How to do T-accounts for the most common of all business transactions: sales. This T-accounts tutorial shows you how! T-accounting, or making T-accounts, is a very helpful way of visually representing accounting entries. You can use it to sketch out the accounting for all kinds of transactions, from straightforward standard transactions to highly complex and rare ones.
This video discusses T-accounting for sales transactions, as well as the ways an accountant or auditor would detect an overstatement of revenue when a company has artificially inflated its revenue and profitability by issuing fake invoices.
Philip de Vroe (The Finance Storyteller) aims to make strategy, finance and leadership enjoyable and easier to understand. Learn the business vocabulary to join the conversation with your CEO at your company. Understand how financial statements work in order to make better stock market investment decisions. Philip delivers training in various formats: YouTube videos, classroom sessions, webinars, and business simulations. Connect with me through Linked In!
T-accounting tutorial: sales transaction
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