his Video online accounting course is designed for those with little or no experience in bookkeeping or accounting and may be of interest to those looking to review their basic knowledge of accounting.

1. Welcome, dear students !
“Account Double – any Trouble”
Video Accounting course for Beginners

2. Video Accounting course
Enroll on full version
enroll on course with lecturer's explanation
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3. Lesson 1
The Business and
Accounting

4. Lesson 1. Learning objectives
1 Business Operations
2 Business Organizations
3 Accounting Assumptions

5. Lesson 2: What You’ll Learn
WHY IT IS IMPORTANT UNDERSTAND ACCOUNTING
Describe profit, risk-taking,
and entrepreneurs. Describe the purpose of
accounting.
Describe service,
merchandising, and
manufacturing businesses. Explain financial and
management accounting.
Compare the sole
proprietorship, partnership, Describe three basic
and corporate forms of
business accounting assumptions.
List the advantages and
disadvantages of each form
of business organization.

6. Lesson 2: The Business and
Accounting
Key Terms
Accounting period GAAP
Business entity Going concern
Financial accounting Manufacturing
business
Profit
Merchandising
Loss
business
Sole proprietorship
Partnership

7. Summary - Profit
Profit is the difference
between the amounts
received from customers for
goods or services and the
amounts paid for the inputs
used to provide the goods or
services.

8. Summary – Business operations
The three types of business operations.
Merchandising
businesses
buys finished products
and resells them to
individuals or other
businesses Manufacturing
businesses
Service businesses
A manufacturing
provide needed business buys raw
services, such as materials, uses labor
medical, legal, hair and machinery to
styling, and lawn transform them into
mowing, for a fee. finished products.

9. Summary - The three forms of
business organization

10. Summary – Sole Proprietorship
The advantages and disadvantages of organizing as a sole
proprietorship
Advantages Disadvantages
• Easy to set up • Limited expertise
• All profits go to owner • Hard to raise money
• Owner has total control • Owner has all the risks
• Few regulations to follow • Hard to attract talented
employees

11. Summary – Partnership
The advantages and disadvantages of organizing as a Partnership
Advantages Disadvantages
• Easy to start • Conflicts between partners
• Skills and talents are pooled • Profits must be shared
• More money available • Owners share all risks

12. Summary – Corporation
The advantages and disadvantages of organizing as a Corporation
Advantages Disadvantages
• Easy to raise money • Costs more to start
• Easy to expand • Complex to organize
• Easy to transfer ownership • More regulations
• Losses limited to investment • Higher taxes

13. Summary - GAAP
All accountants follow the same set of rules to
prepare financial reports
Accounting principles and concepts develop from
research, practice, and pronouncements of
authoritative bodies
The rules are referred to as generally accepted
accounting principles - GAAP

14. Summary – Users of accounting
information
Financial accounting Management accounting
Financial accounting Management accounting,
focuses on reporting
information to external users. which focuses on reporting
information to management
Customers, creditors, for internal users.
investors, government
Managers, employees

15. Summary – Accounting Assumptions
Three basic accounting assumptions.
Business entity Accounting period Going concern
The owner’s personal The life of a business is Accountants assume
financial activities are divided into specific that a business has
not included in the periods of time that are the ability to survive
reports of the business covered by accounting and operate
reports. indefinitely.

16. Take a Test !
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17. Follow next lesson
Lesson 2:
Accounting Equation
Enroll for the full version of the
lesson with the lecturer
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