Course Content
What is accounting
“Accounting is the language of business.” - Warren Buffet “You have to know accounting. It’s the language of practical business life.” - Charles Munger
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What is accounting
Objective of accounting
Who are the users?
Useful information
Importance of accounting
Elements of the financial statements
We’ve gone over what accounting is, how it can be useful and why it is important. "Any questions before we move on to the technical fundamentals?"
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Elements of financial statements
Assets
Short test
00:05:00
Liabilities
Assets and liabilities
Current versus non-current
Equity
Revenues
Expenses
Accounting Fundamentals #1
About Lesson

DEFINITION:

Accounting is the activity, practice or profession of maintaining the business records and preparing forms and reports for tax or other financial purposes

What does this mean?

  1. Recording financial transactions
  2. Summarizing these transactions
  3. Communicating financial information to others

We all know that these things are not as simple as they might seem!

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