Accounting Basics Explained Through a Story
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New to Accounting? In this video I will introduce you to the world of accounting by telling you a story. This quick tutorial gives you an introduction to accounting and explains the concepts of income statement (Profit & Loss), balance sheet and the accounting equation (Assets = Liabilities + Equity).
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You will also learn through examples what assets, liabilities and equity are. I will also introduce you to the concept of the T account. This is something that we will look into more detail in the Debits & Credits video.
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You will follow a day of an Italian beach business and see how this is reflected in two financial reports - although this is a simple example, it can be applied to more complex situations.
📊 What You'll Learn:
▪️ The essence of accounting and its role as the business language.
▪️ A practical scenario of running a business in Italy and the challenges involved.
▪️ The importance of systematic financial recording and analysis.
▪️ Key insights into financial statements like the Income Statement and Balance Sheet.
▪️ How daily business activities translate into accounting terms.
00:00 Financial Statements Explained
00:53 Claudio's Beach Business
02:13 Income Statement (which is Revenue - Expenses)
03:31 Balance Sheet
06:21 Claudio's Balance Sheets at different points in time
In the next video of our accounting basics series, we'll take a look at Debits & Credits and in the video after that will take a closer look at the balance sheet.
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#Accounting
Пікірлер: 1 300
Challenge accepted? Download the practice file now and see how many journal entries you can ace 👉 pages.xelplus.com/debit-credit-practice-file
@Flyboard12345
4 жыл бұрын
Leila Gharani whoa )) thanks 🙏 😊 👌
@jeanettemena2055
4 жыл бұрын
Leila Gharani you’re a power house!
@godwiztv4truth
4 жыл бұрын
Thanks a lot but I need more
@Flyboard12345
4 жыл бұрын
@@godwiztv4truth what exactly do you need?
@MirHammad07
4 жыл бұрын
U r too good, thankx
“The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.” - Robert Kiyosaki
@Panchkula007
4 ай бұрын
that is a great definition from the legend
As a person who's got a post-graduate degree in Finance and Accounting I must say that this is the easiest and clearest way I've ever had these concepts explained to me. I wish someone had explained me balance sheet in such an entertaining way back when I was a newbie. You really have a talent for teaching Leila! Keep up the great job. As an Italian, though, I can't help asking myself whether our friend Claudio holds a license to sell his stuff on the beach :P. Don't tell me please. Better not to know :)
@LeilaGharani
4 жыл бұрын
Haha. We better not talk about that :) Really glad you like the video Daniele!
@FootballTrix247
10 ай бұрын
Please,we need more of these videos because I won't lie to you I have gotten into accounting school both secondary and University,do you believe that I never understood the basics of these course everything was cramming of formats..
I am a CPA, and I couldn't have given an easier to understand explanation myself. Thanks and I am looking forward to your next videos, both Accounting and Excel...Abe Azar
@LeilaGharani
4 жыл бұрын
Coming from an expert on the topic I could not be happier. Thank you Abraham!
@peiyuenyam6474
4 жыл бұрын
Abraham Aza
@first9299
2 жыл бұрын
Do you think that the Accounting job market could be disrupted by automation in the future?
@the_tax_consultant
2 жыл бұрын
@@first9299 They said that decades ago; guess what - we're still here, and demand for our work is growing.
@nilofarsamim
9 ай бұрын
🔍 Ever wondered about the language that speaks volumes in the business world? 📊🎬 Dive into the captivating tale of accounting's evolution with my latest video, "What is Accounting and Why is it Important?" 📚 From ancient civilizations to modern financial strategies, this video unravels the essence of financial accounting and its profound significance. Join me in exploring the past, present, and future of business! 📈💼 #AccountingUnveiled #FinancialWisdom #BusinessStrategies kzread.info/dash/bejne/Z2hhrrCrXbuniKg.html
There is no accountant explained it on this simplified, professional way. Thank you.
@LeilaGharani
4 жыл бұрын
My pleasure, I'm glad it's helpful.
Her voice makes me very relaxed I mean it as best possible compliment :)
@mafp22w
4 жыл бұрын
Beautiful woman that is a great example for others. Highly competent without losing femininity.
@kizzy6566
4 жыл бұрын
Ikr
@Faz527
3 жыл бұрын
Agree
@sujukrish
3 жыл бұрын
It's therapeutic
@rituruhela793
3 жыл бұрын
Beautiful women that's a gr8 example for other's . Highly competent Without losing feminity. Gr8 job mam 😘❤
As an accountant I have to say you have distilled the essence of accounting very clearly and concisely here.👏
I wish I could learn it this way, when I studied in college! Story telling is indeed the best way! Nice video once again, keep them coming! Thanks! :-)
I randomly ran across this video but I enjoyed the entire video and the way she taught and explained the subject. I've taken classes before but it was a great refresher and I'd be interested in watching more videos like this one.
Love the way you teach... . . Teacher of the year..!
I'm super glad you started this series
Thank you for explaining Accounting in such a simplified and understandable way!
THANK YOU SO MUCH. I was actually choosing subjects for my a levels and I couldn't find anything on what accounting WAS and this video helped a lot
i'm about to finnish my accounting class in the University and this, clearly explained and vissually appeling, would have saved me so many hours. Expecting more topics for accounting
The whole series of Accounting will be a great hit as many are searching for a course which they can easily understand. Thank you so much for creating this.
@thesupremenobles537
4 жыл бұрын
Also try thiskzread.info/dash/bejne/hIuc3KOEgNHekbg.html
You are one in a million. I must say that you've made a lots of significant changes in work career. God bless you Leila
Love the way you started the introduction course with a story, make it more interesting:):)
Wow...a bit surprise that you're now expanding scope to accounting area and that's just great indeed.
I’m an accountant but I still watched the video. Amazing introduction for non-accountants!
Accounting was decades ago for me, and I had forgotten about Equity being on the right side. I could not sort out how Assets = Liabilities. Now I remember. Thanks.
One of the simplest meaningful explanation on internet for basic accounting, Thank you so much, now I got the confidence of learn accounting
Very cool Accounting Story, Teammate!!!
@LeilaGharani
4 жыл бұрын
Thank you Mike 😊
extremely helpful!Firstly my excel teacher and now my accounting teacher❤️
I'm french and I'm studying accountability. Thank you very much for this video, it's very clear. It permits me to learn the voc :) have a good day
That was Imformative . Accourding to me I forgot almost 80% of the basics but honestly I took them back after I watched this video thanks for your efforts
Update: Claudio is now broke during COVID-19 in the world with no tourists
@peesroyal
3 жыл бұрын
hahaha
@realreen2349
3 жыл бұрын
🤣🤣🤣🤣🤣🤣 Lennis I love people with this kind of humour, receive a heart from Kenya 🇰🇪🖤🇰🇪❤️🇰🇪💚 hahahaha
@nasaqa7252
3 жыл бұрын
He changed his business modal and now he selling masks!
@DarkSpydaIV
3 жыл бұрын
Due to Claudio's understanding of business and finance, he creates a solution to survive tough times.
@normacocks8410
3 жыл бұрын
👍😂
I have owned a business for 8 years and I never quite understood the balance sheet. This is very helpful!
@chaiwon2667
9 ай бұрын
Just hire someone do account, not this way do Balance Sheet not easy. Do Account until Balance Sheet like cooking or make a cake you need go market buy necessarily materials until come out the examples 🎂 this is call balance sheet others words COMPLETE THE ACCOUNT😂😂😂
I was so much on the edge and expecting somewhere in video..... "so if you want to know more about it, BUY my private course" I am impressed! You are beautiful inside out and I can see that you genuinely wants to teach and be helpful. BRAVO! Keep it up!
This is so clear and easiest explanation, hope that instruction start in this way so their student can easily understand and not be afraid in accounting subject.
Wow, and in 9 minutes I have understood accounting basics. Thank you so much Leila
never thought accounting would be so cool like that
Terrific explanation and visuals! Will forward to students.
Wow my 2 years of MBA couldn't make it that simple, like the way this 5 - 10 min video made it.... you have absolutely blessed with magical teaching skills... if possible please make a video on teaching tips as well... it would be very helpful for us professionals who can do the stuff but can't create that knowledge :)
@shivangipatel9000
Жыл бұрын
Hi, I'm studying MBA (Business Analytics) in Australia, but I don't know accounting , Is this the best video for learning basic???
@chaiwon2667
9 ай бұрын
Correct MBA not easy than explained by someone. A lot a people still not understand wHAT is account. For my experience s lot don't know account. What account is not maths , not lot brains can see where money is money. Even i say money infront them😂
Yes please more accounting videos! 😁 I really enjoyed this one! Really clean, simplified examples and very good quality!! 😌
@LeilaGharani
4 жыл бұрын
I'm happy to hear that!
thank you for a simple explanation which help me who has basically no knowledge about accounting has benefitted a lot. I will look forward to learning more from you.
Your eyes are especially captivating in this video Leila. Even though I already know how to do a balance sheet, I had to watch it over half the way through lol :)
During college I hate accounting but this has changed after watching this video. I didn't know you're a good accounting professor too. Love it, Leila! ♥️
@LeilaGharani
4 жыл бұрын
Thanks Wesley!
I love the explanation. It’s simple. And simplicity is really an art.
@LeilaGharani
4 жыл бұрын
Thank you for the nice feedback.
Wow! You have explained this so clearly.
Thanks alot Liela ... for me as an accountant ... i really appreciate the simplicity of explanation ...Go on
I wish my Financial Accounting Lecturer explained the accounting like this back in 2002 when I was at university so that I wouldn’t f**k up big time.
Hi Leila, I got some questions. I'm an Accountant as well. I learnt Excel by watching your videos only. I would love to watch the following : 1. Any ways to do all Accounting using MS Excel rather than Quickbooks, Microsoft Dynamics NAV, SAP or any other accounting software? 2. A Video on Cash Flow Statement. 3. A video on how to Automate and get the Financial Statements with Raw Data like Sales, Costs, etc.. using Excel. Waiting to see your videos. Thank You.
@edot2068
4 жыл бұрын
Hi, I have designed one Excel-built accounting software which suits my field of work. I can share it with you to customize it to suit your operations if you don't mind.
@XAE_A_Xii
4 жыл бұрын
Unless you have a very simple business, using excel will be a struggle and pointless. Accounting software such as QuickBooks, Xero and a few others won't cost a lot and are much effective and less prone to errors than excel. Most records you can still download from any of those softwares to excel.
@thecalmopening2265
4 жыл бұрын
@@edot2068 I would love to take a look at it. email me - mush543@gmail.com
@thecacaofairy
4 жыл бұрын
@@edot2068 i would also love this ^ mwaumann@gmail.com if you dont mind! thank you!! :)
@kapil4757
4 жыл бұрын
Hi Ed Ot , please share with me if you dont mind. calltokapil@gmail.com
the way she explains made me interested accounting i love to see more
Lady Leila, We had been in many places when we had been in Switzerland from the years 1979 ( You might have not been born yet) to 2004 before leaving to the USA. But it's not time for nostalgic memories but learning. Thank you for teaching!
I didn't expect that you're good in accounting as well as excel 😃 that was a good one.. keep going
This was a natural extension of your Excel videos Leila, since Excel is so often used in accounting and financial analysis. I’m looking forward to when you merge the topics together to demonstrate building income statements and balance sheets in Excel and then analyzing and presenting the data with your signature data visualization and report formats! Sounds like the foundation for a future course.
@chaiwon2667
9 ай бұрын
She know account that why she know why excel very important in account😆😃🙁
back to school days i cant understanding a single thing! but now! i only 2minutes i learned something fast!! thank you ♥️
most accounting videos explain how its going with goods..its rare to see someone explain how it should be with companies that deal with services like maritime agency .i hope u could spot the light on that. i wish you will go deep step by step and it wont be just the fundamentals .wish you all the best and many thanks for your outstanding effort. :)
I learned more in this video than half of my semester lol
@LeilaGharani
3 жыл бұрын
😁
Even a school kid can understand accounting as the way you thought. Awesome.
@accountingslides4233
3 жыл бұрын
kzread.info/dron/siUGyAkO2jSF-cSHByui2A.html
Awesome way to explain Basic Accounting. THANK YOU!
I love this woman, her explanation was soooo clear to me Thank you so much
Now where have I heard this before? 🧐 Accounting Stuff (Aug 2018) - For money to go to one account it has to come out from another. Accountants consider every transaction to involve a flow of economic benefit from a source to a destination. [ACCOUNTING BASICS: Debits and Credits Explained] Leila (Nov 2019) - For money to go to one account it has to come out from another. We call this a flow of economic benefit from a source to a destination. [Accounting Basics Explained Through a Story]
Highly talented women. Excel, accounting all explained fantastic way.... You are the best..
Wow! I am planning to study accounting. This just got me more excited about it.
I tried to concentrate but Your beauty It’s just I can’t get my eyes off you And then your voice is so soothing
To be very honest ...I never ever understood this concept through paid courses which I learnt in 10 minutes ...excellent presentation. Keep on adding more videos on accounting mam....I was actually looking more on balance sheet movements ..if possible can you please guide us on this area as well.
This video was soo helpful and your soothing voice made it easier to understand.
Thank you. This teaching is much more clearer.
Accounting explained in such a simple way! Enjoyed the video!
Love your videos. Simplifying Accounting
This is the best video I have seen of this on KZread
I teach business and need to tie in accounting without details. So happy I found your channel. Mercy. Kheily mamnoon.
This video is so helpful for someone who has no accounting background like me. Thank you!
Just wow. Amazing concepts
The words 'thank you' are an understatement. I am subscribing right now
You are a good teacher. Center of a circle. What I mean is nothing but all your subscribers are waiting for the next video.... thumbs up for your efforts
I am a Hong Kong entrepreneur and this is very interesting and useful accounting introduction. Thanks.
Thank you! I'm an absolute newbie in this and the other videos were never thorough or detailed enough for me to understand. I've seen lecturers just start juggling terms such as liability or equity without even explaining what it is, and that would leave me quite annoyed. I loved the way you explained everything though - very well-paced, detailed and comprehensible. Explaining accounting using a simple story is a very good idea. Thanks and keep going, you're a very talented teacher!
@LeilaGharani
4 жыл бұрын
I'm so glad! Thank you for the kind words Karina.
Dear Miss Leila. Thank you for explaining it very carefully and in simple terms. I appreciate it alot. I'm looking forward for rest of other contents. Well Done 👍👍
Thanks, good explanation. I always confuse about equity. Thanks to your video I understand it now.
02:37 - The Income Statement is just another name for the P&L a/c - Thanks!
Can't wait to see your video which explains and gives example on 'unrealized profit and loss. Thank you in advance!
Beautifully explained! Thank you!!
Beautiful.. Well explained. Thank you.
Very clear explanation. Thanks a lot.
This was an excellent video. No distractions..
The whole of my life I keep struggling to understand accounts I have never seen a teacher like you. I am currently studying pre-master leading to MSc I was worried about how I will survive the accounting course but with your videos, I will be fine. Please can you go wider on the incoming statement and financial statement of a company? Thank you for this video you are a blessing to accounting students.
I look forward to watching more video about accounting basics from you. Love you Leila!
I am a nurse, and did Bussiness Studies in Junior high. This was a very fantastic video for me. Well done!
Nice Leila. Looking forward to this serie! Thank you for your effort.
Good idea adding this series. I love your Excel stuff and this ties in nicely.
This is a great explanation, I m learning English and trying to learn vocabulary, thank you!
Thank you. Its highly refreshing
Im I’m school for accounting and unfortunately because of the jargon it’s been really hard adjusting to everything! This helped me immensely!
The best and simplest video that explains the basics
Love, Loved this video! Stories are great ways of explaining this - heard a 100 times an explanation and never got it! :)
I'm from Philippines and I gained a lot knowledge from your video. Thank you so much🧡
Excellent video! Thank you!
You are so generous sharing knowledge.
Hello, thanks for the video. I just started studying accounting this year, and your videos will clarify the concepts for me more and better than the professor at the Faculty with dozens of formulas and symbols. Thank you very much.
@LeilaGharani
2 жыл бұрын
Great to hear, Oscar!
Excellent explanation and demonstration
extremely helpful! Now you are my accounting teacher❤️
Excellent explanation and the ideal way to start learning accounting / bookeeping
Thanks for your amazing and easy explanation! I am looking forward to your next videos!
You teach in a simple and easiest way, kudos
The concept is explained so clearly..❤️
Hallo Leila. That is Professional Talent. Wow!, Accounting explained in such a simple way. Thank you.
So easy to understand! Thank you a lot!
SO HELPFULLLL!!!! IN SUCH A CALM AND SIMPLE WAY! Your Voice Helped With The Understanding, Very Calming :)