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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