Hi, everyone, Welcome section two of this course on accounting refresher course. I'm Justin from think numbers. And in this section we're going to be talking about accounting transactions. This is where we really get into the nuts and bolts of transactional accounting, and really the double entry bookkeeping system. In the first section, we'll be talking about the accounting equation, its history, its meaning, its definitions, and how this will apply to all transactional accounting going forward. We'll be talking about a method to actually understanding transactions.
And in this part of the section I'll be talking about four different methods of how you should be thinking about every transaction for any kind of business in the world. I'll also be simplifying the top 20 transactions that typically occur in any kind of business. This can apply to any business in any industry. And generally, any transaction you could possibly think of will generally fall into one of these top 20 categories. And finally, I'll be working through a very practical example and putting this all into practice. My suggestion is that you follow this through step by step, and follow me go through the material once and feel free to go over the material.
Again, if you'd like to reinforce the concepts keeping in mind, a lot of these concepts are taught in universities, and a taught over several weeks. So don't feel bad if you don't actually get all of the material straightaway. We're about to present to you is like learning a foreign language. So don't feel bad if you don't get this the first time. There is a lot to this. And generally, this is taught in universities over several weeks, but just stick with it step by step.
And we'll try to simplify it the best I can. And the key to good means will be practice and repetition. So in the next section, we're going to start off with the counting equations. So get ready for it. And I look forward to seeing you in the next lecture.