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Accounting Basics Explained Through a Story

Jan4 years ago7 months ago214 mins

https://www.youtube .com/watch?v=VYNTBWBqncU

Get Access to My Course “Fundamentals of Financial Analysis” HERE: https://courses.xelplus.com/p/financial-analysisNew 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 timeIn 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

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EXCEL RESOURCES I Recommend: https://www.xelplus.com/resources/Get Office 365: https://microsoft.msafflnk.net/15OEg Microsoft Surface: https://microsoft.msafflnk.net/c/1327040/451518/7593GEAR 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/2eJKg1UMore resources on my Amazon page: https://www.amazon.com/shop/leilagharaniLet’s connect on social: Instagram: https://www.instagram.com/lgharani Twitter: https://twitter.com/leilagharani LinkedIn: https://at.linkedin.com/in/leilagharaniNote: 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

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Tagged: accounting 101 accounting balance sheet accounting basics accounting equation explained accounting examples accounting explained accounting for beginners accounting introduction balance sheet basic accounting basic accounting principles bookkeeping basics bookkeeping tutorial for beginners equity meaning finance basics income statement Leila Gharani liabilities and assets simple bookkeeping t account debit credit XelplusVis

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21 thoughts on “Accounting Basics Explained Through a Story”

  1. Leila Gharani says:
    November 12, 2019 at 1:36 pm

    Time stamps:
    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

    Reply
    1. Wojciech M says:
      October 31, 2020 at 2:09 pm

      Thank you very much! Very good explanation!!

      Reply
    2. My Azan says:
      January 19, 2021 at 4:55 am

      How can I contact with you ?

      Reply
    3. Akash Kumar says:
      January 19, 2021 at 2:09 pm

      thank you so much

      Reply
    4. Asif Ahmed says:
      March 15, 2021 at 6:39 pm

      Hello Leila

      Reply
    5. kashif Khan says:
      February 20, 2022 at 3:53 pm

      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.

      Reply
  2. Nseme Etoe says:
    October 10, 2022 at 2:26 pm

    Please explain the concept of debit and credit and explain the ledger

    Reply
  3. José Michael says:
    October 11, 2022 at 2:47 am

    Thanks allot Leila your video was amazing very much clear way to understand thanks

    Reply
  4. Tyler S. Clark - Dream Firms says:
    October 13, 2022 at 2:13 pm

    Awesome content Leila! I highly recommend your videos and look forward to more of these!

    Reply
    1. Leila Gharani says:
      October 14, 2022 at 8:11 am

      Thank you so much!

      Reply
  5. Shane Mugwena says:
    October 14, 2022 at 8:12 am

    You nailed this one

    Reply
  6. ⭕ cyferhacher⭕ en Instagram says:
    October 17, 2022 at 10:10 am

    ⏫⏫💯
    He helped me to recover my lost account that I never thought to recover🥰😘❣️ even many scammers👍 scammed👎 me. I never thought that I would recommend it for any recovery🤍 problem.⏫⏫💯🇺🇸

    Reply
    1. 🇺🇸 cyferhacher on Instagram says:
      October 17, 2022 at 2:03 pm

      I can only say desame 💻

      Reply
    2. 🇺🇸 cyferhacher on Instagram says:
      October 17, 2022 at 2:04 pm

      Dude💓

      Reply
  7. KMY says:
    October 17, 2022 at 4:22 pm

    This was an excellent video. No distractions..

    Reply
  8. ks princess says:
    October 18, 2022 at 8:02 am

    https://youtu.be/CrxZWesh-TY
    👆
    Such a knowledgeable and summarized material of basic accounting terms just in one video. Specially for those who believe in quality Education.

    Reply
  9. Noor ul huda says:
    October 19, 2022 at 3:49 am

    https://youtu.be/CrxZWesh-TY

    Reply
  10. Rachel Barrett says:
    October 21, 2022 at 5:09 pm

    Love thissss THANK YOU!

    Reply
  11. Regina Uhio says:
    October 23, 2022 at 8:18 am

    Wow… Love this content been helpful. Please can you do a full tutorial on Excel practices used by accountant. I am a banking and Finance student in Nigeria. Would appreciate your help.

    Reply
    1. Leila Gharani says:
      October 23, 2022 at 9:00 am

      Glad you like it. Here is another video that may be helpful: https://youtu.be/m_SH0TOLsIc

      Reply
  12. M M says:
    October 25, 2022 at 6:37 am

    Very well explained

    Reply

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