Learn Financial Accounting With a Simple Story

Accounting 101 to explain how accounting works with a small business that sells cupcakes.

What is accounting?

1 Interpret business transactions.
2 Record the transactions in the accounting system.
3 Classify the information into accounts.
4 Summarize by preparing financial statements.
5 Communicate the results to stakeholders.

5 Types of Accounts
1 Assets what we own
2 Liabilities what we owe
3 Equity owners' own
4 Revenues earn assets
5 Expenses use assets

4 Financial Statements
1 Income Statement
2 Balance Sheet
3 Cash Flow Statement
4 Statement of Owner's Equity

Balance Sheet
Accounting Equation: Assets = Liabilities + Equity

Income Statement
Revenues - Expenses = Net Profit (Loss)

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SEE ALSO

The Ultimate Guide to Learn Financial Accounting https://finallylearn.com/ultimate-gui...

Accounting Basics playlist    • Financial Accounting Basics for Beginners  
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ACCOUNTING BASICS

The Ultimate Guide to Learn Financial Accounting https://finallylearn.com/ultimate-gui...

Accounting Basics Course for Beginners playlist    • Financial Accounting Basics for Beginners  

EXCEL BASICS

The Ultimate Guide to Learn Excel Basics https://finallylearn.com/ultimate-gui...

6 Minute Excel playlist:    • Excel Basics Playlist  

Time Value of Money Playlist:    • Time Value of Money  

Data Analysis With Excel Playlist:    • Data Analysis with Excel  

FINANCE BASICS

Time Value of Money Playlist:    • Time Value of Money  

INTERMEDIATE ACCOUNTING

Intermediate Accounting Study Guide https://finallylearn.com/intermediate...

Intermediate Accounting 1 Playlist:    • Intermediate Accounting 1  

Intermediate Accounting 2 Playlist:    • Intermediate Accounting 2  

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BOOKS I RECOMMEND

📕 The Little Book of Common Sense Investing (Jack Bogle is the father of index fund investing) https://amzn.to/3cOIHi2

📗 A Random Walk Down Wall Street (Burton Malkiel's book on why index funds beat the investing pros) https://amzn.to/3mt6OpX

📘 The Boglehead's Guide to the Three-Fund Portfolio (Simplifying your portfolio with just three funds) https://amzn.to/3cOeEas

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ABOUT ME
My name is Jeff Mankin. I teach accounting, finance, and Excel. I started my website FinallyLearn.com and my channel to teach more people financial topics. I have a passion for teaching financial topics using Excel. I have articles and videos on many financial topics. My goal is to help you finally learn financial skills! Check out the playlists on accounting basics, time value of money, and Intermediate Accounting. I hope you join me on the Finally Learn channel!
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DISCLAIMERS & DISCLOSURES

This content is for education and entertainment purposes only. Finally Learn LLC does not provide accounting, tax, financial planning, or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.

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   • Learn Financial Accounting With a Simple S...