Become an Accountant : Accounting Basics

Accounting basics include two major ideas, cash versus accrual accounting and double entry accounting. Learn how each method works and is recorded in accounting ledgers with tips from a certified public account in this free video on accounting.

Expert: Shanis Windland
Bio: Shanis Windland has a Bachelors of Science degree in accounting from Central Washington University. She is a certified public accountant licensed in the state of Washington.
Filmmaker: Jay Windland

Category:

Howto & Style

Tags:

• accountants
• general ledger
• certified public accountant
• debits
• credits
• balance sheet
• income statement
• bank

[millball]

Yet another shite video from the makers of expert village. thanks for explaining absolutely nothing!

[Fantantastic]

I personly dnt think it hepled me No offence :)

[makeiteasyable]

ty

[dayspeace]

this is a nice video. Thank you for this, it actually help me understand more about the difference between cash and accrual in accounting.

[norajjean1]

Thank very straight and forward information Thank you for taking the time . It really help me under stand your point :-)

[XXXXWTFXXXX]

In a cash basis, you record your income/expenses when cash was received. As for her example, she recorded it at the month of disbursement.

[XXXXWTFXXXX]

Accrual basis of accounting is recording what was earned/incurred regardless of when cash was received/disbursed. An example of this is interest income. Let us assume that you receive a 500 note receivable bearing 10% interest per annum payable three years after on july 1. Let us assume again you are using the calendar year (as opposed to fiscal year that it's reporting period ends on december 31) you will accrue 25 interest receivable for your note receivable.

[XXXXWTFXXXX]

Let me clarify somethings on her video. She showed you a board and her date ended on march. It is called a "fiscal/natural year" . A fiscal period is a reporting period ending on any last day of a month other than december. Otherwise, what she showed you is the "Interim report". In an interim report, reports are done usually on a quarterly basis.

[XXXXWTFXXXX]

You know, your style of teaching doesn't actually teach the basics of accounting. You only explained the figures and what to do and not entirely the concept of it!!. that's what made them confused.

[Kumar200077]

Get off the screen FATTY your making accountants look bad!!!!