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). 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. 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: 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 https://www.xelplus.com/courses/ Subscribe & get my TOP 10 Excel formulas e-book for free https://www.xelplus.com/free-ebook/ EXCEL RESOURCES I Recommend: https://www.xelplus.com/resources/ Get Office 365: https://microsoft.msafflnk.net/15OEg Microsoft Surface: https://microsoft.msafflnk.net/c/1327040/451518/7593 GEAR Screen recorder: http://techsmith.pxf.io/c/1252781/347799/5161 Main Camera: https://amzn.to/3a5ldBs Backup Camera: https://amzn.to/2FLiFho Main Lens: https://amzn.to/39apgeD Zoom Lens: https://amzn.to/3bd5pN7 Audio Recorder: https://amzn.to/2Uo5rLm Microphone: https://amzn.to/2xYy9em Lights: http://amzn.to/2eJKg1U More resources on my Amazon page: https://www.amazon.com/shop/leilagharani Let’s connect on social: Instagram: https://www.instagram.com/lgharani Twitter: https://twitter.com/leilagharani LinkedIn: https://at.linkedin.com/in/leilagharani 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