Accounting, Bookkeeping, & Financial Statements: Zero to Pro
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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:
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Accounting and Finance Students
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Business Students
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Aspiring Accountants
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Professionals
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Entrepreneurs
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Business Owners
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Investors
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Startup founders
Prerequisite:
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.
Money-Back Guarantee:
Nothing to lose! If you will not be satisfied with the course, Udemy offers 30 days money-back guarantee!
Topics Covered:
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Introduction to Accounting
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Why Accounting has to follow rules and what are the accounting standards?
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What are the different types of Accounting and what information is produced by each?
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Accounting terms
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Cash and Accrual Accounting
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Double-entry concept
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Bookkeeping
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General Ledger
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Trial Balance and Financial Statements
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Fixed Assets and Depreciation
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Inventory Accounting
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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.
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1
Understanding Accounting -
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Key classes and terms in Accounting
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Key Terms/classes in AccountingLet's make sure you have properly understood the key terms in Accounting.
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4
Understanding Profit & Profit & Loss Statement
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5
Understanding Owner's Capital & Balance Sheet
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6
Seperate Entity Concept
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Understanding Dual Impact of a Transaction
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The Accounting Equation
The accounting equation is one of the fundamental concepts in Accounting. Let's take a brief look at this.
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Recording in Accounting
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Recording Debit and Credit for Assets - Practice
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Debit and Credit rules for Liabilities, Owner's Capital, Income, & Expenses
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Alternative way to understand and remember debit/credit rules
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Double Entry Accounting/Bookkeeping with Debit & Credits
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14
Debit & Credit Practice
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15
Journal Entry
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34
Introduction and key terms
Before we start accounting for purchases and payables, let us learn some key terms that are related to it.
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35
Recording Cash Purchase and Purchase Return
Cash purchase is straight forward, let us quickly cover it in this lecture.
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Credit Purchase, payments, early payment discount, interest for late payment
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.
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Example
Let's get our hands dirty and record some accounting entries related to purchases and payables.
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Ledger posting and preperation of reports
Example continued from last lecture.
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Purchases and Payables Accounting, May 2020
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40
Introduction and key terms
Let's start by learning some key terms related to Sales and Receivables.
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Cash Sales and Sales Return
Cash Sales and cash sales return are part of daily business and these are easier to record. Let's take a look.
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Credit Sales and related transactions
Credit Sale is one transaction, but it results in different other transactions taking place later. Let's take an overview.
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Example
Hands-on practice of sales and receivables entries.
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Example: Preparing Reports
Example continues, preparation of reports.
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Important: Adjusting and Closing Entries
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.
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Recording transactions - July
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July Adjusting and Closing Entries, Adjusted Trial Balance, P&L, and B/S
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Allowance for Doubtful Debts
Allowance for doubtful is a complicated area in Receivables Accounting, let's learn it from the basics.
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Allowance for Doubtful Debts - Accounting entires
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Understanding terms: Goods, Purchases, Inventory/Stock, Cost of Sales
In Accounting, there are quite a few terms associated with goods. In this lecture, we are going to learn these terms.
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51
Inventory Valuation Methods
Multiple methods can be used for Inventory Valuation, as allowed by GAAP and IFRS. In this lecture, you will learn these methods.
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Inventory Valuation - Practice
An additional example of Inventory Valuation methods.
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Inventory Valuation - Additonal Practice
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.
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Inventory Valuation Quiz
Practice the concepts of inventory valuation.
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Accounting for Inventory - Introduction
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.
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Perodic System of Inventory Accounting
In this lecture, we will take a look at accounting entries that are made for inventory in the Periodic Inventory Accounting System.
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Periodic System of Inventory Accounting: Example
In this lecture, we will do a detailed example of the Periodic Inventory Accounting System.
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Example 2: Periodic System of Inventory Accounting
Additional example on Periodic System of Inventory Accounting.
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Perpetual System of Inventory Accounting
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Lower of Cost or NRV
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.
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61
Introduction to Goods and Services Tax
Introduction to Goods and Services Tax - GST. GST is also called Sales Tax or Value Added Tax - VAT.
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Understanding Net and Gross Price
First things first. Let us learn the Net to Gross Price conversion.
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Practice: Gross to Net Conversion
Let's do some practice of Gross to Net conversion.
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Sales Tax Collection - Introduction
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.
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Accounting for Sales Tax on Sales
In this lecture, you are going to learn the accounting entries to record the Sales Tax collected on sales.
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Accounting for Sales Tax on Purchases
In this lecture, you are going to learn the accounting entries to record the Sales Tax paid on purchases.
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Introduction to Fixed Asset and Fixed Asset Accounting
Introduction to fixed assets, its scope, methods of accounting and key concepts.
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Methods of Depreciation, Straight Line Method
Overview of the methods of depreciation and Straight line method in detail.
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Example: Straight Line Depreciation
Practice Straight Line Method and introduction of few keys terms like Accumulated Depreciation and Net Book Value.
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Units of Production Method of Depreciation
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Reducing Balance Method (Declining Balance Method)
Declining Balance Method of depreciation is the most popular one. In this lecture, you will learn this method with a practical example.
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Practice: Reducing Balance Method
Let's do some practice of the Declining Balance Method.
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Sum of Years' Digits Method
This is the 4th method of depreciation that is widely used. Let's learn it and solve some examples.
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Choosing Method of Depreciation
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.
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Calculating Gain/Loss on Disposal
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.
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Accounting for purchase, depreciation and disposal of fixed assets
Time to start posting the debits and credits in our ledgers for the fixed asset purchase, depreciation, and disposal.
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Accounting entries - example
The practice of the accounting entries learned the earlier chapter.
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Methods of Accounting for Fixed Assets
There is another method of fixed asset accounting. We are going to learn this method in this lecture.
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Accounting entries - Asset account maintained at Cost
Practice the alternative entries to record the depreciation and disposal.
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Depreciation and accounting entries - Practice
