10 chapters behind? You must up to alot of fun 😉 What course are you taking? Do you have access to past exams. That is usually the best source when preparing for exams. Thanks for the comment.

You're welcome!

:) A little hard for me to remember. Could you timestamp the moment in video you are referring to. Thanks

@@LearnAccountingFinance I'm sorry to make you awkward. The formula I want to ask is at the minute 8th - R7 cell

@@Hoctienganh2018 Oh OK. Look at 08:19. This is the Original Cost of the Fixed asset minus accumulated depreciation which is equal to Net book value. Every month, depreciation is recorded to allocate cost of Fixed assets to P&L over the useful life of asset. The Formula calculates the current book value after accumulated depreciation is deducted from the original cost of asset. In short, the formula is "Original cost - Accumulated depreciation"

Thank you!

Hello Shabana. You can reach me at [email protected]

You are welcome!

Oh, now I can understand that expenses are a part of debit in the first video you have shared before 🥰

Thanks dear

You are welcome!

Thanks!

Yes. The key is in your hand ✋️ :)

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).

You're welcome.

thanks

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.

Glad I could help 😉

Thank you ❤️

Thanks.

Glad it was helpful! thank you @lesstravelboy

Glad to hear that

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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

Thank you. Yes this course is still available at varianceanalysis.thinkific.com

That's a good one too

Thanks

Thanks a lot and good luck with the exam.

Thanks for sharing your experience. I agree with you. We do not really need to take that long to learn the basics and essential information. Sometimes, it's actually counter productive. But hey! you got good grades and well done for taking this course. 👏 Am I invited to the party? 🥳