Accounting 105: Profit or Loss Statement & Balance Sheet

Accounting 105: Profit or Loss Statement & Balance Sheet

In this course you will be able to learn about:

1. the various items in the Trading Accounts

2. the various items in the profit or loss account

3. the relevant items in the balance sheet.

4. how to treat items in the additional information or notes to account.

5. how to treat items in the trial balance

6. how to treat depreciation of assets.

7. how to treat accrued expenses/expenses owing/unpaid expenses

8. how to treat prepaid expenses/expenses paid-in-advance.

9. how to treat income prepaid/paid in advance.

10. how to treat accrued income/income owing/unearned income.

11. the items that are meant to be posted on the debit side of the trading account of the sole proprietor.

12. the items that are meant to be posted on the credit side of the trading account of the sole proprietor.

13. the items that are meant to be posted on the debit side of the profit or loss account of the sole proprietor.

14. the items that are meant to be posted on the credit side of the profit or loss account of the sole proprietor.

15. the meaning of each items in the trading account

16. the meaning of each items in the profit or loss account

17. the meaning of each items in the statement of financial position / balance sheet

In this course you will also learn how to prepare;

1. the Trading, Profit or Loss Account (Vertical and Horizontal Format)

2. the Balance sheet (Vertical and Horizontal Format)

Easiest Way to Understand Profit or Loss Account for Students of Accounting

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What you will learn

• You will learn items in the Trading Account .
• You will learn about the various items in the Profit or loss Account.
• You will get detailed meaning of each item and how they can be posted.

Rating: 4.25

Level: Beginner Level

Duration: 1 hour

Instructor: Alfred Iluke