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24 minute Accounting Course Overview


24 Minute Accounting

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Unit Video

Unit Summary

The three types of financial reports used in making better informed business decisions are:
  • Profit & Loss / Income Statement
  • Balance Sheet
  • Cash Flow Statement

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Welcome to the 24 minute Accounting course. In this video, you will learn what is accounting and why it is important in business. They say that Accounting is the “language of Business”. It is the process of analysing, recording and processing financial data related to a certain organization by using a specific accounting program or system. Accounting is performed to provide financial information about an organization. You should be focusing to see how financially healthy your organization is now, and whether it can survive in the future. Once all transactions have been processed within an Accounting period, three (3) types of financial reports are generated to be used in making better informed business decisions. These financial reports are as follows:
  1. Profit & Loss / Income Statement –This report highlights to the management whether the business is making or losing money, as well as where the business is incurring a lot of expenses.
  1. Balance Sheet – This report gives a snapshot of the business as a whole. What assets owned by the business are shown how they are financed, either via debts capital invested.
  1. Cash Flow Statement – This report informs the owners and managers how cash is "flowing" through the business for a period of time. A business needs a healthy cash flow to survive.
As owners and managers of the business, understanding Accounting will either help your business survive or make it sink, depending on the decisions you make…..of course. It is important to be able to count how many apples, oranges & bananas you have (if you are in the fruit business) instead of saying I have a ‘Fruit Salad’. Accounting provides clarity for better decision making. So understand your figures and back your results for the future.

Behind every good business is a great Accountant - Henry Ejdelbaum