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Accounting Quiz Questions and Answers: The Basic Accounting Equation. Accounting questions and answers aim to help students to understand the basic accounting equation. Accounting test with answers. Accounting quiz with answers.
Test your knowledge in accounting with a series of multiple choice questions with answers
#accounting#testyourknowledge
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Get Access to My Course “Fundamentals of Financial Analysis” HERE: https://courses.xelplus.com/p/financial-analysis

There are 2 different accounting methods: Cash Accounting and Accrual Accounting. In this video I will show you the difference between accrual basis versus cash basis of accounting by telling you a story. You will get a quick overview how each of these methods impacts the timing of recording a company’s transactions.

In Cash Accounting companies record transactions only when cash is exchanged. This means that revenue is recorded only when cash is received. And expenses are recorded only when cash is paid. Therefore, this method is intuitive and simple to understand. It helps you keep track of your cash balance, easy to apply, and an accepted accounting method also for tax purposes. Cash accounting method can be your accounting method of choice especially if your business is small and simple, and mainly cash based. On the other hand, cash accounting may not provide a full picture of the business at a certain point in time.

In Accrual Accounting companies record transactions when they happen rather than when cash changes hands. Revenue is recorded when earned, meaning when a sale is made and the products or services are delivered to the customer. Even if the customer hasn’t paid yet. Expenses are recorded when incurred regardless even if they’ve not been paid to the supplier yet. Accrual Accounting provides a much better picture of what is happening in a business. If the company reports under GAAP or IFRS then Accrual Accounting is the accepted method. However, it does not focus on cash flows which is why reported income under this method does not equal cash-in.

00:56 What is Cash Accounting
02:38 Accrual Accounting Explained
03:27 Cash and Accrual Accounting explained with a Story
09:13 Advantages and Disadvantages for both methods

Check out the full article here: https://www.xelplus.com/cash-vs-accrual-accounting

In the next video of our accounting basics series, we’ll take a look at the Cash Flow Statement.

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#Accounting
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Cash Accounting is an over-simplified method of Accounting and often used by small businesses. The proper GAAP-accepted method is the Accrual Accounting. In this video we dive into an example business, examine its transactions, record the journal entries, and then see the IMPACT Cash Accounting has on the presentation of the Income Statement as proof it’s a misleading method of Accounting.

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All views expressed on my channel are mine alone. Not intended as financial or professional advice
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💥Journal Entries Cheat Sheet → https://accountingstuff.com/shop

Accounting Basics Lesson 4. In this episode of Accounting Basics for Beginners, I explain Journal Entries in full! In this episode of Accounting Stuff – Accounting Basics Lesson 4 – you will learn:

▪ The definition of accounting Journal Entries, as part of Basic Accounting for Beginners.
▪ The most common Journal Entry Format and how Journal Entries are recorded.
▪ How to check that your Journal Entries balance.
▪ I will also take you through the differences between Manual Journals & Automatic Journals.
▪ And… of course, we will talk through two Journal Entry examples.
▪ Journal Entries for Dummies

🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel

⏱️TIMESTAMPS
00:00 – Intro
01:15 – Why do we Record Transactions?
02:15 – What are Journal Entries?
02:26 – What does a Journal Entry look like?
03:51 – Manual vs Automatic Journal Entries
04:20 – Journal Entry Example
05:47 – Recap

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▪ The Full Playlist → https://www.youtube.com/playlist?list=PL5zKSeS09l339nB6ujJPQ9Rsv99_b-aTb
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DISCLAIMER

Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you!
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#accounting #accountingbasics #accountingstuff
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This video illustrates how to make a journal entry in the general journal.
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💥Accounting Cycle Cheat Sheet → https://accountingstuff.com/shop
🛒 Get your Accounting Stuff Merch → https://accountingstuff.com/merch

Would you like to know what Accounting REALLY MEANS? In this short tutorial we’ll take 1 simple example and follow it through all 8 Steps of the Accounting Cycle – from start to finish – you’ll build a solid understanding of all the Accounting Basics we encounter along the way. Stuff like the Accounting Equation, Debits & Credits, Double-Entry Accounting, T-Accounts, the Trial Balance etc.

If you’re an Accounting Beginner, then I recommend watching this all the way through to the end – at least once – to get a complete picture of how Accounting works. Afterwards, you can jump into my Accounting Basics Playlist (see below) and explore every topic in more detail.

🎬LEARN ACCOUNTING BASICS FOR FREE
▪ The Full Playlist → https://www.youtube.com/playlist?list=PL5zKSeS09l339nB6ujJPQ9Rsv99_b-aTb
▪ Equity Video → https://youtu.be/Fr5oHEYrT2A

🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel

⏱️TIMESTAMPS
00:00 – Intro
00:16 – What is Financial Accounting?
01:11 – STEP 1: IDENTIFY TRANSACTIONS
01:29 – STEP 2: PREPARE JOURNAL ENTRIES
01:32 – What is a Journal Entry?
01:36 – What does a Journal Entry look like?
02:05 – What is Double Entry Accounting?
02:58 – What is the Accounting Equation?
04:17 – STEP 3: POST TO GENERAL LEDGER
04:22 – What is the General Ledger?
04:43 – Posting to Accounts
04:49 – What is an Account?
04:58 – The 6 Types of Account – Assets, Liabilities, Equity, Revenue, Expenses & Dividends
05:21 – What are T-Accounts?
06:00 – What does the General Ledger look like?
06:18 – STEP 4: UNADJUSTED TRIAL BALANCE
06:22 – What is a Trial Balance?
06:43 – How to build a Trial Balance
07:10 – Why is it called Trial Balance?
07:28 – STEP 5: POST ADJUSTING ENTRIES
07:32 – What are Adjusting Entries?
07:40 – IFRS vs GAAP
08:21 – What is the Accrual Method of Accounting?
08:41 – Adjusting Entries Example
10:14 – STEP 6: ADJUSTED TRIAL BALANCE
10:41 – STEP 7: CREATE FINANCIAL STATEMENTS
10:44 – What are Financial Statements?
10:59 – What are the three types of Financial Statements?
11:10 – What is the Balance Sheet?
11:28 – What is the Income Statement?
11:43 – Profit vs Cash Flow
11:54 – What is the Cash Flow Statement?
12:04 – Who would use Financial Statements?
12:34 – STEP 8: POST CLOSING ENTRIES
12:41 – What are Closing Entries?
12:51 – Closing Entries Example
13:10 – Post Closing Trial Balance
13:20 – THE ACCOUNTING CYCLE

🔎FAQ
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________________________

#accounting #accountingbasics #accountingstuff
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What is Accounting? Why do we need it? And what types of accounting are there?

Accounting is one of the most important skills for people pursuing a career in Finance. It helps you understand whether a business is profitable. It gives you an idea of a company’s size. It helps you use the past in order to take action in the present and change the future.

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Counting to 100 song | Learn to count to 100 | NurseryTracks

Children get very excited when they start to count beyond ten and here’s our own, original NurseryTracks song to help them count all the way up to one hundred! We give the little ones three cheers and a trombone fanfare for every ten numbers achieved. Enjoy.

Our website www.nurserytracks.com has the lyrics for each song, as well as FREE coloring pictures.

Copyright information: Words and music copyright Nick Hall. Arrangement Nick Hall.
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Hello Friends,
This session will help you to understand the basic accounting terminology | basic accounting terms in a very easy language. This session is useful for anyone who wants to understand the basics of accounting. By watching this session you will be able to understand various basic accounting terms like
1) What is a Capital
2)What is a Proprietor
3)What are Fixed assets,
4)What are Goods, Purchases, Sales, Creditor, Debtor, etc.

We have attached a PDF where one can get a quick glance of the whole chapter in few minutes. It will help you to understand what are the different objectives of accounting, it’s importance, application, different terms used, etc. Also, there are objective type questions on the same.
Link:- https://goo.gl/GP6FS6

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