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Accounting Explained: The basic concepts you should know
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- čas přidán 7. 08. 2024
- If you are just starting out as an accounting student or professional, check out this video where I lay out the basic concepts of accounting and walk through the 3 main financial statements.
We will cover:
The Income Statement
The Balance Sheet
The Cash Flow Statement
Flow of data
And more….
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amazing clarity.
Thanks rohit!
I have always thought of accounting as not necessarily math, but rather organizating financial information of a business. This video is really good.
Thanks Ross
I would love to see a video in which you explain the cut off procedures, how to properly analyze each financial statement in order to valuate a company, and how we can optimize a company's operations / expenses based on the analysis of the financial statements. Thank you and keep posting, your videos are extremly useful!
Thanks! I appreciate your video ideas, keep them coming! I will make sure to cover these topics in the near future.
Hi! I'm a french management controller and i improve my english with your videos ! thank's a lot ! :)
Well that makes me very very 😃
I couldn't help but to think of a "stick man" walking away with a "brief case" marked, Retained Earnings. 😎 I really needed to hear this is plain, plain terms. It helps with "not stressing" over accounting fundamentals. This stuff is still very difficult for me. I'm struggling, but then again, I am doing better day by day. Again I'm an accountant in Pampers. Thanks for the Gerber. No, really. This stuff is hard (to me anyway). Keeping it real. I read the other man's comment. I'm nowhere near there yet.
I am glad it’s helpful
I have been doing assistant management accounting positions for a while and then moved to a data analyst position for the last 5 years and lost some of the core principles of accounting..I have been watching your videos religiously to gain the fundamental knowledge back and start my ACCA exams and landed myself a management accountant job here in the UK..I just want to say you can hardly find a channel to explain things with clarity the way you do and I hope one day when I am qualified I will capture this niche market and do the same..keep uploading brother..I wish you nothing but more success!!
Thanks brother
I find your videos really helpful as a junior accountant. Thank you and please keep them coming :)
Thanks 🙏
This explenation was so helpful! I am preparing for an interview for a placement year and I thought to review all the topics I had done through out my first year of Uni. Your explenations have been so clear that I won't have to spend too long on reviewing my notes. Thank you for your exceptional job!👍
Thanks for the kind words Diana!
I just switched from a non accounting job to an accounting job with the Big 4 and this is the refresher I needed!
Im a young student in college currently and i loved this whole video, cant wait to learn more thank you
Thank you, really appreciate your simple and amazing way of representing 🙏
Glad you liked it;)
I've heard corporate finance and tax are the "harder" subjects for accounting students. I will be checking out your other videos to see if there's anything there that can help me prep for school as I do not have any prior accounting knowledge. This video helped me a lot.
Excellent video. This really helped me alot. Thank you!
Great!
Amazing video. Thank you so much for your content. I am in Talent Acquisition. It helps me so much. Kudos!
This makes so much sense... really good!
Thanks
Amazing sir. I love all your videos
Very well explained
Thanks Sir.
Thank you for such a amazing and detailed video.
Thank you!
Thank U!
Please give us a lecture on business taxation.
Great! Thanks 😁
You are just amazing!! Thank you for the explanation. :) :)
Thanks Greice!
Thanks a lot....makes lot of sense.
You are welcome!
Thank you for your videos, they are very helpful!! Can you cover revenue recognition?
Sure. I did a bit of that in a recent video
I like your channel. Can you do a video on treasury operation or management, with a focus on hedging via derivatives. I am curious how it works in practice, not just theory.
Will do
Love it. I want to by a existing business. How do I analyse it, do know if it will be profitable in the future? Thanks :)
Hi Bill, if you could create a video on the roles of a financial controller vs an accounting manager would be great. Thanks
Sure
awfuly nice of you thanks for this video i really like it
Glad you liked it :)
Hello Bill, Thank you for all your videos which have been amazingly helpful.
I'm starting my way up to accounting and just watched this video that covers so much of the ground and explains principles clearly. As I said, I am new and there is one thing I would love you to clarify for me please. So last part of video which is CASH FLOW statement, we start with Cash received from customers which is 30, 000. And my question is why at the end it says the Beginning Cach is 35, 000? Is it because you add 5,00 of outflow? Sorry for my misunderstanding. I would apprecieate a lot if someone could make it clear for me. Thank you for all your help!!!
I haven't understood that too!! at the bgin you have 30K and in the end is like you have 5K out right?
Could you explain why capex would affect or not the operating cash flow in a usgaap.
Can you please do a video of due to/from? Break it down in detail.
Can you talk more about Depreciation and amortization, all in relation to Capital gains tax?
Im an undergraduate and i really need some help. thank you so much for your guidance
Thanks for watching
Can you do a video on account reconciliation? I get sometimes.
Thank you for a very awesome video!
Glad you liked it!
@@TheFinancialController been watching your videos since morning gosh very helpful🥺 thank you big time!❤️
Thanks Mar!!
I am looking for a video on Cash Flow including Cash Flow projections / forecasts.
Hi Bill. Thanks for this educative video. Kindly make one on Payroll calculation & its statutory deductions. Cheers!
Also wanted to ask, when is your birthday?
Thanks will do Annie. Last week of November:)
Hello sir,
I'm from India,kerala.
Iam try to get a job for junior accountant.
So it's very helpful vedio for me .
Thank you so much.
Keep going
Thank you!
Please do a video on inventory
Bill, it would be nice to post cost accounting and management accounting video. At this moment, I am looking for a job at manufacturing company,but do not have expertise.in cot and management.accounting
Thanks Rama will do in the near future
Accrued Expenses/Taxes - Do you have a lesson on this subject? Thank you.
I love his presentation
Thanks Nigel!
@@TheFinancialController I'm an accountant too. I stumbled onto your channel a couple days ago. I must say excellent delivery. Could i contact you if I have any questions or need any insight with certain topics?
Sure. Email on my profile and also website. But due to tight schedule I usually address questions via making a video so I can teach everyone versus teaching one person :)
did you explain the DuPont analysis? I would really love to see a video about it.
Will do
@@TheFinancialController Sound good,thank. Another thing, could you make a video about the history of accounting and why Debit is written as DR, and credit is written as CR?
The light just came on about EBITDA. 🌤️
Great!
What size of company did you work with? MNC / SME?
Mostly SME. Only one large corp for 2 years.
Love your content and detailed explanations. My only oneee little thing is if you could reduce the amount of ammm's, uhhh's that would be great 😅🤦🏽♀️🤦🏽♀️it's just a bit distracting but other than that, great work!
Hi :) very valid feedback, thank you! I improved in my newer videos. Let me know what you think ;)
@@TheFinancialController I noticed that 😀 and meant to tell you 😃
Could you please make a video on Balance sheet reconciliations
Sure
How was beginning cash on the cash flow statement $35,000?
Would you information systems is a good minor for accounting?
Yes
@@TheFinancialController what area of accounting would it be best for? Or would it be a good addition to any direction I would go in accounting? Thank you for your videos btw!
IT audit, financial systems and also even controllership
How come the beginning cash is $35k and ending cash is $30k. Can you explain how you came up with the #'s
im new to accounting so my interpretation may be incorrect, but this is how i understood it:
- calculate total cash from each section: Operating, Investing, Financing
- Operating: 10,000
- Investing: (5,000)
- Financing: (10,000)
- add all section totals. note that parentheses means negative.
10,000 + (-5,000) + (-10,000) = -5,000 aka (5,000)
- the sum of the section totals in your cash flow statement is the total cash in/out flow.
- beginning cash is an account. its number is how much cash a company actually has. it was not really calculated in the example since it was already given
- in order to find ending cash to update the cash account, you must add the total cash in/out flow with the beginning cash
35,000 + (-5,000) = 30,000
so 30,000 is ending cash
im an accounting student and have all this stuff but already forgotten everything, I have really bad memory. I am fucked right?
Who is still watching in 2024
thank you for the video the ummm repeating is causing me not to be able to focus.
I’ve got much better over the years 😂