Accounting Lecture 01 - Basic Concepts

Introductory Accounting Lecture. First in a series.

Category:

Education

Tags:

• introduction
• to
• accounting
• bookkeeping
• lesson
• lecture
• tutorial
• financial
• equation
• asset
• liability
• equity
• principles
• debit
• credit
• journal
• ledger
• account

[WarfareDubstep]

This is a boring, difficult and fucked up subject, I seriously don't know why this is an obligatory credential for International Business. I want to get an undergraduate in BUSINESS, not accounting. Whoever actually came up with all of this shit including the terminologies and functional procedures should be burned inside an oven, indefinitely. Video made things a little clearer, but there's so much we have to learn and this is just scratching the surface.

[AccountingTutor]

@WarfareDubstep

I think you'll need to accept the fact that accounting info is relevant to all types of business management decisions, no matter what type of organization (profit, non-profit, governmental). There's no avoiding it. Note that this is one video in the series, which covers the introductory course's major topics. Hope they help!

[iibi1367]

Capital In accounting, capital is an investment of money with the intention of earning a return. As long as the amount of money is invested in the business, it will be treated as the money owed to the owner by the accountants.so the Journal entry that would be made on the investment of funds would be

Bank Account (DR) USD 10,000

Capital(CR) USD 10,000

Capital invested is a form of liability, because it is an amount owed by the company to its owner

[AccountingTutor]

@iibi1367 I think you're definitely on the right track, but be careful with your wording. Capital represents -owner's equity- in the business, while liabilities represent the -creditor's equity- in the business. The liabilities of a business have legal priority over the owner's equity. That is, in bankruptcy the creditors' are paid first, before any of the owner's equity can be distributed to the owner.

[DjT0myG]

do you have any video on bank reconciliation??

[AccountingTutor]

@DjT0myG - Yes I do. Scroll through the list of my videos and you'll see it. Hope it helps! :)

[WarfareDubstep]

@flany1960 HAHAHAHAHAHA!!!!!!!!!!!!!!!!!!­!!!!!!!

[randamwalking]

Thanks.And while I'm at it,I'd like to explain the activities of accounants.Accountants engage in a wide variety activities,which includes preparing financial statements such as income statements,balance sheets and cash flow statements.Accountants are required to determine a company's profit and loss balance,and to audit the company's books at the end of the year.Some accountants are also required to keep track of a company's inventory.

[RastaTurtle1]

Thanks Alot

[AZULAPRO]

@GTASABOSS

agreed

[aravindnaick]

Excellent. Thank you.

[GTASABOSS]

goddam this is boring shit

[hasanGUJAR2011]

OMG thanks alot love u dearr really thanks u make my concept upto some extent now i have little bit confusion abt credit and sebit i hope u will hv sm video abt that too iam going to search through ur channel and if its not there plz upload