Accounting: 32 Things YOU SHOULD KNOW
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- čas přidán 27. 07. 2024
- 💥Accounting Cheat Sheets → accountingstuff.com/shop
🖊Accounting Practice Questions → accountingstuff.com/practice-...
In this video I share 32 things you should know about Accounting. These core concepts and definitions are key to understanding how Accounting works.
🔴Subscribe for more Accounting Tutorials → geni.us/subtothechannel
⏱️TIMESTAMPS
00:00 - Intro
00:17 - 1. Financial Accounting
- Video: • ACCOUNTING BASICS: a G...
00:57 - 2. Single-Entry Accounting Method
- Video: • How To Start Bookkeepi...
01:24 - 3. Double-Entry Accounting Method
- Video: Coming soon!
01:47 - 4. Accounting Equation
- Video: • The ACCOUNTING EQUATIO...
02:03 - 5. Assets
- Video: • What are Assets? (Let'...
02:22 - 6. Liabilities
- Video: • What Are Liabilities? ...
02:45 - 7. Equity = Net Assets
- Video: • What Does Equity ACTUA...
03:15 - 8. What is Equity made up of?
- Video: • What Does Equity ACTUA...
03:32 - 9. Retained Earnings
- Video: Coming soon!
03:56 - 10. Withdrawals
- Video: Coming soon!
04:11 - 11. Profit
- Video: • The INCOME STATEMENT f...
04:29 - 12. Revenue
- Video: • The INCOME STATEMENT f...
04:38 - 13. Expenses
- Video: • The INCOME STATEMENT f...
04:49 - 14. Expanded Accounting Equation
- Video: • The KEY to Understandi...
05:05 - Cheat Sheets and Practice Questions
- Cheat Sheets: accountingstuff.com/shop
- Practice Questions: accountingstuff.com/practice-...
05:26 - 15. Debits and Credits
- Video: • ACCOUNTING BASICS: Deb...
06:36 - 16. DEALER
- Video: • DEALER: The Number 1 H...
07:09 - 17. Debits and Credits aren't backward
- Video: • Why Debits and Credits...
08:06 - 18. Cash Method vs Accrual Method of Accounting
- Video: • Accrual Accounting: Ho...
08:56 - 19. GAAP vs IFRS
- Video: Coming soon!
09:15 - 20. Revenue Recognition Principle
- Video: • Revenue Recognition Pr...
09:40 - 21. Matching Principle
- Video: Coming soon!
10:04 - 22. Journal Entries
- Video: • How JOURNAL ENTRIES Wo...
10:44 - 23. Accounts
- Video: • T Accounts Explained S...
11:05 - 24. General Ledger
- Video: • GENERAL LEDGER: Visual...
11:24 - 25. Chart of Accounts
- Video: Coming soon!
11:49 - 26. Trial Balance
- Video: • The TRIAL BALANCE Expl...
12:10 - 27. Adjusting Entries
- Video: • Prepayments and Accrua...
12:35 - 28. Financial Statements
- Video: • FINANCIAL STATEMENTS: ...
12:56 - 29. Balance Sheet
- Video: • The BALANCE SHEET for ...
13:31 - 30. Income Statement
- Video: • The INCOME STATEMENT f...
14:05 - 31. Link between the Income Statement and the Balance Sheet
- Video: • The KEY to Understandi...
14:40 - 32. Cash Flow Statement
- Video: • The CASH FLOW STATEMEN...
15:22 - Outro
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#accounting #accountingbasics #accountingstuff
So many things to know! If I missed any out then please do share.
Timestamps and video links:
00:00 - Intro
00:17 - 1. Financial Accounting
- Video: czcams.com/video/yYX4bvQSqbo/video.html
- Cheat Sheet: accountingstuff.com/shop/accounting-cycle-cheat-sheet
00:57 - 2. Single-Entry Accounting Method
- Video: czcams.com/video/i8RIh04AaD8/video.html
- Cheat Sheet:
01:24 - 3. Double-Entry Accounting Method
- Video: Coming soon!
01:47 - 4. Accounting Equation
- Video: czcams.com/video/56xscQ4viWE/video.html
- Cheat Sheet: accountingstuff.com/shop/accounting-equation-cheat-sheet
- Q&A: accountingstuff.com/practice-questions/accounting-equation-question-pack-1
02:03 - 5. Assets
- Video: czcams.com/video/rOsuqG_J0t4/video.html
02:22 - 6. Liabilities
- Video: czcams.com/video/fKRwT10Sszc/video.html
02:45 - 7. Equity = Net Assets
- Video: czcams.com/video/Fr5oHEYrT2A/video.html
03:15 - 8. What is Equity made up of?
- Video: czcams.com/video/Fr5oHEYrT2A/video.html
03:32 - 9. Retained Earnings
- Video: Coming soon!
03:56 - 10. Withdrawals
- Video: Coming soon!
04:11 - 11. Profit
- Video: czcams.com/video/0--AvwZabIQ/video.html
- Cheat Sheet: accountingstuff.com/shop/income-statement-cheat-sheet
- Q&A: accountingstuff.com/practice-questions/income-statement-question-pack-1
04:29 - 12. Revenue
- Video: czcams.com/video/0--AvwZabIQ/video.html
- Cheat Sheet: accountingstuff.com/shop/income-statement-cheat-sheet
- Q&A: accountingstuff.com/practice-questions/income-statement-question-pack-1
04:38 - 13. Expenses
- Video: czcams.com/video/0--AvwZabIQ/video.html
- Cheat Sheet: accountingstuff.com/shop/income-statement-cheat-sheet
- Q&A: accountingstuff.com/practice-questions/income-statement-question-pack-1
04:49 - 14. Expanded Accounting Equation
- Video: czcams.com/video/_F6a0ddbjtI/video.html
- Cheat Sheet: accountingstuff.com/shop/accounting-equation-cheat-sheet
- Q&A: accountingstuff.com/practice-questions/accounting-equation-question-pack-1
05:05 - Cheat Sheets and Practice Questions
05:26 - 15. Debits and Credits
- Video: czcams.com/video/VhwZ9t2b3Zk/video.html
- Cheat Sheet: accountingstuff.com/shop/debits-credits-cheat-sheet
- Q&A: accountingstuff.com/practice-questions/debit-credit-question-pack-1
06:36 - 16. DEALER
- Video: czcams.com/video/5Y3wjH-6gHk/video.html
- Cheat Sheet: accountingstuff.com/shop/debits-credits-cheat-sheet
- Q&A: accountingstuff.com/practice-questions/debit-credit-question-pack-1
07:09 - 17. Debits and Credits aren't backward
- Video: czcams.com/video/ddb65RudGi0/video.html
- Cheat Sheet: accountingstuff.com/shop/debits-credits-cheat-sheet
- Q&A: accountingstuff.com/practice-questions/debit-credit-question-pack-1
08:06 - 18. Cash Method vs Accrual Method of Accounting
- Video: czcams.com/video/C8UuX75ZarU/video.html
- Cheat Sheet: accountingstuff.com/shop/cash-accrual-cheat-sheet
- Q&A: accountingstuff.com/practice-questions/cash-vs-accrual-accounting-question-pack-1
08:56 - 19. GAAP vs IFRS
- Video: Coming soon!
09:15 - 20. Revenue Recognition Principle
- Video: czcams.com/video/37PPccwsYJI/video.html
09:40 - 21. Matching Principle
- Video: Coming soon!
10:04 - 22. Journal Entries
- Video: czcams.com/video/Y-_Q3rANyxU/video.html
- Cheat Sheet: accountingstuff.com/shop/journal-entries-cheat-sheet
- Q&A: accountingstuff.com/practice-questions/journal-entry-question-pack-1
10:44 - 23. Accounts
- Video: czcams.com/video/kA9snSvCgW8/video.html
- Cheat Sheet: accountingstuff.com/shop/t-accounts-cheat-sheet
- Q&A: accountingstuff.com/practice-questions/t-account-question-pack-1
11:05 - 24. General Ledger
- Video: czcams.com/video/Fu8zGee1SZw/video.html
- Cheat Sheet: accountingstuff.com/shop/general-ledger-cheat-sheet
11:24 - 25. Chart of Accounts
- Video: Coming soon!
11:49 - 26. Trial Balance
- Video: czcams.com/video/3_PfoTzSCQE/video.html
- Cheat Sheet: accountingstuff.com/shop/trial-balance-cheat-sheet
- Q&A: accountingstuff.com/practice-questions/trial-balance-question-pack-1
12:10 - 27. Adjusting Entries
- Video: czcams.com/video/H0N7tvXuJlU/video.html
- Cheat Sheet: accountingstuff.com/shop/adjusting-entries-cheat-sheet
- Q&A: accountingstuff.com/practice-questions/adjusting-entry-question-pack-1
12:35 - 28. Financial Statements
- Video: czcams.com/video/Fi1wkUczuyk/video.html
12:56 - 29. Balance Sheet
- Video: czcams.com/video/CMv1zlZhb4Q/video.html
- Cheat Sheet: accountingstuff.com/shop/balance-sheet-cheat-sheet
- Q&A: accountingstuff.com/practice-questions/balance-sheet-question-pack-1
13:31 - 30. Income Statement
- Video: czcams.com/video/0--AvwZabIQ/video.html
- Cheat Sheet: accountingstuff.com/shop/income-statement-cheat-sheet
- Q&A: accountingstuff.com/practice-questions/income-statement-question-pack-1
14:05 - 31. Link between the Income Statement and the Balance Sheet
- Video: czcams.com/video/_F6a0ddbjtI/video.html
14:40 - 32. Cash Flow Statement
- Video: czcams.com/video/DiVPAjgmnj0/video.html
- Cheat Sheet: accountingstuff.com/shop/direct-cash-flow-statement-cheat-sheet
- Q&A: accountingstuff.com/practice-questions/cash-flow-statement-question-pack-1
15:22 - Outro
hey james what softwares do you use to edit your videos
Final Cut Pro@@Davidmsimuko790
Retired accountant here. Excellent video. There's so much and it's pretty confusing at first to learn accounting. You've laid it out clearly and concisely. This is a great resource for students, entrepreneurs and anyone who would like to understand what their accountant is doing. Great job. Also great that you've created sections to easily find what you need.
Thanks for the lovely feedback!
Hei
U said u are retired accountant. 😢. Is it a challenging career?
One more question.
If i finish here on CZcams the whole cours, can i apply for an accountant job? What is the purpose that he created for us 6h long video?
Thanks for helping.
Norway.
@@davidtiger It's challenging. You won't get a job from CZcams learning. This channel is an excellent study aid.
@@crisfield4364 hei
Thans for honest reply. I am very disappointed. But i already had a feeling that it can't be so easy. Now I have changed my perspective about CZcams videos dramatically. U woke me up.
I deletet all my files from PC from my favoritea on CZcams about becoming an accountant.
This a problem with CZcams. We watch enthusiastic videos and have no clue that videos on CZcams has a little to do with real studies.
Konstantin
How smooth is the transition from being an accountant for a firm to working for yourself?
Accounting is the language of business..💯
Indeed
Agreed
Warren Buffett
@@AccountingStuffyou mentioned journal entries. Where do SJ, CPJ, SRJ, and other journals fit in? Sales journal et
会计是一种商业语言😂
This is by far the best channel on Accounting. I had to learn GAAP to take over my parents business that they ran for 50 years as a Sole Proprietorship using single entry accounting. It has been a mess trying to transition into modern double entry accounting but this CZcams saved my sanity! 💝🥳🎊🎉
Good effort, you've got this!
Awesome one!
Your videos are actually such a game changer for me. The way you structure videos is just A+ and you make it so simple for everyone to understand. Hope you keep posting!!
Thanks! It's great to hear that you're finding these helpful
Only thing you left out is literally holding my hand in my accounting class.
You've got this!
I love your videos I am doing CPA exams here in Ireland and most of the time I go to your channel to get a better understanding of things my lecturers teach me 😊😊
Best of luck with your CPA!!
If I were to watch this when I started my accounting few years back. This could have made my life so much easier. Thanks for the big picture of accounting, it is a well-presented video with great flow! 💯
Thanks for your kind words!
I've been going through your accounting basics and they've been extremely helpful. Starting school in the winter-term to finish up my associate's degree in accounting as my bachelor's in something else and these videos are helping me get ahead of the curve and refresh myself. Plus, they're helping me get to a point where I just flat out feel confident enough to start applying for accounting jobs.
That's great to hear!! All the best in your studies
This is a fantastic summary and very helpful to a non finance entrepreneur. Will go through the detailed videos in the description
Thanks, great to hear your enjoyed it!
Great video again! Thanks a lot for all this clear content and very insightful explanations!
Thanks, glad you enjoyed it!
I am working towards my goal of operating a virtual bookkeeping/accounting service and your channel is a gem.
Good on you! Best of luck with it all
It's the best video on the subject. I have to revisit this from time to time to refresh my understanding of debit/credit
Thanks, I'm glad you found it useful
Great videos overall. The best explanations I have ever come across.
Thanks, I'm glad you're enjoying them
Love all the accounting videos you made for us and they are all awesome! I watched all of them!! Very easy to understand. When you get chance if you could make a video of BAS it will be really appreciated 🙂 I will keep supporting you here
Thanks for your request! I'll keep this in mind for future videos :)
This video is amazing! I'm currently an Accounting freshman and our classes will start this week. Thank you so much for being so good at teaching accounting 💜💜💜
All the best in your studies!
Good luck accounting is a great field
pup student?
@@zofx8913 umm yes, I'm from PUP hahaha
Thank you so much James for all your hard work!! You are the truly the BEST resource. Can you please make more content on managerial accounting? the different principles/ reports/ etc... thank you SO MUCH.
Thanks for your request! I'll keep these topics in mind for future videos :)
OMG! You're back!! FANTASTIC! (I haven't looked but.... SO happy you've posted this! Will check more often!)
Thanks, I plan to post more so stay tuned :)
Thank you so much James for your good content. Today I understand accounting from start to scratch because of you. God bless you brother. 🤞🏾❤️🙏🏾🙇♂️
No worries, great to hear it's clicking for you
hey James! Appreciate the hard word man, just finished ur accounting basics playlist.
I really want to thank u for making everything clear and simple. The only things I would like u to make more videos about are depreciation&amortization and contra asset acounts, these are the only 2 topics I'm still kinda skeptical about.
Hope this comment will get ur attention, and thank you for all ur efforts
Well done on making it through the playlist! Thanks for your requests. I'll keep these topics in mind
Simple and clear. Love it, helps me a lot. Financial was always a key factor that I had to improve to understand better my current role in the company. Thank you
Great to hear you found it useful!
James your videos are truly life saving. I am a sophomore accounting student and I would not been able to make it this far without your help. I was wondering if you could do a video on uncollectible account expenses.
Thanks for your request and all the best with your studies!
Thank you for making these videos, it really helps.
No problem, great to hear you're finding them useful!
Thank you so much for your helpful informative video!
You're very welcome :)
The best crash course on accounting so far! One thing to correct, though, even when using cash method on the p&l the statement of cash flow is still different as it includes all money going in and out even paying liabilities for example that isn't on the p&l.
You are correct, I meant to say that cash flow from operating activities mirrors the income statement. My bad!
Well explained thank you . Keep on.
Thanks, will do!
Thank you so much for the post! it's been so long I hope you post more often. I'm looking at becoming a bookkeeper once I get an associate degree in accounting. I live with my parents so I don't need to make a ton of money but do you think I should get a bachelor degree in accounting and then get a job?
thank u very much u have helped me alot with my test and also understanding the basics
No worries, hope the test went well!
I'm totally speechless. You're such a genius in explaining accounting. I have watched your other accounting videos also, they're all fantastic!!
You're too kind! :)
That's incredibly for everyone to follow-up your video
No worries :)
I'm Brazilian and I'm applying for some accounting positions that requires english, and so far I only had studied Accounting in Portuguese. Your videos are helping me a lot with vocabulary =D Thank you!
Best of luck with your job hunt! Hope you land something soon
Hey Nando, i'm in the same situation!! I'm trying to get ACCA exams from Brazil. I wish can work in UK in the next future.
Are you interested in creating a group on international accounting positions?
@@danielmontenegro8929 actually I'm looking for financial position that requires a lot of knowledge on accounting xD
@@danielmontenegro8929 Good luck 😃
I am a new student of Accounting.....and your videos helping me a lot. Cool videos.
Thanks! All the best in your studies
Thanks bro I was literally gonna recap on debit and credit as I was having a hard time at class.
Just in time then! Hope this helps :)
Excellent video. Summarised entire accountancy
Glad you enjoyed it!
I'm loving these videos, thank you so much for creating them. Would you consider please doing one for doubtful debts/bad debts? I have watched quite a few videos but just can't seem to grasp it and I really resonate with your style of teaching so was hoping you could do one. I mostly get it but just not the Bad Debts/Allowance for Doubtful debt accounts and journal entry. I think I understand the Allowance for Doubtful Debts, but where does the Bad Debts account come from? Many thanks!
Thanks for your request!
would love to see a video on cost accounting ( cost classification in particular direct, indirect, fixed, etc).
Also, you are a legend!
Thanks for your request!
you are doing great.. please keep making videos
Thanks, will do!
It reviewed a lot of my lessons that I forgot it long ago ❤
Nice one, hope jogged your memory!
Thank you for this video's, actually it's been 5 to 6 month i started following you for educational purpose. I love your way of teaching this helps me a lot in study as well as in job in MNC. Where we have to prepare Financial as per IndAS.
No worries, all the best in your work and studies
Brilliant as always
Glad you enjoyed it
I'm a native Spanish speaker. Came here to learn some accounting terms in English and ended up learning a lot about accounting as well... Excellent video... Thanks a lot.
Glad you enjoyed it! Can't be easy to learn accounting in a second language. So much terminology!!
Nice video. Where can I find chart of accounts in excel format to download?
I love this! ❤
Thanks!!
If possible could you please please please please PLEASE do a video on the consolidation of financial statements and /or on management accounting basics.
Thanks for your requests!
Great video
Thanks!
I have watch your videos for a long time. Just started high school in Belgium and we have to watch your videos in the accounting lessons 😂
No way, hope they are helping
Can you do a comprehensive 5hr perhaps video on all 11 Accounting Principles? You are the most fun and best accounting teacher I have ever seen! 🧑🏻💼💯🏀
Thanks for your request! This is the closest thing I have atm: czcams.com/video/gPBhGkBN30s/video.htmlsi=spmG6sP4G15ALdZN
im blessed with your vedios i had so many calculation in my exam with taxes with no calculator an im bad with multiply so i had my exam so bad but still love yor vid
Hope it went better than you expected
An amazing new video,Winnie is still sweet ,Thank You for the video
Thanks! She's a little terror
I use simple cash based accounting for a couple of rental properties. I like the idea of the accrual system, but not sure if there would be much advantage for me.
There's a decent amount of extra work involved
thank youu!!
You're very welcome :)
Thank you for the great video 👍.
I wish you were the accounting professor at my university 😢.
Glad you enjoyed it :)
i forgot to turn on notifications and thought i lost your channel thank god for youtube throwing your video on my feed
Thanks for watching :)
Excellent
Thanks!
Great work bro! Armenia loves you ))))
Thanks! All the best
Could you make a video on AUA/ bad debt expense
Thanks for your request!
Can you please please start making videos on consolidated statements + management accounting as well, please 🙏
Thanks for your requests!
I do appreciate your effort and I'm learning a lot.
Currently, I'm working as an AR and I'm failing to understand the AR Age Analysis. Current: 1-30: 31-60: 61-90 and over 90 days.
I'm failing to understand the figures, As you will find a tenant is being invoiced 1000$ monthly.
At current 2 500$, 1-30 0$, 31-60 2300$, 61-90 -450$, over 90 5000$
I don't understand how those figures are calculated.
Can you plz do a video about AR AGE ANALYSIS?
Thanks for your request!
would it be possible to have a video on reduction of capital, showing all the relevant T-account entries, from a channel which has given me the best tuition in book-keeping and financial accounting.?
Thanks for your request!
can you make a video on bad debt allowance and write offs pls
Thank you very much sir. Love from Pakistan
No problem, you're most welcome :)
Hey there, can you make a video on Conceptual Framework of Accounting
Thanks for your request!
It's interesting that credits is considered a source money is coming from! at the same time that it represents what you have to pay out!
Think of it like this.. you can fund a business through owner's cash (Equity), borrow money (Liabilities) or income generated by the business (Revenue).
Do you recommend any efficient and reliable channel for stock marketing investments explanation. I watched all your videos recommended by my professor at the university but I couldn’t find here anything related to stocks. I would really appreciate it.
I try to avoid talking about investing or financial advice on this channel. Sorry I don't have anyone to recommend to you
Hi James bro, Kindly requesting you to upload video on US GAAP Course. I am expecting US GAAP sessions from you
Thanks for your request! I'll keep this in mind for future videos
@@AccountingStuff thanks bro
No problem@@bhaskerchitti9505
Can you do manufacturing accounting/operation?
Thanks for your request!
Hey James,can you drop a video about Partnership Accounts ,,,PLEASE
Thanks for your request!
@@AccountingStuff I appreciate you James
I'm really glad that I came across this channel God sent you to me!
Great to hear you're finding it useful!
hello could you pls do MA also? its kind of difficult!!
Thanks for your request!
Hi have you posted a video avout the accountants worksheet??
Not yet, I'll keep it in mind though
@@AccountingStuff ok plz and thank you love the videos by the way really helpful for my tertiary education.
Thanks! Great to hear you're finding these helpful. All the best in your studies@@mrjhonxx9072
@@AccountingStuff thank you much appreciated 🙏
6:30 why debit accounts increase when debit increase and decrease when credit decrease?, s.o help me please, i still dont get it
You can learn more about that in this video: czcams.com/video/5Y3wjH-6gHk/video.htmlsi=M9FtHG0UXEmsQifs
Long time No See...
I've been making a whole bunch of shorts, but will return to the longer videos now
Do statement of comprehensive income
Thanks for your request!
Im from Bangladesh. 🇧🇩
do not stop ...... go go go
🏃♂
I don't know what to comment bro just 👏
All good! Hope you enjoyed it
2:46 WOW
Legend
Thanks!
@@AccountingStuff I graduated in accounting last year june been working in credit control now for experience on CV Looking to get into accounting by end of year but feel scared and not confident enough
You've got this!
Video not displaying correctly. No visuals aids. Please fix.👍🏾
Is there an issue with your internet?
Getting the CPA is hell. I took 3 of the 4 and failed all of them. Two in the 60's, 1 in 50's
Sorry to hear that. Are you going to have another crack at them? Best of luck!
❤
❤
Thank u macalinkeyga
Wr halkee jogta sxp
👍👍👍👍👍
👍
Is this Australian accounts?
These are basic accounting concepts which are universal
Wait....is that a Border Terrier on your lap?
She's a miniature schnauzer
I am learning accounting and I like it but feel like everything is done backwards in it.
You've got this!
@@AccountingStuff thanks just started T-account in Monopoly
✨❤
CosmoPAWlitan. Classic.
🐾
Bro thanks 🫡✌️
You're very welcome :)
oh i feel too stupid((( why is it 8k and 13k on 11:00??????
Those are opening balances that have been brought forward from the end of the previous accounting period.
When I think of accounting, I think of ACCA / ICAEW
Did you do either of those?
FCCA
💞💞💞🥰
I like that. ***!!!!--- DEALER ---!!!!***
Hope its useful!
@@AccountingStuff Yes sir thank you.
YOU MISSED OUT A VERY CRUCIAL POINT - that there are 3 account - Personnel, Nominal & real
Thanks for pointing this out
I guess we have 2 things in common now... I have a Schnauzer too :) Thank you for your videos!
Aww, love Schnauzers!
😂😂😂 nice acc
Nibbly lil pup
She sure is!
the funny things is the dog wanna eat your hands
She's still a puppy
Why your dog biting your fingers??😐
She was teething when I filmed this :)
This AccountingStuff is really into AmazingStuff
Love it!