Show Notes
Hi Everyone, Welcome to Accounting 101 with Jimmy Stewart. I hope to explain accounting to you the way I wish someone had explained it to me when I first started out. This isn't meant to be your only source of learning accounting, but this is meant to advance your knowledge in accounting by reinforcing the fundamentals that you absolutely must know to understand accounting. I am a forensic accountant from New York State, and I have learned a lot of tricks over the years that I know will help a lot of other people out as well. Stick with me and I promise I will help you understand accounting in a way that will let you master it. I hope you all enjoy. Please be patient with me as I figure out what I'm doing. James Edward Stewart, CPA/ABV, CFE
The Fundamentals and Principles of Accounting:
https://www.amazon.com/Fundamentals-Principles-Accounting-Edward-Stewart-ebook/dp/B0151VR3AC
More from Accounting 101 with Jimmy Stewart
I've read a lot of boring stuff so that you don't have to! Today we will summarize some of the useful information in the FASB Concepts Statements and other literature.
Example: You own a sole proprietorship. For this period, you had revenue of $100,000, wage expense of $40,000, and computer expense of $30,000 (net income of $30,000). You also contributed $10,000 to the business this period.
Today we will go over the adjusting process. This is where we make our adjusting journal entries to get from our unadjusted trial balance to our adjusted trial balance, which contains the figures we use on the financial statements and tax returns.
Today we will discuss the accounting cycle. This is the process taken each period to record transactions, prepare the financial statements, and to reset the temporary accounts to zero for the next period.