Learn Accounting through Video Lessons

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I have launched a video lesson channel on youtube. Join my channel to learn accounting concepts in concise way.

https://www.youtube.com/channel/UCIhrJpkIczw3TSc2krV60gw

https://www.youtube.com/channel/UCIhrJpkIczw3TSc2krV60gw

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Learn the concepts of Basic Accounting (Video)

Learn Basic Accounting Concepts

1. What is Chart of Accounts
2. Elements of Accounting
3. Rules of Debits & Credits
4. Double Entry Accounting System

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Accounting roles in an organization

Accounting is a field of opportunities. Accounting jobs can be categorized into four different categories

1. Bookkeeper
2.Accounting Clerk
3.Accountant
4.Certified professional Accountant/ Qualified Accountant

1. Bookkeeper

Bookkeeper handles day to day routine activities, just like recording of payments, collections, payroll processing, expenses claims and other journal entry recording.

2. Accounting Clerk

Role of accounting clerk is more narrow focused than the bookkeeper. A bookkeeper handles financial activities of different nature, but accounting clerk is hired for a particular area like accounts payable, accounts receivable, expenses claims etc

3. Accountant

Accountant is a key person in an organization who prepares financial statements and manage the team of accounting clerks and bookkeepers. He is expected to perform a lot of functions along with daily routine financial activities. He should have knowledge of other organizational functions such as marketing, production, operations and admin to interlink the reasonableness of numbers coming from commercial operations.

4. Certified Public Accountant/ Qualified Accountant

CPA sit for the exam based on International Accounting Standards. His role is bigger than the normal accountant in terms of responsibility and designation. He is required to view the things from global perspective besides having grip over the numbers. With increasing international level complexities in businesses, qualified accountant brings the knowledge of standards followed by the majority of accountants in world.

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Accounting Software for Small Trading Businesses

Business Manager  www.manager.io

Business Manager is one of the best accounting softwares for small businesses and traders. Its an online web based system with facility to create unlimited businesses and users. Subscription cost per month is only USD 19 without any additional charges. The desktop version of the software is totally free.

How to Setup the Business in this software:

1. Create business entity

2. Fill all the particulars like address, phone number and email addresses

3. Upload logo (it will be showed on all invoices and reports)

4. Setup chart of accounts according to your business

5. Setup Bank accounts and other petty cash accounts

6. Start recording transactions

7 Extract reports from the reports Tab

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Double Entry in T Accounts by Debits and Credit Rules

basic rules of DEBITS and CREDITS

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Accounting Course: Lesson 1 - Understanding Chart of Accounts

A chart of accounts is the listing of all accounts, a company needs to use for recording of transactions. Chart of accounts is designed by keeping in view the needs of the company.

Accounts are usually listed in chart of accounts as below;

Balance Sheet

1. Assets
2. Liabilities
3. Equity/ Capital

 

Income Statement

 

1. Revenues
2. Expenses
3. Non Operating Revenues
4. Non Operating Expenses

 

Expenses are usually breakdown into further categories;

 

Production expenses

Selling Expenses

Marketing expenses

Human Resource Expenses

 

Sample Chart Of Accounts :

 

Current Assets: (Account numbers : 0001-0100)

 

0001 Raw Material 1

0002 Raw Material 2

0003 Raw Material 3

0004 Work in Progress 1

0005 Work In progress 2

0006 Cash

0007 Trade receivables

Sub Ledgers: 0007-001 ABC debtor

                      0007-002 CDE debtor & so on

 

Property Plant & Equipment : (Account numbers : 0101-0200)

 

0101 Vehicles

0102 Furniture

0103 Plant

0104 Land & so on

 

Current Liabilities :( Account numbers : 0201 -0300)

 

0201 Bank Loan

0202 Notes

0203 Suppliers

        Sub ledger : 0203 -001 ABC Supplier

 

Long Term Liabilities : (Account numbers 0301-0400)

 

0301 Bank Loan

0302 Lease Liability

 

Equity : (Account numbers 0401-0500)

 

0401 Paid up Share Capital

0402 Retained Earnings

0403 Treasury Stock

 

Income statement accounts shall be explained in detail in Lesson 2. Keep visiting us for a 1 month Accounting course.

 

 

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Why Pay for Learning Accounting? Tutor Accounts is ready for you!

We have designed a course for accounting learners. It will be very helpful for basic and midway learners for their education and career. Why pay for Hefty Tuition Fees, when Tutor Accounts is ready to teach you!

Keep visiting us !

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