))
Episode 353 - Accounting Basics a guide to (almost) everything
Manage episode 478639225 series 3661101
Content provided by A.I. Roberts. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by A.I. Roberts or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.
Financial accounting is presented as a fundamental business practice, akin to a tree with various branches, though typically referring to the process of handling a business's monetary activities. The video uses the example of a fictional newspaper, Ruff Times, to illustrate the core steps of this process, starting with identifying transactions and progressing to journal entries that adhere to double-entry accounting based on the accounting equation (Assets = Liabilities + Equity). It further explains the use of a general ledger to store financial data, the creation of an unadjusted trial balance, and the necessity of adjusting entries to comply with the accrual method of accounting, contrasting it with cash accounting. The video concludes by outlining the creation of key financial statements – the balance sheet, income statement, and cash flow statement – and the purpose of closing entries in the accounting cycle.
Source :
Accounting Stuff
YouTube Channel
382 episodes
Share
