Accounting Terminologies and Core Concepts

Name: Accounting Terminologies and Core Concepts
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Key Accounting Concepts and Terminologies for Finance and Non Finance Professionals, Businessmen, Entrepreneurs, etc

Created byGovernance Risk and Compliance GRC by GRC Professional

Last updated 2/2025

English

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What you'll learn

Accounting Terminologies
Accounting Concepts
Assets, Liabilities, Income, Expenses, Share Capital
Capital Gains and Investment Income
Accrual Basis of Accounting
Bad Debts, Depreciation, Reserves, Investment Income, Unearned Income
Understand Financial Statements
Other Core Concepts of Accounting

Course content

6 sections • 21 lectures • 2h 1m total length

Why This Course Is Important For You?2:37
Understand why accounting is the language of the business and grasp key concepts and terminologies to manage daily transactions and engage confidently with your finance team.
Introduction1:13
Explore key accounting terminology and core concepts to understand finances, manage a startup, and gain essential accounting knowledge for business success.

Components of Accounting1:15
Main components of accounting are discussed in this lecture. Every company or business transaction surrounds around these components.
Assets6:01
Identify assets as economic resources that support business income, from motor vehicles and machinery to cash, accounts receivable, and land; distinguish current assets expected within one year from non-current assets.
Liabilities2:50
Income1:14
Income represents revenue from selling goods or services. In the example, a 150 thousand dollars sale records cash as a debit and sales as a credit.
Expenses2:44
Explore expenses as a necessary part of running a business, with examples like electricity, rent, salaries, and bank charges, recorded in the income statement to determine profit.
Share Capital2:02

Accounting Terminologies 19:15
Learn the basics of accounting by defining accounts such as sales, purchases, and expenses; understand accounts payable, accounts receivable, accrual basis, and double-entry recording and reporting of transactions.
Accounting Terminologies 23:25
Explore the accrual basis of accounting and how expenses align to the correct period, and learn to calculate cost of goods sold, gross profit, and net profit.
Accounting Terminologies 34:03
Learn how the current trial balance ensures debits equal credits and informs the five financial statements—income statement, balance sheet, cash flow statement, statement of changes in equity, and Norsworthy account.
Accounting Terminologies 43:01
Learn how uncollected customer payments create a budget expense recorded in the income statement, with an allowance for budget; when cash arrives, reverse the allowance and recognize income, lowering profit.
Accounting Terminologies 52:38
Accounting Terminologies 62:43
Accounting Terminologies 74:05
Accounting Terminologies 82:20
Understand the difference between capital expenditure and revenue expenditure, including non-current assets like land, buildings, machinery, with life more than one year, balance sheet treatment versus income statement costs.
Accounting Terminologies 910:30
Learn capital gain concepts, the cash flow statement with operating, investing, and financing activities, and key terms like cashbook, petty cash, closing entry, collateral, and debenture.

Requirements

Basic Knowledge of Accounting

Description

Accounting is the language of business. It is considered as the backbone of any business or organization.

Without appropriate Accounting knowledge and its concepts, one cannot understand the business, its financial affairs and nature of financial transactions.

This course is designed to provide you understanding of Key Accounting Terminologies and related Concepts.

This course is developed for those who want to learn Accounting Terminologies and Concepts, which are used in Businesses, Companies, Institutions, and Organizations.

In this course, we will discuss concepts of Profit and Loss Account/Income Statement, Balance Sheet (Statement of Financial Position SOFP), Cash Flow Statement, Equity, Accounting Principles, Components of Financial Statements, Key Business Indicators, etc.
You shall learn key Accounting terminologies related to Incomes, Expenses, Profits, Assets, Liabilities, Equity, Cash etc.

By understanding the core accounting terms, you will be able to relate them to practical business scenarios. can not run your business or company independently.

Bonus lectures are added to;

discuss the format of financial statements, and
relationships between Shareholders, Company, and the Board of Directors.

Who This Course Is For?

If you are a Businessman, Entrepreneur, Doctor, Lawyer, Artist, IT Professional, Housewife, etc. and you do not have an Accounting or Finance knowledge and background, then this course is for you.
If you are a student of Accounting and Finance, and want to learn accounting terminologies, then this course will help.
If you are planning to start your business, you must know the Accounting and Finance concepts. This course will provide you the direction.

Certificate of Completion:

You shall get a certificate of completion of this course which shall serve as evidence that you know the Key and Important Accounting Terminologies.

For Whom Is This Course For?

Businessmen and Entrepreneurs with little or No Accounting Background such as Artists, IT Professionals, Lawyers, Athletes, Doctors, Housewives, etc.
Accounting and Business students
Anyone who wants to learn Accounting Terminologies and Concepts.

Who this course is for:

Finance Professionals, Non Finance Professionals, Doctors, Engineers, Lawyers, IT Professionals etc. who want to learn Accounting and Finance Terms
Finance and Accounting Students
Anyone who wants to learn Accounting concepts

Accounting Terminologies and Core Concepts

What you'll learn

Explore related topics

Course content

Introduction2 lectures • 4min

Assets Liabilities Income Expenses and Share Capital6 lectures • 16min

Accounting Terminologies 19 lectures • 42min

Accounting terminologies 22 lectures • 44min

BONUS: Income Statement and Balance Sheet Formats1 lecture • 7min

Bonus Lecture - Shareholders, Company and Board of Directors1 lecture • 9min

Requirements

Description

Who this course is for: