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
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/1327040/451518/7593GEAR 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
21 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.
Please explain the concept of debit and credit and explain the ledger
Thanks allot Leila your video was amazing very much clear way to understand thanks
Awesome content Leila! I highly recommend your videos and look forward to more of these!
Thank you so much!
You nailed this one
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This was an excellent video. No distractions..
Such a knowledgeable and summarized material of basic accounting terms just in one video. Specially for those who believe in quality Education.
Love thissss THANK YOU!
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.
Glad you like it. Here is another video that may be helpful: https://youtu.be/m_SH0TOLsIc
Very well explained