I am a first year engineer. Our university has this course adminstrated by the Ivey Business Program, which is a top-tier business program world wide. This course is super rigorous and although it states that it does not presume any knowledge of business, the textbook uses information outside the scope of a novice. This course will be helpful tomorrow, while I study for this course.
Another way which help me to remember double entry rules are DEAD (Debit expense, asset, drawing) and CLIC (Credit liability, income, capital) when they are increased, and reverse the debit and credit when they are decreased. ie. Debit liability, income and capital. Credit expense, asset and drawing
I am about to take my exam #1 for an accounting course for college and man you do a way better job explaining the fundamentals then my professor! thank you so much for keeping a consistant and solid pace and disecting each core part of the basics of accounting. You are really boosting my confidence in taking the exam!
I went to RUclips and searched for the video "Financial Accounting for Beginners" I watched multiple videos and after spending half an hour I found your video and I love it. Your video is really best for me, first I like your video and save it in my playlist then start watching. Thank You for creating this video. Love from Inda💌
Doing Accounting for the first at college level, and having a difficult time grasping what is going on half the time. Praying this video will get me in the groove of things so I can actually start practising. Will give a review tomorrow
I was so glad that I came across your video!!! Being determined to learn as a beginner, I have watched quite a number of videos of accounting tutorials and boy, the more I watched, the more I got confused!😄 But in your video, I really learned very well!!!! Thank you so much!!!!
Thank you for such an informative video .. I will keep watching it again and again to fully master bookkeeping .. sending you my gratitude and best wishes
Sir, I am from Bangladesh. Thank you for giving us this valuable tutorial. We would like to request that you please make a video on how to maintain accounts receivable and accounts Payable.
Hai it would be even helper for students if you could show practical example in excel, tally, or any softwares used in the companies because there would be many student who still require practical example in software like me. Could you please provide that class which would be really helpful for real world work?
0 ثانية At the minute 29:29 you mentioned that the deferred revenue is a non-current liability, this is wrong because it's a short term debt and so it's a current liability because I already received the amount from customer and should provide the service or goods within a short time for sure.
the example in 36:43 about burgers seem to go against the credit/debit rule for income ? seems like both debt and credit were increased as you mentioned asset (recorded under debit) and income (recorded under credit) both increases ?
the asset of cash is increased when the burger is sold. there is a matching principle that states any debit entry must have a credit entry. therefore there is a credit entry, sales(which is classified under income). and yes both assets and income can increase, because they give different outcomes. debit and credit. as long as they give give debit and credit, they can increase.
The video was very helpful for a beginner like me in the accounting but i didn't get the second example of matching principle. can someone explain it to me?
All accounting transactions are summarized into financial statements such as income statement, balance sheet and cash flow. The matching principle of accounting ensures that expenses are recorded in the same period (matched) as the related revenues. For example, if you record sales on Oct 31, and cost of sales on Nov 1st, the income statement for the month of October will reflect sales without any costs, and hence overstate the profit, while the income statement for the month of November will only reflect the costs and understate profit. That's why matching requires that sales and cost of sales for the same transaction are recorded at roughly the same time (or at least the same reporting period).
Hi teacher. I am currently An intermediate student in CPA. i have zero experise job wise, this was really helpfull. So i want to me a remote accountant, give me road map i have to follow or any kind of advice.. am in kenya and my exam body si called KASNEB. IF given good trying i can do a great job😊
Hello Hasan. As explained in the video, dividend income should be reflected under investing activities. In the indirect method of preparing cashflow statement, we start with net income which already includes dividend income. We exclude it to not reflect under operating activities, and then show under investing activities. Just a matter of classification.
Hello. Past events are events or transaction that have already occurred and can include any transactions like sales, purchases, loan agreements, payments, expenses etc
Most accounting systems show debit amounts as a positive number and credit amounts as a negative number. So, if you see a negative number against an account in such systems, this just shows that the balance is net credit. For revenue and income, this is the default position and what you expect to see.
The accounting equation is Assets = Liabilities + Equity. From a financial position perspective, assets are not equal to liabilities. The higher the equity, the lower the liabilities in the balance. Equity represents value of ownership of net assets.
what about an institute that pay cash to the contractor for interior designing ? one is cash and the other is contractor right ? so cash decreases so credit it , but what about contractor and under what ledger does contractor and cash fall in cash book?
If the cash was paid to the contractor after completing the job, debit can be an "expense" in the p&l. The name of the gl account can be interior design expenses. If the interior design is costly (material or large amount) and is part of the building fixtures that the institute owns, this can also be treated as fixed asset or capital expenditure. In that case a fixed asset account such as "building" or "improvements" will be debited. If the cash is paid in advance for work that will be done later, debit will be an asset account such as "advances, deposits and prepayments".
@@LearnAccountingFinance Thankyou ,but i am still confused , can you make a video on this example on the excel please , Also can you do a video on creating cash book on excel on direct and indirect expense , current and fixed assets with examples, where the balance is also recorded.
@@LearnAccountingFinance HOW DO YOU ENTER AN AMOUNT CONTRIBUTED BY A PERSON FOR THE BUSINESS .FOR (EX ) I RECEIVED MONEY FROM MR. X FOR MY BUSINESS WITHOUT ANY RETURNS, ITS LIKE A CAPITAL AMOUNT, SO WHAT 2 ACCOUNTS ARE AFFECTED AND HOW TO POST IN CASH BOOK, WHICH ACCOUNT WILL FALL UNDER DEBIT OR CREDIT ...PLZ DO REPLY
Hello Li Ha. All my content is available on the youtube channel. There is currently an advanced income statement analysis course that you can access at ebitda.thinkific.com/courses/learn. I also provide 1 on 1 training/coaching. You can check details by sending a direct message to @learnaccountingfinance on instagram.
3,850+10,954= 14,804. Only adding expenses at that point. Revenue - cost of sales = gross profit. Then he is doing gross profit - the expenses below = Income before income taxes. It would be much clearer if it was an excel format and had borders for calculations.
The concept of credit and debit is confusing - It seems as if when you pay others money it becomes a credit whereas in real life , having a "credit" card is a good thing as it means you have a line of credit to spend for purchasing of products and services
:) yes it gets confusing when we try to connect debit and credit from accounting to everyday use of the terms. You can view credit line or credit card as an offer by the bank to "increase your liability" ( = credit according to accounting rules). When you make purchases on a credit card you are in effect increasing your liability because you now owe the bank or credit card provider the amount you purchased for. Personally for me, this is the worst kind of credit as it starts growing (with interest) if you do not settle in time. The same goes for credit line.
Remember buddy there is no logic u have to rememver this that there are 5 nature of accounts like assets expense when every they rises we have to debit them and when ever they decreases we have to credit them in journal while capital/equity , income and liability when ever increases we have to credit them and when ever these decreases we have to debit them
![Summer Walker - Heart Of A Woman [Official Lyric Video]](http://i.ytimg.com/vi/SFddctbZzw8/mqdefault.jpg)
This one video was clearer and more helpful than several bookkeeping courses I have purchased. What a great teacher - thank you!
Thanks Tony. I am glad it helped
Haven't worked in Accounting in a while. Came to this video as a refresher.
This video is more useful than my university degree.
I am a first year engineer. Our university has this course adminstrated by the Ivey Business Program, which is a top-tier business program world wide. This course is super rigorous and although it states that it does not presume any knowledge of business, the textbook uses information outside the scope of a novice. This course will be helpful tomorrow, while I study for this course.
Thanks for sharing. How are you finding the course so far? Good luck
Another way which help me to remember double entry rules are DEAD (Debit expense, asset, drawing) and CLIC (Credit liability, income, capital) when they are increased, and reverse the debit and credit when they are decreased. ie. Debit liability, income and capital. Credit expense, asset and drawing
That's a good one too
I am about to take my exam #1 for an accounting course for college and man you do a way better job explaining the fundamentals then my professor! thank you so much for keeping a consistant and solid pace and disecting each core part of the basics of accounting. You are really boosting my confidence in taking the exam!
Thanks a lot and good luck with the exam.
I went to RUclips and searched for the video "Financial Accounting for Beginners" I watched multiple videos and after spending half an hour I found your video and I love it. Your video is really best for me, first I like your video and save it in my playlist then start watching. Thank You for creating this video. Love from Inda💌
Glad it was helpful! thank you @lesstravelboy
Dear Professor. Thank you so much for providing these wonderful free courses. They are very clear and
helpful.
Thanks Sophie. Glad you found the information useful.
Doing Accounting for the first at college level, and having a difficult time grasping what is going on half the time. Praying this video will get me in the groove of things so I can actually start practising. Will give a review tomorrow
Thank you for this refresher course. This was extremely helpful as an accountant that has been out of the office for a few years.
Glad it helped. Thank you for the comment.
Thank you so much for the IDEA (Increase will Debit Expense and Assets).
Thanks so much this has been a refresher course for me😊
You are welcome!
I was so glad that I came across your video!!! Being determined to learn as a beginner, I have watched quite a number of videos of accounting tutorials and boy, the more I watched, the more I got confused!😄 But in your video, I really learned very well!!!! Thank you so much!!!!
Thank you Shella. Comments like yours reassure me that my teaching style is not weird :)
This channel is my new addiction. ❤
What a great video. Learned so much, even the tips to make the full cycle easier. Thank you!
Thank you!
Very well explained. Accounting lessons for dummies ❤
Thank you so much, best accounting crash course ever!
Thanks Siddharth. Glad you found it useful.
Always good to study and be ready
very clear and detailed presentation
Thanks!
Well explained n summarized. I understood clearly. Thanks for this video
Glad to hear that
Thank you for such an informative video .. I will keep watching it again and again to fully master bookkeeping .. sending you my gratitude and best wishes
Thank you for your comment. Yes. Watching again and again is the best way to retain knowledge and improve understanding. All the best.
I must say very well explained, its s great refresher for me as I prepare for interviews. Keep it going.
Sir u ar very politely explaining.Do you have any other lecture in which u explain how it works in Real time.Please share the link
Thanks
Thanks Heena. By real time, do you mean video recording of posting of accounting entries? Thanks
Thanks, it was very helpful, I learn lot and was very interesting, not boring at all!
Thank you Maria.
Thank you. Tried EdX and Udemy their classes are full of bullshit and time wasting. Thank you for making it clear and concise.
Thanks and I am glad you found it useful.
thankyou for sharing such a clear thoughts of accounting
Best one teacher please continue with me
Thank you, very straight forward
You're welcome.
Sir, I am from Bangladesh. Thank you for giving us this valuable tutorial. We would like to request that you please make a video on how to maintain accounts receivable and accounts Payable.
Noted and thanks for your comment!
Excelent Class well done and keep your great work 💯
Thanks
Great explanation
thanks
Very consize and organized video, thank you, I hope u have a great day
Thanks!
Many thanks! Your teaching is clear and concise
Thank you.
I have learned so much! glad I found this video. Thank you is not enough! Already subscribe and will share this video :)
Thank you very much. Appreciate the kind words!
You made it easy to understand❤🎉
Wow, I wanna refresh , got a BSBA, maybe I can use it when retire...for parties jobs.
Very good video. The examples were clearly explained.
Thank you Glen
love this lecture. internet is great
Thanks a lot! Nicely explained.
Thank you!
Great presentation, helpful.
amazing video
very easy to follow.
You're the best. Thank you.
:) thank you!
Thank you best lesson
Excellent Course
I LOVE ACCOUNTS & FINANCE.
Hai it would be even helper for students if you could show practical example in excel, tally, or any softwares used in the companies because there would be many student who still require practical example in software like me. Could you please provide that class which would be really helpful for real world work?
Thank you for your extensive course. I appreciate all of this knowledge that I will be applying immediately at work.
Thanks for your comment. I am glad this course is helping!
Very helpful
0 ثانية
At the minute 29:29 you mentioned that the deferred revenue is a non-current liability, this is wrong because it's a short term debt and so it's a current liability because I already received the amount from customer and should provide the service or goods within a short time for sure.
Deferred revenue can be both current and non current, depending on the time frame of delivery of service/products.
thanks a lot
Amazing & very helpful Video
Thanks
Great..👍
Great Video, Explained very well.
Thanks
THANKS
THANKS BRO
Thank you. Its well explained and precise
the example in 36:43 about burgers seem to go against the credit/debit rule for income ? seems like both debt and credit were increased as you mentioned asset (recorded under debit) and income (recorded under credit) both increases ?
the asset of cash is increased when the burger is sold. there is a matching principle that states any debit entry must have a credit entry. therefore there is a credit entry, sales(which is classified under income). and yes both assets and income can increase, because they give different outcomes. debit and credit. as long as they give give debit and credit, they can increase.
Great
Very appreciable
Thanks
Thank you!
You're welcome!
The video was very helpful for a beginner like me in the accounting but i didn't get the second example of matching principle.
can someone explain it to me?
Francophone accounting and anglophone accounting are very different what should I do if I am employed by a french company
I guess you will have to learn francophone accounting as wel l:)
Excellent
Tq sir🎉
What was the main finance question that interview given to finance position please master
Could you tell me why in the 2 entries (first and second entries) we match sales and cash/cost of sales and inventory?
All accounting transactions are summarized into financial statements such as income statement, balance sheet and cash flow. The matching principle of accounting ensures that expenses are recorded in the same period (matched) as the related revenues. For example, if you record sales on Oct 31, and cost of sales on Nov 1st, the income statement for the month of October will reflect sales without any costs, and hence overstate the profit, while the income statement for the month of November will only reflect the costs and understate profit. That's why matching requires that sales and cost of sales for the same transaction are recorded at roughly the same time (or at least the same reporting period).
Good stuff.. keep at it
Thanks. What would you like to see more of?
Good information ❤
Thanks
Can you learn me about types of jounral
Hi teacher. I am currently An intermediate student in CPA. i have zero experise job wise, this was really helpfull. So i want to me a remote accountant, give me road map i have to follow or any kind of advice.. am in kenya and my exam body si called KASNEB. IF given good trying i can do a great job😊
good video
Thanks
Why did you mentioned dividend income 500 as negative in operations activities again added in investment activities ?
Hello Hasan. As explained in the video, dividend income should be reflected under investing activities. In the indirect method of preparing cashflow statement, we start with net income which already includes dividend income. We exclude it to not reflect under operating activities, and then show under investing activities. Just a matter of classification.
Hi, I'm a fresher, Could you please tell me what "past event" is?
Hello. Past events are events or transaction that have already occurred and can include any transactions like sales, purchases, loan agreements, payments, expenses etc
@@LearnAccountingFinance Thanks so much
Credit debit note who issues and when it is issued?
How do I get the power point that used in this presentation!
Download presentation and Excel files here: www.udemy.com/course/accounting-crash-course-for-busy-individuals/?couponCode=8512F315F3E1AECC7EB2
At 4:00...Income ❌...should be Revenue...(Income = Revenue - Expenses)
Revenue - expenses is usually called "Net" income. Please review the section where I explain income. Some terms are mixed up in accounting.
In ledger account. Why sales account is negative?
Most accounting systems show debit amounts as a positive number and credit amounts as a negative number. So, if you see a negative number against an account in such systems, this just shows that the balance is net credit. For revenue and income, this is the default position and what you expect to see.
I have one confusion if both Assets and liabilities are equal in balance sheet in this case how to know company was in good position or not?
The accounting equation is Assets = Liabilities + Equity. From a financial position perspective, assets are not equal to liabilities. The higher the equity, the lower the liabilities in the balance. Equity represents value of ownership of net assets.
what about an institute that pay cash to the contractor for interior designing ? one is cash and the other is contractor right ? so cash decreases so credit it , but what about contractor and under what ledger does contractor and cash fall in cash book?
If the cash was paid to the contractor after completing the job, debit can be an "expense" in the p&l. The name of the gl account can be interior design expenses. If the interior design is costly (material or large amount) and is part of the building fixtures that the institute owns, this can also be treated as fixed asset or capital expenditure. In that case a fixed asset account such as "building" or "improvements" will be debited. If the cash is paid in advance for work that will be done later, debit will be an asset account such as "advances, deposits and prepayments".
@@LearnAccountingFinance Thankyou ,but i am still confused , can you make a video on this example on the excel please , Also can you do a video on creating cash book on excel on direct and indirect expense , current and fixed assets with examples, where the balance is also recorded.
@@LearnAccountingFinance
HOW DO YOU ENTER AN AMOUNT CONTRIBUTED BY A PERSON FOR THE BUSINESS .FOR (EX ) I RECEIVED MONEY FROM MR. X FOR MY BUSINESS WITHOUT ANY RETURNS, ITS LIKE A CAPITAL AMOUNT, SO WHAT 2 ACCOUNTS ARE AFFECTED AND HOW TO POST IN CASH BOOK, WHICH ACCOUNT WILL FALL UNDER DEBIT OR CREDIT ...PLZ DO REPLY
Sir how can i get pdf of this video (useful video)
Download presentation and Excel files here: www.udemy.com/course/accounting-crash-course-for-busy-individuals/?couponCode=8512F315F3E1AECC7EB2
Sir online accounting course available here
Sir financial accounting course best institute in hyd plz tell me
DO YOU HAVE THE WHOLE THE ACCOUNTING FIANCIAL COURSES ONLINE TO SHARE ?
Hello Li Ha. All my content is available on the youtube channel. There is currently an advanced income statement analysis course that you can access at ebitda.thinkific.com/courses/learn. I also provide 1 on 1 training/coaching. You can check details by sending a direct message to @learnaccountingfinance on instagram.
Do you have PDF file for this video?
Download presentation and Excel files here: www.udemy.com/course/accounting-crash-course-for-busy-individuals/?couponCode=8512F315F3E1AECC7EB2
Ledger make sales and purchase at excel
At 39:53 how could it equals 14,804 total sellings
3,850+10,954= 14,804. Only adding expenses at that point. Revenue - cost of sales = gross profit. Then he is doing gross profit - the expenses below = Income before income taxes.
It would be much clearer if it was an excel format and had borders for calculations.
08:30
sir kindly provide us slides
Download presentation and Excel files here: www.udemy.com/course/accounting-crash-course-for-busy-individuals/?couponCode=8512F315F3E1AECC7EB2
Telugu lo experiences cheyandi sir
devika bhatnagar accountancy chudu bro
😇
The words Debit and Credit should be exchanged. It would then make sense
The concept of credit and debit is confusing - It seems as if when you pay others money it becomes a credit whereas in real life , having a "credit" card is a good thing as it means you have a line of credit to spend for purchasing of products and services
:) yes it gets confusing when we try to connect debit and credit from accounting to everyday use of the terms. You can view credit line or credit card as an offer by the bank to "increase your liability" ( = credit according to accounting rules). When you make purchases on a credit card you are in effect increasing your liability because you now owe the bank or credit card provider the amount you purchased for. Personally for me, this is the worst kind of credit as it starts growing (with interest) if you do not settle in time. The same goes for credit line.
Remember buddy there is no logic u have to rememver this that there are 5 nature of accounts like assets expense when every they rises we have to debit them and when ever they decreases we have to credit them in journal while capital/equity , income and liability when ever increases we have to credit them and when ever these decreases we have to debit them
Most people don't explain debit and credit probably.
Also credit and debit are a bit arbitrary and has too much interference.
No there is a logic just take your self as a company and simply anything that comes in is debit anything that goes out is credit remember this
@@iqraqureshi436
That's very wrong.
Where do you put retained earnings and equity?
Francophone accounting and anglophone accounting are very different what should I do if I am employed by a french company
great