Thank you so much for this , I’m middle age man with middle of learning accounting as a brand new accounting learner ! I feel awful most of the time since it gets very confusing, I know probably everyone is super smart with this stuff here but little things help me , even I read everyone’s comments and learn things ! Thank you all for being such nice people 😊
In regards to the bank statement; I teach my team that if we have an item on our B/S that is an asset, then it’s a liability on another entity’s B/S (and vice versa)
No u r not wrong Ben. U r bang on. I saw many people, accounting experts in my life. They were confused with this. So there are many people in the world with this kind of predicament, yet they dont feel comfortable to express it. Thank you so much. U r just awesome. God bless you 🙌
I appreciate that there are answering out there to questions some of us aren't comfortable asking our managers. Some make you feel really stupid for asking them.
Another great video. Thanks for covering these topics. I am starting school this fall to get into accounting after a 14 year career in retail. I hope to be a controller one day as well. Excited for the journey and love learning as much as I have from your videos!
@@mansithakur1758 I left retail because it was very demanding and not much for work life balance. A normal week would be about 60 hours. Money was good in it but I didn't see my family much.
Fellow accountant here! Yes, I got taught the banking perspective Cr/Dr switcheroo at university when studying my accounting modules. It was very subtle and could have been missed quite easily.
that's interesting that they didn't teach that in college cuz they certainly did where I was. Just comes to show that if you are open-minded and humble enough to learn on the fly, you do not need to know everything in the moment! Thanks for this confidence Bill!
I'm currently in my Undergrad, but in my first accounting class I remember my textbook saying the bank statement is from the banks perspective. I can see how that could be confusing without the explanation.
The first thing that confused me was start-up funding for the recording of capital and bank. Debting bank was confusing because I was only thinking on investor side not the company side.
Hi Bill! I really confused about buying fixed assets an amount of $50,000 paying $20 000 cash and balance issued a promissory note payable in 5 years and bearing 6percent interest. Could you please explain all possible questions about this transaction. thanks a lot.
Thanks for such a great content. Can we have a brief explanation of manufacturing standard costs, how are they generated, and how often they need to be updated? Also, what advise do you have for new accounting managers? Best Regards,
Thanks for another great video clears a lot of things up. Still have some question that maybe you could assist with,why is depreciation called a non-cash expense yet cash is paid out at the time of purchasing, how is this cash recovered?
Question: when retained earnings are be used to purchase depreciating assets like trucks, does that purchase reduce retained earnings proportionately? If not, then how will the depreciation of the trucks over time effect the retained earnings? Great videos! Thank you!
Hi, I like your videos. I've seen about 10 so far! 3 out of many confusing accounting things: 1. Accrued expenses vs. prepaid expenses 2. Why AP gets added back to cash flow statement 3. Diluted EPS vs EPS Awesome videos, keep it up!
@@madeline2495 that's a much longer answer. The cash flow is a reconciliation between cash basis and accrual basis accounting. To answer your question fully, you'd have to have a thorough understanding of accrual accounting.
For me the third one been unclear, why unqualified report is clean report? Bank- for banker, I am lender, when I given money and bank should show credit balance(same we have for creditors) .. Since they owe me. If I am wrong correct me for bank..
Please help me clarify what 'unappropriated retain earning' is ? How to analyze the health status of company that keep accumulating its net profit in 'unappropriated retain earning' for >5years, without approriating it?
How it is possible that company reports for example Accounts payable current 300k for Q1 and then in Q2 report they declare that Account payable current for Q1 was 400k? Could company legally adjust/manipulate past quarterly financial information in their new reports? Which values are valid for me as an investor? Is it a original value, or value from last financial report?
Qualified vs unqualified terms frequently confuse people. I assume someone named it wrongly when the accounting audit was established. Qualify has a Latin root of qualis meaning of what sort, but mostly it means certified or having credited nowadays. So the term qualified needs to be replaced by conditional or restricted etc. Of course, unqualified by clean ir perfect etc. Thanks
Lol they act like they could not have just used words that made sense. The bank credit and debit thing confused me too until my internship. Instead of just being confusing they have millions of different words they can use haha
Debit revenue and credit income summary (a temporary account), credit expenses and debit income summary, and then debit/credit (whatever the balance is) income summary and debit/credit retained earnings.
Yes!! This is such a good video. I have a multi-layer explanation to hopefully help people lock in this information. There are always those little things in accounting that we just never bother to research and iron out in my head. For the auditors out there, you lovely people. The qualified opinion contains a qualifier. This one is tricky for a lot of people. I always think of "but" statements when I hear qualified opinion. "Your financial statements are a pure fiction and I have substantial doubt that your company is going to continue as a going concern." (I think a going concern is just a term they rolled forward from Ye Olde Lawbook). Just remember that but statements aren't clean ones. Another pertinent linguistic relative: conditional love, conditional surrender. Both of those are generally worse than the unconditional versions. "I'm in love with an accountant, but their bookshelf only contains accounting textbooks." That's a qualified expression of love. It isn't unconditional. A more realistic scenario than the previous: "I like this accounting textbook's content, but they printed it in Comic Sans." Your opinion of the book had to be qualified. You liked the textbook, but the Comic Sans was a deal-breaker. But statement. When an opinion has a "but", it usually means that there are conditions. Another business example. Think of this in the context of a Shark Tank/Dragon's Den tv show: "Your business is great, but this deal represents a larger risk than I am willing to take on. Therefore, I am out (or they negotiate a less risky deal from the Shark/Dragon investor). Hopefully one of these is memorable to someone. An unqualified opinion is one that doesn't need qualifiers. Whether the "but" is implicit or explicitly written/stated, it makes the statement a qualified one.
Unqualified opinion = not qualified for an opinion from the auditor. Auditor has NOT detected any information presented in the financial statements departing from GAAP. It is straight forward - nothing tricky.
Learn to adjust your mentality and avoid worrying your parents by sharing your stress with them. Practise filial piety by easing their minds and taking responsibility for your own karma and your lives.
Plz do a seperate video on the explanation of unqualified opinion....i am still unclear....sorry for that.....i like and watch ur videos...i learned a lot from ur videos....
Thank you for sharing this! I have a quick question if you don't mind answering. I'm starting in big 4 audit at the end of this summer, but due to visa limitations, I may need to return to school next fall (I have a BBA in Accounting & Information Systems and currently have completed 2/4 of the CPA exams). Would you recommend an MS in Finance, MS in Accounting, or MS in Business/Data Analytics? Thank you again for all you do!
I’m no financial controller, but I think business analysis would be best. You already have a strong foundation and accounting, and you likely know a lot of about finance too. Anyway that’s my opinion, take it with a grain of salt.
oh my god why u put background music !!! educational content creator should really understand that there video's should be boring and quite as possible , it really distract me and i already have adhd. imagine the pain
![Noob To Max With DRAGON REWORK In Blox Fruits [FULL MOVIE]](http://i.ytimg.com/vi/LnBMOinoOvA/mqdefault.jpg)
Thank you so much for this , I’m middle age man with middle of learning accounting as a brand new accounting learner !
I feel awful most of the time since it gets very confusing, I know probably everyone is super smart with this stuff here but little things help me , even I read everyone’s comments and learn things ! Thank you all for being such nice people 😊
In regards to the bank statement; I teach my team that if we have an item on our B/S that is an asset, then it’s a liability on another entity’s B/S (and vice versa)
Thanks for the tip Ryan. Agree with this approach
My Accounting professor has taught on why does bank statement shows credit amount when it the opposite in your book. Your vide0s are good
No u r not wrong Ben. U r bang on. I saw many people, accounting experts in my life. They were confused with this. So there are many people in the world with this kind of predicament, yet they dont feel comfortable to express it. Thank you so much. U r just awesome. God bless you 🙌
I appreciate that there are answering out there to questions some of us aren't comfortable asking our managers. Some make you feel really stupid for asking them.
Another great video. Thanks for covering these topics. I am starting school this fall to get into accounting after a 14 year career in retail. I hope to be a controller one day as well. Excited for the journey and love learning as much as I have from your videos!
You got this!
I wish you all the best!! If you don't mind me asking, why leave the career you've invested so much in?
@@mansithakur1758 I left retail because it was very demanding and not much for work life balance. A normal week would be about 60 hours. Money was good in it but I didn't see my family much.
Fellow accountant here! Yes, I got taught the banking perspective Cr/Dr switcheroo at university when studying my accounting modules. It was very subtle and could have been missed quite easily.
that's interesting that they didn't teach that in college cuz they certainly did where I was. Just comes to show that if you are open-minded and humble enough to learn on the fly, you do not need to know everything in the moment! Thanks for this confidence Bill!
I'm currently in my Undergrad, but in my first accounting class I remember my textbook saying the bank statement is from the banks perspective. I can see how that could be confusing without the explanation.
Can you explain proration and write offs in cost accounting? I finished the course and I still don't get it.
The first thing that confused me was start-up funding for the recording of capital and bank.
Debting bank was confusing because I was only thinking on investor side not the company side.
Thanks Bill... I too used to have same confusion on bank statement but it is cleared now...
Can you explain fifo and weighted average for the periodic inventory system? Having some trouble with it
Great job. Great reminder especially on the Unqualified and Qualified Audit opinion
Thank you!
Getting better and better 👍👍👍
Retained earnings refers to that part of net profit which is not distributed in owners and kept in business to fund the growth plans of business.
A video about erp integration would be nice if you have experience in new software implementation
Video about cost allocation, wbs in SAP will be highly appreciated, Bill
Hi Bill! I really confused about buying fixed assets an amount of $50,000 paying $20 000 cash and balance issued a promissory note payable in 5 years and bearing 6percent interest. Could you please explain all possible questions about this transaction. thanks a lot.
Thanks for such a great content. Can we have a brief explanation of manufacturing standard costs, how are they generated, and how often they need to be updated?
Also, what advise do you have for new accounting managers?
Best Regards,
Subscribed.
Thank you.
Can you please make a video on COGS effects in accounting ERP.
Yeah the debits and credits in bank statements threw me off too lol
Thanks for another great video clears a lot of things up. Still have some question that maybe you could assist with,why is depreciation called a non-cash expense yet cash is paid out at the time of purchasing, how is this cash recovered?
Question: when retained earnings are be used to purchase depreciating assets like trucks, does that purchase reduce retained earnings proportionately? If not, then how will the depreciation of the trucks over time effect the retained earnings? Great videos! Thank you!
Hi, I like your videos. I've seen about 10 so far!
3 out of many confusing accounting things:
1. Accrued expenses vs. prepaid expenses
2. Why AP gets added back to cash flow statement
3. Diluted EPS vs EPS
Awesome videos, keep it up!
AP doesn't get added back to cash flow.....an increase in the AP balance over the period does.
Ok, do you mean the change in accounts payable gets added (ie increase added and decrease subtracted)?
@@madeline2495 Yes, that's exactly it.
@ Mister J Thank you for clarifying. But my main concern is why it’s added back and the indirect cash flow statement works.
@@madeline2495 that's a much longer answer. The cash flow is a reconciliation between cash basis and accrual basis accounting. To answer your question fully, you'd have to have a thorough understanding of accrual accounting.
For me the third one been unclear, why unqualified report is clean report?
Bank- for banker, I am lender, when I given money and bank should show credit balance(same we have for creditors) .. Since they owe me.
If I am wrong correct me for bank..
Please help me clarify what 'unappropriated retain earning' is ?
How to analyze the health status of company that keep accumulating its net profit in 'unappropriated retain earning' for >5years, without approriating it?
How it is possible that company reports for example Accounts payable current 300k for Q1 and then in Q2 report they declare that Account payable current for Q1 was 400k?
Could company legally adjust/manipulate past quarterly financial information in their new reports?
Which values are valid for me as an investor? Is it a original value, or value from last financial report?
I had same misunderstanding to the way we recorded debit and credit in dailybook. That's why I quit my accountant career 😂
First time i heard the term i was like : why the fuck do you want an unqualified opinion ? Whats your problem ?
😂
Qualified vs unqualified terms frequently confuse people. I assume someone named it wrongly when the accounting audit was established. Qualify has a Latin root of qualis meaning of what sort, but mostly it means certified or having credited nowadays. So the term qualified needs to be replaced by conditional or restricted etc. Of course, unqualified by clean ir perfect etc. Thanks
Confused with bank account statement want in more details why does bank record opposite.
Thank you! Cool setup!
Glad you like it!
if your financial report for Q1 is $10 and Q2 is 12 then what is the actual difference. The Excel sheet shows 22 in pivot table.. is it correct?
Please explain current tax in ias12
What happens to accumulated depreciation year on year. ?
Lol they act like they could not have just used words that made sense. The bank credit and debit thing confused me too until my internship. Instead of just being confusing they have millions of different words they can use haha
Thank you for sharing your knowledge with us. I have learned a lot and I am putting some tips into practice.. :)
Glad it was helpful!
i love ur videos, thanks for ur uplaods and efforts they are really appreciated
Thanks for watching them!
I had same confusion about qualified and unqualified opinion 👍
Hey do you give practical job practice here for accounting and finance so students are sure what to expect when they join an org to work. Thanks :)
The work can vary so much from job to job, company to company. I think he is trying to keep his videos at high level.
I like the mic and the green screen. Modern and 👍
What's the journal entry for P&L accounts clearing at the end of the year, please explain sir
Debit revenue and credit income summary (a temporary account), credit expenses and debit income summary, and then debit/credit (whatever the balance is) income summary and debit/credit retained earnings.
I like this guy.
Me too
Thank you for sharing! 👏👏👏
Great video
Excellent video
Yes!! This is such a good video. I have a multi-layer explanation to hopefully help people lock in this information. There are always those little things in accounting that we just never bother to research and iron out in my head. For the auditors out there, you lovely people.
The qualified opinion contains a qualifier. This one is tricky for a lot of people. I always think of "but" statements when I hear qualified opinion. "Your financial statements are a pure fiction and I have substantial doubt that your company is going to continue as a going concern." (I think a going concern is just a term they rolled forward from Ye Olde Lawbook). Just remember that but statements aren't clean ones. Another pertinent linguistic relative: conditional love, conditional surrender. Both of those are generally worse than the unconditional versions. "I'm in love with an accountant, but their bookshelf only contains accounting textbooks."
That's a qualified expression of love. It isn't unconditional. A more realistic scenario than the previous: "I like this accounting textbook's content, but they printed it in Comic Sans."
Your opinion of the book had to be qualified. You liked the textbook, but the Comic Sans was a deal-breaker. But statement. When an opinion has a "but", it usually means that there are conditions.
Another business example. Think of this in the context of a Shark Tank/Dragon's Den tv show:
"Your business is great, but this deal represents a larger risk than I am willing to take on. Therefore, I am out (or they negotiate a less risky deal from the Shark/Dragon investor).
Hopefully one of these is memorable to someone. An unqualified opinion is one that doesn't need qualifiers. Whether the "but" is implicit or explicitly written/stated, it makes the statement a qualified one.
wow！ 👍
Unqualified opinion = not qualified for an opinion from the auditor. Auditor has NOT detected any information presented in the financial statements departing from GAAP. It is straight forward - nothing tricky.
Learn to adjust your mentality
and avoid worrying your parents by sharing
your stress with them.
Practise filial piety by easing their minds and
taking responsibility
for your own karma and your lives.
Plz do a seperate video on the explanation of unqualified opinion....i am still unclear....sorry for that.....i like and watch ur videos...i learned a lot from ur videos....
A special post 1”🎉
Thumbs up❤
Same ting happened to me 😄
Thanks 👍
Negative equity confuses me
Thank you for sharing this! I have a quick question if you don't mind answering. I'm starting in big 4 audit at the end of this summer, but due to visa limitations, I may need to return to school next fall (I have a BBA in Accounting & Information Systems and currently have completed 2/4 of the CPA exams). Would you recommend an MS in Finance, MS in Accounting, or MS in Business/Data Analytics? Thank you again for all you do!
I’m no financial controller, but I think business analysis would be best. You already have a strong foundation and accounting, and you likely know a lot of about finance too. Anyway that’s my opinion, take it with a grain of salt.
Pretty cool 🍻
Good video
Notice how he said college didn’t teach me this..
nice microphone
Accrruals are confusing!
oh my god why u put background music !!! educational content creator should really understand that there video's should be boring and quite as possible , it really distract me and i already have adhd. imagine the pain
promise to lower the music in the next videos