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24 minute Accounting Course Overview
24 Minute Accounting

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Module 1 | 24 minute Accounting | |
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Unit 1 | 24 Minute Accounting Pretest | |
Unit 2 | 24 minute Accounting Course Overview | |
Unit 3 | Accounting Department Structure | |
Unit 4 | Which Accounting System to Use? | |
Unit 5 | Accounting Concepts | |
Unit 6 | Double Entry Principle | |
Unit 7 | Accounting Cycle | |
Unit 8 | Chart of Accounts | |
Unit 9 | Recognition of Revenue | |
Unit 10 | Accounting for Inventories | |
Unit 11 | Accounting for Fixed Assets | |
Unit 12 | Income Statement | |
Unit 13 | Balance Sheet | |
Unit 14 | Auditing for your Business | |
Unit 15 | 24 minute Accounting Posttest |
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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:
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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.
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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.
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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.