Accounting basics, the ultimate course

Name: Accounting basics, the ultimate course
Rating: 4.4 (95 reviews)

how to create the three main financial statements easily

Created byM. Samir

Last updated 10/2023

English

English [Auto],

What you'll learn

to create the three financial statements easily

Course content

4 sections • 20 lectures • 1h 27m total length

Introduction2:18
Explore accounting basics through John's story of starting a corporation and using accounting software to track transactions. See how daily transactions produce income statements, balance sheets, and cash flow statements.
Income statement, revenues1:54
Understand the revenue recognition principle under accrual accounting, recording revenues when sales occur, illustrated by January revenue of $100,000 and February receipts from customers.
Income statement, expenses3:19
Explore how the income statement records expenses with the matching principle, linking salaries and interest to January revenues to reveal profitability and the bottom line.
Balance sheet, assets & prepaids3:25
Discover how the balance sheet lists assets, liabilities, and shareholders' equity at a point in time, with examples of accounts receivable and prepaid insurance, and the cost principle versus conservatism.
Balance sheet, depreciation2:09
Depreciation reduces asset value on the balance sheet and records an expense on income statement over asset's useful life, lowering book value each year as the matching principle applies.
Balance sheet, liabilities & shareholders’ equity3:56
Explore how the balance sheet captures liabilities and stockholders' equity, detailing loan payable, interest payable, accounts payable, salaries payable, and unearned revenue with asset implications.
The Statement of cash flows4:06
The statement of cash flows tracks cash inflows and outflows across operating, investing, and financing activities. It links changes in accounts receivable, inventory, and PPE to cash and CapEx decisions.
Double Entry bookkeeping3:35
Explore the double entry system of bookkeeping, using debits and credits across balance sheet and income statement, with a chart of accounts and practical examples.
Financial Statements

Income Statement4:01
Explore the income statement, also called the profit and loss, which reports revenues and gains against expenses and losses to show net income or net loss.
Income Statement, revenues and gains4:00
Learn how revenues from primary activities, such as sales, are recognized when goods are delivered rather than when cash is received, and explore gains on asset sales.
Income statement, expenses & losses3:14
Learn how income statement expenses and losses are organized, including cost of goods sold, operating expenses, depreciation, and non-operating items like interest, with examples of timing and recognition.
Kinds of the income statement7:00
Explore the two kinds of the income statement: single-step and multiple-step, showing revenues and gains, expenses and losses, and calculating net income. Understand gross profit, operating income, and non-operating items.

Balance sheet, assets4:46
Explore the balance sheet, its three parts—assets, liabilities, and stockholders’ equity—and asset classifications, contra assets, and key principles such as cost, monetary unit, matching, depreciation, and allowance for doubtful accounts.
Balance sheet, liabilities3:31
The balance sheet lists assets, liabilities, and owners' equity, showing assets equal liabilities plus owners' equity, with accounts payable and customer deposits as liabilities, plus current, non-current, and contingent liabilities.
Balance sheet, equity3:44
Explore owners equity and shareholders equity, assets minus liabilities, contra accounts, and how revenues, expenses, and drawings affect the balance sheet and the book value versus market value.

The statement of cash flows6:00
Analyze the statement of cash flows, including operating, investing, and financing activities, and see how cash movements relate to net income through double-entry bookkeeping.
The Statement of Cash Flows (Main Sections)4:42
Learn how the cash flow statement integrates with the balance sheet and income statement, detailing operating, investing, financing sections, and supplemental information to reveal cash movements and non-cash exchanges.
Financial Statements, a real example7:15
Learn to prepare the statement of cash flows with a live January–February 2017 example, detailing operating, investing, and financing activities, including inventory changes and owner investment.
Financial Statements, a real example 25:42
Analyze how a balance sheet, income statement, and cash flow statement interrelate, showing how net income increases owner's equity and how receivables and inventory affect cash.
Financial Statements, a real example 39:11
Master trade demonstrates how to prepare the income statement, balance sheet, and cash flow statement for March 2017, showing zero net income and a $600 cash increase.

Requirements

All you need to have is a personal computer with a pen and a copybook to take down your notes

Description

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:

to understand and apply accounting basics and different terms

Accounting basics, the ultimate course

What you'll learn

Explore related topics

Course content

Introduction8 lectures • 25min

Income statement4 lectures • 18min

Balance sheet3 lectures • 12min

The Statement of Cash Flows5 lectures • 33min

Requirements

Description

Who this course is for: