ACCOUNTING BASICS: a Guide to (Almost) Everything

#accountingstuff #accountingbasics #accounting 📚 New! Get my 2nd Edition Accounting Cheat Sheet Bundle → https://accountingstuff.com/shop Would you like to know what Accounting REALLY MEANS? In this short tutorial we'll take 1 simple example and follow it through all 8 Steps of the Accounting Cycle - from start to finish - you'll build a solid understanding of all the Accounting Basics we encounter along the way. Stuff like the Accounting Equation, Debits & Credits, Double-Entry Accounting, T-Accounts, the Trial Balance etc. If you're an Accounting Beginner, then I recommend watching this all the way through to the end - at least once - to get a complete picture of how Accounting works. Afterwards, you can jump into my Accounting Basics Playlist (see below) and explore every topic in more detail. 🎬LEARN ACCOUNTING BASICS FOR FREE ▪ The Full Playlist → • https://www.youtube.com/playlist?list=PLuMVonZH_m5QBdH2jsQqSZFsshdEjy11P 🔴Subscribe for more Accounting Tutorials → https://www.youtube.com/channel/UCIe8cgTx8GgD_12D0WTv1dw Intro What is Financial Accounting? STEP 1: IDENTIFY TRANSACTIONS STEP 2: PREPARE JOURNAL ENTRIES What is a Journal Entry? What does a Journal Entry look like? What is Double Entry Accounting? What is the Accounting Equation? STEP 3: POST TO GENERAL LEDGER What is the General Ledger? Posting to Accounts What is an Account? The 6 Types of Account - Assets, Liabilities, Equity, Revenue, Expenses & Dividends What are T-Accounts? What does the General Ledger look like? STEP 4: UNADJUSTED TRIAL BALANCE What is a Trial Balance? How to build a Trial Balance Why is it called Trial Balance? STEP 5: POST ADJUSTING ENTRIES What are Adjusting Entries? IFRS vs GAAP What is the Accrual Method of Accounting? Adjusting Entries Example STEP 6: ADJUSTED TRIAL BALANCE STEP 7: CREATE FINANCIAL STATEMENTS What are Financial Statements? What are the three types of Financial Statements? What is the Balance Sheet? What is the Income Statement? Profit vs Cash Flow What is the Cash Flow Statement? Who would use Financial Statements? STEP 8: POST CLOSING ENTRIES What are Closing Entries? Closing Entries Example Post Closing Trial Balance THE ACCOUNTING CYCLE 👉🏻 CHECK OUT MY OTHER TUTORIALS: ✅ Power BI & SQL Integration: https://youtu.be/RsyzaUvRI1g?si=cdKK10s3g5kvFsnr ✅ Power BI | Beginner to Pro - Part 2: • Power BI Tutorial - Beginner to Pro |... ✅ Excel Interactive Finance Dashboard - • How to build Dynamic & Interactive Fi... ✅ Boost Excel Skills with Chat GBT - • Boost your Excel Skills with ChatGBT ✅ Excel Shortcuts - • Excel Shortcuts - Made Easy! 🎥 My Filming Gear 🎥 For those interested in the technical side of our tutorials, or if you're looking to create your own content, here are the tools I use to make these videos possible. By purchasing through these links, you not only support our channel at no extra cost but also get to use some of the best equipment I personally recommend. - Camera: The clarity of our videos is thanks to the Canon camera which captures crisp, clear video effortlessly. Check it out here: [https://amzn.to/4dxaMXa] - Lens: I use the [Lens Model] for that perfect focus and depth of field that makes our visuals pop. Find it here: 1. Sigma Lense - [https://amzn.to/4eMYXgz] 2. Canon Lense - [https://amzn.to/47S9dlB] - Microphone: To ensure you can hear me loud and clear, I rely on the Rhode & Neewer. It's great for crisp audio. Available here: [https://amzn.to/3XRCCrh] [https://amzn.to/3XQXeA5] - Teleprompter: For those times I need to stick to the script, the Glide Gear is my go-to. See it here: [https://amzn.to/3YaTLg7] - Lighting: Good lighting is crucial, and the Falcon Eyes & YONGNUO helps illuminate our set beautifully. Grab yours here: [https://amzn.to/47Rv3FO] [https://amzn.to/3TOC6cI] RBG Light:https://amzn.to/3XMRs2t - Tripods: Stability is key in video production, and the Neewer provides just that. It's sturdy and reliable, perfect for every shoot. Check it out here: [https://amzn.to/3TVZFAm] - Storage (SSD): With all the footage we shoot, reliable storage is a must. The Crucial X6 1TB Portable SSD offers ample space and quick data access. Available here: [https://amzn.to/3Y7OY01]