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Accounting Basics - A Complete Study

Name: Accounting Basics - A Complete Study
Rating: 4.3 (1253 reviews)

A - Z Guide for learning the Basics of Accountancy

Created byRaja Natarajan, B.Com., PGDBA, FCA

Last updated 10/2021

English

What you'll learn

Understand need and importance of Accounting
Understand Book Keeping, Objectives and Advantages
Understand Accounting Process, Accounting Cycle,
Understand Users of Accounting Information
Understand Branches of Accounting
Understand Basic Accounting Terms
Understand Accounting Assumptions, Concepts and Principles
Understand Rules of Accounting
Understand Journal, Ledger, Trial Balance and Final Accounts Preparation

Course content

31 sections • 470 lectures • 39h 32m total length

Welcome Lecture0:57
Accounting is the systematic process of identifying, measuring, recording, classifying, summarising, interpreting and communicating financial information.
A ledger account contains a record of business transactions.
The profit and loss statement shows the profit or the loss of a business during a certain time period.
The balance sheet summarizes the financial position of a company.
To know more, Watch this Video Lecture
Introduction to Accounting5:21
Evolution of Accounting4:02
Definition of Accounting1:50
Economic Event3:43
Identification, Measurement, Recording & Communication5:19
Organisation0:50
Accounting Cycle2:25
Importance of Accounting3:03
Branches of Accounting3:51
Bases of Accounting3:10
Users of Accounting Information3:32
Qualitative Characteristics of Accounting Information5:14
Objectives of Accounting8:28
Role of Accounting2:32
Role of an Accountant3:35
Multiple Choice Questions - Section 15:02
Quiz about Section 1

Book Keeping - An Introduction3:21
Book keeping is the first step in accounting process. It is a process of recording financial transactions. It involves recording & classifying transactions under proper heads and it is routine in nature. To know more, watch this lecture.
To know more, Watch this Video Lecture
Features of Book Keeping2:33
Objectives of Book Keeping2:23
Advantages & Limitations of Book Keeping2:32
Book Keeping Vs Accounting2:04

Accounting Principles6:00
Business Entity Concept3:23
The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses.
This concept is very important because if transactions of a business are mixed up with that of its owners or other businesses, the accounting information would lose its usability.
To know more, Watch this Video Lecture
Basic Assumptions in Accounting5:13
Basic Concepts in Accounting8:15
Systems of Accounting3:36
Basis of Accounting5:07
Fundamental Principles of Accounting6:29
Case study on Cash, Accrual and Hybrid Basis Accounts10:24
Accounting Standards8:19

introduction to Traditional approach5:16
Traditional approach, customs, beliefs, or methods are ones that have existed for a long time without changing. Dealing with something with those long existing methods is called a traditional approach.
This approach typically involves the development and communication of clear rules about acceptable and unacceptable behaviour, and reasonable consequences for breaking the rules.
To know more, Watch this Video Lecture
golden rules of accounting7:16
Application of Rules of Double Entry System6:08
Double Entry System3:23
Principles of Double Entry System2:45
Analysis of Transactions for Passing Accounting Entries (Part 1)6:05
Analysis of Transactions for Passing Accounting Entries (Part 2)6:26
Analysis of Transactions for Passing Accounting Entries (Part 3)13:03

Books of Original Entry3:45
Steps in Journalising7:55
Journalising Comprehensive Examples14:24
Case Study 1 Journalise Transaction12:30
Case Study 7 Journalise Transaction5:10
Case Study 8 Journalise Transaction7:23
Multiple Choice Questions - Accounting Equation and Journal Entries6:51
Capital and Drawings4:58
Bank Account Transactions5:03
Accounting entry for Capital Contribution7:11
Accounting entry for Cash Receipt3:06
Cash receipts are the collection of money, typically from a customer, which increases (debits) the cash balance recognized on a company’s balance sheet .
Cash receipts are accounted for by debiting cash / bank ledger to recognize the increase in the asset .
Cash transactions are ones that are settled immediately in cash. Cash transactions also include transactions made through cheques.
Cash transactions may be classified into cash receipts and cash payments.
To know more, Watch this Video Lecture
Accounting Entry for Cash Payment2:12
Acccounting Entry for cash Sales2:14
Accounting Entry for Banking Transaction2:17
Accounting Enrty for Drawings Case Study2:37
Accounting Entry for Cash Purchase2:28
Cash purchase refers to a property acquisition with no financing. It is important for purchase contracts to specify if there will be a cash purchase or a financed purchase, because the two represent different responsibilities on the part of the closing company.
Cash is credited to account for the decrease in cash of the entity. In case of a journal entry for cash purchase, Cash account and Purchase account are used.
To know more, Watch this Video Lecture
Accounting Entry for Credit Purchase2:55
Accounting Entry for Cheque receipt2:07
Accounting Entry for Cheque receipt and deposit2:01
Accounting Entry for commission Income2:00
Accounting Entry for Credit Sales2:36
Accounting and journal entry for credit sales include 2 accounts, debtor and sales. In case of a journal entry for cash sales, cash account and sales account are used. The person who owes the money is called a “debtor” and the amount owed is a current asset for the company.
To know more, Watch this Video Lecture
Accounting Entry for Drawings6:37
Accounting Entry for Payment through Cheque2:03
Accounting Entry for Purchase Return2:39
Accounting Entry for Salary in cash1:54
Accounting Entry for Sales Return2:55
Compound Entry6:12
Compound Journal Entry4:24
Compound Journal Entry Case Study7:50
A compound journal entry is an accounting entry which effects more than two account heads. A simple journal entry has one debit and one credit whereas a compound journal entries includes one or more debits and/or credits than a simple journal entry.
To know more, Watch this Video Lecture
Case Study 2 Journalise Transaction9:08
Case Study 3 Journalise Transaction11:35
Case Study 4 Journalise Transaction11:58
Case Study 5 Journalise Transaction9:30
Quiz about Section 4
Quiz

Ledger4:12
Utility of Ledger4:45
Ledger Format7:25
The book in which accounts are maintained is called ledger. Journal each transaction is posted to at least two concerned accounts - debit side of one account and credit side of another account.
The process of transferring information from journal to ledger accounts is known as posting. The goal of all transactions is ledger.
Ledger is known as the destination of entries in journal but it must be remembered that transactions cannot be recorded directly in the ledger - they must be routed through journal.
To know more, Watch this Video Lecture
Ledger for real personal nominal accounts6:53
Posting and Procedure4:12
Ledger Case Study 15:12
Ledger Case Study 212:26
Posting of Compound Entries to Ledger5:46
Posting Openign Entry in Ledger3:38
Balancing an Account8:18
Balancing of Different Accounts3:22
Procedure for Balancing5:40
Difference between Journal and Ledger3:54
case-1 journal and ledger8:17
case-2 ledger accounts from opening entry2:48
case-3 ledger posting from compont entry4:44
case study -4 ledger accounts from opening entery3:58
Quiz about Section 5

Subsidiary Books need and advantage9:44
Subsidiary books are books of original entry. In the normal course of business, a majority of transactions are either relate to sales, purchases or cash.
The advantages of using subsidiary ledgers are that they: Permit transactions affecting a single customer or single creditor to be shown in a single account, thus providing necessary up-to-date information on specific account balances.
To know more, Watch this Video Lecture
Purchase Book5:19
Case Study on Purchase Book7:24
Sales Book2:54
Sales Book Case Study4:45

Requirements

No basic knowledge is required
Students can approach this course with fresh mind

Description

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Welcome to one of the comprehensive ever course on Accounting Basics.

This course starts from “What is Accounting”, “Need for Accounting” to various Practical aspects in Accounting with 100s of Case Studies. Enjoy lectures for each and every concept in accounting presented in digital hand written format and excel based presentation followed by Solved Case Studies Video.

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Who should take this course?

Are you just a beginner in Accounting? Are you struggling in understanding basic accounting concepts and techniques like Double Entry System, Rules for Debit and Credit, Journalising Process, Ledgers, Trial Balance, Rectification of Errors, Bank Reconciliation Statements, Final Accounts, Partnership Accounting, Company Accounting, etc?

Then this course is for you - Accounting Basics A Complete Study.

Why you should take this course?

By taking this course, you will be able to see practical side of Accounting concepts with lot many case studies to solve. Approaching complex topics through case studies is the best way to understand them and you will find lot many in this course.

What you will learn by taking this course?

This is a comprehensive course, covering each and every topic in detail. In this course, you will learn Fundamentals of Accounting, step by step covering the following:

Section 1: Introduction to Accounting;

Section 2: Book Keeping;

Section 3: Accounting – Objectives and Process;

Section 4: Accountancy, Accounting and Book Keeping;

Section 5: Technical Terms in Accounting

Section 6: Accounting Assumptions, Concepts and Principles

Section 7:Double Entry System

Section 8: Basic Accounting Procedures\

Section 9: Rules for Debit and Credit

Section 10: Journalising Process

Section 11: Ledger

Section 12: Subsidiary Books covering Sales and Purchases Books

Section 13: Purchase Returns and Sales Returns Books

Section 14: Cash Book

Section 15: Bills of Exchanges and Related Books

Section 16: Journal Book / Journal Proper

Section 17: Trial Balance

Section 18: Errors in Accounting

Section 19: Case Studies in rectification of errors

Section 20: Bank Reconciliation Statement

Section 21: Final Accounts

Section 22: Accounts from Incomplete Records (Single Entry System)

Section 23: Accounting for Partnership - Admission of New Partner

Section 24: Accounting for Partnership - Retirement of Partner

Section 25: Company Accounts I

Section 26: Company Accounts II

Section 27: Comprehensive Quiz

How this course is structured?

This course is structured in self paced learning style. Each and every section of this course is broken down as various micro lectures and then they are substantiated with examples and case studies. Several real world examples are used in this course through case studies. You'll gain authority on each and every topic as i take you through lectures one by one. This course is presented in simple language with examples. This course has video lectures (with writings on Black / Green Board / Note book / Talking head, etc). You would feel you are attending a real class.

What are the pre-requisites for taking this course?

You need good internet connection for interruption free learning process.

How this course will benefit you?

At the end of the course, you will be able to solve above concepts, case studies in Accounting at ease with high level of confidence as well handle real life problems with clarity.

Note: This course is created based on Accounting Framework adopted in India.

Who this course is for:

Any one interested in Learning Accountancy
Accounting / Finance / Science Students
Entrepreneurs

Accounting Basics - A Complete Study

What you'll learn

Explore related topics

Course content

Introduction to Accounting17 lectures • 1hr 3min

Book Keeping5 lectures • 13min

Technical Terms In Accounting14 lectures • 20min

Accounting Assumptions, Concepts & Principles9 lectures • 57min

Accounting Equation10 lectures • 1hr 1min

Double Entry System8 lectures • 50min

Basic Accounting Procedures6 lectures • 17min

Journalising Process33 lectures • 2hr 58min

Ledger17 lectures • 1hr 36min

Subsidiary Books covering Sales and Purchase Books5 lectures • 30min

Requirements

Description

Who this course is for: