Accounting Lessons in English

My dear friends. Watch some of these videos. For me, this is one of the best accounting teachers I have come across. After watching the videos, you should be able to answer the respective questions.

 

Have fun!

Holzi

 

Lesson 1: balance sheet part 1

Questions:

1) Where does Accounting come from?

2) What are assets? List some examples?

3) What are liabilities? List some examples?

4) What is net worth?

5) Draft a balance sheet for your best friend.

Lesson 2: balance sheet part 2

Questions:

1) What are banks asking for, when you apply for a loan?

2) What does A=L+E mean?

3) Draft a balance sheet for a bakery.

4) Example 1: The bakery sells a 100 pieces of bread (2,00 € each), which increases cash (200,00 €), how does this example effect your revenues (part of the profit and loss account (G&V), which is a sub-account of the equity account)? How would you book this transaction?

5) Example 2: For the insurance of the bakery, you pay the insurance company a fee of 100,00 € in cash. How does this effect your cash and how does this effect your insurance cost? How would you book this transaction.

6) Example 3: You want to pay back a loan to your bank (500,00), where you transfer the money from your bank account to reduce the loan. How do you book this transaction

Lemonade Stand

Fondation of a company: Lemonade Stand