Accounting Basics - A Complete Study
4.4 (526 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.
3,396 students enrolled

Accounting Basics - A Complete Study

A - Z Guide for learning the Basics of Accountancy
4.4 (526 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.
3,396 students enrolled
Last updated 3/2020
English
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This course includes
  • 39.5 hours on-demand video
  • 2 articles
  • 94 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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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
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
Course content
Expand all 469 lectures 39:27:35
+ Introduction to Accounting
17 lectures 01:02:54

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

Preview 00:57
Introduction to Accounting
05:21
Evolution of Accounting
04:02
Definition of Accounting
01:50
Economic Event
03:43
Identification, Measurement, Recording & Communication
05:19
Organisation
00:50
Accounting Cycle
02:25
Importance of Accounting
03:03
Branches of Accounting
03:51
Bases of Accounting
03:10
Users of Accounting Information
03:32
Qualitative Characteristics of Accounting Information
05:14
Objectives of Accounting
08:28
Role of Accounting
02:32
Role of an Accountant
03:35

Choose the Correct Answer

Quiz about Section 1
6 questions
+ Book Keeping
5 lectures 12:53

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

Preview 03:21
Features of Book Keeping
02:33
Objectives of Book Keeping
02:23
Advantages & Limitations of Book Keeping
02:32
Book Keeping Vs Accounting
02:04
+ Technical Terms In Accounting
14 lectures 19:34
Transaction
01:47
capital
01:11
Assets
03:29
Liabilities
00:55
Drawings
01:14
Debtors
01:02
Creditors
00:50
Purchase & Purchase Returns
01:03
Sales & Sales Returns
01:12
Voucher
00:44
Invoice
01:10
Revenue & Expenses
01:51
Stocks
02:22
Account
00:44
Quiz about Section 2 & 3
4 questions
+ Accounting Assumptions, Concepts & Principles
9 lectures 56:46
Accounting Principles
06:00

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

Preview 03:23
Basic Assumptions in Accounting
05:13
Basic Concepts in Accounting
08:15
Systems of Accounting
03:36
Basis of Accounting
05:07
Fundamental Principles of Accounting
06:29
Case study on Cash, Accrual and Hybrid Basis Accounts
10:24
Accounting Standards
08:19
+ Accounting Equation
10 lectures 01:01:18
Accounting Equation (Talking Head)
03:22
accounting equation case-1
03:38
accounting equation case-2
03:41
accounting equation case-3
04:15
accounting equation case-4
05:36
accounting equation case-5
08:00
Accounting Equation Case Study
03:19
Accounting Equation Case Study
13:43
Accounting Equation Comprehensive Example
10:56
Using Debit and Credit
04:48
+ Double Entry System
8 lectures 50:22

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

Preview 05:16
golden rules of accounting
07:16
Application of Rules of Double Entry System
06:08
Double Entry System
03:23
Principles of Double Entry System
02:45
Analysis of Transactions for Passing Accounting Entries (Part 1)
06:05
Analysis of Transactions for Passing Accounting Entries (Part 2)
06:26
Analysis of Transactions for Passing Accounting Entries (Part 3)
13:03
+ Basic Accounting Procedures
6 lectures 16:30
Business Transactions and Source Document
03:19
Basic Accounting Procedures Final
02:25
Cash Memo and Invoice
03:25
Debit and Credit Notes
02:28
Pay in Slip and Cheque
04:07
Voucher
00:46
+ Journalising Process
33 lectures 02:58:28
Books of Original Entry
03:45
Steps in Journalising
07:55
Journalising Comprehensive Examples
14:24
Case Study 1 Journalise Transaction
12:30
Case Study 7 Journalise Transaction
05:10
Case Study 8 Journalise Transaction
07:23
Multiple Choice Questions - Accounting Equation and Journal Entries
06:51
Capital and Drawings
04:58
Bank Account Transactions
05:03
Accounting entry for Capital Contribution
07:11

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

Preview 03:06
Accounting Entry for Cash Payment
02:12
Acccounting Entry for cash Sales
02:14
Accounting Entry for Banking Transaction
02:17
Accounting Enrty for Drawings Case Study
02:37

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

Preview 02:28
Accounting Entry for Credit Purchase
02:55
Accounting Entry for Cheque receipt
02:07
Accounting Entry for Cheque receipt and deposit
02:01
Accounting Entry for commission Income
02:00

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

Preview 02:36
Accounting Entry for Drawings
06:37
Accounting Entry for Payment through Cheque
02:03
Accounting Entry for Purchase Return
02:39
Accounting Entry for Salary in cash
01:54
Accounting Entry for Sales Return
02:55
Compound Entry
06:12
Compound Journal Entry
04:24

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

Preview 07:50
Case Study 2 Journalise Transaction
09:08
Case Study 3 Journalise Transaction
11:35
Case Study 4 Journalise Transaction
11:58
Case Study 5 Journalise Transaction
09:30
Quiz about Section 4
10 questions

Choose the Correct Answer

Quiz
9 questions
+ Ledger
17 lectures 01:35:30
Ledger
04:12
Utility of Ledger
04:45

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

Preview 07:25
Ledger for real personal nominal accounts
06:53
Posting and Procedure
04:12
Ledger Case Study 1
05:12
Ledger Case Study 2
12:26
Posting of Compound Entries to Ledger
05:46
Posting Openign Entry in Ledger
03:38
Balancing an Account
08:18
Balancing of Different Accounts
03:22
Procedure for Balancing
05:40
Difference between Journal and Ledger
03:54
case-1 journal and ledger
08:17
case-2 ledger accounts from opening entry
02:48
case-3 ledger posting from compont entry
04:44
case study -4 ledger accounts from opening entery
03:58
Quiz about Section 5
10 questions
+ Subsidiary Books covering Sales and Purchase Books
5 lectures 30:06

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

Preview 09:44
Purchase Book
05:19
Case Study on Purchase Book
07:24
Sales Book
02:54
Sales Book Case Study
04:45