THIS CHANNEL’S OBJECTIVE IS TO TEACH BASIC ACCOUNTING TO STUDENTS OR PROFESSIONALS FROM OTHER FIELDS WANTING TO LEARN BASICS OF ACCOUNTING.
J.B. SHARMA has prepared over 10 videos dealing withBasic Accounting Concepts. These include:
- PARTNERSHIP – FUNDAMENTALS
- FINANCIAL STATEMENTS (WITH ADJUSTMENTS) PROFIT & LOSS ACCOUNT AND BALANCE SHEET
- BANK RECONCILIATION STATEMENT
- SUBSIDIARY BOOKS (CASH BOOK)
- RECTIFICATION OF ERRORS IN ACCOUNTS
- LEDGER POSTING, BALANCING AND TRIAL BALANCE
- JOURNAL ENTRIES
- RULES OF DEBIT & CREDIT
- ACCOUNTING EQUATION
Preview and download the course Accounting Principles I on iTunes U.
Though accounting may seem like a dense and complex subject, this course is designed to present the accounting cycle in an accessible and logical manner. This course will provide you with a solid understanding of basic accounting principles and will introduce you to financial statement analysis.
Learn all about our newest mobile app designed to help accounting students learn everything from basic accounting principles to international financial reporting standards.
Accounting educators: this was designed to supplement your accounting classes.
In this unit we introduce you to the essential skills and concepts of bookkeeping and accounting. To start with you will gain some practical skills in numeracy including learning about rearranging simple equations as well as some important calculator skills. Afterwards, you will gain knowledge and understanding of the fundamental principles that underpin bookkeeping and accounting. You will learn the time-honoured rules of double-entry bookkeeping and also how to prepare a trial balance and the two principal financial statements: the balance sheet (also known as the statement of financial position) and the profit and loss account (also known as the income statement).
Learn financial accounting online. Free notes on accounting principles, accounting cycle, ratios and more …
Steven Bragg, CPA, is one of the most prolific accounting authors in the world. He holds an MBA from Babson College, a Master of Finance degree from Bentley College, and a BA from the University of Maine. He also manages the Accounting Best Practices podcast.
He has written articles on basic accounting concepts:
> Accounting Principles
> Payroll Accounting
> Financial Ratios
> Present & Future Value
> Bank Reconciliation
> Financial Statements
> Receivables & Bad Debts
> Bookkeeping Basics
> Fixed Assets
> Revenue Recognition
> Chart of Accounts
> Inventory Accounting
> Cost Accounting
> Variance Analysis
Accounting Vs Accountancy
Accounting is the action or process of keeping financial accounts. Accountancy describes the duties of an accountant, the person whose job is to keep, inspect and interpret financial accounts.
In relation to business, accountancy is, in effect, the total of all actions taken by a business to:
- to record financial transactions
- to produce reports that allow stakeholders (such as managers, investors, funders, owners) of the business to make informed decisions about the financial resources under their control.
The main reasons why a business has a vital interest in accountancy are listed below.
- Government compliance: Tax laws require a business to report to the government on its revenue and income. Accountancy provides a process to meet this requirement.
- Funding: Banks, investors and finance institutions require reports on the financial performance and position of a business before they invest in, or loan funds to, that business. Accountancy provides these reports in the form of an Income Statement and a Balance Sheet.
- Financial performance: A prime function of management is to ensure that the business will endure. Accountancy provides a reporting mechanism (by way of an Income Statement) that details a business’s revenue, expenses and resulting profit. Managers can use this statement to make informed decisions to ensure the sustainability of the business.
- Budgeting and control: Financial information provided by the accountancy system allows managers to prepare budgets that become a benchmark for performance and a means of controlling the finances under their control.
- Comparison: Accountancy, because it is universally applied using accounting standards, allows businesses to be compared. This comparison provides benchmarks by which the performance of a business can be judged (that is, under- or over-performing) relative to either an industry average, previous periods or against the entire business world.
Free Bookkeeping and Accounting Courses and Tutorials. You don’t have to be a rocket scientist to learn bookkeeping!
This Introduction discusses the types of business organizations, types of business activities, users of financial information, bookkeeping systems, accounting rules, and the cash and accrual basis of accounting.
- Lesson 1 The Bookkeeping Language introduces you to some of the terminology and definitions used in the accounting and bookkeeping language.
- Lesson 2 Property and Property Rights explains Property & Property Rights, the Accounting Equation, double entry bookkeeping, and how business transactions affect the equation.
- Lesson 3 Debits and Credits introduces and explains Debits and Credits and how they affect the Accounting Equation and are used to record business transactions.
- Lesson 4 Recording Business Transactions explains and uses examples to illustrate how business transactions are properly analyzed, recorded, and summarized.
- Lesson 5 The General Ledger and Journals explains what General Ledger and Journals are, how they’re used, and what bookkeeping purposes they serve.
- Lesson 6 Financial Statements explains what financial statements are, how they’re created, and how they’re used.
- Lesson 7 Review of Major Concepts reviews the major definitions, concepts, and bookkeeping records previously discussed and necessary for an understanding of bookkeeping.