Accounting, Bookkeeping & Financial Statements: Zero to Pro
4.3 (1,468 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
38,484 students enrolled

Accounting, Bookkeeping & Financial Statements: Zero to Pro

3 courses in 1: Bookkeeping, Financial Accounting, Accounting Reports & Financial Statements preparation in 8 hours!
Bestseller
4.3 (1,468 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
38,493 students enrolled
Created by Irfan Sharif
Last updated 7/2020
English
English [Auto]
Current price: $139.99 Original price: $199.99 Discount: 30% off
23 hours left at this price!
30-Day Money-Back Guarantee
This course includes
  • 7.5 hours on-demand video
  • 2 articles
  • 22 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Assignments
  • Certificate of Completion
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What you'll learn
  • Bookkeeping | Rules of recording transactions
  • Accounting | Accounting Concepts | Period end Adjustments
  • Financial Statements Preperation | Profit & Loss Statement | Balance Sheet
  • Depreciation | Depreciation methods | Accounting for Depreciation
  • Inventory | Inventory Valuation methods | Inventory Accounting
Requirements
  • No prerequisites, this course starts everything right from the scratch
Description

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!


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


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. 


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 40,000+ 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. 

Who this course is for:
  • Entrepreneurs
  • Professionals
  • Aspiring Accountants
  • Students
  • Accountants
  • Bookkeepers
Course content
Expand all 74 lectures 07:38:17
+ Introduction to Accounting
11 lectures 36:11

In the lecture, you will learn what is accounting? Why it is done? What are the two different types of Accounting? Who are the users of Accounting Information?

Preview 03:58

You will learn why you can not simply record the transactions in your own style and why you have to follow rules suggested by Accounting standards.

Preview 02:27

In Accounting we do not record transactions by simple plus-minus on a simple piece of paper. Rather, we have a completely different procedure to record these transactions and in this lecture, we are going to learn that.

Preview 04:10

In accounting, we class all different things into 5 classes. In this lecture, you will learn these classes in detail.

Preview 03:33

The accounting equation is one of the fundamental concepts in Accounting. Let's take a brief look at this.

The Accounting Equation
05:27

Let's incorporate income and expenses in our accounting equation.

The Accounting Equation - Income and Expenses
03:11

The Accounting equation is the concept behind the two most important reports in the business, Balance Sheet, and Profit and Loss.

The Most Important Reports in Accounting
01:32
Balance Sheet
03:30

Profit and loss account is the other most important report in business.

Profit and Loss Account
01:24

In accounting, transactions are recorded by debiting and crediting the ledgers. But when we have to debit or credit a ledger, it depends on the nature of the account. Let's learn the rules of recording in accounting. 

Debit and Credit Rules
04:08

As we already discussed, in Accounting we have to follow certain rules. These three are the basic rules of Accounting before we start learning any further.

Separate Entity Concept, Accruals Concept, and Matching concept.

Three Basic Concepts of Accounting
02:51

Let's make sure you have properly understood the key terms in Accounting.

Key Terms/classes in Accounting
5 questions
+ Practice: Recording of Transactions and Preperation of Reports
7 lectures 36:46

In this lecture, we will take a brief look at the ledger and General Ledger.

Introduction to Ledger and General Ledger
02:57

To put things in context, please read this scenario as we are about to start bookkeeping for this business in the next lecture.

Scanerio
00:58
Recording Transactions in General Ledger
12:37

Trial Balance is the list of closing balances on all the accounts. In this lecture you will learn how to prepare a Trial Balance.

Preperation of Trial Balance
04:42

In this lecture, we will prepare two most important reports of business, Profit and Loss account and Balance Sheet.

Preperation of Profit & Loss Account and Balance Sheet
06:47

Starting a new month in Accounting requires the closing of ledgers. In this lecture you will learn which leaders need to be closed and how is it done.

Welcome to the 2nd month of business!
04:58

We have already learnt that Income and Expense account balances are not carried forward to the next month. However, there is a theoretical way of doing it by recording the closing entries from these ledgers to Profit and Loss ledger.

Closing entries
03:47
As we have done for the month of January, now its time for you to do a practice of recording transactions and preparation of reports. You will carry forward from the January balances and record transactions for February and then prepare the reports.
Recording February Transactions and Preperation of Reports
2 questions
+ Accounting for Purchases and Payables
5 lectures 32:49

Before we start accounting for purchases and payables, let us learn some key terms that are related to it.

Introduction and key terms
05:06

Cash purchase is straight forward, let us quickly cover it in this lecture.

Recording Cash Purchase and Purchase Return
04:49

Credit purchase is itself a transaction, but as a result of credit purchase, later some other transactions also take place like payment, early payment discount, and the interest charge for late payment.

Credit Purchase, payments, early payment discount, interest for late payment
07:13

Let's get our hands dirty and record some accounting entries related to purchases and payables.

Example
07:43

Example continued from last lecture.

Ledger posting and preperation of reports
07:58
Record the transactions given in the question and prepare Trial Balance, P&L and Balance Sheet.
Purchases and Payables Accounting, May 2020
3 questions
+ Accounting for Sales and Receivables
9 lectures 01:08:55

Let's start by learning some key terms related to Sales and Receivables.

Introduction and key terms
03:12

Cash Sales and cash sales return are part of daily business and these are easier to record. Let's take a look.

Cash Sales and Sales Return
05:07

Credit Sale is one transaction, but it results in different other transactions taking place later. Let's take an overview.

Credit Sales and related transactions
11:28

Hands-on practice of sales and receivables entries.

Example
07:18

Example continues, preparation of reports.

Example: Preparing Reports
09:51

In this lecture, we will pause our journey for a while and get our basics right. We will learn what are adjusting entries and what is adjusted trial balance.

Important: Adjusting and Closing Entries
11:49
Recording transactions - July
04:54
Use the transactions given in the file, post all the balances to ledgers, post adjusting entries, prepare adjusted trial balance, post closing entries, prepare Profit and Loss Account, and Balance Sheet.
July Adjusting and Closing Entries, Adjusted Trial Balance, P&L, and B/S
3 questions

Allowance for doubtful is a complicated area in Receivables Accounting, let's learn it from the basics.

Allowance for Doubtful Debts
04:33
Allowance for Doubtful Debts - Accounting entires
10:43
+ Accounting for Inventory/Goods:
10 lectures 01:16:55

In Accounting, there are quite a few terms associated with goods. In this lecture, we are going to learn these terms.

Understanding terms: Goods, Purchases, Inventory/Stock, Cost of Sales
05:52

Multiple methods can be used for Inventory Valuation, as allowed by GAAP and IFRS. In this lecture, you will learn these methods.

Preview 07:14

An additional example of Inventory Valuation methods.

Inventory Valuation - Practice
05:57

In this lecture, we will solve a little difficult example of inventory valuation. We will also learn the Perpetual Weighted Average Method of inventory valuation. 

Inventory Valuation - Additonal Practice
16:42

Practice the concepts of inventory valuation.

Inventory Valuation Quiz
3 questions

Accounting for Inventory is a little complicated, so we have two methods to deal with it. In this lecture, we will discuss these complications and available methods.

Accounting for Inventory - Introduction
05:00

In this lecture, we will take a look at accounting entries that are made for inventory in the Periodic Inventory Accounting System.

Preview 04:13

In this lecture, we will do a detailed example of the Periodic Inventory Accounting System.

Preview 11:57

Additional example on Periodic System of Inventory Accounting.

Example 2: Periodic System of Inventory Accounting
09:15
Perpetual System of Inventory Accounting
08:29

In Accounting, overstating an asset is not allowed. In this lecture, you will learn an important period-end adjustment which ensures that inventory is not overstated in the books of accounting.

Preview 02:16
+ Goods and Services Tax: Brief Introduction and Bookkeeping/Accounting
6 lectures 15:32

Introduction to Goods and Services Tax - GST. GST is also called Sales Tax or Value Added Tax - VAT.

Preview 00:51

First things first. Let us learn the Net to Gross Price conversion.

Understanding Net and Gross Price
03:44

Let's do some practice of Gross to Net conversion.

Practice: Gross to Net Conversion
02:25

Not all the traders and manufacturers need to register for Sales Tax. There are thresholds set by the government of each country/state and only businesses who meet or exceed the sales threshold need to register.

Sales Tax Collection - Introduction
03:09

In this lecture, you are going to learn the accounting entries to record the Sales Tax collected on sales.

Preview 02:48

In this lecture, you are going to learn the accounting entries to record the Sales Tax paid on purchases.

Accounting for Sales Tax on Purchases
02:35
+ Accounting for Non-Current Assets
13 lectures 01:13:53

Introduction to fixed assets, its scope, methods of accounting and key concepts.

Introduction to Fixed Asset and Fixed Asset Accounting
04:28

Overview of the methods of depreciation and Straight line method in detail.

Methods of Depreciation, Straight Line Method
03:37

Practice Straight Line Method and introduction of few keys terms like Accumulated Depreciation and Net Book Value.

Example: Straight Line Depreciation
05:37
Units of Production Method of Depreciation
03:37

Declining Balance Method of depreciation is the most popular one. In this lecture, you will learn this method with a practical example.

Preview 07:55

Let's do some practice of the Declining Balance Method.

Practice: Reducing Balance Method
06:31

This is the 4th method of depreciation that is widely used. Let's learn it and solve some examples.

Sum of Years' Digits Method
08:59

Now that we know 4 methods of depreciation, choosing the right one is important. In this lecture, we will discuss which method suits a particular situation.

Preview 04:01

When the asset is finally sold after years of utilization, the difference in the sales proceeds of the asset and its book value results in gain or loss. Let's take a detailed look at this is this chapter.

Preview 02:45

Time to start posting the debits and credits in our ledgers for the fixed asset purchase, depreciation, and disposal.

Accounting for purchase, depreciation and disposal of fixed assets
03:14

The practice of the accounting entries learned the earlier chapter.

Accounting entries - example
10:47

There is another method of fixed asset accounting. We are going to learn this method in this lecture.

Preview 03:02

Practice the alternative entries to record the depreciation and disposal.

Accounting entries - Asset account maintained at Cost
09:20
In this assignment, you are going to calculate the depreciation of an asset for its entire life, calculate the gain or loss on disposal, and make the accounting entries for its entire life cycle, that is, purchase, depreciation, and disposal.
Depreciation and accounting entries - Practice
4 questions
+ Accruals and Prepayments
5 lectures 24:43
Accounting for Prepayments - Example
09:05
The practice of the prepayment entries and reports for the year 2021.
Accounting for Prepayments - 2021
3 questions
Monthly/Quarterly reporting
00:20
Accounting for Accruals - Example
04:22
+ Company Accounting
5 lectures 21:39
Understanding a Business's Legal Status and Company
03:02
Introduction to Shares
04:44
Accounting for Share Issue
04:49
Right Issue of Shares
04:56
Bonus Issue of Shares
04:08
+ Miscellaneous
3 lectures 16:19

Profit can be expressed on cost as well as on sales value. This is an important concept for accountants.

Preview 01:46

Let's do some practice of mark up and margin calculation.

Markup and Margin Example
10:39

You can convert markup to margin and vice versa very easily! Let's learn how.

Preview 03:54
Markup and Margin practice
3 questions