Get Access to My Course “Fundamentals of Financial Analysis” HERE: https://courses.xelplus.com/p/financial-analysis 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. ★ My Online Excel Courses ► https://www.xelplus.com/courses/ ✉ Subscribe & get my TOP 10 Excel formulas e-book for free
Free EbookEXCEL RESOURCES I Recommend: https://www.xelplus.com/resources/ Get Office 365: https://microsoft.msafflnk.net/15OEg Microsoft Surface: https://microsoft.msafflnk.net/c/1327040/451518/7593 GEAR Screen recorder: http://techsmith.pxf.io/c/1252781/347799/5161 Main Camera: https://amzn.to/3a5ldBs Backup Camera: https://amzn.to/2FLiFho Main Lens: https://amzn.to/39apgeD Zoom Lens: https://amzn.to/3bd5pN7 Audio Recorder: https://amzn.to/2Uo5rLm Microphone: https://amzn.to/2xYy9em Lights: http://amzn.to/2eJKg1U More resources on my Amazon page: https://www.amazon.com/shop/leilagharani Let’s connect on social: Instagram: https://www.instagram.com/lgharani Twitter: https://twitter.com/leilagharani LinkedIn: https://at.linkedin.com/in/leilagharani Note: This description contains affiliate links, which means at no additional cost to you, we will receive a small commission if you make a purchase using the links. This helps support the channel and allows us to continue to make videos like this. Thank you for your support! #Accounting
28 thoughts on “Accounting Basics Explained Through a Story”
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
Thank you very much! Very good explanation!!
How can I contact with you ?
thank you so much
Hey Dear Leila Gharani! You can explain much better than anyone else. I suggest you to make more videos on accounting and finance using Excel and SAP, especially SAP.
Because my bro ,nephew are student economics
Girl I applause you . john furrukh . CMA . Lead Auditor.
Audit inappropriation deal maker with overseers .
This video was soo helpful and your soothing voice made it easier to understand.
might just be me but it still doesnt make any sense =(
Pls make videos for fund accounting and cash accounting
Make a videos on accounting journal entries
Super helpful. Thank you so much! I’m currently in Financial Accounting and I’m struggling to be completely confident about my skills. I’m looking forward to watch further more of your videos! 🏼
Are you talking about your vocational skills or just the finance-accounting modular material itself?
Wow! I liked your explanation keep going dear
Thank you so much 🙂
You are rocking Leila Gharani. Easy way to learn your wonderful videos and presentation. Thanks a lot.:)
Very helpful— please do more!
Claudio’s business is very profitable. Doe he require an accountant?
Really enjoyed and have more benefits very simple way in this introduction i would be happy if you share more valuable videos in accountancy… I’m really interested
It was understandable an awesome