Accounting Basics Explained Through a Story
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- เผยแพร่เมื่อ 12 พ.ค. 2024
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New to Accounting? In this video I will introduce you to the world of accounting by telling you a story. This quick tutorial gives you an introduction to accounting and explains the concepts of income statement (Profit & Loss), balance sheet and the accounting equation (Assets = Liabilities + Equity).
⬇️ Download the practice file here: pages.xelplus.com/debit-credi...
You will also learn through examples what assets, liabilities and equity are. I will also introduce you to the concept of the T account. This is something that we will look into more detail in the Debits & Credits video.
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You will follow a day of an Italian beach business and see how this is reflected in two financial reports - although this is a simple example, it can be applied to more complex situations.
📊 What You'll Learn:
▪️ The essence of accounting and its role as the business language.
▪️ A practical scenario of running a business in Italy and the challenges involved.
▪️ The importance of systematic financial recording and analysis.
▪️ Key insights into financial statements like the Income Statement and Balance Sheet.
▪️ How daily business activities translate into accounting terms.
00:00 Financial Statements Explained
00:53 Claudio's Beach Business
02:13 Income Statement (which is Revenue - Expenses)
03:31 Balance Sheet
06:21 Claudio's Balance Sheets at different points in time
In the next video of our accounting basics series, we'll take a look at Debits & Credits and in the video after that will take a closer look at the balance sheet.
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#Accounting
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Challenge accepted? Download the practice file now and see how many journal entries you can ace 👉 pages.xelplus.com/debit-credit-practice-file
Leila Gharani whoa )) thanks 🙏 😊 👌
Leila Gharani you’re a power house!
Thanks a lot but I need more
@@godwiztv4truth what exactly do you need?
U r too good, thankx
As a person who's got a post-graduate degree in Finance and Accounting I must say that this is the easiest and clearest way I've ever had these concepts explained to me. I wish someone had explained me balance sheet in such an entertaining way back when I was a newbie. You really have a talent for teaching Leila! Keep up the great job. As an Italian, though, I can't help asking myself whether our friend Claudio holds a license to sell his stuff on the beach :P. Don't tell me please. Better not to know :)
Haha. We better not talk about that :) Really glad you like the video Daniele!
Please,we need more of these videos because I won't lie to you I have gotten into accounting school both secondary and University,do you believe that I never understood the basics of these course everything was cramming of formats..
I am a CPA, and I couldn't have given an easier to understand explanation myself. Thanks and I am looking forward to your next videos, both Accounting and Excel...Abe Azar
Coming from an expert on the topic I could not be happier. Thank you Abraham!
Abraham Aza
Do you think that the Accounting job market could be disrupted by automation in the future?
@@first9299 They said that decades ago; guess what - we're still here, and demand for our work is growing.
🔍 Ever wondered about the language that speaks volumes in the business world?
📊🎬 Dive into the captivating tale of accounting's evolution with my latest video, "What is Accounting and Why is it Important?"
📚 From ancient civilizations to modern financial strategies, this video unravels the essence of financial accounting and its profound significance. Join me in exploring the past, present, and future of business!
📈💼 #AccountingUnveiled #FinancialWisdom #BusinessStrategies
th-cam.com/video/54-LNr-XAXE/w-d-xo.html
As an accountant I have to say you have distilled the essence of accounting very clearly and concisely here.👏
There is no accountant explained it on this simplified, professional way. Thank you.
My pleasure, I'm glad it's helpful.
Her voice makes me very relaxed I mean it as best possible compliment :)
Beautiful woman that is a great example for others. Highly competent without losing femininity.
Ikr
Agree
It's therapeutic
Beautiful women that's a gr8 example for other's . Highly competent Without losing feminity. Gr8 job mam 😘❤
Love the way you teach...
.
.
Teacher of the year..!
The whole series of Accounting will be a great hit as many are searching for a course which they can easily understand.
Thank you so much for creating this.
Also try thisth-cam.com/video/RWhzAKPnxaU/w-d-xo.html
I randomly ran across this video but I enjoyed the entire video and the way she taught and explained the subject. I've taken classes before but it was a great refresher and I'd be interested in watching more videos like this one.
“The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.” - Robert Kiyosaki
that is a great definition from the legend
I wish I could learn it this way, when I studied in college! Story telling is indeed the best way! Nice video once again, keep them coming! Thanks! :-)
i'm about to finnish my accounting class in the University and this, clearly explained and vissually appeling, would have saved me so many hours.
Expecting more topics for accounting
Love the way you started the introduction course with a story, make it more interesting:):)
THANK YOU SO MUCH. I was actually choosing subjects for my a levels and I couldn't find anything on what accounting WAS and this video helped a lot
I'm super glad you started this series
Wow...a bit surprise that you're now expanding scope to accounting area and that's just great indeed.
If you keep telling everything about accounting in such a soft and smooth tone, I am surely to overcome my Numbers anxeity. Thank you so much!
extremely helpful！Firstly my excel teacher and now my accounting teacher❤️
Wow, and in 9 minutes I have understood accounting basics. Thank you so much Leila
One of the simplest meaningful explanation on internet for basic accounting, Thank you so much, now I got the confidence of learn accounting
You are one in a million. I must say that you've made a lots of significant changes in work career. God bless you Leila
I’m an accountant but I still watched the video. Amazing introduction for non-accountants!
Very cool Accounting Story, Teammate!!!
Thank you Mike 😊
That was Imformative .
Accourding to me I forgot almost 80% of the basics but honestly I took them back after I watched this video thanks for your efforts
Incredibly clear, friendly, beautiful, and approachable. A win, win. Thank you.
I love the explanation. It’s simple. And simplicity is really an art.
Thank you for the nice feedback.
Wow my 2 years of MBA couldn't make it that simple, like the way this 5 - 10 min video made it.... you have absolutely blessed with magical teaching skills... if possible please make a video on teaching tips as well... it would be very helpful for us professionals who can do the stuff but can't create that knowledge :)
Hi, I'm studying MBA (Business Analytics) in Australia, but I don't know accounting , Is this the best video for learning basic???
Correct MBA not easy than explained by someone. A lot a people still not understand wHAT is account. For my experience s lot don't know account. What account is not maths , not lot brains can see where money is money. Even i say money infront them😂
the way she explains made me interested accounting i love to see more
thank you for a simple explanation which help me who has basically no knowledge about accounting has benefitted a lot. I will look forward to learning more from you.
Yes please more accounting videos! 😁 I really enjoyed this one! Really clean, simplified examples and very good quality!! 😌
I'm happy to hear that!
never thought accounting would be so cool like that
This is so clear and easiest explanation, hope that instruction start in this way so their student can easily understand and not be afraid in accounting subject.
I like the simplicity and the value of your videos...I learned (and I'm still learning) a lot from your channel.
During college I hate accounting but this has changed after watching this video. I didn't know you're a good accounting professor too. Love it, Leila! ♥️
Thanks Wesley!
I have owned a business for 8 years and I never quite understood the balance sheet. This is very helpful!
Just hire someone do account, not this way do Balance Sheet not easy. Do Account until Balance Sheet like cooking or make a cake you need go market buy necessarily materials until come out the examples 🎂 this is call balance sheet others words COMPLETE THE ACCOUNT😂😂😂
I'm french and I'm studying accountability. Thank you very much for this video, it's very clear. It permits me to learn the voc :) have a good day
I didn't expect that you're good in accounting as well as excel 😃 that was a good one.. keep going
This video is so helpful for someone who has no accounting background like me. Thank you!
Excellent simple explanation of financial statements in under 10 minutes. This MBA says that you're a good instructor.
I wish my Financial Accounting Lecturer explained the accounting like this back in 2002 when I was at university so that I wouldn’t f**k up big time.
Hi Leila,
I got some questions. I'm an Accountant as well. I learnt Excel by watching your videos only. I would love to watch the following :
1. Any ways to do all Accounting using MS Excel rather than Quickbooks, Microsoft Dynamics NAV, SAP or any other accounting software?
2. A Video on Cash Flow Statement.
3. A video on how to Automate and get the Financial Statements with Raw Data like Sales, Costs, etc.. using Excel.
Waiting to see your videos.
Thank You.
Hi,
I have designed one Excel-built accounting software which suits my field of work. I can share it with you to customize it to suit your operations if you don't mind.
Unless you have a very simple business, using excel will be a struggle and pointless. Accounting software such as QuickBooks, Xero and a few others won't cost a lot and are much effective and less prone to errors than excel. Most records you can still download from any of those softwares to excel.
@@edot2068 I would love to take a look at it. email me - mush543@gmail.com
@@edot2068 i would also love this ^ mwaumann@gmail.com if you dont mind! thank you!! :)
Hi Ed Ot , please share with me if you dont mind. calltokapil@gmail.com
Nice Leila. Looking forward to this serie! Thank you for your effort.
Thanks alot Liela ... for me as an accountant ... i really appreciate the simplicity of explanation ...Go on
This was a natural extension of your Excel videos Leila, since Excel is so often used in accounting and financial analysis. I’m looking forward to when you merge the topics together to demonstrate building income statements and balance sheets in Excel and then analyzing and presenting the data with your signature data visualization and report formats! Sounds like the foundation for a future course.
She know account that why she know why excel very important in account😆😃🙁
Update: Claudio is now broke during COVID-19 in the world with no tourists
hahaha
🤣🤣🤣🤣🤣🤣 Lennis I love people with this kind of humour, receive a heart from Kenya 🇰🇪🖤🇰🇪❤️🇰🇪💚 hahahaha
He changed his business modal and now he selling masks!
Due to Claudio's understanding of business and finance, he creates a solution to survive tough times.
👍😂
This is the best video I have seen of this on TH-cam
Good idea adding this series. I love your Excel stuff and this ties in nicely.
Even a school kid can understand accounting as the way you thought. Awesome.
th-cam.com/channels/siUGyAkO2jSF-cSHByui2A.html
I learned more in this video than half of my semester lol
😁
I love this woman, her explanation was soooo clear to me
Thank you so much
I look forward to watching more video about accounting basics from you. Love you Leila!
I tried to concentrate but
Your beauty
It’s just
I can’t get my eyes off you
And then your voice is so soothing
Now where have I heard this before? 🧐
Accounting Stuff (Aug 2018) - For money to go to one account it has to come out from another. Accountants consider every transaction to involve a flow of economic benefit from a source to a destination.
[ACCOUNTING BASICS: Debits and Credits Explained]
Leila (Nov 2019) - For money to go to one account it has to come out from another. We call this a flow of economic benefit from a source to a destination.
[Accounting Basics Explained Through a Story]
I was so much on the edge and expecting somewhere in video..... "so if you want to know more about it, BUY my private course" I am impressed! You are beautiful inside out and I can see that you genuinely wants to teach and be helpful. BRAVO! Keep it up!
Your eyes are especially captivating in this video Leila. Even though I already know how to do a balance sheet, I had to watch it over half the way through lol :)
I teach business and need to tie in accounting without details. So happy I found your channel. Mercy. Kheily mamnoon.
Dear Miss Leila.
Thank you for explaining it very carefully and in simple terms. I appreciate it alot.
I'm looking forward for rest of other contents. Well Done 👍👍
back to school days i cant understanding a single thing! but now! i only 2minutes i learned something fast!! thank you ♥️
You are not only good in Excel but also good in making videos. Very well done, Leila!
Excellent storytelling! Its not just the examples but the sequence of the events in the story that makes it so easy to understand. Thank you, excited to hear more.
Glad you enjoyed it!
Accounting was decades ago for me, and I had forgotten about Equity being on the right side. I could not sort out how Assets = Liabilities. Now I remember. Thanks.
You are an awesome teacher
...
Accounting is a dry subject and needs quite an interesting teaching approach. Kindly build it up to more day to day transactions..
Trust me we love your teaching method...
God bless you Ma'm
I am a Hong Kong entrepreneur and this is very interesting and useful accounting introduction. Thanks.
All your Excel and other computer presentations look great. I really appreciate it. Keep going!
Thanks for your amazing and easy explanation! I am looking forward to your next videos!
Claudio has a healthy business! Both current and quick ratios are excellent at the of his working day 🙂 I look forward to many more tutorials from you. You have a gift in teaching and story telling!
He sure does :)
Simple and yet brilliant video. Thanks for this. Your presentation and teaching is the best.
Maybe you can give us new ideas to maintain an accounts set in excel (where other accounts get updated when we enter one pie of data)
Thank you for this nice and clear video. You have very nice voice and its very nice to follow the explanation. All the best !
Love, Loved this video! Stories are great ways of explaining this - heard a 100 times an explanation and never got it! :)
Thank you! I'm an absolute newbie in this and the other videos were never thorough or detailed enough for me to understand. I've seen lecturers just start juggling terms such as liability or equity without even explaining what it is, and that would leave me quite annoyed. I loved the way you explained everything though - very well-paced, detailed and comprehensible. Explaining accounting using a simple story is a very good idea. Thanks and keep going, you're a very talented teacher!
I'm so glad! Thank you for the kind words Karina.
Thankyou for this! Recently started my degree and this cleared up so many things I was struggling to understand :)
Wow! I am planning to study accounting. This just got me more excited about it.
This great, your way of explaining is wonderful, continue the accounting course, may Allah bless you for helping people, I benefit a lot from your videos.
The words 'thank you' are an understatement. I am subscribing right now
This is very helpful. your approach of storytelling is what makes it effective. I appreciate this. Thank you. I watched your other videos from earlier on like on power point and I am still learning from them. You have a gift for imparting knowledge. Back to this video: I LOVED it. I was exposed to Accounting only at the MBA level but never had a foundation. I am now interested again. thank you.
extremely helpful！ Now you are my accounting teacher❤️
Great video Leila. Thanks for that very useful way of teaching, telling a story.
It is very clear for me, a non accounting related person.
I'm very interested to watch your next video.
Great vídeo!
Yes please continue posting more.
I would like to hear from you a explanation about EBITDA, CAPEX and Depreciation subjects!!
Thank you. This teaching is much more clearer.
This video was soo helpful and your soothing voice made it easier to understand.
There are teachers and there are people who make you passionate, inspire and motivate you!
Amazing! Outstanding quality!
Thank you Tomasz!
SO HELPFULLLL!!!! IN SUCH A CALM AND SIMPLE WAY! Your Voice Helped With The Understanding, Very Calming :)
your explanation was clear as crystal. perfectly paced. no fluff. pleasant voice and appearance. very professional. now, i feel smarter than i really am :)
Thank you for the kind feedback.
Beautifully explained! Thank you!!
To be very honest ...I never ever understood this concept through paid courses which I learnt in 10 minutes ...excellent presentation. Keep on adding more videos on accounting mam....I was actually looking more on balance sheet movements ..if possible can you please guide us on this area as well.
Great presentation. Excellent delivery. Just awesome. I love the illustrative example of Claudio!
Hello, thanks for the video. I just started studying accounting this year, and your videos will clarify the concepts for me more and better than the professor at the Faculty with dozens of formulas and symbols. Thank you very much.
Great to hear, Oscar!
Love this. Great way of explaining it. Thank you
Glad you enjoyed it!
Thank you for the video!!! We learn a lot with you! Thank you!
I came across this channel and I subscribe immediately.... the presentation is on point👍.
U keep things outrageously simple. Keep doing that. N yes more videos on accounting will be highly appreciated.
Awesome way to explain Basic Accounting. THANK YOU!
I'm from Philippines and I gained a lot knowledge from your video. Thank you so much🧡
The whole of my life I keep struggling to understand accounts I have never seen a teacher like you. I am currently studying pre-master leading to MSc I was worried about how I will survive the accounting course but with your videos, I will be fine.
Please can you go wider on the incoming statement and financial statement of a company? Thank you for this video you are a blessing to accounting students.
Accounting explained in such a simple way! Enjoyed the video!
Dear Madam, Thank you very much for everything. I am learning so much from your all education videos.
good bless you
Terrific explanation and visuals! Will forward to students.
Dear Leila,
I finally understood accounting.
I look forward to seeing other videos.
Thank you !!!!
Great! Glad it was helpful.
Thanks, good explanation. I always confuse about equity. Thanks to your video I understand it now.
The best and simplest video that explains the basics