UrbanPro
true

CA Foundation

LIVE

Course offered by Annarapu Naresh

0 review

We will present the basics of accounting through a story of a person starting a new business. The person is Joe Perezâ??a savvy man who sees the need for a parcel delivery service in his community. Joe has researched his idea and has prepared a business plan that documents the viability of his new business.

Joe has also met with an attorney to discuss the form of business he should use. Given his specific situation, they concluded that a corporation will be best. Joe decides that the name for his corporation will be Direct Delivery, Inc. The attorney also advises Joe on the various permits and government identification numbers that will be needed for the new corporation.

Joe is a hard worker and a smart man, but admits he is not comfortable with matters of accounting. He assumes he will use some accounting software, but wants to meet with a professional accountant before making his selection. He asks his banker to recommend a professional accountant who is also skilled in explaining accounting to someone without an accounting background. Joe wants to understand the financial statements and wants to keep on top of his new business. His banker recommends Marilyn, an accountant who has helped many of the bank's small business customers.

Note: To learn about the roles of accountants and CPAs visit our free Accounting Career Center.

At his first meeting with Marilyn, Joe asks her for an overview of accounting, financial statements, and the need for accounting software. Based on Joe's business plan, Marilyn sees that there will likely be thousands of transactions each year. She states that accounting software will allow for the electronic recording, storing, and retrieval of those many transactions. Accounting software will permit Joe to generate the financial statements and other reports that he will need for running his business.

Joe seems puzzled by the term transaction, so Marilyn gives him five examples of transactions that Direct Delivery, Inc. will need to record:

  1. Joe will no doubt start his business by putting some of his own personal money into it. In effect, he is buying shares of Direct Delivery's common stock.
  2. Direct Delivery will need to buy a sturdy, dependable delivery vehicle.
  3. The business will begin earning fees and billing clients for delivering their parcels.
  4. The business will be collecting the fees that were earned.
  5. The business will incur expenses in operating the business, such as a salary for Joe, expenses associated with the delivery vehicle, advertising, etc.

With thousands of such transactions in a given year, Joe is smart to start using accounting software right from the beginning. Accounting software will generate sales invoices and accounting entries simultaneously, prepare statements for customers with no additional work, write checks, automatically update accounting records, etc.

By getting into the habit of entering all of the day's business transactions into his computer, Joe will be rewarded with fast and easy access to the specific information he will need to make sound business decisions. Marilyn tells Joe that accounting's "transaction approach" is useful, reliable, and informative. She has worked with other small business owners who think it is enough to simply "know" their company made $30,000 during the year (based only on the fact that it owns $30,000 more than it did on January 1). Those are the people who start off on the wrong foot and end up in Marilyn's office looking for financial advice.

If Joe enters all of Direct Delivery's transactions into his computer, good accounting software will allow Joe to print out his financial statements with a click of a button. In Parts 2 through 7 Marilyn will explain the content and purpose of the three main financial statements:

  1. Income Statement
  2. Balance Sheet
  3. Statement of Cash Flows

Gallery (1)

About the Trainer

Rishtej Karthikeyan picture

Avg Rating

0 Reviews

2 Students

3 Courses

Annarapu Naresh

CA ipcc

2 Years of Experience

I am an experienced tutor cum faculty. I am doing my CA i've been in this field since 2years well i can teach accounts very well, i can motivate and help at every level of your exams.

Students also enrolled in these courses

LIVE
2 reviews
3 Hours

Course offered by Amareswar Sareddy

10 reviews
LIVE
5 reviews
100 Hours

Course offered by Kavya BV

8 reviews
LIVE
1 review
2 Hours

Course offered by Krishna Wadher

1 review
LIVE
50 Hours

Course offered by Ca Praveen Kumar

0 review

Tutor has not setup batch timings yet. Book a Demo to talk to the Tutor.

Different batches available for this Course

No Reviews yet! Be the first one to Review

Reply to 's review

Enter your reply*

1500/1500

Please enter your reply

Your reply should contain a minimum of 10 characters

Your reply has been successfully submitted.

Certified

The Certified badge indicates that the Tutor has received good amount of positive feedback from Students.

Different batches available for this Course

tickYou have successfully registered

CA Foundation by Annarapu Naresh

Rishtej Karthikeyan picture
LIVE

Class
starts in

01

Days

01

Hour

01

Min

01

Sec

Select One

Register Now

Do you want to Register for this Free class?

Yes, Register No, not right now

Tell us a little more about yourself

CA Foundation by Annarapu Naresh

Rishtej Karthikeyan picture
LIVE

Class
starts in

01

Days

01

Hour

01

Min

01

Sec

Please enter Student name

Please enter your email address.

Please enter phone number.

Verify Your Mobile Number

Please verify your Mobile Number to book this free class.

Update

Please enter 10 digit phone number.

Please enter your phone number.

Please Enter a valid Mobile Number

This number is already in use.

Resend

Please enter OTP.

Or, give a missed call and get your number verified

080-66-0844-42

This website uses cookies

We use cookies to improve user experience. Choose what cookies you allow us to use. You can read more about our Cookie Policy in our Privacy Policy

Accept All
Decline All

UrbanPro.com is India's largest network of most trusted tutors and institutes. Over 55 lakh students rely on UrbanPro.com, to fulfill their learning requirements across 1,000+ categories. Using UrbanPro.com, parents, and students can compare multiple Tutors and Institutes and choose the one that best suits their requirements. More than 7.5 lakh verified Tutors and Institutes are helping millions of students every day and growing their tutoring business on UrbanPro.com. Whether you are looking for a tutor to learn mathematics, a German language trainer to brush up your German language skills or an institute to upgrade your IT skills, we have got the best selection of Tutors and Training Institutes for you. Read more