Accounting Basics Explained Through a Story

1 year ago
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XelplusVis Leila Gharani accounting basics accounting for beginners accounting introduction basic accounting simple bookkeeping bookkeeping tutorial for beginners bookkeeping basics finance basics income statement

12 November 2019 Unleash your inner Financial Pro
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New to Accounting? In this video I will introduce you to the world of accounting by telling you a story. This quick tutorial gives you an introduction to accounting and explains the concepts of income statement (Profit & Loss), balance sheet and the accounting equation (Assets = Liabilities + Equity).

You will also learn through examples what assets, liabilities and equity are. I will also introduce you to the concept of the T account. This is something that we will look into more detail in the Debits & Credits video.

You will follow a day of an Italian beach business and see how this is reflected in two financial reports - although this is a simple example, it can be applied to more complex situations:

00:00 Financial Statements Explained
00:53 Claudio's Beach Business
02:13 Income Statement (which is Revenue - Expenses)
03:31 Balance Sheet
06:21 Claudio's Balance Sheets at different points in time

In the next video of our accounting basics series, we'll take a look at Debits & Credits and in the video after that will take a closer look at the balance sheet.

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