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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, DoubleEntry Accounting, TAccounts, 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.

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▪ The Full Playlist →    • ACCOUNTING BASICS for Beginners (Whol...  
▪ Equity Video →    • What Does Equity ACTUALLY Mean?  

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⏱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 TAccounts?
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
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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!
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