Basic Concepts of Accounting
A free video tutorial from Upclass - Investing & Finance Coaching
3.6 instructor rating • 5 courses • 14,659 students
Learn more from the full courseAccounting for Beginners: Learn The Basics of Accounting
Learn vital accounting concepts, and accounting standards & skills. Learn financial accounting & managerial accounting.
31:27 of on-demand video • Updated January 2019
- Understand what is accounting
- Understand the meaning of accounting
- Understand the objectives of accounting
- Learn the basic functions of accounting
- Learn what are financial statements
- Learn the most important accounting concepts
- Learn the basic accounting principles and standards
English [Auto] Let's begin with a brief introduction to basic concepts of accounting every profit or non-profit business organization needs a reliable internal system of accountability a business accounting system provides this accountability by recording all activities regarding the creation of monetary inflows of sales revenue and monitoring outflows of expenses resulting from operating activities the accounting system provides the financial information needed to evaluate the effectiveness of current and best operations. In addition the accounting system maintains that that are required to represent reports showing the status of asset resources credit their liabilities and ownership equities of the business entity in the past. Much of the work required to maintain an effective accounting system involved extensive manual effort that was tedious aggravating and time consuming financial accounting is concerned with the recording of financial transactions and analyzing the effect of such transactions to assist in the development of business decisions.