what bookkeeping is. The difference between accounting and reporting. The goals of bookkeeping, accounting, and reporting. It also displays various accounting terminologies. It also develops your mathematical skills and how you can maximise your skills to perform accounting information efficiently. Understanding revenues, expenses, and other income statement items is crucial to creating an income statement easily. Realising assets, both current and non-current, is the first step to creating a balance sheet smoothly. Liabilities, with their two kinds, are the second step in setting up your balance sheet. Finally, you study equity and how it contributes to shareholders.

Accounting basics, the ultimate course is one of the most comprehensive courses on the internet. It starts with the process of bookkeeping. How to create the three main financial statements easily. Balance sheet, income statement and statement of cash flows. The last section has 3 fully and detailed examples for creating these three main statements efficiently. Your understanding is guaranteed.

Who this course is for:

This course is for beginner and intermediate accountants who want to be advanced and professional accountants.

Accounting basics, how to create financial statements easily

What you'll learn

Explore related topics

Course content

Bookkeeping, accounting and reporting10 lectures • 17min

Mathematical and numerical skills9 lectures • 13min

Financial records and financial statements3 lectures • 4min

Balance sheet3 lectures • 5min

Section 5: a case study5 lectures • 10min

Requirements

Description

Who this course is for: