💥Accounting Cycle Cheat Sheet → https://accountingstuff.com/shop
🖊Accounting Practice Questions → https://accountingstuff.com/practice-questions

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/playli....st?list=PL5zKSeS09l3
▪ Equity Video → https://youtu.be/Fr5oHEYrT2A

🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel

⏱️TIMESTAMPS
00:00 - Intro
00:16 - What is Financial Accounting?
01:11 - STEP 1: IDENTIFY TRANSACTIONS
01:29 - STEP 2: PREPARE JOURNAL ENTRIES
01:32 - What is a Journal Entry?
01:36 - What does a Journal Entry look like?
02:05 - What is Double Entry Accounting?
02:58 - What is the Accounting Equation?
04:17 - STEP 3: POST TO GENERAL LEDGER
04:22 - What is the General Ledger?
04:43 - Posting to Accounts
04:49 - What is an Account?
04:58 - The 6 Types of Account - Assets, Liabilities, Equity, Revenue, Expenses & Dividends
05:21 - What are T-Accounts?
06:00 - What does the General Ledger look like?
06:18 - STEP 4: UNADJUSTED TRIAL BALANCE
06:22 - What is a Trial Balance?
06:43 - How to build a Trial Balance
07:10 - Why is it called Trial Balance?
07:28 - STEP 5: POST ADJUSTING ENTRIES
07:32 - What are Adjusting Entries?
07:40 - IFRS vs GAAP
08:21 - What is the Accrual Method of Accounting?
08:41 - Adjusting Entries Example
10:14 - STEP 6: ADJUSTED TRIAL BALANCE
10:41 - STEP 7: CREATE FINANCIAL STATEMENTS
10:44 - What are Financial Statements?
10:59 - What are the three types of Financial Statements?
11:10 - What is the Balance Sheet?
11:28 - What is the Income Statement?
11:43 - Profit vs Cash Flow
11:54 - What is the Cash Flow Statement?
12:04 - Who would use Financial Statements?
12:34 - STEP 8: POST CLOSING ENTRIES
12:41 - What are Closing Entries?
12:51 - Closing Entries Example
13:10 - Post Closing Trial Balance
13:20 - THE ACCOUNTING CYCLE

🔎FAQ
▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m

🔝 CLOUD ACCOUNTING SOFTWARE
▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) → http://geni.us/jA9N
▪ QuickBooks Online Canada (FREE TRIAL/DISCOUNT) → https://geni.us/bNN7
▪ Xero (FREE TRIAL) → https://xeroamericas.grsm.io/ck90eoq1r6tu

🚶FOLLOW ME ON
▪ Instagram → https://www.instagram.com/accountingstuff
▪ TikTok → https://www.tiktok.com/@accounting_stuff
▪ Facebook → https://www.facebook.com/thisisaccountingstuff/

________________________
DISCLAIMER

Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you!
________________________

#accounting #accountingbasics #accountingstuff

💥All in One Cheat Sheet Bundle → https://accountingstuff.com/shop

A collection of Accounting tutorials that I have put together over the past three years. I have arranged the topics into a logical, progressive order and removed all commercials, intros & outros for your viewing pleasure!

⏱️TIMESTAMPS
00:00 - Intro
00:58 - The Accounting Cycle - https://youtu.be/yYX4bvQSqbo
14:54 - The Accounting Equation - https://youtu.be/56xscQ4viWE
18:29 - Debits & Credits - https://youtu.be/VhwZ9t2b3Zk
23:27 - Why Debits & Credits Aren't Backwards - https://youtu.be/ddb65RudGi0
25:09 - T-Accounts - https://youtu.be/kA9snSvCgW8
34:35 - Journal Entries - https://youtu.be/Y-_Q3rANyxU
39:55 - What is an Invoice? - https://youtu.be/O6qtAT_SnIM
45:38 - What are Assets? - https://youtu.be/rOsuqG_J0t4
54:08 - What are Liabilities? - https://youtu.be/fKRwT10Sszc
01:03:45 - What is Equity? - https://youtu.be/Fr5oHEYrT2A
01:13:20 - The Cash Method of Accounting - https://youtu.be/8t9PFHlLLVI
01:17:49 - The Accrual Method of Accounting - https://youtu.be/C8UuX75ZarU
01:24:00 - Revenue Recognition Principle - https://youtu.be/37PPccwsYJI
01:25:53 - Inventory & Cost of Goods Sold - https://youtu.be/OB6RDzqvNbk
01:35:07 - My #1 Accounting Hack - https://youtu.be/5Y3wjH-6gHk
01:38:07 - Debits & Credits Practice Questions - https://youtu.be/yCOZ7aylC0c
01:43:23 - The General Ledger - https://youtu.be/Fu8zGee1SZw
01:52:25 - The Trial Balance - https://youtu.be/3_PfoTzSCQE
01:59:05 - Adjusting Entries - https://youtu.be/H0N7tvXuJlU
02:08:03 - Prepaid Expenses - https://youtu.be/RE7wrflFOGA
02:16:26 - Deferred Revenue - https://youtu.be/F1zNQ1wga7o
02:25:29 - Accrued Expenses - https://youtu.be/9aZ6CCj-ies
02:37:03 - Accrued Revenue - https://youtu.be/7ibN25VCvFg
02:44:50 - Depreciation - https://youtu.be/_pas1ETbrj8
02:55:51 - Straight Line Method of Depreciation - https://youtu.be/iruD9KTNnNc
03:02:28 - Income Statement - https://youtu.be/hrSUq4wcd0g
03:12:16 - How to Make an Income Statement - https://youtu.be/0--AvwZabIQ
03:17:04 - Balance Sheet - https://youtu.be/YZyBSU6YdmM
03:27:04 - How to Make a Balance Sheet - https://youtu.be/CMv1zlZhb4Q
03:33:51 - Trial Balance vs Balance Sheet - https://youtu.be/q7Nhj8vDD8M
03:39:20 - Intro to Cash Flow Statements - https://youtu.be/Xy-yDw0gsgc
03:49:24 - Direct Method Cash Flow Statement - https://youtu.be/KOR10VPsyO8
04:06:43 - Indirect Method Cash Flow Statement - https://youtu.be/8CH-6wdfz0Y
04:16:07 - How to Make a Cash Flow Statement - https://youtu.be/DiVPAjgmnj0
04:31:07 - The Key to Understanding Financial Statements - https://youtu.be/_F6a0ddbjtI
04:37:09 - Closing Entries - https://youtu.be/e1z2lpdQyGQ
04:50:22 - Outro

🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel

🔝 CLOUD ACCOUNTING SOFTWARE
▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) → http://geni.us/jA9N
▪ QuickBooks Online Canada (FREE TRIAL/DISCOUNT) → https://geni.us/bNN7
▪ Xero (FREE TRIAL) → https://xeroamericas.grsm.io/ck90eoq1r6tu

🔎FAQ
▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m

🚶FOLLOW ME ON
▪ Instagram → https://www.instagram.com/accountingstuff
▪ TikTok → https://www.tiktok.com/@accounting_stuff
▪ Facebook → https://www.facebook.com/thisisaccountingstuff/

🎬LEARN ACCOUNTING BASICS FOR FREE
▪ The Full Playlist → https://www.youtube.com/playli....st?list=PL5zKSeS09l3

🎵MUSIC
▪ Lakey Inspired - Blue Boi → https://soundcloud.com/lakeyinspired/blue-boi
▪ Lakey Inspired - Last Night → https://soundcloud.com/lakeyinspired
________________________
DISCLAIMER

Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you!
________________________

#accounting #accountingstuff #accountingbasics