IN THIS VIDEO YOU WILL UNDERSTAND THE BASIC TERMS OF ACCOUNTING,LIKE ASSETS ,LIABILITIES, INCOME ,EXPENSES, CAPITAL , DRAWINGS ETC.
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THANKS AND REGARDS.
DO SHARE WITH YOUR FRIENDS.
THANKS AND REGARDS.
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LearningTranscript
00:00None of that accounting is boring stuff here.
00:03Let's dive into the five major heads of accounting.
00:06Accounting can be broken down into five major heads.
00:09Ready? Let's go!
00:11Number 1. Assets.
00:14These can be tangible, like buildings and computers,
00:17or intangible, like goodwill and trademarks.
00:20Tangible assets are further split into non-current and current assets.
00:24Non-current assets are long-term, like land and machinery.
00:28Current assets are short-term, like cash and stock.
00:31Simple, right?
00:32Number 2. Liabilities.
00:35These are what you owe. Think loans and bills.
00:38Number 3. Income or profit.
00:40That's the money you make.
00:42Number 4. Expenses and losses.
00:45These are the costs of running a business, like rent and salaries.
00:48Finally, number 5. Capital and drawings.
00:51This is the owner's stake in what they take out for personal use.
00:55Easy to remember and super helpful.
00:57Got it? Great!
00:59Stay tuned for more tips from Account Simplified.
01:02Thanks for watching. This is Sonia Sadia signing off. Goodbye.