The Ultimate Guide to Financial Statements

[@AccountingStuff]

Accrued Expenses can be found in which Financial Statement? a) Income Statement b) Balance Sheet c) Cash Flow Statement d) None of them 🔗 FINANCIAL STATEMENT PRACTICE QUESTIONS Financial Statement Mini-Quiz: kzbin.infoXKsxLrt6L0o Income Statement Mini-Quiz: kzbin.infoEgI9P_VJPDM Balance Sheet Mini-Quiz: kzbin.infoMMG5Or8N9-U Cash Flow Statement Mini-Quiz: kzbin.info3-YTBVhZWsk ⏱TIMESTAMPS 00:00 - Intro 00:36 - What are Financial Statements? 09:00 - What is a Balance Sheet? 15:35 - What is an Income Statement? 19:56 - What is a Cash Flow Statement?

[@silsilatube7627]

Balancesheet

[@AccountingStuff]

@@silsilatube7627 Correct ✅

[@thistlefield24]

Balance sheet

[@AccountingStuff]

@@thistlefield24 Correct ✅

[@flinkymatawaran]

Sorry that should be B. Accrued expenses are payables 😊

[@dulcerios9855]

Thank you for this you make this easier to understand than the actual assignments and examples given to me in class and your enthusiasm really helps understand

[@AccountingStuff]

No problem!

[@allannortje6440]

Thank you so much Sir, I have been studying accounting for like two years now and this is always a "new learning" curve no matter how well you know everything, please keep this up this is what keeps us alive in the workplace . Much love from South Africa, and May you be Blessed !

[@AccountingStuff]

Best of luck with your studies!

[@GBLisa]

@@AccountingStuff There is a mistake in the trial balance; the equity is not $10,050. It should be calculated as $1,050 + $11,050 - $1,000, resulting in $111,000.

[@lucasasselmeier7825]

@@GBLisait’s all good it’s just an example

[@j_b_138]

Your way of creating content is very interesting and creative, making the concepts of accounting much fun to learn. The videos really help a lot of beginners like myself here, keep up the good work james!

[@AccountingStuff]

Thanks! Great to hear you're enjoying these :)

[@deadsylph7397]

hi james, it may seem like not all ur videos are getting the attention, but thank uu that u keep going with making them. every year there will be new accounting students and they will immensely need u so dont stop

[@AccountingStuff]

Thanks, I don't plan to stop any time soon

[@Penelope-fb9bg]

I have been using your videos to help me get through my cert 4 in business financial administration. Thanks to you I am nearly done and only have one more project to go. Its on operational budgets... You should do a video on that cause every one on the internet is hard to follow and you are the only person on the internet i can watch to learn things.

[@AccountingStuff]

Thanks for your request!

[@bjornastar]

Back again with huge thanks and compliments to you! I first stumbled onto your videos looking for a quick explanation of debits and credits... and today I was able to pass a screening test and land an interview for my next step after bookkeeping - thanks to you! I do believe they call that, "doing the good work." Kudos to you, truly. My Mom's been a Controller my whole life and never once made these principles as clear or as interesting as you have. But, let's keep that our little secret.

[@AccountingStuff]

Great news on landing the interview! Best of luck with it :)

[@Octumaria]

I’m studying accounting and these videos have been so absolutely wonderful. I take down as many notes as I can! Please keep it up. 😊

[@AccountingStuff]

That's great to hear! All the best with your studies :)

[@Octumaria]

@@AccountingStuff thank you! I’ve been subscribed since I started researching what degree I wanted to pursue. Now at 22 I started my first year of college and your content has been a wonderful & incredibly valuable resource for me and other students. Thank you!!!🙏🏼

[@AccountingStuff]

@@Octumaria Hope you're enjoying college!

[@yashagashe3859]

You explain the accounting things very conceptually & precisely,I expect you to post videos on complex accountings topics like financial reporting in the future

[@AccountingStuff]

Thanks for your request!

[@Kitty-lj7eg]

Thanks!

[@AccountingStuff]

Legend! Thank you so much :)

[@theodorelapointe3624]

I thank you deeply for simplifying these for my dyslexic add brain. Love those quizzes as well.

[@AccountingStuff]

No problem! I'm dyslexic too so perhaps that helps :)

[@mazeemadaline3091]

Seriously ur vids are saving my degree

[@AccountingStuff]

Best of luck in your studies!

[@lmxjj9675]

hi, could you make a video explaining trade receivables and trade payables, and the difference between them?

[@AccountingStuff]

Thanks for your request!

[@angelsanchezfamily]

Hi James, you are amazing teacher or coach, excellent video, we can easily learning about Accounting without go to college, if we go there, must be for the Diploma , you do a great job, so we learn fast in little time, Congratulstion, God bless you and your family🙏🏽🤝👍🏽

[@AccountingStuff]

Thanks! Great to hear you're finding these videos useful :)

[@dabananaking09]

Amazing video! Great way to recap and refresh my knowledge of what I learned a few years ago.

[@AccountingStuff]

Glad to hear you enjoyed it!

[@mohammadabrar2381]

Most useful lecture and really appreciate

[@AccountingStuff]

Thanks, glad you found it useful :)

[@m.pranav-is5sn]

Thank you for clear explanation of each and every concept. Bro can you please put a video for BANK RECONCILIATION STATEMENT.....

[@AccountingStuff]

You're very welcome! Here you go... kzbin.info/www/bejne/sJnQgGZ6gpiMn7s

[@count9548]

Very nice accounting stuff!

[@AccountingStuff]

Thanks!

[@Jenish_khanal]

Thanks a lot and love from Nepal

[@AccountingStuff]

❤

[@juanpablorico8239]

Great explication! Compliments to you

[@AccountingStuff]

Thanks, glad you enjoyed it!

[@Lalithasakhi17]

Hi james , how are you?..pls a make video on provision for bad debts, bad debts writeoff & what will be the impact on Bls & P/l. Thankyou so much for your content which is very helpful to me. I'm learning alot through your videos.

[@AccountingStuff]

Hey there! I'm doing well, thanks for asking. Cheers for your requests. I'll keep them in mind for future videos :)

[@suzanmdletshe4190]

Amazing videos bro Keep it up

[@AccountingStuff]

Thanks, will do!

[@mbryanuk]

Hi, great videos. Can I make a suggestion for a future one. It would be good to get your take on making provisions and allowances for bad debts and writing off bad debts. No-one on here has done it as helpfully as you could…thanks.

[@AccountingStuff]

Thanks for your request!

[@novikee07]

Thank you so much for your service but if you can manage also upload some videos on manufacturing cost accounts

[@AccountingStuff]

Thanks for your request!

[@rikr9]

A great video, thank you. Have you made an in-depth video of equity? I just watched a video of yours that has to do with equity but i am struggling with understanding it sometimes. I was going through a balance sheet of a company and the company makes losses pretty much every year so their equity is negative. I presume this has to do with accumulated wins/losses but then apparently it could also have to do with convertible loans from the owners, which are not seen as non-current liabilities, but instead as negative posts in shareholder funds. Yet the capital-post has always remained the same in the balance sheet, while "other shareholder funds" changes and consists of something one cannot even begin to imagine. If you don't already have one, could you possibly make a more in-depth video about some extraordinary features of equity?

[@AccountingStuff]

Did you see this one... kzbin.info/www/bejne/fKOYoHt7jteHaKM

[@LearningFinance-m1c]

Can you please make a video on business combination & consolidation of FS

[@AccountingStuff]

Thanks for your request!

[@MyStory-100]

Thank you for your videos! Do you have anything on bonds? 💛

[@AccountingStuff]

Not yet!

[@hunterbirch3527]

Can you do a video on Horizontal and Vertical analysis?

[@AccountingStuff]

I'll keep it in mind for a future video :)

[@overhead4577]

Hi, explain pls how to deal with agents in transactions!😊

[@AccountingStuff]

Thanks for your request!

[@tytrrtt]

You are fantastic !!!

[@AccountingStuff]

Thanks, glad you enjoyed it!

[@zsmillion669]

Please make a video on manufacturing account trading profit or loss ❤❤❤❤❤❤

[@AccountingStuff]

Thanks for your request!

[@hiii1715]

my exam is tomorrow, you just saved my life

[@AccountingStuff]

Best of luck!!

[@tylerdeacon8197]

Where have you been the entire semester I found you just in time to study for finals.

[@AccountingStuff]

Best of luck in your finals!!

[@Mmo0jsSh_]

Have you made any videos of Statement of Changes in Equity

[@AccountingStuff]

No yet!

[@jazza9559]

Please can you do a video on double entry for bad and doubtful debt?

[@AccountingStuff]

Thanks for your request!

[@usmanubaid9845]

Hello James, I have started an accounting firm. It's been five months, but we are unable to get that many clients from Upwork. Can you please guide me more about how we can get more clients?

[@estacx.]

NO Video On Consolidation?

[@AccountingStuff]

Not yet!

[@pablodoradoo]

Hello I have a question unrelated to the video but maybe someone can help me. I have a little shop on Etsy and to list an item I have to pay $0.20. Well this listing will last something like 12 months or something like that. I can make several sales on the same listing, so should I treat every listing like a prepaid expense and amortize it every quarter? I will have a bunch of them. Also what if I take the listing down should I write it down from the balance sheet. Is there a more straightforward method? I was thinking of expensing it the quarter the listing occurs but I think that's not accurate. Please any help is welcome

[@iHCHai]

Could you please tell me which video editor software do you use for your series? Thank you in advance.

[@AccountingStuff]

I use Final Cut Pro

[@Mdirfan-ng1xk]

Sir will your videos will be useful to indian students?

[@AccountingStuff]

I think so!

[@Aarambhkar]

Any student from India ❤🇮🇳

[@lhsgolf3]

19:23 what is considered interest expense?

[@AccountingStuff]

Interest incurred from taking out a bank or commercial loan

[@yasmeenkauser6419]

Can you please make a video on suspense accounts

[@AccountingStuff]

Thanks for your request!

[@lintojoevarghese104]

Statement of changes in equity

[@AccountingStuff]

I plan to cover this in a future video!

[@hardology6665]

hi can u plzzzzzzzzzzzzzz upload debtors detailed chapter from basics to moderate level im seriously struggling a lottt on this ch its likehardest ch of accounting for me it took over 10 days still cant get it

[@AccountingStuff]

Thanks for your request!

[@hafiif]

Thnkz pro from country un recognized your name somaliland location east Africa north Somalia ❤

[@gosu_bg5818]

Im trying to find an accounting apprenticeship or privately paid course as a recently graduated A level student , could anyone guide me or share some insight please? Thanks!

[@drock5288]

No one uses the direct method for cashflow

[@AccountingStuff]

It's definitely less popular

[@kew1900]

yuh🦍🦍🔥🧯

[@Releasetheheart]

Bro why are you making and selling cheatsheets Ai is giving free😂

[@AccountingStuff]

They provide a visual summary of the content of my videos. It's a handy way for people to keep notes on these topics without having to write them themselves, and it's an opportunity to support this channel. If you're happy to use AI to write your notes then thats fine

[@RenuDevi-v2y8y]

🫰yo i was waiting for this video🎥 Best explained... Easy peasy lemon squeezy way🩵

[@AccountingStuff]

Thanks, glad you found it useful!

[@nompilomakhubu588]

You are amazing!! Thanks for simplifying accounting 🧾

[@AccountingStuff]

No problem, happy to help :)

[@QueensofVirtue]

Thanks! 😊

[@AccountingStuff]

You're very welcome :)

[@LearningFinance-m1c]

Can you please make a video on business combination & consolidation of FS