⏱️TIMESTAMPS 00:00 - Intro 00:17 - Balance Sheet Definition 00:33 - What is a Basic Balance Sheet? 01:15 - What is a Detailed Balance Sheet? 02:18 - How to Make a Basic Balance Sheet 05:11 - How to Make a Detailed Balance Sheet
Bro my professor tells us to make group presentations and lets my classmates and I teach/present to eachother while he scrolls through tiktok😭 Like damn, if i knew this was the case, I wouldn't have enrolled and just go to the public library. Less time and money wasted
Just wanted to say THANK YOU, a year ago I got a job because of you, as one of your videos ended-up having all the answers to the questions the interviewer asked me : D. I laughed inside during the interview as I said " this guy saved my a**"
Damn, literally explained everything I needed to know about balance sheets in a 7 min video, waaaaay better than my uni lecturer did in 1.5 hours. Engaging, clear and concise!!! 10/10 from me. :)
I will be taking Accounting this spring for my MBA here in Canada and your teachings have been absolutely brilliant. I am certain to have the best result!!
James! Your videos are one of the most useful things in learning accounting! They have helped me a lot and I am very grateful for your channel! I wish all the bests to you! I hope this channel booms in popularity as anyone needs some basic accounting info to be financially literate!
Thank you for these videos, really makes a difference. Ive been taking business classes for years and these videos make me realize they dont teach hands-on experience. Thank you again
Im currently doing a Bachelor of Commerce (majoring in accounting and Corpfin) in Aus and I wanted to say that your videos are really helping me get through... you make such a dry subject more understandable and enjoyable! The visual learning really assists those like me who suck at auditory learning! Thank you so so much!
You are awesome James! Keep up the great work man. These videos are an amazing substitute for my Accounting courses. It's crazy how you can clear up so many things that wasn't clarified by my teacher for Financial accounting.
Well, I think I've watched enough of your videos for this week of class for you to earn a sub. Thanks. Not sure if I'm doing it all to my professor's liking, at least I'm not totally lost now.
Can you explain where you pull 19,700 in Retained Earnings? Is it based on line items from the trial balance or is it just the difference in total equity needed at 20,750 and capital contributions you already have at 1,050? thanks so much!
Always nice diagrams with movements that make the tutorial exciting. Also, nice idea putting the "wrong way" to create the B/S. It's these conceptual details that need to click. Great job making this vid!
Where do these two things go on the BS and IS - 12% bank loan 60,000 (credit) - Interest paids so far - 6000 It was from an exam I had and i wasn't sure for the accounting adjustment
Hi ! If for example at the beginning of year, I had total assets of 700000$, and total liabilities of 300000$. 1) If total assets decreased 60000$ and owner’s equity increased 190000$ during the year, what is the amount of total liabilities at the end of the year? Do I use formula L = A-(OE) ? Total liabilities would be 50000 ? (640000 - 590000)
I appreciate so much your video, can you please explain why Prepaid Expenses are located under Assets, since I would consider it as an expense? 🤔Thank you
Hi, To make the equation equal (Assets = Liabilities + Equity), can we calculate one term of lability from the asset and equity. For example in your spreadsheet Accrued expenses = Total Assets - other labilities - Equity and then we can use this value as Accrued Expenses to equalize the equation. I would appreciate if you explain the trick on how to equalize the equation. Thanks in advance.
In theory, mathematically, yes if you calculated All assets - All liabilities [except Accrued Expenses) - All equity, you should get the value that you currently see in the balance sheet as Accrued Expenses.
For a beginner I should know how the trial balance is prepared (at least mention ) is PPE a running total or only for a specific month if for example you are preparing BS for January then you will only get the figures from January transaction? And for Accounts payable, same question.. do I get the running total for last year or I'll only get the figures for that said month when the BS is for let say for January only.. like that. Please mention how are the balances or figures is arrived.. I think that's the essence of preparing BS.
@@samandartoraxojayev9321 Thanks for your request! I don't know too much about the ACCA specifically, but it's an internationally recognised qualification as well
⏱️TIMESTAMPS
00:00 - Intro
00:17 - Balance Sheet Definition
00:33 - What is a Basic Balance Sheet?
01:15 - What is a Detailed Balance Sheet?
02:18 - How to Make a Basic Balance Sheet
05:11 - How to Make a Detailed Balance Sheet
seriously, you are my new favorite channel on youtube. can't thank you enough for all the time and effort you put into this channel!
Thanks
i have quetions please :) how do you get retained earnings values: 19700
Teacher how can I withrow my cash?
Can you teach professor's how to teach?
If my professor is this interesting.
😂
lol same i feel you bro🤣
Professors are poor MFErs 😂
Bro my professor tells us to make group presentations and lets my classmates and I teach/present to eachother while he scrolls through tiktok😭 Like damn, if i knew this was the case, I wouldn't have enrolled and just go to the public library. Less time and money wasted
Just wanted to say THANK YOU, a year ago I got a job because of you, as one of your videos ended-up having all the answers to the questions the interviewer asked me : D. I laughed inside during the interview as I said " this guy saved my a**"
Congrats on landing your job!!! That's amazing news. Hope it goes well :)
Awesome, also have an accounting channel, you can check it out
Damn, literally explained everything I needed to know about balance sheets in a 7 min video, waaaaay better than my uni lecturer did in 1.5 hours. Engaging, clear and concise!!! 10/10 from me. :)
Thanks! Great to hear you found it useful :)
Greatest teacher in world.
Learnt more in this video than I did in 4 months from my teacher.
Much appreciated!
true
literally have a financial accounting exam in a few hours and this was helpful! Thank youuu
Good luck!!!
@@AccountingStuff thank you! a lot of it came up so I’m very grateful for the amazing accounting vids😊😊
wow you are the best teacher ever !!!! thank you !!!!
thank you so much for teaching me so much with such short and simple explaination
No problem, hope it made some sense :)
I will be taking Accounting this spring for my MBA here in Canada and your teachings have been absolutely brilliant. I am certain to have the best result!!
That's good to hear! Best of luck when it comes round :)
you dont understand how much I appreciate this video. Thank you.
Great to hear you found it useful!
This guy deserve a million subscribers or atleast half a million. No kidding because he explain everything clearly and briefly. Keep it up
Thanks!!
Awesome, also have an accounting channel, you can check it out
You explained this better than my graduate professor. THank you so much
Thanks, great to hear you found it useful!
My best teacher ever. You make accounting simple. Thank you so much.
Thanks!!
James! Your videos are one of the most useful things in learning accounting! They have helped me a lot and I am very grateful for your channel!
I wish all the bests to you! I hope this channel booms in popularity as anyone needs some basic accounting info to be financially literate!
Thanks Anxhela! Great to hear you're enjoying these vids. All the best :)
Your teaching methods are so simple and clear .. You are simply amazing !!!
Thanks, glad you enjoyed it :)
Wonderful James! Having a Financial accounting midterm test tomorrow, hope I will do well.
Good luck!!!
Thank you for these videos, really makes a difference. Ive been taking business classes for years and these videos make me realize they dont teach hands-on experience. Thank you again
Cheers mate! Hope your studies are going well
Oh yes my professor is back ❤️. Where have you been all this time?
Apologies for the delay! These vids take ages for me to put together. Hope to be back soon
Awesome, also have an accounting channel, you can check it out
I don’t even know why you don’t open up a University …. You are spot on👌🏾👌🏾👌🏾👌🏾👌🏾
Your explanations clear my all doubts Thanks a lot sir it's really help me for my exam🤗
Best of luck in your exam!!
Great job!!! Clear, concise and engaging. Will definitely recommend.
Thanks, great to hear you found it useful!
You’re the type of teacher I aspire to be, keep up the great work
Thanks and all the best :)
Very nice presentation. 👍
Thanks mate :)
Thank you so much for your help. This video and your videos on income statements have really solidified my understanding of the concepts.
You're very welcome!
I enjoyed this so much. I am transitioning from Human Resources to Accounting and Finance. This has really helped with my understanding.
That's great to hear! All the best with your career change
Im currently doing a Bachelor of Commerce (majoring in accounting and Corpfin) in Aus and I wanted to say that your videos are really helping me get through... you make such a dry subject more understandable and enjoyable! The visual learning really assists those like me who suck at auditory learning! Thank you so so much!
No worries, all the best with your studies!
Awesome, also have an accounting channel, you can check it out
Hi, James!
I want to thank you for these videos. They really helped me nail a job at an audit firm. Best of luck in the future!
Congrats on landing your job!!!! Hope it's going well
Awesome, also have an accounting channel, you can check it out
Writing accounting in thr next 1 hr, bruh you helped so much 😊much luv❤🗿
Good luck!! 🤞
thanks James youre a star
You are awesome James! Keep up the great work man. These videos are an amazing substitute for my Accounting courses. It's crazy how you can clear up so many things that wasn't clarified by my teacher for Financial accounting.
Thank you very much, you are a good teacher.
Thanks, that's kind of you to say :)
You're a scientist who makes things simple！
This was incredibly helpful! Subscribed immediately
Wooo! Great to have you on board!
Can you make a video on Free Cash Flow and for why is it an important criteria for business owners to consider
Thanks for your request!
Thank you for existing😭😭
Awesome, also have an accounting channel, you can check it out
Best explanations of accounting terminology & process I’ve found!
Have you made any on ratios?
Not yet, but I'm planning to make a whole series on them
@@AccountingStuff oh yes! Please do 🙏
OMG!!!!! I finally got it! You made my life so much easier)
Thank you so much for the video, I really liked the video, you really put a whole semester in 6 minutes, and in easy terms, keep it up!
I was in total lost for this module thank god u saved me!
Very useful video 🙏🙏🙏👍
Thanks!!
Can you make a video about balance sheet reconciliation?
Thanks for your request!
This guy is better than my teacher, u're very good at what you do
Thanks for your kind words :)
Bro I just subscribe to your channel, you're true legend
Great to have you on board!
Perfect!
Cheers Blaise!
Very well explained!
Thanks!
you make every video so interactive......keep up the good work sir!
Thanks, will do!
Fantastic explanation!
Thanks Surendar!
Keep up the good work(especially the videography)!
Thanks, I'll keep working on it!
You’re amazing !!!! I just ordered the complete practice / cheap package !!!!
Thanks for your support!
Excellent video. Thank you.
You're very welcome :)
Thanks so very much for your common sense approach to Accounting, I appreciate you.
No worries, hope it helped!
helped me solve a question i was stuck in for days. thank you so much :D
No worries, glad it was helpful!
Please never stop make ng vids, humor is great thank you!
Thanks, I'll keep them coming :)
Amazing 😍 finally I got the perfect Sir for accounting ❤️
Man you put so much effort into these educational videos, it's hard to not subscribe and like your videos! Cheers mate!
Thanks Reiner!!!
Awesome, also have an accounting channel, you can check it out
Thank you for this video. It was very helpful for my college entrance exams!!!
No worries, best of luck with them!
Great Video. Very thorough & helpful
Well, I think I've watched enough of your videos for this week of class for you to earn a sub. Thanks. Not sure if I'm doing it all to my professor's liking, at least I'm not totally lost now.
Great to have you on board! All the best with your studies :)
Love your teaching
Please don't stop making these videos bro ❤️
I plan to make plenty more :)
Can you explain where you pull 19,700 in Retained Earnings? Is it based on line items from the trial balance or is it just the difference in total equity needed at 20,750 and capital contributions you already have at 1,050? thanks so much!
gosh glad i found you
Always the best , God bless you
Cheers Mahdi!
Always nice diagrams with movements that make the tutorial exciting. Also, nice idea putting the "wrong way" to create the B/S. It's these conceptual details that need to click. Great job making this vid!
a fan from Myanmar
Thanks, hope you're keeping safe!
Thank you, great illustration
You're welcome :)
you need more subscribers you have the gospel of understanding accounting easily
Cheers buddy!
Please make video on Provision and Reserve with Journal Entries and Adjustment Entries...
Where do these two things go on the BS and IS
- 12% bank loan 60,000 (credit)
- Interest paids so far - 6000
It was from an exam I had and i wasn't sure for the accounting adjustment
Mr Accounting stuff please make more videos using a very clear marker white board.
Thanks for your request!
Learning is so simple and easy . You are a great facilitator. Can you please do a video on consolidation?
Thanks for your request!
Is has become a lot more easier to understand
Nice one!
Thanks teacher I won't fail this ever
You've got this!
Perfect timing💜💜💜
Awesome, also have an accounting channel, you can check it out
you have always been an amazing teacher👍...Would you please make a video on Payroll accounting?It would be of great help.
Thanks for your request!
Well done! You make it interesting!
Hey, can you put another video on material cost controling techniques, especially VED analysis with practical examples.
Hi ! If for example at the beginning of year, I had total assets of 700000$, and total liabilities of 300000$.
1) If total assets decreased 60000$ and owner’s equity increased 190000$ during the year, what is the amount of total liabilities at the end of the year?
Do I use formula L = A-(OE) ?
Total liabilities would be 50000 ? (640000 - 590000)
At the end of the year the total liabilities are $490,000.00 Remaining assets are $150,000.00 assuming equity is at 0
Much love sir 🏆💟
Omg I done learned more from this video then I did during the entire semester 😭
Glad you found it useful!
This explanation is the best one I have ever watched. Could not be explained concisely than this.
Brilliant explanation, thank you!
Cheers Rajeet :)
Your videos are helping me through my first year of accounting school- and propelling me towards the career change I need! Please keep it up :)
Best of luck with your career change!
I have some ideas that you can use the click or something like that to point what you talking to, that easier for us to follow what you say.
I appreciate so much your video, can you please explain why Prepaid Expenses are located under Assets, since I would consider it as an expense? 🤔Thank you
I explain in this video: ruclips.net/video/RE7wrflFOGA/видео.html
Hello!! How do you start chart of accounts? Are there any specific rules or account numbers? Thank you!
Hey Andrei, this could be a great topic for a new video
@@AccountingStuff yes pleasee!
Another great content from your channel!
Thank you!!! Retained freaking Earnings is what I was missing :-)
Could you do a UK version please? What would common stock be called in the UK? ‘Shares’?
Hey dude I just bought your cheat sheets! Amazing Content!
Cheers for your support! All the best :)
James I would love if you will mentor me please. Let me know what you think, you are the best regardless
amazing help, thank you
Thanks
Can you post balance sheet reconcilliation, and how to make reports
I'm in love with your video teachings, you make it so simple. Thank you🙏
I love your videos. Could you please upload a video on worksheet? I really need it.
Thanks for your request!
Hi! you are very helpful you don't know how mach, Thank You!
Would you make a vid about business combination please
Thanks for your request!
Hi, To make the equation equal (Assets = Liabilities + Equity), can we calculate one term of lability from the asset and equity. For example in your spreadsheet Accrued expenses = Total Assets - other labilities - Equity and then we can use this value as Accrued Expenses to equalize the equation. I would appreciate if you explain the trick on how to equalize the equation. Thanks in advance.
Hey Riton, in the accounting equation the balancing amount is Equity. It represents the net assets that are owed back to the owners
In theory, mathematically, yes if you calculated All assets - All liabilities [except Accrued Expenses) - All equity, you should get the value that you currently see in the balance sheet as Accrued Expenses.
For a beginner I should know how the trial balance is prepared (at least mention ) is PPE a running total or only for a specific month if for example you are preparing BS for January then you will only get the figures from January transaction?
And for Accounts payable, same question.. do I get the running total for last year or I'll only get the figures for that said month when the BS is for let say for January only.. like that.
Please mention how are the balances or figures is arrived.. I think that's the essence of preparing BS.
Hi Sir. DO YOU have ACCA certificates? When i watching your videos i mainly understand all of about debit credits balance sheet and etc ... thank you.
I did the ACA which is a similar one
@@AccountingStuff What difference between ACA and ACCA?
All of your videos are from Financial Accounting. Can you do videos from managment Accounting also. Coz i liked your teaching skill.
@@samandartoraxojayev9321 Thanks for your request! I don't know too much about the ACCA specifically, but it's an internationally recognised qualification as well
@@AccountingStuff Thank you) Good luck ✊