
Identify liabilities as obligations to pay, distinguishing between third-party liabilities and the liabilities toward owners, referred to as honor capital or honor's equity.
Understand the dual impact of a transaction, where value enters the business and is later recorded as value out, with examples of goods for cash and loan obligations.
The accounting equation is one of the fundamental concepts in Accounting. Let's take a brief look at this.
Learn end-to-end bookkeeping and accounting for a new small business, posting journal entries to ledgers and preparing trial balances and financial statements including profit and loss account and balance sheet.
Identify current liabilities as those due within one year and non-current liabilities as those due after one year, with examples like credit card bills, short-term loans, and long-term bank loans.
Classify income into operating and non-operating with examples from goods, services, and asset sales; explain interest and dividend income, and relate these to the profit and loss statement.
Transfer balances from October to November ledgers, establishing opening balances for Chase Bank and Owner's Capital, and transfer the cash balance while rent expense and income ledgers are not transferred.
Record and post November journal entries end to end, create ledgers when needed, and compile trial balance, profit and loss, and balance sheet for a small business.
Learn to verify that all business transactions are recorded correctly by reconciling the bank ledger with the bank statement at month end, ensuring opening and closing balances match.
Master bank reconciliation by correcting a dishonored cheque through reversal entries and rebalancing debits and credits to align the ledger with the bank statement.
Compare cash and accrual accounting by examining when sales, purchases, and cash receipts are recorded, and learn why external reporting requires accrual accounting under international financial reporting standards.
Learn how to account for trade discounts by recording purchases at net price, not as discounts, and distinguish it from cash (settlement) discounts.
Learn the key documents for expenses and payables, including invoices, remittance advice, receipts, debit notes, credit notes, monthly reconciliation summaries, and related records like inquiries, quotations, and purchase orders.
Apply 10% late payment interest on an $800 sale, debiting receivables for $80 and crediting interest income, raising receivables to $880 and using a separate interest income ledger.
Explain how gross receivables, before adjusting for the allowance for doubtful debts, become net receivables after deducting the allowance and are reported on the balance sheet.
Explain who pays sales tax and how end consumer vs not registered buyer affects whether tax is expensed or recovered as a receivable.
The course starts right from scratch, introduces the concept of Accounting, fundamental accounting terms, the accounting system of recording business transactions. Then it takes you to more complex areas of accounting like transactions affected by discounts and sales tax, prepaid and accrued transactions, and accounting adjustments like depreciation.
Topics Covered:
Introduction to Accounting
Why Accounting has to follow rules and what are the accounting standards?
What are the different types of Accounting and what information is produced by each?
Accounting terms
Cash and Accrual Accounting
Double-entry concept
Bookkeeping
General Ledger
Trial Balance and Financial Statements
Fixed Assets and Depreciation
Inventory Accounting
Financial Statements preparation
Accounting for leases
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 that are quite useful when you are maintaining your books in accounting software. In short, in the next 3 hours, you will be able to understand all the basic aspects of Accounting that you need to know to well handle your business financials.
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What is Accounting:
Accounting, Bookkeeping, and Financial Statements Preparation are three steps to achieve one main goal, keeping a track of business money and prepare reports to provide a financial summary for stakeholders.
Why you should learn Accounting:
Every single business needs to record its income and expenses, not just for internal management and control, but also for external stakeholders like government, tax authorities, investors, lenders, and even suppliers and customers. Having a good command of numbers and the idea of how cash flows are recorded and presented makes you a better professional.
Who should take this course:
Accounting and Finance Students
Business Students
Aspiring Accountants
Professionals
Entrepreneurs
Business Owners
Investors
Startup founders
Prerequisite:
This course starts from zero, no background knowledge is required to start learning in this course. Even 12 years old can also learn Bookkeeping, Accounting, and Financial Statements Preparation in this course.
Money-Back Guarantee:
Nothing to lose! If you will not be satisfied with the course, Udemy offers 30 days money-back guarantee!
Introduction to the teacher:
Chartered Accountant | 12 years of work experience | 12 years of teaching experience as visiting faculty
I am a Certified Chartered Accountant (ACCA) from the UK with 12 years of professional work and teaching experience and have taught more than 4,000 students in class and 100,000+ students on Udemy!
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.