What you'll learn
By the end of this course you'll easily be able to
Explain the reasons for producing financial statements (final accounts)
Read, adjust and interpret financial statements in their simplest form
Identify assets and liabilities and calculate equity or capital
Identify income and expenses and calculate profit or loss
Confidently process business transactions in a double-entry bookkeeping system
Show how double-entered business transactions affect the balances in the financial statements
Balance accounts and identify the financial statement and section that it will be reported in
Explain how posting errors affect the financial statements and impact decision-making
Requirements
No prior knowledge or experience is required
Description
This course is unlike any other! What and how you'll learn is different - enriching your mind.As a student, I really struggled to get to grips with double-entry bookkeeping. Why? Quite frankly, it was taught poorly. There was little context, and I was encouraged to memorise processes rather than truly understand them. And I still see this out-dated teaching and learning method being used.Our brain is not designed to retain what it considers to be useless. It is when we can't see how what we are learning relates to the real world. No wonder I would forget it so easily.There is no need for you to struggle! The system is logical, and it will make perfect sense when you learn it properly. You'll remember it forever, end the continual struggle, and benefit from being a brilliant bookkeeper and accountant.Anything is difficult to learn unless you can appreciate why you're learning about it. You must begin by understanding the financial statements, as the purpose of the double-entry bookkeeping system is to produce them.You'll learn how to read financial statements in their simplest form. You'll draw from your own experience, use real examples and be able to put the topic into context. It will make it much easier for you to be able to classify double-entry accounts correctly (income, expense, asset, and liability).You'll be adjusting the figures within the financial statements, seeing the impact that business transactions have on them and understand what they tell us about the state of the business. The dual-effect of business transactions will be so much more obvious to you.It will be much simpler for you to accurately record the same transactions in double-entry accounts, as you'll already have a good grasp of the complete picture and how the information you're recording is used.I use brain friendly learning methods and practices. You'll be involved from the outset using the natural abilities of your brain to optimise the way you think and learn. So, please set more time aside than the stated length of each video.You'll be amazed by the results you can achieve when you learn something properly. Enjoy learning!
Overview
Section 1: Introduction
Lecture 1 An introduction to financial accounting and bookkeeping
Lecture 2 The Statement of Profit or Loss (SPL)
Lecture 3 The Statement of Financial Position
Lecture 4 The dual aspect of double-entry bookkeeping
Lecture 5 Double-entering in asset and liability accounts
Lecture 6 Using income accounts (double-entry)
Lecture 7 Using expense accounts (double-entry)
Lecture 8 Double-entry for sales and purchase returns
Lecture 9 Balancing accounts and extracting them for preparation of financial statements
Anyone who who doesn't want to settle for a mediocre understanding of the double-entry bookkeeping system,Beginners, people studying with exemptions or those working who are baffled by computer processes


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