I've had loads of requests for this one, so cheers for those! If you'd like a deeper explanation of some of the topics mentioned then here are the links... ▪ Trial Balance vs Balance Sheet → ruclips.net/video/q7Nhj8vDD8M/видео.html The three components of the Balance Sheet: ▪ Assets → ruclips.net/video/rOsuqG_J0t4/видео.html ▪ Liabilities → ruclips.net/video/fKRwT10Sszc/видео.html ▪ Equity → ruclips.net/video/Fr5oHEYrT2A/видео.html Support for the Worked Example: ▪ Transactions 1-5 are explained in detail in this video → ruclips.net/video/kA9snSvCgW8/видео.html ▪ Transaction 6 is explained in detail here → ruclips.net/video/Y-_Q3rANyxU/видео.html ▪ How to build a Trial Balance using ALL of the Example Transactions → ruclips.net/video/3_PfoTzSCQE/видео.html Timestamps: 00:00 - Intro 00:34 - Why the Balance Sheet is Important 01:42 - What a Balance Sheet Looks Like 02:16 - Balance Sheet Definition 02:40 - Rule: Assets = Liabilities + Equity 03:05 - Past vs Present 03:54 - Core Principle: Double-Entry Accounting 04:35 - The Basic Accounting Equation 04:58 - The Balance Sheet is a Snapshot 05:16 - How to Make a Balance Sheet 05:42 - Current Assets Definition 05:56 - Non-Current Assets Definition 06:15 - Current Liabilities Definition 06:28 - Non-Current Liabilities Definition 06:35 - Equity and Retained Earnings 07:28 - Balance Sheet Example 11:01 - Retained Earnings: Linking the Income Statement and the Balance Sheet
So I'm just starting out with a basic accounting class this semester - Although this video helps, I still get REALLY lost. Specifically, how can I start to finally understand exactly where to record parts of a transaction, (ie: in transaction 4, how do you know to put $50 in both the Supplies and Accounts Payable sections?? Yes...the struggle is real!) Thanks for all the help! I'll definitely watch more of your videos - any specific recommendations?
Maggie Marsh hi Maggie. Since the balance sheet must always balance, i believe if you’re adding to one side (assets), you must add to the other (liabilities+equity) (Or you can add and minus to the same side eg buying $20 of equipment in cash). Since the business is paying $50 for supplies, they now have $50 worth of supplies so this goes under supplies under the assets section (on the left side). However, since the supplies weren’t paid in cash, we can’t credit cash by $50, but instead we credit accounts payable, which signifies that the business owes $50 to their supplier to be paid at a later date. Hope this answers your question.
Hey, I'm a first year student taking a course on accounting, and your videos are really helping me out atm. Even better than my professor's courses... Thanks a lot!!!
You are the reason I passed my Legal Accounting exams - THANK YOU FOR WHAT YOU DO! I honestly cannot thank you enough for dedicating your time and energy to making this all makes sense for so many people
Thank you very much! I'm still a high school student but I already learned how to understand and build income statements and balance sheets because of your very informative vids. I think I'll aspire to become an accountant someday, your videos helped me a lot on picking a nice course to get in college. Thank you very much and God Bless!
I'm studying for my Architect's license and one of the exams focuses on owning and operating a firm. I've never taken an accounting/business course in my entire life and the way you described these financial statements helped me to completely understand the financial operations of a firm. Thanks so much! Even appreciated the landscape and design imaginary company as example.
Few days ago paid for tutorial "Accounting and finance" in udemy and now realised I should not. The best tutorial I have ever seen. Very good examples.
You are the best! I graduated from bachelor and I'm reviewing all of this and I'm happy to learn that I retained more information than what I thought. Thanks for this entertaining videos, you do know how to keep me paying attention. You should be a professor
Going to my final year of study and omg do make it sound so easy and straight forward. After years of confusion and long hours of trying to understand this, I have finally understood it!! thank you :')
finally what helps me to understand accounting is your video, rather than 6 months of my accounting class. Now I want to apply accounting for my business, your videos are very helpful, thank you so much.
I have to applaud the lengths you've gone to to make these videos. I'm sure it's very time consuming since the production value is so high.... much appreciated by nearly 30,000 people. I'm sure you'll help a lot more people who previously struggled with accounting in the future...thanks a million
You've been one of the best resource for my accounting class this semester! Thank you! I still suck at understanding how it all works, but I'm able to do it (kind of) lol. Do you tutor online anywhere? If not, do you have any recommendations for other resources beyond your videos for a college student trying to survive their accounting tests?
Hey Hope! Unfortunately I don't offer any tutoring at this stage. The only resource that I recommend at the moment is 'The Accounting Game' which is a book for beginners. It's great to hear that you're figuring out how it works!
No other video explains these topics as you do. Thank you for this work. You are helping all of us students and more people who were not able to understand these topics firsthand.
I've been watching through the whole accounting series and they are absolutely useful. The most difficult part is identifying where the transaction goes to on the financial statements e.g. short-term or long-term expenses or liabilities etc.
I am taking Accounting for my BA in Business, and accounting is not my forte as it seems as though I am reading another language. That is why I hired an accountant. For some reason, they believe I should know how to analyze a financial statement and notes and make recommendations in the second week of class. However, I am CONFUSED. I am backtracking to understand what all the terminology is and am THANKFUL to come across your videos. Thank you for breaking it down in terms I can understand, as I was in tears all weekend. I have more videos to watch and learn before pulling a real-life example of a financial statement to analyze. THANK YOU!!!
Even for me that the English it's my second language and I continuing learning You form to express it's very easy to understand and follow Thank you so much This, it's much better and clear than most of the class that I have been taking on the University
im not good at math but when i watched it ur videos . I would like to try know and study , understanding in bookkeeping. This is my subject bookkeeping in high school. Now i understand this bookkeeping , accounting. Thanks . From Phil.
Just found your channel and you are the best instructor I’ve ever seen. Many thanks for making everything easy to understand. Please keep the videos coming!!!
If only my lecturer was him, then I wouldn't need to do any remedial on my Intermediate Accounting ! He explains it clearly with those easy to read spreadsheet. I was using only my both hand with pen & paper to do all those postings & financial statements, which really gave me a headache to calculate the balance all the time.
I wish I had known about this channel when I was studying Accounting and FInance at university. This makes everything so easy to understand. I just came upon this channel preparing for a job interview. You sir are doing a great service! Thank you!!
@@AccountingStuffThank you so much. The interview went great. Your videos were a great help!! Thanks a lot! Would also love if you could make videos regarding Financial Modeling and excel.
I just started watching this one and the "income statement" I have to say you explain very clearly because you're not skipping some little details assuming beginners like me already knows. Thanks I will be watching more of your videos as my assignment is related to your videos.
I was super confused about this balance sheet thing-y. But James! You made it easy for me. Me being a 9th grader found it hella hard and confusing. Thank you so much for this video!
Thank you for your amazing videos, studying basic Accounting for the 1st time at the age of 33 was darn right impossible, well until now!!! Ngiyabonga (Thank you in Zulu) from South Africa!!!
This is really Excellent ! Thank you so much. I’m the volunteer treasurer of a small Residents Assn and have been trying to get my head around the balance sheet financial terminology and the balance sheet equation. I’ll set up a dummy balance sheet in Excel with the double columns and formulae and see how our finances will flow through it. Thanks again. I’ve subscribed!
Hey James, your videos have been helping me so much, you are amazing at what you do, please keep making these videos. Also, I have a request, can you please make a playlist on cost accounting too, That would be great, Thankyou! keep it up
That was 100% excellent. Kindly assist with (additional information of a trial balance)" how do I account/report in the financial statements for inventory & inventory on hand; packaging material on hand, and drawings".
Now I won't have problems practicing on simulators, it's gonna be a long journey since we've got three types of taxes to cover up too later. I'm so thankful that you exist here on RUclips. I've got a query so I've sent it in your ig
I'm enrolled in an online accounting bachelor's program and until I discovered your videos last semester I was questioning wth I was doing. For so long I was going through the motions and doing what I needed to do but I'm the type that needs to know WHY I"m doing it. Reading texts with no professor instruction wasn't really giving me that. Thank you for all your help!
I hope everyone realises how well made these videos are. I am studying management engineering in italian. And i needed some help in english. After seeing a couple of videos on youtube. I would say your's are easy and fun to watch. I hope you are earning well from this. Thank you man!
I've posted under multiple videos of yours, and I mean every word. Your channel is genuinely amazing and you make this content way more digestible than my lecturers do (even though this is supposed to be what they get paid for)
Oh my God. I should have watched this video way earlier. Debit and credit is finally starting to make sense. I'm being trained in financials for work, but.... Our training sucks. It's so disorganized, and concepts aren't taught in the correct order, so you end up more confused. And no one asks questions because the explanations we receive are a waste of time. Thank you so much for making these.
Hey Mr Accounting stuff :) I like your videos very much, I am currently doing a course on Financial Issues for Project Management and I am COMPLETELY LOST. The lecturer seems to be going too fast :( and I am terrified on how I will pass my exams. Fortunately, I fell on your videos on income statement and balance sheet. They have been helpful so far. I hope to make :). I think you've found your sector of expertise and that you are gifted with teaching abilities. Keep the good work.
Wow! It all just clicked!! Thank you James! You are a Godsend!! I'm so happy I found your channel. 😊❤ PS... I love your daily questions. They keep me engaged. CONTENT SUGGESTION: Could you possible do short videos of 5 transactions and statement placement? (Just like you do in this video). Thanks! ❤
10:50 I think it would be more appropriate for Cost of Sales to have a positive number (25) instead of a negative (-25), because it has Debit balance (Expense)-we are adding a cost, and not removing a cost. And then Profits would be a subtraction (Revenue - Cost of Sales), to keep the balance correct.
Hey Juan, that might make sense to us Accountants but Financial Statements created to help others understand what's going on in a business. Not everyone understands Debits and Credits so it would seem counter-intuitive to them to make Expenses positive.
This video is amazing, I like the balance sheet creation and how you included profit and loss statement to make sense, amazing, it unlocked that missing link in my brain that the books or course I have been doing so far couldnt. You have saved my education as well. Good job! I really appreciate your videos, you got another big fan. Keep up the good work ;) And Thank you Loads
You're very welcome. I think it always helps to put the balance sheet in perspective using the income statement. Great to hear that it's making sense for you
Thing that confused me in double entry system was misinterpretation of ASSETS = LIABILITIES, while it's ASSETS=LIABILITIES + EQUITY , thank you for the clarification.
I've had loads of requests for this one, so cheers for those! If you'd like a deeper explanation of some of the topics mentioned then here are the links...
▪ Trial Balance vs Balance Sheet → ruclips.net/video/q7Nhj8vDD8M/видео.html
The three components of the Balance Sheet:
▪ Assets → ruclips.net/video/rOsuqG_J0t4/видео.html
▪ Liabilities → ruclips.net/video/fKRwT10Sszc/видео.html
▪ Equity → ruclips.net/video/Fr5oHEYrT2A/видео.html
Support for the Worked Example:
▪ Transactions 1-5 are explained in detail in this video → ruclips.net/video/kA9snSvCgW8/видео.html
▪ Transaction 6 is explained in detail here → ruclips.net/video/Y-_Q3rANyxU/видео.html
▪ How to build a Trial Balance using ALL of the Example Transactions → ruclips.net/video/3_PfoTzSCQE/видео.html
Timestamps:
00:00 - Intro
00:34 - Why the Balance Sheet is Important
01:42 - What a Balance Sheet Looks Like
02:16 - Balance Sheet Definition
02:40 - Rule: Assets = Liabilities + Equity
03:05 - Past vs Present
03:54 - Core Principle: Double-Entry Accounting
04:35 - The Basic Accounting Equation
04:58 - The Balance Sheet is a Snapshot
05:16 - How to Make a Balance Sheet
05:42 - Current Assets Definition
05:56 - Non-Current Assets Definition
06:15 - Current Liabilities Definition
06:28 - Non-Current Liabilities Definition
06:35 - Equity and Retained Earnings
07:28 - Balance Sheet Example
11:01 - Retained Earnings: Linking the Income Statement and the Balance Sheet
So I'm just starting out with a basic accounting class this semester - Although this video helps, I still get REALLY lost. Specifically, how can I start to finally understand exactly where to record parts of a transaction, (ie: in transaction 4, how do you know to put $50 in both the Supplies and Accounts Payable sections?? Yes...the struggle is real!) Thanks for all the help! I'll definitely watch more of your videos - any specific recommendations?
Maggie Marsh hi Maggie. Since the balance sheet must always balance, i believe if you’re adding to one side (assets), you must add to the other (liabilities+equity) (Or you can add and minus to the same side eg buying $20 of equipment in cash). Since the business is paying $50 for supplies, they now have $50 worth of supplies so this goes under supplies under the assets section (on the left side). However, since the supplies weren’t paid in cash, we can’t credit cash by $50, but instead we credit accounts payable, which signifies that the business owes $50 to their supplier to be paid at a later date. Hope this answers your question.
I understand this more than reading every inch of my module. You're such a blessing in disguise 🥰
thank you for existing!!!!!!!!
@@jayveetormis1841 me too oh
Hey man! I just started watching through your whole series. You have single-handedly SAVED my educational life with these videos! I LOVE YOU!!!!!!!!!
Cheers for watching Lawrence, it's great to hear the videos are helping you. All the best with your studies!
Hey,
I'm a first year student taking a course on accounting, and your videos are really helping me out atm. Even better than my professor's courses...
Thanks a lot!!!
You are the reason I passed my Legal Accounting exams - THANK YOU FOR WHAT YOU DO! I honestly cannot thank you enough for dedicating your time and energy to making this all makes sense for so many people
Congrats on your pass! No worries, I'm happy to help
Thank you very much!
I'm still a high school student but I already learned how to understand and build income statements and balance sheets because of your very informative vids. I think I'll aspire to become an accountant someday, your videos helped me a lot on picking a nice course to get in college. Thank you very much and God Bless!
No worries Luis, it's great to hear that you're getting into accounting. All the best with your studies!
I'm studying for my Architect's license and one of the exams focuses on owning and operating a firm. I've never taken an accounting/business course in my entire life and the way you described these financial statements helped me to completely understand the financial operations of a firm. Thanks so much! Even appreciated the landscape and design imaginary company as example.
Hey Katie, if you're studying architecture then accounting will be a walk in the park for you. All the best!
The best channel on RUclips
Thanks buddy!
One of the best I ever in explaining the financial topic that I ever find in my life...... easy and fast in understanding it👍🏻👍🏻👍🏻👍🏻👍🏻
Glad it was helpful!
Few days ago paid for tutorial "Accounting and finance" in udemy and now realised I should not. The best tutorial I have ever seen. Very good examples.
Thanks Alex!!
Thanks so much for your videos! I spent hours staring at the textbook, and spent 30 watching your videos and it explained it better!
No worries Ryan, I'm happy the vids are helping you out!
You are the best! I graduated from bachelor and I'm reviewing all of this and I'm happy to learn that I retained more information than what I thought. Thanks for this entertaining videos, you do know how to keep me paying attention. You should be a professor
Thanks Cyndi!
Same!
Going to my final year of study and omg do make it sound so easy and straight forward. After years of confusion and long hours of trying to understand this, I have finally understood it!! thank you :')
Great to hear it's clicking for you! All the best
hahaha we have the same name
Have to say, you're a great educator. Thanks for posting, I've learned a lot.
Cheers Damian!
This was excellent. Been teaching my wife about investing and getting her up to speed. This is a great video to understand the concepts. Thanks.
Cheers Leon, hope your wife found it helpful!
finally what helps me to understand accounting is your video, rather than 6 months of my accounting class. Now I want to apply accounting for my business, your videos are very helpful, thank you so much.
You might not see this but this series has helped me so much... Maybe I'll have a chance to ace that exam now
Good luck! I hope you do
I'm gearing up to join an investment banking firm and your videos are excellent for laying a foundational knowledge! Thank you!
Fantastic video. I appreciate all the time and effort you put in the making of this. You went far and beyond to explain it in detail.
Cheers Jose, hope it's making sense
I have to applaud the lengths you've gone to to make these videos. I'm sure it's very time consuming since the production value is so high.... much appreciated by nearly 30,000 people. I'm sure you'll help a lot more people who previously struggled with accounting in the future...thanks a million
Cheers Obi and thanks for the support!
I love you!!!!! Hopefully I pass my midterm exam for intro to accounting for managers💃💃💃💜
You'll crush it. Good luck!!
Thanks,,,,,,,,,,"Double entry accounting" was the comment for me that made the most sense to understand the balance sheet
Me too! He explains it very well.
This channel is so underrated , DESERVES MORE LOVE AND SUPPORT :)
Without a doubt, you are a true legend. Period.
Thanks for your kind words :)
You've been one of the best resource for my accounting class this semester! Thank you! I still suck at understanding how it all works, but I'm able to do it (kind of) lol. Do you tutor online anywhere? If not, do you have any recommendations for other resources beyond your videos for a college student trying to survive their accounting tests?
Hey Hope! Unfortunately I don't offer any tutoring at this stage. The only resource that I recommend at the moment is 'The Accounting Game' which is a book for beginners. It's great to hear that you're figuring out how it works!
Super helpful videos. Best accounting videos I have come across on youtube. Thanks.
Cheers Amy! Thanks for your kind words :)
Love from Bangladesh 🇧🇩❤ 🇧🇩 ❤ 💕 💖 💗 🇧🇩❤ 🇧🇩 ❤ 💕 💖
No other video explains these topics as you do. Thank you for this work. You are helping all of us students and more people who were not able to understand these topics firsthand.
Great to hear it's clicking for you :)
I've been watching through the whole accounting series and they are absolutely useful. The most difficult part is identifying where the transaction goes to on the financial statements e.g. short-term or long-term expenses or liabilities etc.
Glad I found you!
Your editings in the video are SUPERB! Words can't describe how thankful I am. 😇
Thanks for your kind words! All the best :)
Hi sir, can you do a video that explains the income statement as well? Thanks!
Hey Keenan, yes I would like to cover that soon!
You already have it in the channel now!
I am taking Accounting for my BA in Business, and accounting is not my forte as it seems as though I am reading another language. That is why I hired an accountant. For some reason, they believe I should know how to analyze a financial statement and notes and make recommendations in the second week of class. However, I am CONFUSED. I am backtracking to understand what all the terminology is and am THANKFUL to come across your videos. Thank you for breaking it down in terms I can understand, as I was in tears all weekend. I have more videos to watch and learn before pulling a real-life example of a financial statement to analyze. THANK YOU!!!
No worries at all. You can do this!
can you please do an income statement
Thanks for your suggestion, I want to get that one done soon
Thank you, you knew I was giving to take accounting 3 years into the future when you made this video-I love you!
Even for me that the English it's my second language and I continuing learning
You form to express it's very easy to understand and follow
Thank you so much
This, it's much better and clear than most of the class that I have been taking on the University
Accounting is truly amazing 😃
3:08 when you're making your first 3 financial statements
You are AMAZING! You made my life so much easier and I am grateful!!!!!!!!!!!!!
Glad I could help!
made more sense after some time looking at what terms like "equity" and "retained earnings" thanks
im not good at math but when i watched it ur videos
. I would like to try know and study , understanding in bookkeeping. This is my subject bookkeeping in high school. Now i understand this bookkeeping , accounting. Thanks . From Phil.
I Have watched about 15 videos so far and you have helped me so much. Thank you
No worries, I'm happy to help!
Just found your channel and you are the best instructor I’ve ever seen. Many thanks for making everything easy to understand. Please keep the videos coming!!!
Cheers Kristie, there are more on their way :)
*bottom right hand corner of the video* - "SUB?" Me: "Why yes, yes I am. What does that have to do with anyth- ohhhhhh."
It's a feature in YT called Channel Branding
@@AccountingStuff I know, I was making a (terrible) naughty joke. :P
If only my lecturer was him, then I wouldn't need to do any remedial on my Intermediate Accounting !
He explains it clearly with those easy to read spreadsheet.
I was using only my both hand with pen & paper to do all those postings & financial statements, which really gave me a headache to calculate the balance all the time.
Sorry to har that you've been having a tough time with accounting. Preparing a Balance Sheet by hand is a painful process
Been learning this for so long, I finally understand everything. Lots of love and appreciation from South Africa
I wish I had known about this channel when I was studying Accounting and FInance at university. This makes everything so easy to understand. I just came upon this channel preparing for a job interview. You sir are doing a great service! Thank you!!
Best of luck!
@@AccountingStuffThank you so much. The interview went great. Your videos were a great help!! Thanks a lot!
Would also love if you could make videos regarding Financial Modeling and excel.
I'm accountant but my business english vocabulary is not enough, I'm learning a lot thank you
I just started watching this one and the "income statement" I have to say you explain very clearly because you're not skipping some little details assuming beginners like me already knows. Thanks I will be watching more of your videos as my assignment is related to your videos.
You are the king of accounting thank you my friend
This made how balance sheets work so much easier to understand. The examples and explanations were a great help. Thank you!
I am really impress with your teaching ,well done
Thank u, man! Best channel that i have ever seen!
Cheers Gunay :)
Man, you're simply a legend, thank you so much!
I was super confused about this balance sheet thing-y. But James! You made it easy for me. Me being a 9th grader found it hella hard and confusing.
Thank you so much for this video!
Thanks, great to hear that it's making sense for you :)
Yes we need a video showing differences between trial balance and balance sheet
Very crisp and detailed. Excellent series of videos. Thanks a lot
Thanks Shrujanam!
Thank you for your amazing videos, studying basic Accounting for the 1st time at the age of 33 was darn right impossible, well until now!!! Ngiyabonga (Thank you in Zulu) from South Africa!!!
No worries Phumelele. Good luck, that is a daunting task but I'm sure you'll do fine! All the best
This is really Excellent ! Thank you so much. I’m the volunteer treasurer of a small Residents Assn and have been trying to get my head around the balance sheet financial terminology and the balance sheet equation. I’ll set up a dummy balance sheet in Excel with the double columns and formulae and see how our finances will flow through it. Thanks again. I’ve subscribed!
Hey Christian, I'm glad you found the video helpful. Cheers for the sub! All the best with sorting out your Resident Association's Balance Sheet
OMG--Thank you soo much! This channel is saving my grade in accounting!
Great to hear!
Hey James, your videos have been helping me so much, you are amazing at what you do, please keep making these videos. Also, I have a request, can you please make a playlist on cost accounting too, That would be great, Thankyou! keep it up
Thanks for your request!!
i have "corporate valuation" exam in 4 days,i ve started studying from from your videos ,i hope i ll pass it
Good luck! Let me know how it goes :)
Simple examply but I really like the balancing as you go along approach rather than why I messed up by doing all the entries on one side first
Cheers! Yes you have to be so careful with these things. Otherwise it'll be out of balance and you'll need to start all over again
That was 100% excellent.
Kindly assist with (additional information of a trial balance)" how do I account/report in the financial statements for inventory & inventory on hand; packaging material on hand, and drawings".
Thanks for your requests!
Thanks a bunch, great explanation: it became crystal clear after going through the examples.
Glad i found your series !!! thank you
You're most welcome :)
Amazing - thank you for doing this. As someone who is new to accounting this is making my life a lot easier. Awesome job.
Man I love you. I wished I saw your videos before I fail my accounting course 😞😞
Hey Nadeem, I'm sorry to hear that your course didn't go so well. Do you have the chance to retake it?
Hey sir, I'm so happy that you created this video it literally helped me a lot with my doubts
Now I won't have problems practicing on simulators, it's gonna be a long journey since we've got three types of taxes to cover up too later. I'm so thankful that you exist here on RUclips. I've got a query so I've sent it in your ig
at this point I shouldn't be surprised when my professor puts one of your videos in my course work.
very very good, explained in a very simple way.
Thanks, glad you enjoyed it :)
I'm enrolled in an online accounting bachelor's program and until I discovered your videos last semester I was questioning wth I was doing. For so long I was going through the motions and doing what I needed to do but I'm the type that needs to know WHY I"m doing it. Reading texts with no professor instruction wasn't really giving me that. Thank you for all your help!
I can totally relate on wanting to know 'why'! Best of luck with your course
I hope everyone realises how well made these videos are. I am studying management engineering in italian. And i needed some help in english. After seeing a couple of videos on youtube. I would say your's are easy and fun to watch. I hope you are earning well from this. Thank you man!
Cheers Emre, good luck with your course!
This is waaaaay better than those courses on Coursera!!! Love the video!! Thanks for the great content!!!
This channal is simply the best
Thanks, glad you're enjoying it :)
OMG - what an AMAZING tutorial! I'm getting started on doing this as an ED, and this was SO HELPFUL! Thank you so much!
For all the time equity was challenge to understand till now thank you
Great to hear it's making sense
You are just increadible! Thank you for the explanation!!!
I've posted under multiple videos of yours, and I mean every word. Your channel is genuinely amazing and you make this content way more digestible than my lecturers do (even though this is supposed to be what they get paid for)
Thanks for your kind words :)
Man, this is the best video for studying and understanding what the balance sheet is. Thanks a lot. Very helpful.
Glad it helped!
@@AccountingStuff Will it be new videos soon? Hope there will
@@jacksonwille Yes, I've been away on holiday for a while but am now back. There should be a new vid next week.
Oh my God. I should have watched this video way earlier. Debit and credit is finally starting to make sense. I'm being trained in financials for work, but.... Our training sucks. It's so disorganized, and concepts aren't taught in the correct order, so you end up more confused. And no one asks questions because the explanations we receive are a waste of time. Thank you so much for making these.
That sounds like a tough situation to be in! Best of luck with it
Thank you very much. Well done videos and explanation.
Cheers Hammam! All the best :)
This is exactly what I need. Thank you!
Thank you so much sharing this with my fellow classmates at cardiff met uni so helpful !
Glad it was helpful!
Ghana sto your video i found the answer i was looking for in the last week of first approach to accounting basics !
how did i only find you now, so excited to watch and learn as i grow, thank you for making these so simple to understand
Best of luck with it all!
James you are doing a great job
Thanks for the support!
LOVE HOW YOU BREAK THINGS DOWN ! thanks !
Hey Mr Accounting stuff :) I like your videos very much, I am currently doing a course on Financial Issues for Project Management and I am COMPLETELY LOST. The lecturer seems to be going too fast :( and I am terrified on how I will pass my exams. Fortunately, I fell on your videos on income statement and balance sheet. They have been helpful so far. I hope to make :). I think you've found your sector of expertise and that you are gifted with teaching abilities. Keep the good work.
Thanks Tamrath, sorry to hear that you've been having a tough time in your lectures. Hope it all starts clicking for you. All the best!
Finance Angel! thank you thank you thank you!!
Beautiful example
Glad you enjoyed it!
Thank you for this i wasn't understand how the balance sheet works until now.
Hey Chris, great to hear it's making sense!
So useful. Clear explanation and great use of simple examples.
Wow! It all just clicked!! Thank you James! You are a Godsend!! I'm so happy I found your channel. 😊❤ PS... I love your daily questions. They keep me engaged. CONTENT SUGGESTION: Could you possible do short videos of 5 transactions and statement placement? (Just like you do in this video). Thanks! ❤
Daily, I mean.
Thanks and cheers for the suggestion!
10:50 I think it would be more appropriate for Cost of Sales to have a positive number (25) instead of a negative (-25), because it has Debit balance (Expense)-we are adding a cost, and not removing a cost. And then Profits would be a subtraction (Revenue - Cost of Sales), to keep the balance correct.
Hey Juan, that might make sense to us Accountants but Financial Statements created to help others understand what's going on in a business. Not everyone understands Debits and Credits so it would seem counter-intuitive to them to make Expenses positive.
This is so helpful..much love❤ from Zambia, Africa.😘😘😘
Love from Canada!
This is by far the best video I’ve seen. Thanks a lot and keep up the great work!
Cheers Salman! Glad you enjoyed it :)
I got it!! Thank you!! I mean the balance sheet versus the Income statement
James is helping me understand accounting. thanks BIG Man
No worries, hope it's making sense!
Bro, I absolutely love your videos. Learned so much from learning from you! Thanks man
Cheers Lawrence, I'm happy to help :)
This video is amazing, I like the balance sheet creation and how you included profit and loss statement to make sense, amazing, it unlocked that missing link in my brain that the books or course I have been doing so far couldnt. You have saved my education as well. Good job! I really appreciate your videos, you got another big fan. Keep up the good work ;) And Thank you Loads
You're very welcome. I think it always helps to put the balance sheet in perspective using the income statement. Great to hear that it's making sense for you
Thing that confused me in double entry system was misinterpretation of ASSETS = LIABILITIES, while it's ASSETS=LIABILITIES + EQUITY , thank you for the clarification.
No problem, glad I could be of service :)