https://www.youtube .com/watch?v=yYX4bvQSqbo
💥Accounting Cycle Cheat Sheet → https://accountingstuff.com/shop Would you like to know what Accounting REALLY MEANS? In this short tutorial we’ll take 1 simple example and follow it through all 8 Steps of the Accounting Cycle – from start to finish – you’ll build a solid understanding of all the Accounting Basics we encounter along the way. Stuff like the Accounting Equation, Debits & Credits, Double-Entry Accounting, T-Accounts, the Trial Balance etc. If you’re an Accounting Beginner, then I recommend watching this all the way through to the end – at least once – to get a complete picture of how Accounting works. Afterwards, you can jump into my Accounting Basics Playlist (see below) and explore every topic in more detail. 🎬LEARN ACCOUNTING BASICS FOR FREE ▪ The Full Playlist → https://www.youtube.com/playlist?list=PL5zKSeS09l339nB6ujJPQ9Rsv99_b-aTb ▪ Equity Video → https://youtu.be/Fr5oHEYrT2A 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 – Intro 00:16 – What is Financial Accounting? 01:11 – STEP 1: IDENTIFY TRANSACTIONS 01:29 – STEP 2: PREPARE JOURNAL ENTRIES 01:32 – What is a Journal Entry? 01:36 – What does a Journal Entry look like? 02:05 – What is Double Entry Accounting? 02:58 – What is the Accounting Equation? 04:17 – STEP 3: POST TO GENERAL LEDGER 04:22 – What is the General Ledger? 04:43 – Posting to Accounts 04:49 – What is an Account? 04:58 – The 6 Types of Account – Assets, Liabilities, Equity, Revenue, Expenses & Dividends 05:21 – What are T-Accounts? 06:00 – What does the General Ledger look like? 06:18 – STEP 4: UNADJUSTED TRIAL BALANCE 06:22 – What is a Trial Balance? 06:43 – How to build a Trial Balance 07:10 – Why is it called Trial Balance? 07:28 – STEP 5: POST ADJUSTING ENTRIES 07:32 – What are Adjusting Entries? 07:40 – IFRS vs GAAP 08:21 – What is the Accrual Method of Accounting? 08:41 – Adjusting Entries Example 10:14 – STEP 6: ADJUSTED TRIAL BALANCE 10:41 – STEP 7: CREATE FINANCIAL STATEMENTS 10:44 – What are Financial Statements? 10:59 – What are the three types of Financial Statements? 11:10 – What is the Balance Sheet? 11:28 – What is the Income Statement? 11:43 – Profit vs Cash Flow 11:54 – What is the Cash Flow Statement? 12:04 – Who would use Financial Statements? 12:34 – STEP 8: POST CLOSING ENTRIES 12:41 – What are Closing Entries? 12:51 – Closing Entries Example 13:10 – Post Closing Trial Balance 13:20 – THE ACCOUNTING CYCLE 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🔝 CLOUD ACCOUNTING SOFTWARE ▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) → http://geni.us/jA9N ▪ QuickBooks Online Canada (FREE TRIAL/DISCOUNT) → https://geni.us/bNN7 🚶FOLLOW ME ON ▪ Insta → https://www.instagram.com/accountingstuff ▪ Twitter → https://twitter.com/AccountantStuff ________________________ DISCLAIMER Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you! ________________________ #accounting #accountingbasics #accountingstuff
I packed a lot into this one! Here are the timestamps if you’d like to skip to a section…
⏱️TIMESTAMPS
00:00 – Intro
00:16 – What is Financial Accounting?
01:11 – STEP 1: IDENTIFY TRANSACTIONS
01:29 – STEP 2: PREPARE JOURNAL ENTRIES
01:32 – What is a Journal Entry?
01:36 – What does a Journal Entry look like?
02:05 – What is Double Entry Accounting?
02:58 – What is the Accounting Equation?
04:17 – STEP 3: POST TO GENERAL LEDGER
04:22 – What is the General Ledger?
04:43 – Posting to Accounts
04:49 – What is an Account?
04:58 – The 6 Types of Account – Assets, Liabilities, Equity, Revenue, Expenses & Dividends
05:21 – What are T-Accounts?
06:00 – What does the General Ledger look like?
06:18 – STEP 4: UNADJUSTED TRIAL BALANCE
06:22 – What is a Trial Balance?
06:43 – How to build a Trial Balance
07:10 – Why is it called Trial Balance?
07:28 – STEP 5: POST ADJUSTING ENTRIES
07:32 – What are Adjusting Entries?
07:40 – IFRS vs GAAP
08:21 – What is the Accrual Method of Accounting?
08:41 – Adjusting Entries Example
10:14 – STEP 6: ADJUSTED TRIAL BALANCE
10:41 – STEP 7: CREATE FINANCIAL STATEMENTS
10:44 – What are Financial Statements?
10:59 – What are the three types of Financial Statements?
11:10 – What is the Balance Sheet?
11:28 – What is the Income Statement?
11:43 – Profit vs Cash Flow
11:54 – What is the Cash Flow Statement?
12:04 – Who would use Financial Statements?
12:34 – STEP 8: POST CLOSING ENTRIES
12:41 – What are Closing Entries?
12:51 – Closing Entries Example
13:10 – Post Closing Trial Balance
13:20 – THE ACCOUNTING CYCLE
Best video which I only needed to watch to clear all my basic doubts about financing and a huge request for more such videos like financial ratios ROE,ROA, ROS, etc ….. u know it as ur the champion of it all😄. A lot of love and support.
Im confused is the credit side where money is being removed from the customers accounts and the debit side where its put into your account?
What type of case studies do u guys do
Lol 😂 me too. I missed my tutor section!! However glad 😀 I did. Cuz I enjoy this quick lecture
Dude how much do I have to pay you to tutor me? I’m serious 😂
Thank you . As an software engineer working closely with our accountants, I learned a lot from your tutorial video.
Thank you so much my friend, This video helped a lot and I believe in after a couple years I will come to enjoy taking my part in this process for my new business.
We need Economics Stuff and Finance Stuff please 🥺
Now I run a security firm business and I need more of the same
Yes to financial ratios
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you…prevent inflation
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Whats~App ☝️
@Cake Empire You’re verified. I appreciate 👍
Thank you so much for this video, it demistifies a lot of things. However, as a layman, I still have questions about definitions. What are: Accounts receivable v payable? Overhead expenses v prepaid expenses? Costs of goods sold?
Hello, I find your videos extremely informative. As a new person to accounting can you please me in what sequence is the best way to watch your courses?
You are very good at teaching … Keep it up ! Subscribed and turned on notifications
Thank You for your Fun learning videos, and please continue with offering your excellent videos for free. Keep up the Excellent Job!
Wow this video is amazing thank you!
Bruh what is rough times? It makes me hard to understand
A very, very nice way of explaination but commentry is fast to pick , a bit slow would be better. Thankyou very much for uploading it.
Please upload more.
Where were you for so much time ?
A very great guidence . Thanks