Learn With Moazzam Farid

24/05/2026

Next Station is KSA 🇸🇦
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24/05/2026

21/05/2026

📘 Complete Accounting Notes (Beginner → Intermediate)
📌 What is Accounting?

Accounting is the process of **recording, classifying, summarizing, and reporting** financial transactions.

👉 Purpose:

* Track business performance
* Help in decision-making

📌 Debits and Credits

* **Debit (Dr)** → Left side
* **Credit (Cr)** → Right side

Every transaction has:
✔ One Debit
✔ One Credit

📌 Rules of Debit & Credit

🔹 Traditional Rules:

* **Assets** → Debit increase, Credit decrease
* **Liabilities** → Credit increase, Debit decrease
* **Equity** → Credit increase, Debit decrease
* **Income** → Credit increase
* **Expenses** → Debit increase

📌 Default Balance Position

* Assets → Debit
* Expenses → Debit
* Liabilities → Credit
* Equity → Credit
* Income → Credit

📌 What is an Asset?

An asset is anything **owned by a business with economic value**.

📌 Examples of Assets

* Cash
* Bank balance
* Inventory
* Equipment
* Buildings

📌 Types of Assets

🔹 Current Assets

Used or converted into cash within 1 year:

* Cash
* Accounts receivable
* Inventory

🔹 Non-Current Assets

Used for long-term:

* Machinery
* Buildings
* Vehicles

🔹 Intangible Assets

No physical form:

* Goodwill
* Patents
* Trademarks

📌 What is IFRS (International Financial Reporting Standards)?

International Financial Reporting Standards
A set of global accounting rules used to ensure **consistency and transparency** in financial reporting.

📌 What is a Liability?

A liability is a **debt or obligation** of a business.

📌 Types of Liabilities

* **Current liabilities** → Short-term (e.g., accounts payable)
* **Non-current liabilities** → Long-term (e.g., loans, bonds)

📌 What is Equity?

Owner’s share in the business.

👉 Formula:
Equity = Assets – Liabilities

📌 Income and Expenses

* **Income (Revenue)** → Money earned
* **Expenses** → Costs incurred

👉 Profit = Income – Expenses

📌 Accounting Principles

Consistency
Accrual concept
Going concern
Matching principle
Prudence (conservatism)

🧾 Practice Accounting Entries (Examples)

Example 1: Started a business with cash

* Debit: Cash
* Credit: Capital

Example 2: Bought goods for cash

* Debit: Purchases
* Credit: Cash

Example 3: Paid rent

* Debit: Rent Expense
* Credit: Cash

Example 4: Sold goods for cash

* Debit: Cash
* Credit: Sales

🔁 Flow of Accounting Entries

1. Transactions
2. Journal
3. Ledger
4. Trial Balance
5. Financial Statements

📘 General Journal

First book of recording transactions.

👉 Contains:

* Date
* Accounts
* Debit/Credit

📘 General Ledger

Collection of all accounts.

👉 Shows balances of:

* Cash
* Sales
* Expenses

📘 Trial Balance

List of all balances.

👉 Rule:
✔ Total Debit = Total Credit

📊 Financial Statements

📌 Balance Sheet

Shows financial position.

👉 Formula:
Assets = Liabilities + Equity

📌 Income Statement

Shows profit or loss.

👉 Profit = Revenue – Expenses

📌 Cash Flow Statement

Shows cash movement:

* Operating
* Investing
* Financing

🧠 Final Quick Summary

* Accounting = Recording + Reporting
* Debit/Credit = Dual system
* Assets = What you own
* Liabilities = What you owe
* Equity = Owner’s share
* Financial statements = Final output

21/05/2026

🧠 Accounting Quick Summary
Accounting = Recording + Reporting
Debit/Credit = Dual system
Assets = What you own
Liabilities = What you owe
Equity = Owner’s share
Financial statements = Final output

21/05/2026

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21/05/2026

What are the key Excel skills?

Here are some key Excel skills:

Formulas and Functions: Proficiency in using formulas like SUM, AVERAGE, COUNT, and functions like IF, VLOOKUP, INDEX/MATCH.

Data Management: Skills in data cleaning, filtering, sorting, and grouping.

Data Visualization: Ability to create effective charts, tables, and dashboards.

PivotTables: Knowledge of creating and customizing PivotTables for data analysis.

Conditional Formatting: Understanding of conditional formatting rules to highlight important data.

Data Validation: Skills in setting up data validation rules to ensure data consistency.

Shortcuts and Macros: Familiarity with Excel shortcuts and ability to create and manage macros.

Data Analysis: Ability to analyze data using tools like regression analysis, forecasting, and more.

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21/05/2026

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20/05/2026

📊 Accounting = Understanding how business money moves and grows!

💡 Key idea:
Assets = Liabilities + Equity