This video from Commerce Specialist is on Accounting Basics (part 2).
This video explains the fundamental Accounting Concepts of Separate Entity and Principle of Double Entry, it also explains the meaning of the word Transaction, the various types of transactions, how to analyze transactions, how to find the two effects in each transaction, how to relate the transactions with Rules of Debit and Credit, how to record transactions in the General Journal.
This video also explains the need for Ledger Accounts, (T Accounts), How to prepare T Accounts, how to do Ledger Posting in the ledger Accounts, how to foot the accounts.
Detailed explanation is also given regarding finding the Ending balance i.e. the balance carried down (Bal c/d) and the Opening Balance i.e. the balance brought down (Bal b/d). Proper explanation is also given regarding the need to prepare a Trial Balance and how to prepare a trial balance.
One full question is solved in which approx. 14 different transactions are discussed and many Ledger Accounts are prepared.
The link for video on Accounting Basics part 1 and my other videos are given below:
This tutorial/lecture video is very relevant and useful for students of I. Com, B. Com, O Levels, A Levels, CA, ACCA, CMA, CIMA, CIA and CPA as it covers the learning outcomes of their syllabus.
About:
Commerce Specialist is a Certified Management Accountant (CMA) from USA, holds Certification in International Auditing from ACCA-UK, a Bachelors in Accounting, A teaching qualification of B.Ed., an MBA in Finance along with over 20 years’ experience of working in various MNCs in different sectors including Banking, NBFIs, Retail, Oil & Gas, Telecommunication, and top business schools, colleges and universities.
Viewers and students can contact me on info@comparativeedge.com or email me at studyonline8888@gmail.com or whatsapp me on +923219213800.
website link: www.comparativeedge.com
Link of my previous videos:
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#journalentries #ledgeraccounts #trialbalance