Full Financial Accounting Course in One Video
(10 Hours)
Tony Bell
Financial accounting is all about language they call accounting
the language of business. if you want to have a prayer to survive
your accounting class, you 're going to need to understand these
six words that we're going to introduce in this video. the six
words are key to your life as an accountant well they 'll all be key
but those three particularly will be key. financial accounting
expert says most of the time it 's just own stuff you own that 's
good to own. 99 of the times that's a sufficient understanding of
what an asset is. cell phones, textbooks and cars are all things of
value and absolutely. These types of assets find their way onto
company financial statements. When a company lists its assets it
would list any cell phones. cash is something you should want to
own and own more of there 's something. called accounts music
receivable. inventory is inventory If you walk into a walmart or a
retail store near you look around right all the stuff. You see that
they 've bought from their supplies.. that is inventory and that is
assets right that 's stuff they own that are good for them to own..
Accounts payable is a common liability that you 'll see on a
balance sheet and it just means within 30 days. You 've got to
pay it back. other types of liabilities well. All sorts of we 'll call
them notes payable. equity comes in when I ask about
shareholders equity Not very many people have a good definition
of shareholders equity because it's defined by what it 's not.
equity is the concept of what 's left over if I sold off all the assets.
I paid off all my debts. What goes in the shareholders pockets
that is their equity. for my home. We would call it home equity for
a company I 've abbreviated here as se and se stands for
shareholders equity and so my shareholders equity is a hundred
thousand dollars. there 's retained earnings is an account that
keeps track of how much profit. is being kept in the company
versus and again the alternative is pay it out as a dividend..
revenues are what happens when the company does what it does
to earn money.. dividends are shareholders pulling profits from
the company taking it from company's retained earnings..
(10 Hours)
Tony Bell
Financial accounting is all about language they call accounting
the language of business. if you want to have a prayer to survive
your accounting class, you 're going to need to understand these
six words that we're going to introduce in this video. the six
words are key to your life as an accountant well they 'll all be key
but those three particularly will be key. financial accounting
expert says most of the time it 's just own stuff you own that 's
good to own. 99 of the times that's a sufficient understanding of
what an asset is. cell phones, textbooks and cars are all things of
value and absolutely. These types of assets find their way onto
company financial statements. When a company lists its assets it
would list any cell phones. cash is something you should want to
own and own more of there 's something. called accounts music
receivable. inventory is inventory If you walk into a walmart or a
retail store near you look around right all the stuff. You see that
they 've bought from their supplies.. that is inventory and that is
assets right that 's stuff they own that are good for them to own..
Accounts payable is a common liability that you 'll see on a
balance sheet and it just means within 30 days. You 've got to
pay it back. other types of liabilities well. All sorts of we 'll call
them notes payable. equity comes in when I ask about
shareholders equity Not very many people have a good definition
of shareholders equity because it's defined by what it 's not.
equity is the concept of what 's left over if I sold off all the assets.
I paid off all my debts. What goes in the shareholders pockets
that is their equity. for my home. We would call it home equity for
a company I 've abbreviated here as se and se stands for
shareholders equity and so my shareholders equity is a hundred
thousand dollars. there 's retained earnings is an account that
keeps track of how much profit. is being kept in the company
versus and again the alternative is pay it out as a dividend..
revenues are what happens when the company does what it does
to earn money.. dividends are shareholders pulling profits from
the company taking it from company's retained earnings..
