
Welcome. Thank you for attending this course. We trust you will be able to gain more knowledge relating to the six most important accounting rules in this course. In this video, we will introduce the course and its objectives.
We discuss what is accounting and we explain why it is important.
Accounting is a language for understanding financial information.
We discuss why accounting is needed for decision-making purposes.
We provide a simple diagram to explain how transactions translate into financial information
We outline all of the six important rules. We explain what a debit and credit is. We discuss the importance of knowing the rules (increase/decrease for specific accounting elements)
We explain what the definition for an Asset is and we discuss examples
We explain what the definition for a Liability is and we discuss examples
We explain what the definition for an Income is and we discuss examples
We explain what the definition for an Expense is and we discuss examples
We explain what the definitions are for Capital and Drawings and we discuss examples
Final summary focusing on the six most important accounting rules for any level of accounting (basic to advanced). All accounts can always be identified as following one of the six most important rules.
Master the six most important Accounting rules by understanding the basic principles. You will be introduced to the background of Accounting and you will learn the definitions for the six most important Accounting elements that are used fundamentally at all levels of Accountancy.
Even if you have no prior knowledge or understanding of Accounting, this course will provide you with the most important Accounting basics. At the end of the course, you will be able to describe the definitions of the most important universal Accounting elements. You will also be able to classify any specific account according to the Accounting elements and you will know which Accounting rule to apply.
This course was designed for everyone from any background who wants to learn the most important Accounting rules. Whether you're a beginner starting to learn Accounting or an advanced student becoming a chartered accountant, you will need to know these most important Accounting rules.