1st CHICAGO ACCOUNTING

Profit Building and Bookkeeping Course

30,000 Feet the Visualization of Accounting.

Here is what I call accounting at 30,000 feet. This is where we will show you accounting from a visual perspective. When you learn accounting in school, they teach you from textbooks. You read these books, and you go learn how to make journal entries, but you really don't ever get to see how it works. If you ever went out and bought an accounting book. It explains the theory of accounting. It shows you how to do journal entries but they don't actually show it to you from a visual perspective and that's what I to do here.

I think once you see how the whole thing works, it's going to be, "Ah, it's not as hard as I expected it was going to be," because the reality is that there are only five buckets. There are only five things you need to know. Assets, liabilities, equity, revenue, and expense. Everything has to fit into those five categories, so once you start looking at it from that aspect, it's really not as complicated as you think. Let's show it to you so you can see it from the upper level.

We are going to walk through some accounting transactions so you can see how this works. We will start from the source of the transaction and post it. Then we will zoom back so you can see how this transaction appears in the General Ledger. Next, we will then go to the financial statement that is impacted. So for example, after we post a transaction we will go to the Profit and Loss Statement or Balance Sheet so you can see how it was impacted. So you get the visual picture of cause and effect. Seeing it will help you make sense of it.

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