The INCOME STATEMENT for BEGINNERS

[@AccountingStuff]

⏱️TIMESTAMPS 00:00 - Intro 00:08 - Financial Statement Definition 00:41 - What is a Basic Income Statement? 00:55 - What is a Detailed Income Statement? 01:52 - How to Make a Basic Income Statement 03:19 - How to Make a Detailed Income Statement

[@aaronlipschitz9726]

Hey James Your Vidz are INSANEEEE!!!! Literally helped me so much! Can you please do a video on the difference between profit and loss and other comprehensive income!?

[@AccountingStuff]

@@aaronlipschitz9726 Thanks for your request!

[@Freefiregamer-gx4fm]

Hello, this is for the channel owner, i wanted to ask u if u could plz make another video about income statement for level 1 NCEA in new Zealand that would help me @Accounting Stuff

[@jayapriyaj8200]

I'm from India thanks for the wonderful explanation it's really easy to understand the concept 😊😊😊

[@AccountingStuff]

That's great to heart! Thanks@@jayapriyaj8200

[@amver2616]

who is here and having examination tomorrow and try to save the whole term😭

[@wellwisher9817]

I have exam today.😅

[@tafaraziweya8999]

😂😂 eish i thought im the only one

[@raneldosmall2856]

Lol right on point

[@Abdulrehman_Ahmad]

Me rn

[@jerryc5922]

I’m have 1 in an hour

[@yousefqeshta3337]

I'm pretty sure that you explained it better than our university teachers

[@AccountingStuff]

Thanks!

[@crxsshair3]

Definitely dude!

[@venusb248]

James is fabulous in explaining accounts! Most tutors are boring and they’re making little sense 😂😉

[@exceljuice]

Dynamic Income statement link of file is in description box kzbin.info/www/bejne/i5S6lJ2vZblnpMk

[@HH-pj6he]

He definitely did! I need it too

[@henrydickerson9776]

I could hug you for this video. Seriously.

[@AccountingStuff]

🤗

[@StoicKujo]

Hey man, I just want to let you know I was having the toughest time in accounting until I watched your videos. I got a 91 on a hw assignment which I usually get 60's on. Thank you for all you do!!!

[@AccountingStuff]

Congrats you nailed it!! That's great news. I'm glad it's making sense :)

[@robertgiddings6279]

James, you represent all that is good in KZbin tutorials: Accessible information, clearly explained, engaging images, relevant examples, enthusiasm, humbleness and a pinch of humour. I've sat and watched 2+ hours of your videos today to refresh my understanding. There should be accounting and finance lecturers who should take note. Good luck with the journey to a 500k subscribers, you deserve it.

[@AccountingStuff]

Cheers Robert! Thanks for your kind words :)

[@paulchillemi2537]

I’ve been very overwhelmed in my Financial Accounting class lately… I have read the textbook and I feel like I can’t dedicate enough time to reading to use that to get enough of a grasp. My teacher is fine, but sometimes hard to follow. This helped me so much. Thank you

[@AccountingStuff]

Hey Paul, you've got this! Best of luck with it all :)

[@cheetham_adventures]

Hi James, as someone who was forced :) to do an accounting unit as part of my degree and having never-ever studied accounting, I found your series helped tremendously. I would like to recommend that you make a series on capital investment decisions, NVP, IRR and payback periods, that would be fantastic!! Thanks heaps.

[@AccountingStuff]

Hey Sheree, thanks for your requests!

[@salmanahmad1006]

As Always, Brilliant and easy. In my 4 year accounting and finance degree this channel is included in a few things that I admire most. Bro cost and managerial accounting is also seeking your attention. 👍

[@AccountingStuff]

Cheers Salman! Thanks for your suggestions :)

[@azizuladnan2957]

How? I will have a mid term exam next week... How... did you know I need this one specifically? Thank you, mister. :D

[@AccountingStuff]

Hope it goes well!

[@foreverprogaming2421]

23 minutes remaining for my midterm lmao

[@Neverland_Bunny]

@@foreverprogaming2421howd it go?

[@HASSAN-ws5go]

You sir are a life saver I have a test tomorrow and i was panicking then i got the notification much love ❤️

[@AccountingStuff]

Hey Hassan, good luck in your test!! I hope you ace it :)

[@shelbyc8884]

Please please please do a video on Current Portion of Long Term Debit, how to calculate it and why its important! It's the only concept I'm continuing to have problems wrapping my head around and I can't find it anywhere in your content. Thank you so much for all of your videos. You've truly saved me more than once during my bookkeeping training.

[@AccountingStuff]

Thanks for your request!

[@Lemonz-418]

Just saw the bundles you have for the cheat sheets and practice questions. That's pretty much I need. As a kinesthetic learner this will help out a ton! Picking that up tomorrow.

[@AccountingStuff]

Great to hear you're enjoying these videos :)

[@Tofu-YT0]

This channel never fails to amaze me, everytime I’m having a hard time learning about Accounting this is my go to, I tried watching other videos but here I always learn about my lessons in minutes, thank you for making my student life easier!

[@AccountingStuff]

No worries, glad I could help! All the best :)

[@exceljuice]

Dynamic Income statement link of file is in description box kzbin.info/www/bejne/i5S6lJ2vZblnpMk

[@LL-lb7ur]

Thank you, I work in the IT field and wanted to learn accounting on the side. Your explanation is very clear and helpful, I am grateful that I found this channel early in the journey.

[@jesustorres6428]

Hi, James! I just purchased your All in One Cheat Sheet Accounting Bundle! I have been following your videos for years and before purchased one section. You’re videos are VERY helpful!

[@bernamaqedonci5757]

You explained this so much better than my university lecturers. Thank You!

[@AccountingStuff]

You're very welcome :)

[@manasan415]

Watching your video in the day before exam. Will see how it goes. Thank you for the video.

[@AccountingStuff]

Good luck!!!

[@riyazkhan-xm2qn]

Thank you for this video, keep going more video. :) and don't forget about the bad debts and doubtful debts

[@AccountingStuff]

Cheers will do!

[@leahkang4344]

I'm studying accounting currently. Your videos are really useful to understand the concepts and fun, too! Can you do a video for present value and bonds payable?

[@AccountingStuff]

Thanks for your requests!

[@viviryan8612]

You are really the best accounting teacher 😊

[@AccountingStuff]

Thanks :)

[@nafiskhan8801]

Love from Bangladesh 🇧🇩❤

[@GDPWorking]

Thank you for the basic income statement introduction.

[@AccountingStuff]

No problem, hope it makes sense :)

[@GDPWorking]

@@AccountingStuff yes, thank you. I am going through the keep looking at it for 4 months stage.

[@muhammadfaisal_1995]

The way you transit from Trial balance to Income Statement was lit.

[@jubairkhan3986]

Absolutely love all your content and this one was very informative! Thank you for all that you do. I start my first accounting class in a week (it's my major).

[@AccountingStuff]

Thanks Jubair and best of luck with your accounting classes!!

[@gaganpande124sectionb3]

You are the best accounting. I would request you to please in the next tutorial can you teach us, how to make cost sheet

[@AccountingStuff]

Thanks for your request!

[@louisesulit9841]

more helpful than mu business studies teacher tahnk u

[@karimahwahad-ali7240]

Hi James How are u doing I am new to this KZbin channel Love ur video u help me alot in clearing up my uneasy question Can I ask can u make a video on bank reconciliation I really don't understand it Thanks💓💓💓

[@AccountingStuff]

I've covered that topic already, if you take a look through my channel then you should find it. Hope it helps!

[@karimahwahad-ali7240]

@@AccountingStuff yes I found it thanks It did help thanks once again

[@AccountingStuff]

@@karimahwahad-ali7240 Nice one :)

[@habibibagar]

this is the best explanation over my whole 3 years university class T_T. Thanks dude, keep up the good work

[@AccountingStuff]

Thanks, will do :)

[@abdulkadirmohamed1924]

I really love your videos.

[@AccountingStuff]

Thanks buddy :)

[@jyotirmoyghosh4856]

- - - simple and good teaching - - - let's do recap before leaving - - -

[@jellynellye]

my accounting teacher will probably make us watch this in class lol

[@linkin543210]

Then charge you, sounds like he is a good accountant 😂

[@joshuah.9529]

i'm in my introduction to business class right now!

[@MrTinFoilHat]

Thank you!!! You are great at explaining accounting!!!

[@AccountingStuff]

Cheers Dustin :)

[@samyavaid6605]

My goodness! Just what I needed!!!

[@AccountingStuff]

Hope it helps :)

[@samyavaid6605]

@@AccountingStuff It definitely does

[@Miyazawa11]

Hi, can you do any videos on transfer pricing and how it can affect financial statements? Also a video on basics for taxes? I love you videos because you can explain it clearly enough for me to understand and not pull my hair out. Thanks.

[@AccountingStuff]

I haven't at the moment, but thanks for your requests!

[@MominaRana-]

After making my trial balance i was stuck . Ahh my teacher gave us assignment despite the fact that whole class couldn't get the trail balance (except me ) thanks for this video ill save it for future Ahhh Thanks Allah for such a helper ❤

[@AccountingStuff]

No worries, you've got this!

[@chhayakankariya2748]

Please make video on RDD,BAD DEBTS ADJUSTMENT.

[@AccountingStuff]

Thanks for your requests!

[@yoshiu5167]

Good to see your vid again. Looking forward for the upcoming vids as well!

[@AccountingStuff]

Thanks buddy!

[@successeb2883]

Thanks for the video ! You are the best !

[@AccountingStuff]

No worries, you're welcome ;)

[@chillguru1230]

Hi James How you doing I was wondering if you could make a video on how to post journal entries for firms like private equity and entries like unrealised value entries and management fee 🙏🙏🙏

[@AccountingStuff]

Thanks for your request!!

[@oppa8938]

No teacher that i have been taught by is better than you

[@mollymckenna4048]

my midterm is tomorrow and as usual your video explained it in the perfect way! thank you!!

[@AccountingStuff]

Good luck Molly!!

[@emersonluisofesse5023]

From Mozambique -Africa learning accounting through your channel😁

[@AccountingStuff]

All the best with your studies!

[@TheGippy30]

Great video James, the only problem is, when doing a degree in England they do not put the trail balance items in order, they want you to sort them first, this to prove you know whats whats

[@AccountingStuff]

Yeah they do that when studying to make it harder. But in reality, TB's are organised by account number in a format similar to this vid.

[@ludiogot143]

You made is very easy . Thank you

[@AccountingStuff]

Most welcome 😊

[@blast2686]

It would also be great if you teach us how to analyze these financial statements(Fundamental Analysis) rather teaching us only the clerical stuff. For Eg Let's say I want to purchase a stock of a company. How am I supposed to know that the company is performing/going to perform well by looking at the Cash Flow statement,P/L and Balance Sheet

[@BorisGoranov]

All your videos are just awesome! So catchy and so useful at the same time😃 Admirations 👌

[@imjayanthkumar]

James, I'm halfway through the basics playlist, and I have one last question: are these basics universally applicable, or do different countries follow different methods of accounting? P.S. Apologies if I sounded dumb, but when I googled which accounting principles does India follow it showed GAAP, and IFRS for UK, but the way you prepare financial statements is similar to what I've learned in college except for some bits ( for example: we don't have E.B.I.T.D.A). I'm so confused.

[@AccountingStuff]

Hey Jayanth, these videos are made to help people understand Accounting Basics. The theory I cover is universal, but if you're preparing Financial Statements then you may with to refer to IFRS or GAAP for specific items

[@messisfanatic2828]

Great Comeback bro.You are life savour, don't get tied of posting this stuffs bro

[@AccountingStuff]

Thanks buddy :)

[@glorianaruth9916]

wowwww this video really helpful. You explained it better than our lecturer. Simple and Easy. Thank you

[@AccountingStuff]

No problem, glad you found it helpful :)

[@RanulfoLin]

Bruh, Just had a test. Preparing for my exams. Will watch all this videos in 1 week

[@AccountingStuff]

Best of luck with your revision! You got this :)

[@shahid1547]

Can you please make a video titled “Income statement of a sole trader”

[@ektaverma8907]

Good to see you ✌✌ thanks for the video

[@AccountingStuff]

You're most welcome :)

[@fourrelic9179]

Hi James, can you please make a video talking about the ledger accounts (especially the provision for depreciation account) because I need your tips for my coming up quiz. I would highly appreciate it.

[@AccountingStuff]

Hey there! I cover the General Ledger in this one... kzbin.info/www/bejne/fKabq3qbmpaGkNk And Depreciation in this playlist... kzbin.info/aero/PL5zKSeS09l324hTFoBXWq9T3tUY_LUrn2

[@yazmut]

incredible editing and presentation of the information for the ease of understanding!!!!! thanks for the education!

[@mostafaelshahat1525]

explain good ❤im from Egypt 🇪🇬

[@AccountingStuff]

Thanks!

[@johndaniel8631]

hey bro i would like your suggestions on how to understand banking and finance major better all the stuffs i learn at Uni felt rushed without proper explanation. I would love to hear your advices

[@Canpo_]

I think these videos are great! I still don't understand everything, but I understand more than I did!

[@AccountingStuff]

You've got this!

[@justfeeltheglamour3109]

Watching your videos since morning extremely helpful ❤️

[@ChristySu]

Great video and value!

[@nikhilsonyy]

Love from india💖

[@robinscanlon9593]

well this was super clear and easy to understand thanks!

[@timro247]

After learning from your videos, I now don't feel like such a creep. Love the Radiohead nod in the intro.

[@exceljuice]

Dynamic Income statement link of file is in description box kzbin.info/www/bejne/i5S6lJ2vZblnpMk

[@erfatsiddique7488]

Thanks sir

[@AccountingStuff]

You're welcome :)

[@graceyim2941]

Love you always, James.

[@paulineerikadeguzman8260]

Hi james. Can you help me explain the role of financial accountant in organization? I bad need this for my report🥺

[@rivaansatdeo1407]

This man has saved Generations 🙌✨👑

[@bananoverlord6962]

Hey james! Love the vid, could you do one about financial accounts soon? I could really use the vid

[@AccountingStuff]

Glad you enjoyed it! This whole channel covers Financial Accounting. Is there anything specific that you're after?

[@bananoverlord6962]

@@AccountingStuff Well mostly how to preapare one, but asides from how to prep one, nothing else

[@mrfox7044]

Hi James how are you it's always good to see you bro

[@AccountingStuff]

Cheers Mohamed, I'm doing well thanks!

[@chukwudiiloanya8727]

Really easy to understand appreciate it. By any chance could you please do the Manufacturing Account?

[@AccountingStuff]

Thanks for your request!

[@keyn8241]

God bless you man, really well explained!!!

[@ganeshgadekar9234]

Can you please make videos on Accounts Payable , Accounts Receivable and General Ledger in Actual what works going on in the company and whats all the Journal Entries and process for that...I can't find any videos for that in You Tube...Please help on this...

[@AccountingStuff]

Thanks for your requests!

[@blackm9063]

Great. Awaiting for the next. Hope to c somthing about the irrecoverable and doubtful debts and allowances (specific and general)

[@AccountingStuff]

Thanks for your request :)

[@tishajael4876]

Quick question, in this example does the Operating Profit become the EBITDA because it had the Depreciation and Amortisation deducted in that section? Might be not, since the Non-Operation expenses have not been deducted yet. But how will we realize EBITDA then if the Dep and Amort were already taken out in EBIT? Thanks in advance!

[@blast2686]

Could you please explain why does opening stock come on the debit side of the Income statement and closing stock on the credit side of the Income statement. Infact why does stock even come in the P/L statement. Shouldn't it be only recorded in the Balance Sheet considering the fact that it is a capital expenditure?

[@krishagrawal656]

Opening stock + purchase in the year - closing stock = basically the stock used in the year.... So opening and closing stock are both used in income statement(p/l acc)

[@erinlalmund]

Pov you got a test tomorrow

[@AccountingStuff]

Good luck!!

[@twilightarts5506]

Me rn 😢, revision is pressuring

[@AccountingStuff]

@@twilightarts5506 Best of luck!

[@hannahaguilar435]

How can something that seems so simple, be so difficult? It's like backward logic that takes a different brain and making me rethink my degree decision. Oh, and you're like the only KZbin person who has ever responded to their viewers responses. Thank you for that.

[@mugiwara8952]

No homo bro I love you bro you saved my grades❤

[@ItzButterscotch_Poppy]

Hi, does this work on IGCSE??

[@jitiarnold3227]

Is there a video on Asset disposal

[@AccountingStuff]

Not yet!

[@collinskibet2992]

Good that you are back

[@AccountingStuff]

Thanks! Hoping make a lot more videos soon :)

[@collinskibet2992]

Yeah actually your videos are amazing I love them , I understand them ,you teach More than some of My lecturers.Kudos

[@AccountingStuff]

@@collinskibet2992 Cheers for your kind words :)

[@atira9614]

Thank you it was very helpful

[@AccountingStuff]

Cheers, glad to hear it :)

[@taylorandrews4461]

Always a good video from you

[@AccountingStuff]

Thanks Taylor :)

[@bordua98]

Great video, very informative

[@AccountingStuff]

Thanks, glad you enjoyed it :)

[@omayr8888]

Please make calculation tests. Thanks for your helping me from china

[@AccountingStuff]

Thanks for your request!

[@gracebulaya8160]

Impressed... This is a well elaborated 👏😁

[@leonardsordo2700]

Be blessed

[@themichael7400]

Great video, James! Could it be possible for you to make a video explaining in more detail the cost of goods and the cost of services with examples?

[@AccountingStuff]

Thanks for your request! The closest thing I have right now is this one... kzbin.info/www/bejne/hXOZg3ewptuBmM0

[@berekettesfaye4022]

Thank you very much

[@IceyJunior]

For the period ended, usually is it from 1st January XXXX to 31st December XXXX ?

[@charmianmegan4616]

Hi James .Can you do a video on a departmental income statement please.

[@AccountingStuff]

Thanks for your request

[@adanegirma572]

Great work! Am Accounting student.can l get merchandise business journal entries examples in both side, in seller & Buyer side with transportation cost & multiple income statement?

[@yomnawhitedaimond1345]

I like your way thank you so much ❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️

[@AccountingStuff]

Thanks Yomna!

[@erfatsiddique7488]

Sir, can I have an explanation of *ALLOWANCE FOR DOUBTFUL ACCOUNTS* . Books have been proven failed to let me understand this topic. Books are good, but my intelligence may not. I know, I can have better understanding after seeing your video. I'm saying this from my experience.

[@AccountingStuff]

Thanks for your request, I'll keep it in mind for future vids :)

[@erfatsiddique7488]

@@AccountingStuff Thanks a lot Sir

[@ahmadabidzaland3039]

Hello bro! wish you more success in their field I gonna point out during every topic which you want to talk about it please explain it with the questions of the book it will be the more easiest way to get the point faster thank you.

[@AccountingStuff]

Thanks for your feedback!

[@exceljuice]

Dynamic Income statement link of file is in description box kzbin.info/www/bejne/i5S6lJ2vZblnpMk

[@mutdua1412]

Thank you for your information. I have learned a lot from your clip. But I just have a question. is the unpaid invoice considered a part of revenue in the income statement?

[@viviankaswarra6308]

You are the besttttty👌🏾👌🏾👌🏾👌🏾👌🏾

[@whuttefuk9837]

dude, just pure curiosity, whats ur profession? cuz ur so good at financial

[@AccountingStuff]

I used to be an auditor at one of the big 4. Then I worked as a financial accountant. Now I create these accounting videos

[@delivererx]

You're a life saver.

[@abdirizakmohamed9183]

Thanks man