Accounting Basics for Success in Business and in Life!
Has Accounting always sounded like a foreign language to you?
Do Financial Statements add so much confusion to your life that you secretly avoid them?
If you are struggling to understand ‘the numbers’ as they say and have answered YES to ANY of these questions – You’ve come to the right place.
“Over 1,800 people have trusted this course to give them a good overview of the most important aspects of Accounts and Financial Statements”
This course is designed to give you must needed insights into the World of Accounts where we go over the building blocks of Bookkeeping, Accounting, Financial Statements and Ratio Analysis together.
There are Six Sections to this Course –
The First Section goes through Accounting Lingo and is perfect for beginners to start understanding the language of Accounts. This section is meant for people who have little working knowledge of accounts. This Section will help bring you up to speed with Basic Accounting Vocabulary. After all, if you were to learn any Language you would start with the ABC’s right?
In the Second Section – We go through what is called the Accounting Cycle (which in plain English simply means the process Accountants follow). If you’ve ever wondered what Accountants really do- you’ll get a sneak peek in this section. Plus, I give you a cool little trick to understand journal entries– the building blocks of accounting functionality. If Debits and Credits have ever confused you in school- you’ll never be confused again. Many people also get confused by the term Bookkeeping and don’t fully understand the functioning of Bookkeepers in the Business process and we also go over that together in this section. Once you know more about the Accounting Cycle you’ll uncover the mystery behind the numbers of your Business.
Section Three takes us away from the world of the theoretical into the world of the practical as we take the knowledge we have learned from Sections 1 & 2 and put it into practice by taking a deep dive and learning a Free Accounting Software called Wave.
In Section Four– we will look at and understand the 3 Main Financial Statements – The Balance Sheet, The Income Statement and the Cash Flow Statement. If you have not understood Financial Statements in the past and why they are so important – You’ve been missing out! Understanding Financial Statements is a MUST for anybody who wants to make a dent in the world of Business. If you own a Business or ever plan to own one – Understanding how to read Financial Statements can take you from being a good business owner to a great one. They can take you from an Average investor to a Savvy one.
Section Five teaches you Ratio Analysis. Ratio Analysis allows you to thoroughly analyze a company’s performance using the companies Financial Statements. Learning how to calculate Financial Ratios can help give you quick and insightful information about companies.
Last, but not least we have all the commonly asked questions as part of an ongoing library assembled and put together in Section Six.
This course is made in an easy to follow, topic by topic format with plenty of quizzes to test your learning along the way. You will also be seeing a bit of my zany humor in bits and pieces so please find it in your heart to forgive me. After all, most accounting courses have put me to sleep and if that’s the kind of course your looking for then this course is not for you. This Course is also NOT designed to save your Marriage or get you a date with Katy Perry (Or Brad Pitt if you prefer). See, I warned you about my zany humor, didn’t I?
Apart from any of the humor – more importantly – This Course WILL give you a Good rundown into the world of Accounts – something which I believe will help you and your business in many ways throughout your lifetime.
With Best Regards,
It's important for me that I meet and exceed what your looking for. A few minutes spent in this lecture will give you an overview of this course, about me and you will see my teaching style. I hope you enjoy it! Thank you so much for your valuable time. Uday Gehani :)
In today's world, Businesses form the back bone of any economy. But who creates the rules of Business? And who regulates them? Dive into this Lecture to Find Out.
Accounting has evolved over the years to meet the needs of different people. In this lecture, we talk about the different types of accounting and the audiences they cater to. Then, we go on to talk about Financial Accounting which is the main focus of this course.
Want to know the inside information into a company? What products are selling the most? Is the company really profitable or is it masking its losses with a front? We may not have access to this information as outsiders but all this information is available to Managers within the company and they can use this information to make a GOOD Company - GREAT! Find out how in this Lecture.
Don't run because you can't get away - The Tax Man will get you anyway! Companies run for a Profit. To maximize their returns, they must be careful not to pay too much in taxes, and they also should make sure they pay enough to meet all their obligations to the government. That's where Tax Accounting comes in. Watch this Lecture to find out more!
In This Lecture - Meet Joey - Our Friend from Far Far Away and Learn about Transactions and Double Entry Accounting. If Debits and Credits have sounded like an Alien Language to you - This Lecture is a Must Watch!
Everything Must Balance - Get a basic understanding of the Balance Sheet and introduction to the Accounting Equation in this Lecture. With a Name like 'The Accounting Equation' it obviously must be important in the world of accounts and this lecture should not be missed.
How is the company doing? Is the Business Profitable? These answers and more can be gained by understanding the elements of this Lecture.
Companies have more then one way to make money! This Lecture introduces you to the other ways in which a Business makes (and loses) money.
Take a deeper look and gain meaningful insights into 'The Accounting Equation' with this lecture. Getting a hang of the Accounting Equation is a must to fully understand the world of Accounts.
In this Lecture, we go over several examples of the Accounting Equation together. The objective of this lecture is to give you deep insights into how the Accounting Equation works.
The Accounting Equation is the basis of the double entry system, which means each transaction has a dual effect. A transaction effects either both sides of the equation by the same amount or one side of the equation only, by increasing and decreasing it by identical amounts on the same side. In this Short Quiz - Test your understanding of the Accounting Equation.
Answer some Trivia about Accounts and get a feel for what has to follow.
The Accounting Cycle
The Chart of Accounts is a listing of all accounts that form part of a company's accounting system. It is the first thing that Accountants Set up whenever they set up a New Accounting system for a company and therefore, it forms the foundation of a company’s financial record keeping system. We go through it Step by Step in this Lecture.
Each Transaction in a Business goes through a Journey. Accountants call this Journey an Accounting Cycle. Here, we take an overview of this Journey to hopefully have a Happy Ending.
Journal Entries are the Building Blocks of accounts. Go no further without understanding them and their importance in the world of accounting - All in this Lecture!
Debits and Credits are a source of confusion to so many people who try to understand accounts - Yet their understanding is fundamental to learn how the accounting cycle functions. In this Lecture, I break down Debits and Credits into an easily understandable example. I promise you that after this lecture - You'll wonder what all the confusion was about to begin with?
Test your knowledge of Journal Entries with these questions.
If it weren't for the hard work of bookkeepers, companies wouldn't have a clue about what happens with their financial transactions? But, who are Bookkeepers and how are they different from Accountants? Find out all this and more in this lecture.
Before Modern Accounting software - Accounting used to be done on Books. Remember those! This Lecture introduces you to T accounts - Old School Methodology but still important in understanding the Functioning of the Accounting Cycle.
In this lecture, we move into the last phase of the accounting cycle. We see the use of a Trial balance and Adjusting Entries and we Finally close out the books.
This Quiz tests what we have learned about Journal Entries and the Accounting Cycle
- If you've made it till here, you've gotten a pretty good hang of Accounting Vocabulary as well as the THEORY Behind the Accounting Cycle by now. It's time to put ALL that you have learned to the TEST by going through the Accounting Cycle yourself. Yup! No Training wheels on this one. Meet the Big Boss of this Video Game....Sorry......this Section - QUESTION 10!
Using FREE Accounting Software to manage your Bookkeeping & Accounting Needs
With constant evolving technology, we are getting constantly introduced to new apps and softwares.
But which accounting platforms have stood the test of time?
Find out the most common Accounting Softwares available in todays market in this video.
In this lecture, we do a step by step walk through and set up a New Wave Account.
Financial Statements - The Measures of Performance
Financial Statements reflect 'real world events' that have taken place in the life of the Business. This Lecture introduces to the different types of Financial Statements and how understanding them gives you a 'big picture' view of the Business.
An overview of the Different Types of Financial Statements.
You may have heard a lot about the Bottom Line - which is nothing but the Profits left over in the Business after deducting all the Expenses. In this Lecture, we take a look at all aspects of the Income Statement - From Top to Bottom.
In this lecture, we talk about private vs. public companies. Why as individuals can't we see the Financial Statements of our local grocery stores but the Financial Statements of Wal Mart are freely available on the Internet? This Fundamental understanding will help build a solid foundation for any accounting or finance concepts you will encounter in the future.
The real world example in this Lecture illustrates why going Public with a company is not the right choice for everyone.
There are times in our lives when we read a great book, attend a great seminar or take the perfect class. But despite our efforts, taking the theory we have learnt in class and applying it to real life can be difficult. In this lecture - we address that problem by taking the knowledge we have gained about income statements so far in the course and seeing how it applies to real life.
In this Lecture, we take the training wheels off and you get to explore all you have learned and your understanding of the Income Statement Independently.
In this article lecture, we Bookmark an article about the incomes statement to review it 7 days from now for improved retention of our newly formed skills.
Everything must Balance. Here, we take a look at the accounting Equation - The Fundamental Building Block of the Balance Sheet and see how the Balance Sheet is nothing but a representation of this Equation.
Find out what a company owes by Understanding Liabilities. If a company owes too much - It can be a sign of testing times coming up for a company the road ahead. Learn more about Liabilities and how they impact a Business in this Lecture.
Practice makes perfect, right? Going over one balance sheet isn't enough and it's important that we go through a second one so you get comfortable with the concept. This Lecture looks over the Balance sheet of Walmart to give you a better understanding of Balance Sheets.
In this Lecture, we cover Cash Vs. Accrual Accounting and why not understanding this could be devastating for a Business owner. Further, we take a deep dive into the Impact that credit has on a business and discover why it is so important to set up the RIGHT Terms of Credit when you run a Business.
This Article Lecture focuses on fundamental difference between Cash and Accrual Accounting and we understand the 3 Fundamental Rules of Accrual Accounting.
Short Quiz: It's time to test your understanding of the 3 Rules of Accrual Accounting that were introduced in the Last Article Lecture. Don't worry if it takes you a bit of time to get a grasp of the concept. Just do your best.
Start your Calculators. Ready, Set, Go!
Did you know that a Business may be Profit Rich but Cash Poor? This Lecture goes over why Profits may be misleading and 'Cash truly is King' (& Queen) of a Business.
In this Lecture, we look at the TWO METHODS used to calculate the Cash Flow from Operations - and then take a deep dive into the INDIRECT Method for calculating the Cash Flow from Operations. In my experience, people often struggle with understanding these two methods and it is my goal that you NEVER have to go through that especially after watching the simple and easy to follow explanations in this Lecture.
In this Lecture, we continue where we left off with the 2nd Way to calculate the Cash Flow from Operations - The DIRECT METHOD. We also talk about how important a positive Cash Flow from Operations is for the overall health of the Business.
The Cash Flow from Operations is an integral part of a company and a 'key number' to watch when analyzing Financial Statements. Learn all about it and more with the real life example of Walmart in this lecture.
Need a crystal ball to predict the companies future? While it may be hard to get hold of a Crystal Ball - Through this Lecture, we could start with learning about the Cash Flow from Investing and get an insight into the Future Direction Management wants to take the Company in.
All good things must come to an end. Let's take all we have learned from this course and test our knowledge one Final Time. Good Luck!
Company's need to keep purchasing resources and long term assets to ensure that they keep growing well into the future. In this lecture, we analyze the Real Life Cash Flow from Investing Section of Walmart which gives us insights into Walmart's Long Term strategy.
There are primarily two ways in which a Business raises money. Form the Owners (Equity) or from Outsiders (Debt). The Cash Flow from Financing is a category that monitors the cash flow from these two components and we go over it in detail on this lecture
There are two ways in which companies raise Finance. They are 1. Debt & 2. Equity. The Cash Flow from Financing highlights the effect on Company Cash balances based on how the company has decided to raise money. It is also the part of Accounts where the world of Finance clearly intermingles. In this lecture, we analyze the Real Life Cash Flow from Finance Section of Walmart to learn more.
It's time to put on your Boxing gloves and take on the Cash Flow Statement. Make sure you don't have any glasses on because the Cash Flow Statement packs a punch.
Ironically, many times taking more room than the Financial Statements themselves - Find out what Notes are all about in this Lecture.
If you observe an Orchestra - the performers are divided into several categories, there's Percussion, Brass, Woodwind, and Strings.
In a similar fashion, you can divvy up Financial Ratios into 5 Categories.
The 5 categories are
2. Debt, also called Solvency Ratios
3. Activity Ratios
4. Profitability Ratios
5. Valuation Ratios
Each Category of Financial Ratios tells you something different about the business.
We have an introductory look at each of these categories in this lecture.
Personally, I hate Goodbyes! But I know all good things must come to an end. But - Instead of a Goodbye - I'd just like to say. Thank you for taking this Journey with me. I'll see you later.
Accountants need to be thoroughly familiar with the different "Forms of Business Organizations" to do their job as well as give the right advice when necessary. In this lecture, we start learning the different Forms of Business with an exploration of into Sole Proprietorships.
Life is not an Island and neither is Business. Businesses often pool the talents and resources of many people towards a common Goal - Profits, using Partnerships. In this lecture, we talk about Partnerships and their place in the business eco system, the different types of Partnerships and what are the Pros and Cons of each type of Partnership!