ACCOUNTING BASICS: a Guide to (Almost) Everything financial accounting

I packed a lot into this one! Here are the timestamps if you'd like to skip to a section…

⏱️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

So with the 40,000$ we made it 10,000$ due to accrual accounting. why that number? Accurual has been confusing me for weeks :/

I am fresh off the boat new to accounting and in that 14 minutes I have learned and understood a lot in that small amount of time. MINDBLOWN! THANK YOU SO MUCH!

I’m so confused right now, next semester is the time for me to choose my minor. And i’m still thinking about going for either business accounting or audit and information system accouting, any suggestions?

Thank you for making this video. Why can't you be my college accounting professor 😢

Your videos are amazing James! Well done on making them fun and interesting! They really help make things easier to understand! Looking forward to watching more!

Amazing stuff my guy, I love you, I really do!!!!!

Hi I need help with my homework. I'm studying principals of accounting but I'm not understanding it right now but I'm gonna learn everything about it. So if you want to help me to do my homework please let me now I would really appreciate it. 😊

i have studied principle of accounts 4 years ago, i failed my end of year exams and did not continue with it until now. thanks for brushing up my foundations and i will be looking more into your channel to go into the advances.

Hi! Can I ask a question? Where did the retained earnings on the balance sheet (with a value of 87,050) come from?

If by some miracle i pass this class it will be thanks to you. This lesson literally made more sense than an entire semester. Thank you!!

4am

Tysm

Your videos are so well made. Easy to understand and the editing is also on point.👌🏻👌🏻 I love financial accounting compared to management accounting which is a bit more difficult than financial accounting to be honest. Keep up the good work and congrats on 300k subscribers. 🎉👏

I am a B Com holder and CPA and i can confirm this is superd work, well articulated and best examples.

Thankyou! I was totally stressed out about the subject before watching this!

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I've had the accounting as a subject in school since last school year and I understand only basics so I tried to search for some videos about accounting on Youtube but since I'm not a native English speaker I don't understand many words from this video and there is not much learning material in my mother tongue 🙄 I don't even want to be an accountant 🤣 I'm a language learner and I'd like to study translation with economic specialization so I'd like to know how accounting works 🙏 And last year it completely sucked since our teacher didn't give a damn about us if we understand it and our textbook is totally incomprehensible I need help 👀🙏

Its not in description 😡

I am a 12 year old and this is flowing through my brain perfectly. Thank you very much for this

Absolutely Amazing <3

I'm taking financial literacy and accounting all in 10th grade + reading a lot of Robert kiyosakis books what do you think should be my first step into the real world?

Other than getting a job what should i invest in first