Accounting Basics Explained Through a Story

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Get Access to My Course "Fundamentals of Financial Analysis" here 👉 www.xelplus.com/course/learn-...
New to Accounting? In this video I will introduce you to the world of accounting by telling you a story. This quick tutorial gives you an introduction to accounting and explains the concepts of income statement (Profit & Loss), balance sheet and the accounting equation (Assets = Liabilities + Equity).
⬇️ Download the practice file here: pages.xelplus.com/debit-credi...
You will also learn through examples what assets, liabilities and equity are. I will also introduce you to the concept of the T account. This is something that we will look into more detail in the Debits & Credits video.
Join 400,000+ professionals in our courses here 👉 link.xelplus.com/yt-d-all-cou...
You will follow a day of an Italian beach business and see how this is reflected in two financial reports - although this is a simple example, it can be applied to more complex situations.
📊 What You'll Learn:
▪️ The essence of accounting and its role as the business language.
▪️ A practical scenario of running a business in Italy and the challenges involved.
▪️ The importance of systematic financial recording and analysis.
▪️ Key insights into financial statements like the Income Statement and Balance Sheet.
▪️ How daily business activities translate into accounting terms.
00:00 Financial Statements Explained
00:53 Claudio's Beach Business
02:13 Income Statement (which is Revenue - Expenses)
03:31 Balance Sheet
06:21 Claudio's Balance Sheets at different points in time
In the next video of our accounting basics series, we'll take a look at Debits & Credits and in the video after that will take a closer look at the balance sheet.
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#Accounting

Опубликовано:

18 июн 2024

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Комментарии : 1,3 тыс.

@LeilaGharani 4 года назад

Challenge accepted? Download the practice file now and see how many journal entries you can ace 👉 pages.xelplus.com/debit-credit-practice-file

@Flyboard12345 4 года назад

Leila Gharani whoa )) thanks 🙏 😊 👌

@jeanettemena2055 4 года назад

Leila Gharani you’re a power house!

@godwiztv4truth 4 года назад

Thanks a lot but I need more

@Flyboard12345 4 года назад

@@godwiztv4truth what exactly do you need?

@MirHammad07 4 года назад

U r too good, thankx

@timmyjan 4 года назад

Her voice makes me very relaxed I mean it as best possible compliment :)

@mafp22w 4 года назад

Beautiful woman that is a great example for others. Highly competent without losing femininity.

@kizzy6566 4 года назад

Ikr

@Faz527 4 года назад

Agree

@sujukrish 4 года назад

It's therapeutic

@rituruhela793 3 года назад

Beautiful women that's a gr8 example for other's . Highly competent Without losing feminity. Gr8 job mam 😘❤

@abeazar 4 года назад

I am a CPA, and I couldn't have given an easier to understand explanation myself. Thanks and I am looking forward to your next videos, both Accounting and Excel...Abe Azar

@LeilaGharani 4 года назад

Coming from an expert on the topic I could not be happier. Thank you Abraham!

@peiyuenyam6474 4 года назад

Abraham Aza

@first9299 2 года назад

Do you think that the Accounting job market could be disrupted by automation in the future?

@the_tax_consultant 2 года назад

@@first9299 They said that decades ago; guess what - we're still here, and demand for our work is growing.

@nilofarsamim 10 месяцев назад

🔍 Ever wondered about the language that speaks volumes in the business world? 📊🎬 Dive into the captivating tale of accounting's evolution with my latest video, "What is Accounting and Why is it Important?" 📚 From ancient civilizations to modern financial strategies, this video unravels the essence of financial accounting and its profound significance. Join me in exploring the past, present, and future of business! 📈💼 #AccountingUnveiled #FinancialWisdom #BusinessStrategies ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-54-LNr-XAXE.html

@danielecristallini6621 4 года назад

As a person who's got a post-graduate degree in Finance and Accounting I must say that this is the easiest and clearest way I've ever had these concepts explained to me. I wish someone had explained me balance sheet in such an entertaining way back when I was a newbie. You really have a talent for teaching Leila! Keep up the great job. As an Italian, though, I can't help asking myself whether our friend Claudio holds a license to sell his stuff on the beach :P. Don't tell me please. Better not to know :)

@LeilaGharani 4 года назад

Haha. We better not talk about that :) Really glad you like the video Daniele!

@FootballTrix247 10 месяцев назад

Please,we need more of these videos because I won't lie to you I have gotten into accounting school both secondary and University,do you believe that I never understood the basics of these course everything was cramming of formats..

@KiyosakiSays 11 месяцев назад

“The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.” - Robert Kiyosaki

@Panchkula007 5 месяцев назад

that is a great definition from the legend

@stevennevin7466 2 года назад

As an accountant I have to say you have distilled the essence of accounting very clearly and concisely here.👏

@ManthaarJanyaro 4 года назад

Love the way you teach... . . Teacher of the year..!

@Pankaj-Verma- 4 года назад

The whole series of Accounting will be a great hit as many are searching for a course which they can easily understand. Thank you so much for creating this.

@thesupremenobles537 4 года назад

Also try thisru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-RWhzAKPnxaU.html

@DariusLG 3 года назад

I randomly ran across this video but I enjoyed the entire video and the way she taught and explained the subject. I've taken classes before but it was a great refresher and I'd be interested in watching more videos like this one.

@gabrielcampos3168 4 года назад

i'm about to finnish my accounting class in the University and this, clearly explained and vissually appeling, would have saved me so many hours. Expecting more topics for accounting

@amamaarif1049 2 года назад

THANK YOU SO MUCH. I was actually choosing subjects for my a levels and I couldn't find anything on what accounting WAS and this video helped a lot

@M.A.Sammani 4 года назад

There is no accountant explained it on this simplified, professional way. Thank you.

@LeilaGharani 4 года назад

My pleasure, I'm glad it's helpful.

@vijayarjunwadkar 4 года назад

I wish I could learn it this way, when I studied in college! Story telling is indeed the best way! Nice video once again, keep them coming! Thanks! :-)

@excelisfun 4 года назад

Very cool Accounting Story, Teammate!!!

@LeilaGharani 4 года назад

Thank you Mike 😊

@robertakwasiadjei8223 4 года назад

You are one in a million. I must say that you've made a lots of significant changes in work career. God bless you Leila

@shawnsweetonmoras6856 2 года назад

One of the simplest meaningful explanation on internet for basic accounting, Thank you so much, now I got the confidence of learn accounting

@diamondjenna9104 2 года назад

I was so much on the edge and expecting somewhere in video..... "so if you want to know more about it, BUY my private course" I am impressed! You are beautiful inside out and I can see that you genuinely wants to teach and be helpful. BRAVO! Keep it up!

@michaelbidemidairo6873 4 года назад

I'm super glad you started this series

@sherryizzie5309 4 года назад

Love the way you started the introduction course with a story, make it more interesting:):)

@exuperance106 3 года назад

I'm french and I'm studying accountability. Thank you very much for this video, it's very clear. It permits me to learn the voc :) have a good day

@reynsantiago5088 Год назад

This is so clear and easiest explanation, hope that instruction start in this way so their student can easily understand and not be afraid in accounting subject.

@jutatiprodjanasiribut6951 4 года назад

Wow...a bit surprise that you're now expanding scope to accounting area and that's just great indeed.

@LikeTheChile 3 года назад

Update: Claudio is now broke during COVID-19 in the world with no tourists

@peesroyal 3 года назад

hahaha

@realreen2349 3 года назад

🤣🤣🤣🤣🤣🤣 Lennis I love people with this kind of humour, receive a heart from Kenya 🇰🇪🖤🇰🇪❤️🇰🇪💚 hahahaha

@nasaqa7252 3 года назад

He changed his business modal and now he selling masks!

@DarkSpydaIV 3 года назад

Due to Claudio's understanding of business and finance, he creates a solution to survive tough times.

@normacocks8410 3 года назад

👍😂

@muntaderaldoki316 3 года назад

That was Imformative . Accourding to me I forgot almost 80% of the basics but honestly I took them back after I watched this video thanks for your efforts

@yogibearstie 4 года назад

Accounting was decades ago for me, and I had forgotten about Equity being on the right side. I could not sort out how Assets = Liabilities. Now I remember. Thanks.

@mengl7241 4 года назад

extremely helpful！Firstly my excel teacher and now my accounting teacher❤️

@beatriceogolla8908 3 года назад

Wow, and in 9 minutes I have understood accounting basics. Thank you so much Leila

@eliake7716 2 года назад

thank you for a simple explanation which help me who has basically no knowledge about accounting has benefitted a lot. I will look forward to learning more from you.

@HusseinKorish 4 года назад

Thanks alot Liela ... for me as an accountant ... i really appreciate the simplicity of explanation ...Go on

@wesleylim3871 4 года назад

During college I hate accounting but this has changed after watching this video. I didn't know you're a good accounting professor too. Love it, Leila! ♥️

@LeilaGharani 4 года назад

Thanks Wesley!

@dawnw9223 2 года назад

I have owned a business for 8 years and I never quite understood the balance sheet. This is very helpful!

@chaiwon2667 10 месяцев назад

Just hire someone do account, not this way do Balance Sheet not easy. Do Account until Balance Sheet like cooking or make a cake you need go market buy necessarily materials until come out the examples 🎂 this is call balance sheet others words COMPLETE THE ACCOUNT😂😂😂

@MrTariqMalik 2 месяца назад

Leila, you have done a great job to simplify the basics of FS.....amazingly well explained for a non financial person - in easy every day lingo .....Bravo & thanks ............ from a CA / CPA in USA👍

@LeilaGharani 2 месяца назад

Thank you for the kind feedback!

@rabiatouheed6407 Год назад

If you keep telling everything about accounting in such a soft and smooth tone, I am surely to overcome my Numbers anxeity. Thank you so much!

@shubhsjbp 4 года назад

Wow my 2 years of MBA couldn't make it that simple, like the way this 5 - 10 min video made it.... you have absolutely blessed with magical teaching skills... if possible please make a video on teaching tips as well... it would be very helpful for us professionals who can do the stuff but can't create that knowledge :)

@shivangipatel9000 Год назад

Hi, I'm studying MBA (Business Analytics) in Australia, but I don't know accounting , Is this the best video for learning basic???

@chaiwon2667 10 месяцев назад

Correct MBA not easy than explained by someone. A lot a people still not understand wHAT is account. For my experience s lot don't know account. What account is not maths , not lot brains can see where money is money. Even i say money infront them😂

@jedski5956 2 года назад

I’m an accountant but I still watched the video. Amazing introduction for non-accountants!

@QuiddeLin 5 месяцев назад

I am a Hong Kong entrepreneur and this is very interesting and useful accounting introduction. Thanks.

@karinalos6848 4 года назад

Thank you! I'm an absolute newbie in this and the other videos were never thorough or detailed enough for me to understand. I've seen lecturers just start juggling terms such as liability or equity without even explaining what it is, and that would leave me quite annoyed. I loved the way you explained everything though - very well-paced, detailed and comprehensible. Explaining accounting using a simple story is a very good idea. Thanks and keep going, you're a very talented teacher!

@LeilaGharani 4 года назад

I'm so glad! Thank you for the kind words Karina.

@mariostudio7 4 года назад

Yes please more accounting videos! 😁 I really enjoyed this one! Really clean, simplified examples and very good quality!! 😌

@LeilaGharani 4 года назад

I'm happy to hear that!

@mohamed.montaser 4 года назад

never thought accounting would be so cool like that

@daarkthunderr 4 года назад

most accounting videos explain how its going with goods..its rare to see someone explain how it should be with companies that deal with services like maritime agency .i hope u could spot the light on that. i wish you will go deep step by step and it wont be just the fundamentals .wish you all the best and many thanks for your outstanding effort. :)

@nijansinsuat 4 года назад

I love the explanation. It’s simple. And simplicity is really an art.

@LeilaGharani 4 года назад

Thank you for the nice feedback.

@aek3945 4 года назад

I wish my Financial Accounting Lecturer explained the accounting like this back in 2002 when I was at university so that I wouldn’t f**k up big time.

@reddysatyajeet7 3 года назад

To be very honest ...I never ever understood this concept through paid courses which I learnt in 10 minutes ...excellent presentation. Keep on adding more videos on accounting mam....I was actually looking more on balance sheet movements ..if possible can you please guide us on this area as well.

@ctpl9600 4 года назад

Wow! I am planning to study accounting. This just got me more excited about it.

@godmode9020 3 года назад

I learned more in this video than half of my semester lol

@LeilaGharani 3 года назад

😁

@hensilinvinu4938 4 года назад

Even a school kid can understand accounting as the way you thought. Awesome.

@accountingslides4233 4 года назад

ru-vid.com/show-UCsiUGyAkO2jSF-cSHByui2A

@manveersinghmusic5644 2 года назад

Dear Miss Leila. Thank you for explaining it very carefully and in simple terms. I appreciate it alot. I'm looking forward for rest of other contents. Well Done 👍👍

@aggropa 2 года назад

Incredibly clear, friendly, beautiful, and approachable. A win, win. Thank you.

@mobamedsamir4830 4 года назад

I didn't expect that you're good in accounting as well as excel 😃 that was a good one.. keep going

@robertflynn7416 4 года назад

This was a natural extension of your Excel videos Leila, since Excel is so often used in accounting and financial analysis. I’m looking forward to when you merge the topics together to demonstrate building income statements and balance sheets in Excel and then analyzing and presenting the data with your signature data visualization and report formats! Sounds like the foundation for a future course.

@chaiwon2667 10 месяцев назад

She know account that why she know why excel very important in account😆😃🙁

@Ryanmit1 4 года назад

I have been studying accounting for almost a year now and the RU-vid accounting content tends to lack the presentations skills necessary to convey the concepts. I'm so glad that you are expanding into this topic. I have been a long time fan of your excel videos. One thing I would LOVE is a comprehensive spreadsheet of the account names, along with what type of account they are, if the normal balance is credit or debit, if they go by other names, if they have contra-accounts, and if they are temporary or permanent. This resource seems to be lacking in the online and textbook community from what I have discovered so far. I have been working on a draft if you are interested.

@LeilaGharani 4 года назад

Hmm, let me think about this. If you'd like you can send it to me at info@xelplus.com. If I can contribute I will make a video about it with the workbook.

@nikex7790 2 года назад

This video was soo helpful and your soothing voice made it easier to understand.

@thecalmopening2265 4 года назад

Hi Leila, I got some questions. I'm an Accountant as well. I learnt Excel by watching your videos only. I would love to watch the following : 1. Any ways to do all Accounting using MS Excel rather than Quickbooks, Microsoft Dynamics NAV, SAP or any other accounting software? 2. A Video on Cash Flow Statement. 3. A video on how to Automate and get the Financial Statements with Raw Data like Sales, Costs, etc.. using Excel. Waiting to see your videos. Thank You.

@edot2068 4 года назад

Hi, I have designed one Excel-built accounting software which suits my field of work. I can share it with you to customize it to suit your operations if you don't mind.

@XAE_A_Xii 4 года назад

Unless you have a very simple business, using excel will be a struggle and pointless. Accounting software such as QuickBooks, Xero and a few others won't cost a lot and are much effective and less prone to errors than excel. Most records you can still download from any of those softwares to excel.

@thecalmopening2265 4 года назад

@@edot2068 I would love to take a look at it. email me - mush543@gmail.com

@thecacaofairy 4 года назад

@@edot2068 i would also love this ^ mwaumann@gmail.com if you dont mind! thank you!! :)

@kapil4757 4 года назад

Hi Ed Ot , please share with me if you dont mind. calltokapil@gmail.com

@seanbailey6750 4 года назад

Now where have I heard this before? 🧐 Accounting Stuff (Aug 2018) - For money to go to one account it has to come out from another. Accountants consider every transaction to involve a flow of economic benefit from a source to a destination. [ACCOUNTING BASICS: Debits and Credits Explained] Leila (Nov 2019) - For money to go to one account it has to come out from another. We call this a flow of economic benefit from a source to a destination. [Accounting Basics Explained Through a Story]

@MYTHOMINHTRAN 2 месяца назад

Lady Leila, We had been in many places when we had been in Switzerland from the years 1979 ( You might have not been born yet) to 2004 before leaving to the USA. But it's not time for nostalgic memories but learning. Thank you for teaching!

@gregariousaccountant3025 2 года назад

Terrific explanation and visuals! Will forward to students.

@somerandompeep6099 3 года назад

I tried to concentrate but Your beauty It’s just I can’t get my eyes off you And then your voice is so soothing

@ahmedjaad1562 3 года назад

the way she explains made me interested accounting i love to see more

@amishb__ 3 года назад

I love this woman, her explanation was soooo clear to me Thank you so much

@oscarl.marcus7830 2 года назад

Hello, thanks for the video. I just started studying accounting this year, and your videos will clarify the concepts for me more and better than the professor at the Faculty with dozens of formulas and symbols. Thank you very much.

@LeilaGharani 2 года назад

Great to hear, Oscar!

@aktiny2023 27 дней назад

Thank you for explaining Accounting in such a simplified and understandable way!

@DUCKYRICHY 2 года назад

I am a nurse, and did Bussiness Studies in Junior high. This was a very fantastic video for me. Well done!

@franklopeziilmtmti603 3 года назад

I teach business and need to tie in accounting without details. So happy I found your channel. Mercy. Kheily mamnoon.

@imCUTEnWEbothKNOWit 9 месяцев назад

Im I’m school for accounting and unfortunately because of the jargon it’s been really hard adjusting to everything! This helped me immensely!

@netmark9831 3 года назад

Leila ! Nature has given gift to every one , I see you have many. Polite and controlled voiced where the brain accepts to listen without stress, Your movements are so controlled that does not extract the attention, not aggressive but calm your body’s structure movements are not like a reporter reporting from a war zone with his / her voice to break our ears drums. And honestly the way you explained your topic merging with a story , touched the brain to understand it well. Don’t have words to admire your tutorial but can say is the best yet I have engaged .Well done Leila!

@LeilaGharani 3 года назад

Wow, thank you for the kind feedback!

@carolbarnswell-baker9512 3 года назад

Thank you. This teaching is much more clearer.

@sajadmk6618 4 года назад

You are a good teacher. Center of a circle. What I mean is nothing but all your subscribers are waiting for the next video.... thumbs up for your efforts

@petermapp5988 3 года назад

I am about to start a business...but i hated how accounting was explained....for decades...and then you showed up !I subscribed.I look forward to more videos

@alimuddinmkhan Год назад

Awesome way to explain Basic Accounting. THANK YOU!

@knoxsai 2 года назад

back to school days i cant understanding a single thing! but now! i only 2minutes i learned something fast!! thank you ♥️

@ismaniarnurfajriah39 2 года назад

This video is so helpful for someone who has no accounting background like me. Thank you!

@pedrohzan 4 года назад

Great vídeo! Yes please continue posting more. I would like to hear from you a explanation about EBITDA, CAPEX and Depreciation subjects!!

@dennfsc.1262 4 года назад

This is very helpful. your approach of storytelling is what makes it effective. I appreciate this. Thank you. I watched your other videos from earlier on like on power point and I am still learning from them. You have a gift for imparting knowledge. Back to this video: I LOVED it. I was exposed to Accounting only at the MBA level but never had a foundation. I am now interested again. thank you.

@dslaugh46544 4 года назад

Your eyes are especially captivating in this video Leila. Even though I already know how to do a balance sheet, I had to watch it over half the way through lol :)

@ehab5986 4 года назад

I like the simplicity and the value of your videos...I learned (and I'm still learning) a lot from your channel.

@dziggy983 9 месяцев назад

Thank you for this nice and clear video. You have very nice voice and its very nice to follow the explanation. All the best !

@lawrencemasuku6101 3 года назад

The words 'thank you' are an understatement. I am subscribing right now

@jilchurchaust8776 2 года назад

Wow! You have explained this so clearly.

@KNLP23 4 года назад

Beautifully explained! Thank you!!

@ossenaar 4 года назад

Claudio has a healthy business! Both current and quick ratios are excellent at the of his working day 🙂 I look forward to many more tutorials from you. You have a gift in teaching and story telling!

@LeilaGharani 4 года назад

He sure does :)

@simonapopescu893 4 года назад

Thanks for your amazing and easy explanation! I am looking forward to your next videos!

@karlsimonalimorong7690 2 года назад

I'm from Philippines and I gained a lot knowledge from your video. Thank you so much🧡

@florinemartis4624 3 года назад

The concept is explained so clearly..❤️

@Dexter-nr5hb 4 года назад

This is the best video I have seen of this on RU-vid

@godsfavour9632 Год назад

The whole of my life I keep struggling to understand accounts I have never seen a teacher like you. I am currently studying pre-master leading to MSc I was worried about how I will survive the accounting course but with your videos, I will be fine. Please can you go wider on the incoming statement and financial statement of a company? Thank you for this video you are a blessing to accounting students.

@faitholateju6590 2 года назад

SO HELPFULLLL!!!! IN SUCH A CALM AND SIMPLE WAY! Your Voice Helped With The Understanding, Very Calming :)

@OldePhart 4 года назад

Good idea adding this series. I love your Excel stuff and this ties in nicely.

@MGAYEN733 Год назад

All your Excel and other computer presentations look great. I really appreciate it. Keep going!

@AlRaisi777 2 месяца назад

The best and simplest video that explains the basics

@habielmisocha9096 2 года назад

Hallo Leila. That is Professional Talent. Wow!, Accounting explained in such a simple way. Thank you.

@nayyersyed2715 3 года назад

Amazing Explanation ..Expert ,Apprecitable . Explained in such a way that Any one can Understand So Easily God Bless You Madam .. Hope to see More Videos of Accounting and Excel from you for Further . God Bless You and Stay Happy - Healthy

@vinodina5504 4 года назад

The way you explain things makes them such interesting. 👌👌

@diplomatdan1 2 года назад

Wowwww...a mind-blowing video. She simplified accounting into something anyone or everyone can relate with and understand. Merci beaucoup.

@DaveM-FFB 2 года назад

Excellent simple explanation of financial statements in under 10 minutes. This MBA says that you're a good instructor.

@premiumgold6802 4 года назад

super thankful to you. love this kind of video, super easy to understand and i love the way you teach.

@LeilaGharani 4 года назад

Glad you like it :)

@monireachtang712 4 года назад

I look forward to watching more video about accounting basics from you. Love you Leila!

@rasoolaminayaz8111 3 года назад

extremely helpful！ Now you are my accounting teacher❤️

@raj53246 4 года назад

You are an awesome teacher ... Accounting is a dry subject and needs quite an interesting teaching approach. Kindly build it up to more day to day transactions.. Trust me we love your teaching method... God bless you Ma'm

@servant4thelord562 7 месяцев назад

Love, Loved this video! Stories are great ways of explaining this - heard a 100 times an explanation and never got it! :)

@MrNuranga 4 года назад

Simple and yet brilliant video. Thanks for this. Your presentation and teaching is the best. Maybe you can give us new ideas to maintain an accounts set in excel (where other accounts get updated when we enter one pie of data)