Accounting For Entrepreneurs

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Accounting, Bookkeeping Introduction, Accounting, Bookkeeping Entries, Accounting, Bookkeeping Adjustments & Reports

Last updated 2022-01-10 | 4.4

- Bookkeeping | Rules of recording transactions
- Accounting | Accounting Concepts | Period end Adjustments
- Financial Statements Preperation | Profit & Loss Statement | Balance Sheet

What you'll learn

Bookkeeping | Rules of recording transactions
Accounting | Accounting Concepts | Period end Adjustments
Financial Statements Preperation | Profit & Loss Statement | Balance Sheet
Depreciation | Depreciation methods | Accounting for Depreciation
Inventory | Inventory Valuation methods | Inventory Accounting
Accruals & Prepayments
Bad and doubtful debts
Bank reconciliation

* Requirements

* No prerequisites
* this course starts everything right from the scratch

Description

The course starts right from scratch, introduces the concept of Accounting, fundamental accounting terms, the accounting system of recording business transactions. Then it takes you to more complex areas of accounting like transactions affected by discounts and sales tax, prepaid and accrued transactions, and accounting adjustments like depreciation. 

Topics Covered:

  • Introduction to Accounting

  • Why Accounting has to follow rules and what are the accounting standards?

  • What are the different types of Accounting and what information is produced by each?

  • Accounting terms

  • Cash and Accrual Accounting

  • Double-entry concept

  • Bookkeeping

  • General Ledger

  • Trial Balance and Financial Statements

  • Fixed Assets and Depreciation

  • Inventory Accounting

  • Financial Statements preparation


This built of the course is fairly easy, the format is beautifully designed interesting interactive video, the course flows from basis to Accounting to the preparation of financial statements first and then the more complex and frequently used areas of Accounting have been dealt with. This course also covers various practical concepts that are quite useful when you are maintaining your books in accounting software. In short, in the next 3 hours, you will be able to understand all the basic aspects of Accounting that you need to know to well handle your business financials. 

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What is Accounting:

Accounting, Bookkeeping, and Financial Statements Preparation are three steps to achieve one main goal, keeping a track of business money and prepare reports to provide a financial summary for stakeholders.


Why you should learn Accounting:

Every single business needs to record its income and expenses, not just for internal management and control, but also for external stakeholders like government, tax authorities, investors, lenders, and even suppliers and customers. Having a good command of numbers and the idea of how cash flows are recorded and presented makes you a better professional.


Who should take this course:

  • Accounting and Finance Students

  • Business Students

  • Aspiring Accountants

  • Professionals

  • Entrepreneurs

  • Business Owners

  • Investors

  • Startup founders


Prerequisite:

This course starts from zero, no background knowledge is required to start learning in this course. Even 12 years old can also learn Bookkeeping, Accounting, and Financial Statements Preparation in this course.


Money-Back Guarantee: 

Nothing to lose! If you will not be satisfied with the course, Udemy offers 30 days money-back guarantee!


Introduction to the teacher:

Chartered Accountant | 12 years of work experience | 12 years of teaching experience as visiting faculty


I am a Certified Chartered Accountant (ACCA) from the UK with 12 years of professional work and teaching experience and have taught more than 4,000 students in class and 100,000+ students on Udemy!

I have implemented accounting software and ERP at various organizations and have expertise in financial transformation. I have been leading accountancy practice for small and medium-sized entities for the last 4 months and have frequent interaction with entrepreneurs. So I know what exactly do entrepreneurs need to know to well manage their books. 

Who this course is for:

  • Entrepreneurs and business owners
  • Aspiring Accountants and Bookkeepers
  • Accountants
  • Bookkeepers
  • Finance professionals seeking better understanding of Accounting concepts

Course content

15 sections • 137 lectures

Introduction to Accounting 9 lectures

Understanding Accounting Preview 01:32

Key classes and terms in Accounting Preview 02:01

Understanding Profit & Profit & Loss Statement Preview 01:29

Understanding Owner's Capital & Balance Sheet Preview 01:35

Seperate Entity Concept Preview 02:10

Liabilities and Owner's Capital Preview 00:34

Understanding Dual Impact of a Transaction Preview 01:36

The Accounting Equation Preview 03:40

The accounting equation is one of the fundamental concepts in Accounting. Let's take a brief look at this.

Key Terms/classes in Accounting

Recording Income, Expenses, Assets, Liabilites, & Owner's Capital 8 lectures

Recording in Accounting Preview 05:20

Recording Debit and Credit for Assets - Practice Preview 02:47

Debit and Credit rules for Liabilities, Owner's Capital, Income, & Expenses Preview 03:34

Alternative way to understand and remember debit/credit rules Preview 02:00

Double Entry Accounting/Bookkeeping with Debit & Credits Preview 01:08

Debit & Credit Practice Preview 04:46

Journal Entry Preview 02:05

Practice - debits and credits

Practice: Bookkeeping, Accounting, & Financial Statements Preparation 6 lectures

Introduction Preview 01:20

Recording Journal Entries Preview 05:51

Posting Entries to the Ledgers Preview 04:34

From ledgers to the Trial Balance Preview 02:57

Preparing Profit and Loss Statement Preview 03:06

Preparing Balance Sheet Preview 02:55

Further classification in Assets, liabilities, Income and Expenses 7 lectures

Understanding and classifing Assets Preview 01:19

Classifing Assets based on their physical substance Preview 01:33

Understanding and classifing Liabilities Preview 01:00

The Formal Balance Sheet Format Preview 02:45

Understanding and classifing Income Preview 01:50

Understanding and classifing Expenses Preview 01:32

The Formal Profit & Loss Statement Format Preview 02:23

Back to Practice Session 5 lectures

Financial Statements Preview 03:57

Closing ledgers for the month Preview 06:41

Transferring balances to the next month ledgers Preview 01:13

Homework: End to End Accounting & Bookkeeping- November Preview 01:15

Homework Answers Preview 13:10

Bank Reconciliation 9 lectures

Understanding Reconciliation Preview 02:32

Impact of Bank Reconciliation Preview 00:12

Understanding Bank Statement Preview 08:14

Bank Reconciliation Case 1 and Case 2 Preview 03:09

Bank Reconciliation Case 2 Part 2 Preview 02:17

Bank Reconciliation Part 3 Preview 05:34

Practice - Bank Reconciliation Preview 06:51

Understanding Positive and Negative Balance terms Preview 02:17

Complete Bank Reconciliation Assignment

Bank reconciliation practice with demo company data.

Credit Transactions | Receivables | Payables 5 lectures

Understanding Cash and Credit Transaction Preview 02:00

Cash and Accrual Accounting Preview 02:40

Cash and Accrual Accounting - Examples Preview 02:05

Understanding Receivables and Payables Preview 01:59

Understanding Trade and Other Receivables/Payables Preview 01:51

Accounting for Expenses and Payables 11 lectures

Introduction and recording Cash Expenses Preview 02:35

Recording Credit Expenses Preview 01:39

Recording Cancellation/Reversal of Credit Expenses Preview 01:06

Recording Payment to Payables Preview 01:20

Recording Interest charged for late payment Preview 02:12

Accounting for Trade Discount Preview 02:30

Accounting for Cash Discount Preview 05:27

Practice - End to end Bookkeeping, Accounting & FS for Expenses Preview 18:36

Closing entries for April Preview 06:02

May 2021 - Bookkeeping, Accounting, & Financial Statements

Angelina's career counseling business - second month. You are required to do end-to-end Bookkeeping, Accounting, & Financial Statements Preparation. Once you complete the assignment, you will have access to the answers, completely solved file, and solutions video.

Key documents related to Expenses and Payables Preview 09:38

Accounting for Income and Receivables 18 lectures

Introduction Preview 00:41

Recording Cash Income and its Reversal Preview 01:24

Recording Credit Income and reversal Preview 02:51

Recording Cash Received from Receivables Preview 01:02

Interest charged to Receivables for late payment Preview 01:44

Accounting for Trade Discount Preview 01:22

Accounting for Cash Discount Preview 04:19

Accounting for Bad Debts Preview 01:49

Understanding Doubtful Debts and Allowance for Doubtful Debts Preview 02:45

Other terms for Allowance for Receivables Preview 00:03

Accounting for the Allowance for Doubtful Debts Preview 04:05

Understanding Gross and Net Receivables Preview 01:23

Recording the Allowance - Detailed Example Preview 02:53

Increasing the Allowance Preview 02:17

Practice - Allowance for Doubtful Debts - Year 3 Preview 02:47

Recording Allowance for Doubtful Debts

So, we are in the fourth year of business and you are now required to account for the allowance for doubtful debts.

Journal Entry and Period End Adjustments Preview 00:20

Introduction to Adjusting Entries | Understanding Accounting & Bookkeeping Cycle Preview 07:50

Sales tax - Brief Intro and Accounting 10 lectures

What is Sales tax? Preview 02:24

Who can collect Sales tax? Preview 02:45

What to do with the collected Sales tax? Preview 01:14

Accounting for Sales tax on Income Preview 03:41

Accounting for Sales tax on Expenses Preview 05:40

Practice - Sales tax Bookkeeping and Accounting Preview 07:50

Sales tax Bookkeeping and Accounting - month 3

You have now taken the charge of bookkeeping and accounting of the business, and you are supposed to do the complete sales tax entries and ledger posting.

Understanding VAT as a system Preview 04:08

Basic maths to convert Gross Amount to Net Amount Preview 05:54

Sales Tax

Sales Tax concepts practice.

Accruals and Prepayments 13 lectures

Understanding Prepayments Preview 02:44

Prepayments - Understanding Cashflows, Prepaid, Expense, and Prepaid Balance Preview 02:39

Accounting for Prepaid Expenses Preview 04:03

Monthly/Quarterly Reporting Preview 00:20

Note: Month-End Adjustments Preview 00:03

Prepaid Income - Overview and cashflows Preview 03:04

Accounting for Prepaid Income Preview 04:55

Before we start Accruals Accounting Preview 01:04

Understanding Accruals Preview 03:09

Accrued Expenses - Overview and Cashflows Preview 04:05

Accounting for Accrued Expenses Preview 05:50

Accrued Income - Overview and Cashflows Preview 03:20

Accounting for Accrued Income Preview 05:08

Accounting for Non-Current Assets 14 lectures

Introduction to Fixed Asset and Fixed Asset Accounting Preview 04:28

Introduction to fixed assets, its scope, methods of accounting and key concepts.

Methods of Depreciation, Straight Line Method Preview 03:37

Overview of the methods of depreciation and Straight line method in detail.

Example: Straight Line Depreciation Preview 05:37

Practice Straight Line Method and introduction of few keys terms like Accumulated Depreciation and Net Book Value.

Units of Production Method of Depreciation Preview 03:37

Reducing Balance Method (Declining Balance Method) Preview 07:55

Declining Balance Method of depreciation is the most popular one. In this lecture, you will learn this method with a practical example.

Practice: Reducing Balance Method Preview 06:31

Let's do some practice of the Declining Balance Method.

Sum of Years' Digits Method Preview 08:59

This is the 4th method of depreciation that is widely used. Let's learn it and solve some examples.

Choosing Method of Depreciation Preview 04:01

Now that we know 4 methods of depreciation, choosing the right one is important. In this lecture, we will discuss which method suits a particular situation.

Calculating Gain/Loss on Disposal Preview 02:45

When the asset is finally sold after years of utilization, the difference in the sales proceeds of the asset and its book value results in gain or loss. Let's take a detailed look at this is this chapter.

Accounting for purchase, depreciation and disposal of fixed assets Preview 03:14

Time to start posting the debits and credits in our ledgers for the fixed asset purchase, depreciation, and disposal.

Accounting entries - example Preview 10:47

The practice of the accounting entries learned the earlier chapter.

Methods of Accounting for Fixed Assets Preview 03:02

There is another method of fixed asset accounting. We are going to learn this method in this lecture.

Accounting entries - Asset account maintained at Cost Preview 09:20

Practice the alternative entries to record the depreciation and disposal.

Depreciation and accounting entries - Practice

In this assignment, you are going to calculate the depreciation of an asset for its entire life, calculate the gain or loss on disposal, and make the accounting entries for its entire life cycle, that is, purchase, depreciation, and disposal.

Accounting for Trading Business 17 lectures

Understanding Trading Business and Key Terms Preview 04:45

Accounting for Purchases Preview 02:14

Accounting for Sales Preview 01:41

Inventory Accounting Systems and Periodic System of Inventory Accounting Preview 03:43

Periodic System of Inventory Accounting - Example Preview 12:45

Perpetual System of Inventory Accounting Preview 02:40

Perpetual System of Inventory Accounting - Example Preview 09:27

Inventory Valuation Methods Preview 05:14

LIFO - Periodic Inventory Accounting Preview 03:51

LIFO - Perpetual Inventory Accounting Preview 01:54

Weighted Average under Periodic Inventory Accounting Preview 02:29

Weighted Average under Perpetual Inventory Accounting Preview 03:03

FIFO with Periodic and Perpetual Inventory Accounting Preview 02:45

Recording Inventory damage, obsolescence, and theft Preview 01:34

Understanding Net Realizible Value Preview 01:23

Writing down inventory value to NRV Preview 02:16

Example - writing down inventory Preview 01:11

Understanding Profit terms and calculations 4 lectures

Profit percentage Preview 01:46

Profit can be expressed on cost as well as on sales value. This is an important concept for accountants.

Markup and Margin Example Preview 10:39

Let's do some practice of mark up and margin calculation.

Converting Markup to Margin and vice versa Preview 03:54

You can convert markup to margin and vice versa very easily! Let's learn how.

Markup and Margin practice

Bonus Section 1 lectures

Bonus lecture Preview 00:38