Accounting Basics Explained Through a Story

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.
★ My Online Excel Courses ► www.xelplus.com/courses/
➡️ Join this channel to get access to perks: / @leilagharani
👕☕ Get the Official XelPlus MERCH: xelplus.creator-spring.com/
🎓 Not sure which of my Excel courses fits best for you? Take the quiz: www.xelplus.com/course-quiz/
🎥 RESOURCES I recommend: www.xelplus.com/resources/
🚩Let’s connect on social:
Instagram: / lgharani
LinkedIn: / xelplus
Note: This description contains affiliate links, which means at no additional cost to you, we will receive a small commission if you make a purchase using the links. This helps support the channel and allows us to continue to make videos like this. Thank you for your support!
#Accounting

[@LeilaGharani]

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

[@Flyboard12345]

Leila Gharani whoa )) thanks 🙏 😊 👌

[@jeanettemena2055]

Leila Gharani you’re a power house!

[@godwiztv4truth]

Thanks a lot but I need more

[@Flyboard12345]

@@godwiztv4truth what exactly do you need?

[@MirHammad07]

U r too good, thankx

[@KiyosakiSays]

“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]

that is a great definition from the legend

[@timmyjan]

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

[@mafp22w]

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

[@kizzy6566]

Ikr

[@Faz527]

Agree

[@sujukrish]

It's therapeutic

[@rituruhela793]

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

[@danielecristallini6621]

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]

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

[@FootballTrix247]

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..

[@abeazar]

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]

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

[@peiyuenyam6474]

Abraham Aza

[@first9299]

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

[@the_tax_consultant]

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

[@nilofarsamim]

🔍 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 kzbin.info/www/bejne/a2WQfYGoYr10jqc

[@M.A.Sammani]

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

[@LeilaGharani]

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

[@stevennevin7466]

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

[@aktiny2023]

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

[@LikeTheChile]

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

[@peesroyal]

hahaha

[@realreen2349]

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

[@nasaqa7252]

He changed his business modal and now he selling masks!

[@DarkSpydaIV]

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

[@normacocks8410]

👍😂

[@ManthaarJanyaro]

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

[@vijayarjunwadkar]

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! :-)

[@DariusLG]

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.

[@alexcolombu1025]

Accounting is really simple folks and you do it every single day without realizing it. You go to the store with $100, you are a buyer and the company is the seller. You leave the story and only have $50 left in your pocket. Well, in your head you see what you bought to account for the difference in the money or just take a look at your receipt. In accounting we only focus on money, if it does not involve money, we don't care. It might be important, but it has to have a monetary value. Accounting is really like this- for every action there is an equal and opposite reaction. But, in accounting the action is monetary based. Get it. Thank you very much.

[@michaelbidemidairo6873]

I'm super glad you started this series

[@sherryizzie5309]

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

[@Pankaj-Verma-]

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]

Also try thiskzbin.info/www/bejne/iIjLq3SBhdOrl7c

[@amamaarif1049]

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

[@gabrielcampos3168]

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

[@jutatiprodjanasiribut6951]

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

[@shawnsweetonmoras6856]

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

[@robertakwasiadjei8223]

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

[@jedski5956]

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

[@mengl7241]

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

[@beatriceogolla8908]

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

[@excelisfun]

Very cool Accounting Story, Teammate!!!

[@LeilaGharani]

Thank you Mike 😊

[@mariostudio7]

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

[@LeilaGharani]

I'm happy to hear that!

[@reynsantiago5088]

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.

[@dslaugh46544]

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 :)

[@dawnw9223]

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

[@chaiwon2667]

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😂😂😂

[@nijansinsuat]

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

[@LeilaGharani]

Thank you for the nice feedback.

[@eliake7716]

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.

[@azu9256]

hi! i’m still a student in high school grade 9, but i have chosen accounting as one of my options for igsce as i want to be prepared before i head into accounting in grade 10. i have watched several of your videos and you made fun and simple explanations so it was easy to understand and i enjoy watching ur accounting videos! thank you!

[@shubhsjbp]

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]

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

[@chaiwon2667]

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😂

[@mohamed.montaser]

never thought accounting would be so cool like that

[@ahmedjaad1562]

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

[@ehab5986]

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

[@thecalmopening2265]

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]

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]

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]

@@edot2068 I would love to take a look at it. email me - [e-mail]

[@thecacaofairy]

@@edot2068 i would also love this ^ [e-mail] if you dont mind! thank you!! :)

[@kapil4757]

Hi Ed Ot , please share with me if you dont mind. [e-mail]

[@wesleylim3871]

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]

Thanks Wesley!

[@exuperance106]

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

[@muntaderaldoki316]

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

[@hensilinvinu4938]

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

[@accountingslides4233]

kzbin.info/door/siUGyAkO2jSF-cSHByui2A

[@aek3945]

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.

[@nikex7790]

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

[@HusseinKorish]

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

[@mobamedsamir4830]

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

[@godmode9020]

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

[@LeilaGharani]

😁

[@yogibearstie]

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.

[@diamondjenna9104]

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!

[@seanbailey6750]

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]

[@robertflynn7416]

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]

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

[@manveersinghmusic5644]

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 👍👍

[@rabiatouheed6407]

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!

[@somerandompeep6099]

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

[@dziggy983]

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

[@jonathanalexander6912]

I think this video can be used as a recommendation for the beginners who want to study accounting yet have absolutely no basic knowledge about it. This is very easy to comprehend

[@bereanvbs4293]

just like me, I absolutely understood all explained in this video. Thanks Leila.

[@mercyfoundme]

Planning to get an Accountancy degree this year. I'm new to this and not familiar with its scopes, thank you for explaining it!

[@aggropa]

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

[@petermapp5988]

I wish you would teach a basic accounting course ..just continue what you started here.Your voice is mellow..the kind that does not put you to sleep....and leave you there !

[@simonapopescu893]

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

[@thetaxjam]

As someone who's been in the business for over a decade I really found this a great video for starters and veterans. Have been trying to find a way to break it down for kids and this is as close as I've seen, 👏

[@LeilaGharani]

Great to hear!

[@OldePhart]

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

[@MGAYEN733]

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

[@monireachtang712]

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

[@sajadmk6618]

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

[@srinidhibs]

Accounting explained in such a simple way! Enjoyed the video!

[@FIXNETFLIX]

Highly talented women. Excel, accounting all explained fantastic way.... You are the best..

[@sjurnielsen8230]

Nice Leila. Looking forward to this serie! Thank you for your effort.

[@MrNuranga]

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)

[@faitholateju6590]

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

[@amishb__]

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

[@MYTHOMINHTRAN]

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!

[@reddysatyajeet7]

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]

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

[@servant4thelord562]

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

[@DUCKYRICHY]

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

[@daarkthunderr]

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. :)

[@ismaniarnurfajriah39]

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

[@lawrencemasuku6101]

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

[@pedrohzan]

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

[@MrTariqMalik]

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]

Thank you for the kind feedback!

[@DaveM-FFB]

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

[@QuiddeLin]

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

[@alimuddinmkhan]

Awesome way to explain Basic Accounting. THANK YOU!

[@karinalos6848]

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]

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

[@knoxsai]

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

[@carolbarnswell-baker9512]

Thank you. This teaching is much more clearer.

[@Graficmademania]

Leila love the smooth explanation interested to hear about redraft trial balance and Suspense Account as taking AAt

[@clementgavi7290]

A nice explanation. Since accounting refers to accounts. It is good to add the ideas that cash refers to account of class 5, inventory to class 3 account and capital to class 1. And that balance sheet is concern only with accounts of classes 1 to 5. And that income statement is concerned with account of classes 6 and 7.

[@Prezdo_1]

To be honest I study accountancy closer to 2 decades but, the simple explanation of the three main statements (income statement, balance sheet, and cash flow statement are well detailed hear than what I learn which is so complex particularly, beginners) anyways, keep the tempo high always Leila.

[@freddiekustaa2633]

I came across this channel and I subscribe immediately.... the presentation is on point👍.

[@MYTHOMINHTRAN]

Can't wait to see your video which explains and gives example on 'unrealized profit and loss. Thank you in advance!

[@Dexter-nr5hb]

This is the best video I have seen of this on KZbin

[@ossenaar]

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]

He sure does :)

[@gregariousaccountant3025]

Terrific explanation and visuals! Will forward to students.

[@AnsweringATPL]

Thanks, good explanation. I always confuse about equity. Thanks to your video I understand it now.

[@am233_6]

Thankyou for this! Recently started my degree and this cleared up so many things I was struggling to understand :)

[@habielmisocha9096]

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

[@iammysterious3580]

This is the kind of video I've been searching for..... Great vid! Hope you'll do more acc vids soon....

[@FaheyFamily]

02:37 - The Income Statement is just another name for the P&L a/c - Thanks!

[@bassamrashed7312]

Very Fantastic & simplified, Please we need a lot of same this way videos