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Explore ACCOUNTING BASICS: a Guide to (Almost) Everything with 4,489,654 views, 121,156 likes, and 3,634 comments. Experience the impact of this video content that has captured audience attention.

NEW: 500+ Accounting Practice Questions 👉 https://accountingstuff.com/shop/accounting-practice-questions-bundle Would you like to know what Accounting really means? In this short tutorial we'll take one 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. 🔴 Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel 🔓 Join this channel for full access to the Accounting Quiz Vault ➔ https://www.youtube.com/c/AccountingStuff/join 📚 ACCOUNTING RESOURCES ▪ 500+ Accounting Practice Questions ➔ https://accountingstuff.com/shop/accounting-practice-questions-bundle ▪ Accounting Cheat Sheet Bundle ➔ https://accountingstuff.com/shop/all-in-one-accounting-cheat-sheet-bundle-second-edition ▪ Free Accounting Cheat Sheet ➔ https://accountingstuff.com ▪ Free Invoice Template ➔ https://accountingstuff.com/invoice-template ▪ My Favourite Accounting Book for Beginners* ➔ https://geni.us/5mKR7m 🎬 WATCH NEXT ▪ Assets, Liabilities & Equity Explained ➔ https://youtu.be/hjvV5rG_3sY ▪ Accounting Basics Quiz ➔ https://youtu.be/vVL1dq28BM0 ▪ Test Yourself with these Accounting Quizzes ➔ https://youtube.com/playlist?list=PL5zKSeS09l30a9lCMK0vlj5j3sR7JhJgU ▪ Full Beginner Accounting Course ➔ https://youtube.com/playlist?list=PL5zKSeS09l319EwVk4-Y8xq0O4Cn18Y4c ☁️ ACCOUNTING SOFTWARE OFFERS ▪ Xero: View the latest offer* ➔ https://geni.us/xeroaccounting ▪ 🇺🇸 QuickBooks Online: View the latest offer* ➔ https://geni.us/quickbooksonlineusa ▪ 🇨🇦 QuickBooks Online: View the latest offer* ➔ https://geni.us/quickbooksonlinecanada 🌎 CONNECT WITH ACCOUNTING STUFF ▪ YouTube ➔ https://www.youtube.com/c/AccountingStuff ▪ TikTok ➔ https://www.tiktok.com/@accounting_stuff ▪ Facebook ➔ https://www.facebook.com/accountingstuff ▪ Instagram ➔ https://www.instagram.com/accountingstuff ▪ LinkedIn ➔ https://www.linkedin.com/in/james-hearle ⏱️ 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 *I may earn a commission from purchases made through these links, at no additional cost to you. #accounting #accountingbasics #accountingstuff

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