In this 2nd lecture, you will learn some basics of financial accounting that consists of IMPORTANT basic financial accounting terms e.g., assets , liabilities , revenue, expenses and income. I explain it in urdu / hindi language.

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Complete Explanation of Video in Written, you can also get some basic accounting notes here too:
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These 5 terms are important basic elements of financial accounting. Well, In very start of video you will understand what are assets in financial accounting? why is it necessary to start any business? And what are the types of assets ?

1- Assets meaning and definition:
Assets is the plural word for Asset. It is the financial resource in business in financial accounting.

1b- Assets Examples:
Following are the main assets examples in basic financial accounting;
Example 1: Cash
Example 2: Natural Resources : land, oil, and gold etc
example 3: Machinery (vehicle etc.)
example 4: inventory (foods etc.),
example 5: Supplies (furniture etc.)
example 6: Receivable resources

1c - Types of assets:
what are the types of assets in accounting? what are tangible assets and intangible assets?

Following are the types of asset in financial accounting:
i. Tangible Asset
tangible asset is the asset that has Physical appearance e.g., cash, land
ii. Intangible Asset
Intangible asset is the asset that has not Physical appearance e.g., copyright, good will

After asset, you will understand a second term ‘Liabilities’ , after all what are Liabilities? Is it different from loan?

2- Liabilities meaning and definition in financial accounting:
Liabilities are the financial obligations.

2b- Liabilities Examples
Example 1: Utility Payable
Example 2: Salary Payable
Example 3: Loan
Example 4: Payable Resouces

3- Revenue meaning and definition in financial accounting::
Revenue is the amount earned in business

3b- Revenue Examples:
i. Sale Revenue : Revenue earned on sales
ii. Interest Revenue: Revenue earned on Interest e.g., for banks
iii. Service Revenue: Revenue earned on Service
iv. Rental Revenue: Revenue earned on rent

4- Expenses meaning and definition in financial accounting:
Expenses is the plural word for expense. It is the amount paid to produce the revenue in business.

Expenses Examples:
i. Salary Expense
ii. Utility Expense
iii. Maintenance Expense
iv. Income-Tax Expense
v. Advertising Expense
vi. Depreciation Expense

5- Income meaning and definition in financial accounting:
Income is the economic benefit in business.

Income Formula in accounting:
Income = Revenue - Expense


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SATISFACTION NOTE:
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Q: what are assets in accounting?
Q: What are the basic concepts of financial accounting?
Q: What are types of assets in accounting?
Q: What are the 5 basic accounting principles?
Q: What are the basic basic terms of accounting ?
Q: What is the easiest way to understand financial accounting?
Q: How do you calculate income?
Q: what is the formula of income?
Q: What is the formula to calculate net income?
Q: What are expenses in accounting?
Q: what is revenue in accounting?

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NEXT VIDEO
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In next video, you will learn owner’s equity in financial accounting with examples.

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By: Ali Hassan Soomro
Gmail: alisoomro666@gmail.com
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