Accounting Basics

Here is another free course - no registration required!

A full list of my free bookkeeping and accounting courses is available here

Course Introduction

What is covered in this course?

This course covers the basics of finance and accounting.

Over the 3 part series, you will learn the basics of commonly used accounting terminology - such as assets and liabilities - and the basics of financial statements, namely; the profit and loss statement and the balance sheet.

This is not a bookkeeping course. If you wish to learn bookkeeping, I have a free bookkeeping course here.

Who is this course for?

The accounting course is perfect for anyone with interest in learning about business, finance, accounting or bookkeeping.

Ideal course participants will be...

- business owners

- investors

- entrepreneurs

- accountants

- bookkeepers

- students of business, finance or accounting

- people new to an accounting or bookkeeping job

How do you get started?

Simply watch the video below and then scroll down for the rest of the course content.

Accounting Terms Explained

Sales

Sales are generated through a business providing a service or product. They are the money received in exchange for services or products.

Sales can also be referred to as turnover or revenue.

Expenses

Expenses are the costs incurred when running a business.

Common business expenses include rent, insurance, travelling costs, office costs and staff wages.

Expenses can also be referred to as overheads.

Assets

Assets are items that are purchased, which have value and can be re-sold if needed. They are not consumable items but are an investment. Assets are items that a business owns.

Common business assets include computer equipment, machinery, property, stock and vehicles.

If you are interested in learning more about these terms, I highly suggest 'Basic Accounting' - click here to learn more

Liabilities

Liabilities are the opposite of assets - they are items that a business owes.

Common business liabilities include loans, overdrafts and credit cards.

Equity

Equity is also something that a business owes. The difference between liabilities and equity is that equity is money owed to shareholders and owners.

Now watch the video below...

Financial Statements Explained

Profit & Loss Statement

The profit and loss statement shows a businesses sales and expense totals for a selected period. It shows how much profit or loss a business made within a period. The statement is often used to analyse business sales, business expenses and profit figures.

More information about profit and loss statements, including examples of profit and loss statements, will be shown in the next video.

Balance Sheet

The balance sheet shows a businesses assets, liabilities and equity at a specific date. It provides a snapshot of the financial health of a company. The balance sheet is a great report to analyse what a business owes and what it owes.

More information about the balance sheet, including examples of balance sheets, will be shown in the video below...

Learn more about bookkeeping, accounting and finance - click here

Thank you so much for taking my free accounting course.

I wish you all the best

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Disclaimer

 

The information on this site cannot be relied on as accurate and up to date. We strongly advise you seek the advice of accounting and tax professionals before making any accounting related decisions.

Visit SM Accounting Ltd

This site contains free bookkeeping and accounting courses and is ideal for anyone looking to learn finance, bookkeeping or accounting. This site contains information on double-entry bookkeeping, basic accounting, credit control, business planning, etc. 

* We do not offer refunds on any digital products purchased on this site.