Accounting, Bookkeeping, & Financial Statements: Zero to Pro
Accounting, Bookkeeping, and Financial Statements Preparation are three steps to achieve one main goal, keeping a track of business money and prepare reports to provide a financial summary for stakeholders.
Why you should learn Accounting:
Every single business needs to record its income and expenses, not just for internal management and control, but also for external stakeholders like government, tax authorities, investors, lenders, and even suppliers and customers. Having a good command of numbers and the idea of how cash flows are recorded and presented makes you a better professional.
Who should take this course:
Accounting and Finance Students
This course starts from zero, no background knowledge is required to start learning in this course. Even 12 years old can also learn Bookkeeping, Accounting, and Financial Statements Preparation in this course.
Nothing to lose! If you will not be satisfied with the course, Udemy offers 30 days money-back guarantee!
Introduction to Accounting
Why Accounting has to follow rules and what are the accounting standards?
What are the different types of Accounting and what information is produced by each?
Cash and Accrual Accounting
Trial Balance and Financial Statements
Fixed Assets and Depreciation
Financial Statements preparation
This built of the course is fairly easy, the format is beautifully designed interesting interactive video, the course flows from basis to Accounting to the preparation of financial statements first and then the more complex and frequently used areas of Accounting have been dealt with. This course also covers various practical concepts that are quite useful when you are maintaining your books in accounting software. In short, in the next 3 hours, you will be able to understand all the basic aspects of Accounting that you need to know to well handle your business financials.
Introduction to the teacher:
Chartered Accountant | 12 years of work experience | 12 years of teaching experience as visiting faculty
I am a Certified Chartered Accountant (ACCA) from the UK with 12 years of professional work and teaching experience and have taught more than 4,000 students in class and 40,000+ students on udemy!
I have implemented accounting software and ERP at various organizations and have expertise in financial transformation. I have been leading accountancy practice for small and medium-sized entities for the last 4 months and have frequent interaction with entrepreneurs. So I know what exactly do entrepreneurs need to know to well manage their books.
Introduction to Accounting
Let's make sure you have properly understood the key terms in Accounting.
The accounting equation is one of the fundamental concepts in Accounting. Let's take a brief look at this.
Recording Income, Expenses, Assets, Liabilites, & Owner's Capital
Practice: Bookkeeping, Accounting, & Accounting
Further classification in Assets, liabilities, Income and Expenses
Back to Practice Session
Accounting for Purchases and Payables
Before we start accounting for purchases and payables, let us learn some key terms that are related to it.
Cash purchase is straight forward, let us quickly cover it in this lecture.
Credit purchase is itself a transaction, but as a result of credit purchase, later some other transactions also take place like payment, early payment discount, and the interest charge for late payment.
Let's get our hands dirty and record some accounting entries related to purchases and payables.
Example continued from last lecture.
Accounting for Sales and Receivables
Let's start by learning some key terms related to Sales and Receivables.
Cash Sales and cash sales return are part of daily business and these are easier to record. Let's take a look.
Credit Sale is one transaction, but it results in different other transactions taking place later. Let's take an overview.
Hands-on practice of sales and receivables entries.
Example continues, preparation of reports.
In this lecture, we will pause our journey for a while and get our basics right. We will learn what are adjusting entries and what is adjusted trial balance.
Allowance for doubtful is a complicated area in Receivables Accounting, let's learn it from the basics.
Accounting for Inventory/Goods:
In Accounting, there are quite a few terms associated with goods. In this lecture, we are going to learn these terms.
Multiple methods can be used for Inventory Valuation, as allowed by GAAP and IFRS. In this lecture, you will learn these methods.
An additional example of Inventory Valuation methods.
In this lecture, we will solve a little difficult example of inventory valuation. We will also learn the Perpetual Weighted Average Method of inventory valuation.
Practice the concepts of inventory valuation.
Accounting for Inventory is a little complicated, so we have two methods to deal with it. In this lecture, we will discuss these complications and available methods.
In this lecture, we will take a look at accounting entries that are made for inventory in the Periodic Inventory Accounting System.
In this lecture, we will do a detailed example of the Periodic Inventory Accounting System.
Additional example on Periodic System of Inventory Accounting.
In Accounting, overstating an asset is not allowed. In this lecture, you will learn an important period-end adjustment which ensures that inventory is not overstated in the books of accounting.
Goods and Services Tax: Brief Introduction and Bookkeeping/Accounting
Introduction to Goods and Services Tax - GST. GST is also called Sales Tax or Value Added Tax - VAT.
First things first. Let us learn the Net to Gross Price conversion.
Let's do some practice of Gross to Net conversion.
Not all the traders and manufacturers need to register for Sales Tax. There are thresholds set by the government of each country/state and only businesses who meet or exceed the sales threshold need to register.
In this lecture, you are going to learn the accounting entries to record the Sales Tax collected on sales.
In this lecture, you are going to learn the accounting entries to record the Sales Tax paid on purchases.
Accounting for Non-Current Assets
Introduction to fixed assets, its scope, methods of accounting and key concepts.
Overview of the methods of depreciation and Straight line method in detail.
Practice Straight Line Method and introduction of few keys terms like Accumulated Depreciation and Net Book Value.
Declining Balance Method of depreciation is the most popular one. In this lecture, you will learn this method with a practical example.
Let's do some practice of the Declining Balance Method.
This is the 4th method of depreciation that is widely used. Let's learn it and solve some examples.
Now that we know 4 methods of depreciation, choosing the right one is important. In this lecture, we will discuss which method suits a particular situation.
When the asset is finally sold after years of utilization, the difference in the sales proceeds of the asset and its book value results in gain or loss. Let's take a detailed look at this is this chapter.
Time to start posting the debits and credits in our ledgers for the fixed asset purchase, depreciation, and disposal.
The practice of the accounting entries learned the earlier chapter.
There is another method of fixed asset accounting. We are going to learn this method in this lecture.
Practice the alternative entries to record the depreciation and disposal.
Accruals and Prepayments
Profit can be expressed on cost as well as on sales value. This is an important concept for accountants.
Let's do some practice of mark up and margin calculation.