1. Welcome, dear students ! Account Double any TroubleVideo Accounting course for Beginners

2. Video Accounting courseEnroll on full version enroll on course with lecturers explanationwww.elearningpower.com 3. Lesson 1The Business andAccounting 4. Lesson 1. Learning objectives1Business Operations2Business Organizations3Accounting Assumptions 5. Lesson 2: What Youll LearnWHY IT IS IMPORTANT UNDERSTAND ACCOUNTINGDescribe profit, risk-taking,and entrepreneurs.Describe the purpose ofaccounting.Describe service,merchandising, andmanufacturing businesses. Explain financial andmanagement accounting.Compare the soleproprietorship, partnership,Describe three basicand corporate forms ofbusinessaccounting assumptions.List the advantages anddisadvantages of each formof business organization. 6. Lesson 2: The Business andAccountingKey Terms Accounting periodGAAP Business entityGoing concern Financial accounting Manufacturingbusiness ProfitMerchandising Lossbusiness Sole proprietorshipPartnership 7. Summary - Profit Profit is the differencebetween the amountsreceived from customers forgoods or services and theamounts paid for the inputsused to provide the goods orservices. 8. Summary Business operationsThe three types of business operations. Merchandising businesses buys finished products and resells them to individuals or other businesses ManufacturingbusinessesService businessesA manufacturingprovide neededbusiness buys rawservices, such as materials, uses labormedical, legal, hairand machinery tostyling, and lawn transform them intomowing, for a fee.finished products. 9. Summary - The three forms of business organization 10. Summary Sole Proprietorship The advantages and disadvantages of organizing as a sole proprietorshipAdvantages Disadvantages Easy to set up Limited expertise All profits go to owner Hard to raise money Owner has total control Owner has all the risks Few regulations to follow Hard to attract talented employees 11. Summary PartnershipThe advantages and disadvantages of organizing as a PartnershipAdvantagesDisadvantages Easy to start Conflicts between partners Skills and talents are pooled Profits must be shared More money available Owners share all risks 12. Summary CorporationThe advantages and disadvantages of organizing as a CorporationAdvantages Disadvantages Easy to raise money Costs more to start Easy to expand Complex to organize Easy to transfer ownership More regulations Losses limited to investment Higher taxes 13. Summary - GAAPAll accountants follow the same set of rules toprepare financial reportsAccounting principles and concepts develop fromresearch, practice, and pronouncements ofauthoritative bodiesThe rules are referred to as generally acceptedaccounting principles - GAAP 14. Summary Users of accountinginformationFinancial accounting Management accountingFinancial accountingManagement accounting,focuses on reportinginformation to external users.which focuses on reporting information to managementCustomers, creditors,for internal users.investors, government Managers, employees 15. Summary Accounting AssumptionsThree basic accounting assumptions.Business entityAccounting period Going concernThe owners personal The life of a business is Accountants assumefinancial activities are divided into specific that a business hasnot included in theperiods of time that arethe ability to survivereports of the businesscovered by accounting and operate reports.indefinitely. 16. Take a Test !Free Quiz is funny visit our web pagewww.elearningpower.com 17. Follow next lessonLesson 2:Accounting EquationEnroll for the full version of thelesson with the lecturerwww.elearningpower.com