Basic concepts of accounting
What you will learn
Introduction to accounting
Learn the Basic Concepts of Accounting
How financial transactions are recorded, summarized, and reported in a company’s financial statements.
Understanding the accounting equation, the double-entry accounting system, and the steps involved in recording a transaction.
Understand how to organize and summarize accounting transactions into a ledger.
Learn how to prepare a trial balance and how to use a trial balance to verify that the total debits equal the total credits.
Accrual accounting is to understand the concept of recognizing revenue and expenses when they are earned or incurred, rather than when cash is received or paid.
Learn what are the financial statements of the company and how to prepare the financial statements..
Description
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Introduction
Introduction
Basic Concepts of Accounting
Chart of Accounts
Analyse Transaction
Debit & Credit Rule
Quiz 1
Recording of Transaction in the Journal
Posting to the Ledger
Trial Balance
Quiz 2
Accrual Accounting Concept
Adjusting Entries for prepaid expenses & unearned revenue
Adjusting entries for accrued income & accrued expense
Preparation of Balance Sheet
Preparation of Income Statement
Preparation of Statement of Cash Flows
Quiz 3
