US GAAP Principles Mapped To The Balance Sheet Accounts. Fully Explained!

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  • čas přidán 29. 06. 2024
  • Whenever I look up US GAAP principles such as Accruals and conservatism, I often find Cold Hard definitions that lack context.
    But how do these US GAAP principles relate to the accounts on the financial statements? for example, what does the principle of accrual mean for the balance of accounts receivable? And what does the principle of conservatism mean for the inventory account?
    Videos Mentioned:
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    My video on Revenue Recognition: • CPA Explains Revenue R...
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Komentáře • 102

  • @patience123
    @patience123 Před 3 lety +31

    You are amazing! This is the way accounting should be tought.

  • @aarons7307
    @aarons7307 Před 2 lety +5

    I just watched two videos and I'm already convinced, that I will understand accounting much sooner than I thought. Great job on making it simple. 👏

  • @vanessaruelas1524
    @vanessaruelas1524 Před 3 lety +6

    Literally learning this in class this week and you made a video! Awesome!!

  • @diananolasco7475
    @diananolasco7475 Před 2 lety +2

    I use to watch your videos even way before going back to college and now that I have to complete an accounting course you surely will be my best friend. The business world needs more people like you that shares their knowledge to make a difference in the world.

  • @dulcem.hernandezg.4449
    @dulcem.hernandezg.4449 Před rokem +1

    I'm so glad, I came across your channel. Thank you for such great context and mentoring! ♥

  • @waboxter
    @waboxter Před 2 lety +1

    Really thorough explanation of all of the gaap principles, thank you!!

  • @LuzFraterno
    @LuzFraterno Před 3 lety +7

    I am loving your videos. These are great for those who are taking a professional exam (CPA, CMA, LPA, ABA).

  • @daianaseltzer8998
    @daianaseltzer8998 Před 2 lety

    This is amazing and so clear! Thank you so much for sharing!!

  • @albertrodriguez2712
    @albertrodriguez2712 Před 3 lety +2

    Great Video! First time I see someone explaining accounting the way it should be from a principles and theorical perspective!

  • @aruva8995
    @aruva8995 Před 3 lety +4

    Not only your professor, but no one might have taught like you. I love all your videos, all are in-depth which any book can teach .

    • @TheFinancialController
      @TheFinancialController  Před 3 lety

      Haha thank you!

    • @Gmmannn
      @Gmmannn Před rokem

      @@TheFinancialController Yes, you should write a book. I never reached this depth of understanding after graduating with an accounting degree.

  • @aaroacademy
    @aaroacademy Před rokem

    Keep up this great work! Well explained.

  • @user-sk2nc1wm8i
    @user-sk2nc1wm8i Před 2 lety

    Perfect! Thank you for the video! It's so helpful!

  • @iobtax
    @iobtax Před 2 lety

    Appreciate the video, very well thought out and right on the money

  • @mariamendiola7439
    @mariamendiola7439 Před rokem

    🎉 I love the music 🎶 it builds and the excitement for your valuable content (future CMA/CPA)

  • @evansjuma3831
    @evansjuma3831 Před 3 lety +1

    Many thanks Bill for this very useful and insightful content.

  • @arunprassath497
    @arunprassath497 Před 2 lety

    Your way of explaining the concepts is amazing which even the fresher will excel in it

  • @1La2La3La4La
    @1La2La3La4La Před 8 měsíci

    Love your videos , supported with examples. Thank you!!!

  • @jasonhoward279
    @jasonhoward279 Před 10 měsíci

    Trying to teach myself accounting before I go back to college for it. Thank you for what you do

  • @MrAbousy
    @MrAbousy Před 2 lety

    It's crystal clear, thanks.

  • @manuelmedina7969
    @manuelmedina7969 Před 5 měsíci

    I am an accountant with more than 15 years of experience, the way you confirm the balance of each account in the balance is accuratly what in any audit by internal or external requieres by issue an fiscal dictamen.

  • @amsiekam
    @amsiekam Před rokem +3

    Sir, You are an asset to anyone in the Accounting community. Thank you for sharing your wonderful knowledge!

  • @esperanzapadilla6314
    @esperanzapadilla6314 Před 2 lety

    You’ve been very helpful with all your contents. Please discuss the US GAAP on long term construction contract

  • @JC-zb7mr
    @JC-zb7mr Před 5 měsíci

    Excellent video - thank you

  • @manuelmedina7969
    @manuelmedina7969 Před 5 měsíci

    Great explanations.

  • @giorgilobjanidze8297
    @giorgilobjanidze8297 Před 2 lety

    Very good. Like other ones. A lot of thanks

  • @yinyin7614
    @yinyin7614 Před 2 lety

    Good as always.👍

  • @blackamericanlesbianprofes4357

    Thank you so much for sharing your explanations. Helpful! And thank you for the suggestions and links in the description. Date Stamp: 19may22

  • @ShawnBourne
    @ShawnBourne Před 3 lety

    Great video and nice accounting information.

  • @danielcarrasco300
    @danielcarrasco300 Před 2 lety

    Great video!, thanks 😁

  • @emidiorocha6026
    @emidiorocha6026 Před 2 lety

    Great explanation!

  • @mrfortunately3290
    @mrfortunately3290 Před 2 lety

    appreciate this man 👍

  • @vakilchirayu
    @vakilchirayu Před 3 lety +3

    clear and concise.. great insight

  • @raidenx3x
    @raidenx3x Před 2 lety +3

    Thank you so much! You are the best! Would you please make a video on supporting schedules in accordance with GAAP and IFRS?

  • @osamakhan2749
    @osamakhan2749 Před rokem

    East and west you are the best

  • @oscarvicente6090
    @oscarvicente6090 Před 2 lety

    Hi Bill! I am hoping you have time to discuss the kinds of depreciation of fixed assets. If possible to discuss until disposal or write off of FA

  • @charlesoparah3178
    @charlesoparah3178 Před 8 měsíci

    Hi Bill,
    Excellent presentation. Please let me know if you provide a video on "how to identify accounting and audit risk using GAAP, GAAS,IFRS, & PCAOB.
    This will be highly appreciated.

  • @tiamosobbir2150
    @tiamosobbir2150 Před 2 lety

    I just discovered your videos and you are a literal godsend. Would you be able to do a video on fund accounting by any chance? Like what it is, how to do it. Thanks so much.

  • @VinodVerma-mm4rj
    @VinodVerma-mm4rj Před 2 lety +1

    thank you so much, its really an informative video. the way you summarized the topic is very easy to understand. request you to please make videos on balance sheet reconciliation in real scenarios, means how we reconcile the balance sheet . methods and the approach in real working environment. will wait for your response. really will be great if you can provide knowledge on this topic. thanks

  • @siddhartharora2472
    @siddhartharora2472 Před 3 lety +1

    I m from India in class 12th right now
    And understood everything you explained ( please continue making these videos)
    Please make video on similarities and differences between ACCA and CPA.

  • @aarons7307
    @aarons7307 Před 2 lety

    I would like to learn best practices on company financial statements, when looking out for stock picking for value investments. Can you recommend one of your videos? Thanks!

  • @nelson6553
    @nelson6553 Před rokem

    Fantastic Content Bill - Hey if accounting for private co is being prepared using GAAP; how much flexibility is there when it comes to disclosure support?

  • @raidenx3x
    @raidenx3x Před 2 lety +1

    Thanks! Would you do a video on cash flow as well?

  • @lovetrump1088
    @lovetrump1088 Před 2 lety

    Thanks again, great to see the principles mapped to the B/S numbers like this. Also, just an observation for you, but at that 2:11 mark of video...when we talk about 19,008 and are talking "in millions"..that is actually 19 BILLION.
    In either case, old Crabcake's is doing great this year, must be lots of LockDown Take out for Crabcakes.....whether they sold either 19 MILLION or 19 BILLION! Thanks for all your vids...gonna have to visit your Courses next.

  • @user-sm1fh1iy4p
    @user-sm1fh1iy4p Před 8 měsíci

    Lord🙏🙏🙏🙏 I self taught most accounting concepts to me. And, that is SO motivating! College and tuitions were worth sh**.

  • @abdumamo3114
    @abdumamo3114 Před 3 lety

    I love ur videos❤️❤️ you are good man
    Ur accent is good it is like my Egyptian friend ❤️

  • @mjkhalaf2452
    @mjkhalaf2452 Před 2 měsíci

    You hit the 🐂 eye !!!

  • @jessiele521
    @jessiele521 Před 2 lety

    So great and meaningful. Coul you please send to me that excel file to research more about GAAP US? I really interested in GAAP US and want to know more this standard.
    One thing wanna ask. If I want to research full GAAP US, I should research which link to get full this standard. Kindly help and many thanks to you as well as your channel. It’s very helpful.

  • @jgomeza
    @jgomeza Před rokem

    i have a question about what you said in 6:10 about receivable... in the Column "accrual" says "recording revenue when cash is received". So, where do we must register the credit of the journal entry? We know debit part will be registered as Accounts Receivable but the other part in my opinion should be register as an accrual income. Under IFRS we must recognise an income provision up to we proof that the assets were transfered to the purchasing part, and only there we change the register up to revenue. Can you explain that part detaily? By the way.. thanks a lot for the video. You earn a new follower. 👍

  • @benderbendingrofriguez3300

    Could you do a video explaining how they did accounting before computers? Like using the Books of account such as General Ledge, Payroll Ledge, Columnar book, and so on?

    • @TheFinancialController
      @TheFinancialController  Před 3 lety +1

      Interesting idea!! Ok

    • @janeh5949
      @janeh5949 Před 10 měsíci

      we used the green columnar pad and a good calculator, that's how! : ) Blessings!!

  • @shaileshmodi827
    @shaileshmodi827 Před 3 lety +2

    👌Kindly make a video for R2R/Fpna From the practical prospective as well. Thanks

  • @alfredoramirez3730
    @alfredoramirez3730 Před 2 lety

    Could you do a quick video of any account books you have ?

  • @pradeepbhadana
    @pradeepbhadana Před 3 lety

    Great video..
    Absolute joy..
    One quick observation... All figures are in 000's and not in millions...Else you are reading them wrong... It would be read as billions..

    • @TheFinancialController
      @TheFinancialController  Před 3 lety +1

      Good catch! Though the focus is not the numbers

    • @pradeepbhadana
      @pradeepbhadana Před 3 lety

      @@TheFinancialController couldn't agree more. Would like to thank you again for such great presentation and content. Good luck for future vids ☺️

  • @rajeevranjan64041
    @rajeevranjan64041 Před 2 lety

    Nice

  • @kaushaljha2373
    @kaushaljha2373 Před 2 lety

    Please make a video on deferred rent

  • @samseervanhattum5561
    @samseervanhattum5561 Před rokem

    Great video, would it possible to receive the file as a cheat sheet?

  • @abdelhadiredouane4973
    @abdelhadiredouane4973 Před 3 lety

    I graduated from the university finally with a good Mark 15.55/20 😁

  • @erinbsullivan444
    @erinbsullivan444 Před rokem

    Hi Bill,
    What should I do if the auditor put to much in accrued liabilities for 2021? I can’t reverse the JE or it will significantly reduce one of our expense accounts.
    Another accountant told me that I can never touch owners equity?!? Wouldn’t I put the over accrued amount to the equity account called prior period adjustments?

    • @TheFinancialController
      @TheFinancialController  Před rokem +1

      I think both options are valid (equity or credit to current year expenses) so just confirm with your auditors which one they find suitable for current year audit

    • @erinbsullivan444
      @erinbsullivan444 Před rokem

      @@TheFinancialController Ok. Thank you!

  • @FetaDailyNewsET
    @FetaDailyNewsET Před 4 dny

    But i dont think we can write down inventory valuation on gaap

  • @ktthoa1303
    @ktthoa1303 Před 2 lety

    It's very usefull, and appreciate that if you can speak slow down a little bit 😅😅😅

  • @MyDanikaka
    @MyDanikaka Před 3 lety

    Nice Informative Viedo !!! Please Do make a viedo on IFRS VS US GAAP highlighting's Key important points for Interview purpose like valuations,principle,recongnition,accrual etc.
    #tcw786 #BT

  • @salahuddinahmed246
    @salahuddinahmed246 Před rokem

    . If someone is asking me about my experience and knowledge of generally accepted accounting principles and practices (GAAP) for use in the development of budgets and spending plans- what should be my reply?

  • @abhinavpandey3022
    @abhinavpandey3022 Před 3 lety

    Is there job opportunity in USA for foreigners(from Asia) after completing US CMA ?

    • @TheFinancialController
      @TheFinancialController  Před 3 lety

      It’s not about the certificate as much is about the experience. Get some good relevant experience that teaches you the actual work

  • @abdulhamiddankwara3594

    Hello sir, I need your assistance, i want to buy accounting books that will guide me in my accounting career. can you please itemize it for me.

  • @michaelnguyen7081
    @michaelnguyen7081 Před 3 lety

    What a dramatic intro :))

  • @selunrad1276
    @selunrad1276 Před 2 lety

    Please share your website. Thank you

  • @404TRUCKERTV
    @404TRUCKERTV Před 2 lety

    Take notes, if you're taking intermediate, this is all on your test. lol

  • @myklelape2494
    @myklelape2494 Před 9 měsíci

    Your view on conservatism is wrong

  • @majd9956
    @majd9956 Před 3 lety

    Great video!
    and btw, is there any social media account or email where i could reach out to you for an advice ?

    • @TheFinancialController
      @TheFinancialController  Před 3 lety

      My email is in my About section on CZcams

    • @majd9956
      @majd9956 Před 3 lety

      @@TheFinancialController
      I didn't see it, I have sent you a message on Instagram since i follow you there, hope you don't mind. 🤗