What Are Liabilities? (SIMPLE Explanation)

[@nishithkp4052]

I being a non accounts student felt accounting is one of the boring subject, but your videos have made learing accounting easy and enjoyable. Nice work, keep it going!

[@AccountingStuff]

Hey Nishith, that's awesome to hear! Thanks for the kind words and good luck in your studies!!

[@arifurrahman5991]

lol so true especially if the university shrubs it down your throat. but this channel is making it a little bearable.

[@snehakumari.9051]

@@AccountingStuff this is a better way for learning accounts.

[@wesmoore436]

how???

[@miamatayoshi2685]

I'm taking an accounting course and it's my fifth week and I was so lost and I couldn't keep up with my lectures so I decided to start all over on my own and I wouldn't have been able to do that without this channel I can't thank you enough omg

[@AccountingStuff]

No worries Mia, I'm happy to help. Good luck in your course!

[@miamatayoshi2685]

Thank you!!

[@vatsalasrivastava6432]

wow, take a few seconds to appreciate his cinematic video editing skills!!!

[@AccountingStuff]

Haha, thanks Vatsala! I get carried away in the edit sometimes.

[@roku-toiletpapersquad8664]

agreed

[@liambooth7153]

I never thought I would be genuinely entertained and actually laugh when watching a video about accounting ! Thanks for explaining things so clearly, I’m learning a lot !

[@AccountingStuff]

Hey Liam, great to hear that things are becoming clearer for you!!

[@niloykarmaker1024]

Please make a video on ACCRUALS. please I have found a lot of difficulties on Accruals. Please make a separate video on this.

[@AccountingStuff]

Here you go! kzbin.info/www/bejne/b5K9Z3Z5n5Kcm9U

[@lanemagney9088]

I’m taking college accounting, so glad I found your videos the first week of class. You been a life saver already. Thank you for making it easy to understand

[@AccountingStuff]

No worries Lane, it's great to hear that the videos are helping you in college. Good luck with your studies!

[@ikekeonwu]

Thanks James for demystifying accounting for the rest of us...

[@AccountingStuff]

No worries, thanks for watching!

[@takudzwaronaldchingono2614]

In all my time of KZbin access, this is the most useful KZbin channel I've ever come across. This guy makes accounting fun and easy to learn.😅

[@AccountingStuff]

Thanks for your kind words!

[@danny75727]

I’m a freshman in college and I wasn’t very sure what I want a career in. Watching these videos have made me want to major in Accounting. Thank you so much! This is amazing work! 👍

[@AccountingStuff]

No worries Daniel! That's a big decision, I hope it works out for you. All the best!

[@LC-jf8vx]

I am new in financial and accounting area. Your videos are so helpful, you make those concepts, terms and process are easy for me to learn and understand. I got up at 4:00 to watch your videos and write the notes for thee and half hours without tiredness. I enjoy them all👍

[@AccountingStuff]

Wow Lisa, 4am?! How are you not exhausted?

[@rxvppharmacy6627]

Thank you for your videos. I am a business owner (sole proprietor) and i have an accountant but i still study accounting basics, because i think it is a valuable skill and knowledge as a business owner.

[@AccountingStuff]

Good on you! Understanding some basic accounting would definitely be useful for you.

[@IntentionalGains]

This video is a whopper for a newbie, but yet you make the information more intuitively understandable. Copied this video down almost verbatim into notes. Great stuff! 👍

[@alexanderarndt4363]

It took me 9 videos to eventually comment, but having an exam in accounting right ahead I gotta say: Thank god you're there! Great work!

[@AccountingStuff]

Cheers Alexander, good luck in your exam!!

[@andreana.t.8118]

literally the best explanation. I'm taking a finance class and understand nothing, i thought i was so stupid, but now it makes sense. definitely going to use your videos to help me through my course. Really appreciate it

[@AccountingStuff]

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

[@RandelleSpence]

Your videos are the best! So helpful and fun to watch!

[@AccountingStuff]

Thanks! Glad you're enjoying them :)

[@jumpstart21]

You deserve a million views. Thanks

[@AccountingStuff]

Thanks Khyree!

[@weatherlye71]

I LOVE your presentation. I am going back into the world of accounting and needed a refresher course. You got to the point, and I thank you. One of the things I plan on doing is using my business, The King's Conduits, as a play off on Ghost Busters. I will label it as Scam Busters. I've seen a lot of rip-offs, robberies and scams in my life so I will ask those in need to, please, let me look at your systems. The one thing that struck me hard at 7:40 was the issue of bills due not yet received. Can you imagine how that could affect the balance sheet if NOT recorded? What if I invested in a business not KNOWING what kinds of bills they have due. Is that even something to worry about?

[@AccountingStuff]

Thanks Elise! That is an interesting idea. Are you planning on turning it into a KZbin channel? The underreporting of liabilities is definitely a risk that auditors check for. Another one is the over-reporting of Assets in the Balance Sheet. If assets are overinflated then a business may be holding some large debits that need to get flushed through the P&L at some point as an Expense.

[@weatherlye71]

@@AccountingStuff Not sure yet what I plan on doing with it. I spoke with a CPA friend of mine and we both agree that the guys with the bucks are usually the ones hiding the truth so not sure how I can earn any money from it. Not sure if I NEED to, but it's good to be compensated for hard, good work. What do you think? OH, and I DO have my own KZbin channel called, of all things, Elise Weatherly, but I have focused mainly on music and documentaries. I first have to be believed before I will be trusted....

[@Faisalgh69]

Your videos are fun to watch and smart learning not just save by heart! Good job, I’m studying for the CPA and one of the subjects that I have a problem with from university is Notes Payable, especially when they get mixed with interests and present value.. it would be really amazing if you got deeper into those, and thank you for the effort you’re making

[@AccountingStuff]

Thanks Faisal, and cheers for your suggestion! Good luck for your CPA exams!!!

[@megcassidy7980]

Please do a video on bonds and the different types of bonds. I love your videos! They have gotten me through my first semester of accounting school!

[@AccountingStuff]

Thanks for your request!

[@lylan8737]

Ur awesome. Thanks for making hard staff very simple and clear. Ur the best

[@AccountingStuff]

No worries Lyla!

[@prateekramsinghani6875]

Hey James, thanks for demystifying accounting for us :) Just a suggestion, the background music starting 9:21 made it a bit difficult for me to concentrate on the speech, or it could also be just me not able to concentrate :)

[@AccountingStuff]

Hey Prateek, thanks for your feedback! I'll keep it in mind for future vids :)

[@niteshsharma7396]

James, Buddy you are doing such a great job and I have never seen anyone explaining accounting at this ease.. we so respect you for what you are doing and one request - please never stop making accounting videos.. I think you are the best in the world.

[@AccountingStuff]

Thanks Nitesh! I plan to make many more of these :)

[@graceyim2941]

Love how clear you made the topic. Thank you, James.

[@abdulkadirroheemat4582]

Am an Accountant but honestly have forgotten much of this. Thank you for refreshing my memory

[@Broke.NoMore]

Hey that "diagram" was definitely helpful with all the different term Thank you again I owe it to myself to share your videos in my booking groups. Much appreciated again Who stay at 1 am on a week end watching your videos learning while having fun? Me of course🤣🤦🏾‍♀️🤣

[@christinaahn1887]

You break it down so easily and make me want to keep watching your videos!! Thank you!!!

[@AccountingStuff]

Glad you're finding them helpful :)

[@emmanuel7899]

I really appreciate all of your time to do this

[@Mr.conserv]

Keeping making videos . We love them. I’ve never taken an accounting class and you’ve influenced me to pursue a career in it!

[@AccountingStuff]

Cheers, will do! Great to hear that you're considering a career in Accounting. All the best

[@TerryCollinsP31Lifestyle]

I love these videos. You have created this to keep everyone’s attention. This is great.

[@sanelenkabinde7767]

i never did accounting till now at university, but your videos made it very easy for me to understand. thank you

[@AccountingStuff]

Great to hear you're studying accounting! Best of luck in your course :)

[@missbridgeoribello2427]

Your videos are of big help to me as a Bookkeeping Teacher. Thank You so much!👍🏻😊

[@AccountingStuff]

You are very welcome!

[@savagebeastking8703]

This video alone made me subscribe it’s really well made and explains everything in simple terms

[@TheGaneshshow]

Bringing smile while learning accounting....never imagined!🤩

[@tcdm4]

So helpful. Definitely need a video about accruals. We just covered that in class, but it's all fuzzy to me.

[@AccountingStuff]

I'm glad that you found it helpful! Yes need to cover accruals soon. Thanks for your feedback :)

[@soulcake76]

Dude, this helps a lot, as I watch your videos, I am more confident I’ll pass my accounting courses. Bless your heart-& your brain.

[@yoyowtheplayer]

man i love how you expleain everything in this vid. I'm subscribing.

[@anhlenguyen404]

your channel is a gold mine

[@andrewabinuman9939]

I’m currently studying accounting right now and this ideo majes me more easier to understand about the topic. Thank you so much❤

[@AccountingStuff]

Great to hear you found it useful!!

[@risla4248]

You are best in teaching.😇 Can understand everything clearly, thanks a lot.😁

[@AccountingStuff]

Thanks for your kind words! All the best :)

[@sankyeat]

At 7:09 why is the plumber's debit the Accrued Revenue? Shouldn't it be Cash?

[@KiyosakiSays]

“An asset puts money in my pocket. A liability takes money out of my pocket.”- Robert Kiyosaki

[@ashleylanes4518]

Hi James, thank you so much for all the helpful videos that you have made! Could you please consider maybe making a video explaining the difference between liabilities and expenses?

[@AccountingStuff]

Hey Ashley, glad to hear that you are finding the vids helpful. Cheers for the suggestion!!

[@kimthanhthach587]

Best Accounting Channel!

[@AccountingStuff]

Thanks kind of you to say!

[@thanseernazarudeen1629]

thank you so much bro. quality content. most of the teaching videos are boring. but yours is on point. its like watching infographics video.

[@AccountingStuff]

Cheers Thanseer, it's great to hear that you are enjoying the videos!

[@Just_Shaun]

Fantastic, I always get muddled between expenses and liabilities

[@akuchleek6484]

made so simple. thank you so much. i am an accountant but very weak in accounting generally and that y i really need help in this train

[@AccountingStuff]

Glad it's making sense :)

[@Rylan12456]

Thanks sir a. Really helped me with my ems I usually get 80% in my exams thanks to u❤️

[@AccountingStuff]

Congrats! That's a great score :)

[@petergrant01]

Starting a small business in Africa and doing my own book keeping. Your videos are on the money

[@AccountingStuff]

All the best!

[@200m-z8y]

dude you're the absolute goat. saved me from failing exams

[@alley5869]

You are AMAZING! You made my life so much easier and I am grateful!!!!!!!!!!!!!

[@yeltzingomez637]

Incredible video! I loved your assets video as well!

[@Jennifer-by3lu]

I love your videos. This is like a refresher course. I am binge watching! Thank you and keep it up!

[@AccountingStuff]

Thanks Jennifer! Glad to hear you are finding these useful!

[@theorangelit3136]

I just love your videos so much! accounting used to be my least favorite topic! your videos are as good as watching a movie :P

[@AccountingStuff]

Thanks, great to hear you're becoming more interested in accounting!

[@ZohraKohistani-ee8li]

thank you i learn better than i do in the class

[@AccountingStuff]

Great to hear you found it useful!

[@Kingiscoming]

High Quality Teaching💎

[@nzajijanota7105]

Thanks, James. Great and simple explanation.

[@AccountingStuff]

Thanks, glad you enjoyed it!

[@cathj2301]

thank you so much for making a lotttt of content! this is the fourth video i watched from your channel in one sitting today ^^ I'm a grade 11, abm strand student, and it was announced that we'll be having "fundamentals of abm" this 2nd sem (starts next week). the terms and definitions seem overwhelming, especially since i don't have a background or intro to accounting in grade 10, unlike some of my classmates that came from other schools. thank you for breaking it all down! it feels satisfying and comforting to finally understand, and get a simple yet detailed explanation of the concepts. looks like i have a new channel to spend time on

[@safwannttentater739]

Your videos are so high quality its unreal!

[@AccountingStuff]

Thanks Safwann!

[@productreviewspecialist]

As A chartered CFA, MBA and PhD student...I'm impressed!

[@AccountingStuff]

Thanks, I appreciate it :)

[@TheMelanie04fol]

This is so useful! I came here to find some terms for my R.D. exam that I am studying for and Im hooked. Yes this stuff helps with nutrition test too. Lots of math in the Food Service Management Systems. This helps so much. Wish you could tutor me for the other parts. Thank you!

[@bracyelias]

love your videos, man. they're getting me thru my classes

[@AccountingStuff]

Thanks, all the best with your studies!

[@Monicaperez-y5l]

You are the best lecturer teacher. 😊

[@AccountingStuff]

Thanks, that's kind of you to say :)

[@ahnafhamimexplains]

Creativity, sense of humor , and intellect Eden is in these videos. Our world need more people like James.

[@AccountingStuff]

Thanks for your kind words!

[@maichannel1296]

I am accounting student now and you really help me understand for everything,, thank you so much for your videos..

[@AccountingStuff]

Hey Milyn, hope all's going well with your studies! Great to hear that you're finding these helpful

[@oliviademaris2888]

Accounting final in 4 days.. doing well seemed impossible, but using your videos as review is sure helping! Consider being a college professor, you're great!

[@AccountingStuff]

Good luck Olivia, hope you ace it!!

[@amiraboodi2075]

Thank you very much. It was very easy to understand and clear. 😍❤️

[@Lentilboots]

My college is recommending all of your videos for my course... I liked the restaurant performance in this one :)

[@AccountingStuff]

Haha thanks!

[@nawalmujeeb5921]

This video made learning so much fun and entertaining! Would love to see your channel grow😊👍

[@AccountingStuff]

Thanks Nawal, glad you liked the video and cheers for the support!

[@nawalmujeeb5921]

Accounting Stuff my pleasure mate😃👍

[@shmailacassim7502]

Ur good at making things easier

[@AccountingStuff]

Thanks!

[@Taramaow]

Thank you, James! Your videos have been incredibly helpful. There is only so much one can learn while taking online-only courses - just reading a book and then attempting to answer questions about it really doesn't make for a great learning experience. Any chance for a long-term liability/bonds video(s)?

[@AccountingStuff]

No problem! Hope your studies are going well. Thanks for your request :)

[@financeandfitness1262]

First off, I love your videos. The editing is top notch and the content is succinct. I have a question though. How did you make your intro? Did you purchase it? Thanks in advance.

[@sureshwhiteeagle6975]

He just partially covered many of the accounting standards smoothly ;)

[@samuelzerezghi3453]

Good job and clear explanation❤❤❤

[@AccountingStuff]

Merci beaucoup ;)

[@wellingtonprates5774]

your way to explain is great

[@AccountingStuff]

Thanks, I'm glad you found it useful!

[@jeffschwartz3797]

These videos are excellent! I'm curious, how would you categorize liabilities that are optional payroll deductions that are held out to be paid for an employee's retirement plan, Health Savings account, or other payments made by the employer?

[@mikyasseyoum8991]

i think that this is the video that was required from a long time to understand accounting .

[@AccountingStuff]

Glad to hear that it helped!

[@xyaafnohg98ha3]

dude im 12 yrs old and you explained so clearly that even i understood

[@AccountingStuff]

Nice one!

[@sachintelang5372]

I'm enjoying your videos. I'm loving Accounting.. Yes please make video on accruals and please provide some examples to understand how it is adjusted !! much needed!!

[@AccountingStuff]

Hey Sachin, I've since made a whole mini-series on accruals. You can find it in my playlists

[@HanimpaGinuo]

Excellent and well explanation. Your teaching is so powerful more than any other electronic teachers 👍🙏❤

[@AccountingStuff]

Thanks! Great to hear you're finding these useful

[@laurenfino3786]

your videos are so high quality. thank you for your amazing efforts

[@AccountingStuff]

No worries Lauren, hope it helped!

[@JL7ify]

Subscribed!!!! Love this video! Thank you so much!!!

[@billmane226]

Your cinematic video editing skills is as good as your accounting skills!!

[@AccountingStuff]

Thanks :)

[@MrPilotguy20]

My partner has a clothing and apparel business where she works with wholesalers. She sends the vendor a Purchase Order, which details the price she expects to pay for the product, and is wondering if there is any issue with just writing a bill with the prices and other details she already has, and simply filling in the rest of the bill when she gets the actual invoice with the final details from the vendor, instead of doing a JE with accrued expenses. What are the considerations with this?

[@ZEUS-vi7rl]

Thanks for the amazing videos. I have a question Why we didn’t include inventory in the journal entry when the carrots were bought ? How do we show that the inventory was effected by this transaction for both sides ? Thanks.

[@AccountingStuff]

Hey there, we debited 'Supplies' instead which is a similar type of account. If you'd like to learn more about Inventory, my most recent playlist covers it in depth... kzbin.info/aero/PL5zKSeS09l31NY9Ecy-eFyrK6UiFzdtAi

[@derekpinto8129]

@@AccountingStuff But then you credited 'Revenue', right? Without looking at your journal entries in the video, I tried doing the journal entries in T-Accounts. I got them all correct except I credited 'Inventory' instead of 'Revenue' for the seller (distributor). Can you tell me why I was wrong in crediting 'Inventory' and not 'Revenue'?

[@graceyim2941]

Well explained. Thanks.

[@katriinareponen1689]

These are amazing - easily understood videos. I am working as a teacher and I have recommended your videos to my students ;)

[@AccountingStuff]

Thanks Katriina! I hope your students find them helpful :)

[@freespiritkaro3414]

Fantastic, so simple - Thank you ! I ❤ your work well done 🎉🎉🎉 Question please: Is it ok from a tax perspective for a company to reimburse the director for expenses later than after one year ? Empooyee / director reimbursements are a „current liability” (usually due within 1 year) and loans are „long-term liability” but what if the co hasn’t got the money yet to refund the director - is it ok to repay them whenever the co eventually starts making profit (in the case of a sole director ltd co) ? Putting those expenses through as a reimbursement just makes things simpler to track for the future but perhaps those expenses should be marked differently in the accounting software when one knows they won’t be repayed within one year… ? Thank You !

[@mpumwireruth6106]

What is the use of liability accounts on loan product settings??

[@BlessGodMinistry]

Appreciate the help bro God bless you

[@amirharith5694]

Great presentation🤩🤩...really appreciate it

[@AccountingStuff]

My pleasure 😊

[@renee8906]

u are my new professor. hello i love ur class

[@fulinan6516]

As a hong kong student, I could do nothing but appreciating your efforts, you have to be as well-known as khanacademys as you deserve

[@AccountingStuff]

Thanks, I'm glad you're enjoying the videos!

[@jorgebmaciasgarciaferrada4165]

Would love an Accrual video. Great content and really really good explanations!

[@AccountingStuff]

I've made a series on accrual already :)

[@HOMEFOODMANIACS]

Really you are doing concepts in a good way

[@AccountingStuff]

Thanks Munesh!

[@HOMEFOODMANIACS]

Welcome

[@nguyenthanhhuynh4175]

Please do video on how to separate business and personal finances

[@AccountingStuff]

Thanks for your suggestion!

[@TerryCollinsP31Lifestyle]

Question: would contingent liability be considered an emergency fund or unplanned expenses

[@graceyim2941]

I like your way of presentation, James. This is my 3rd time round on this video.😄😃

[@AccountingStuff]

Hope it's making sense :)

[@graceyim2941]

@@AccountingStuff It is, James. If an account of one company owes another account under the same company, e.g. General owes Building 50 dollars which will be returned next year. Should I do it as a liability account or just note in expenses?

[@michaeldamon7500]

You broke down the definition of liabilities very well 😃

[@AccountingStuff]

Cheers Michael!

[@dilekolkun6273]

seriously your videos are amazing !!! so welll explaineddd, you deserve all the credit. but i didnt get the Canada thing with british accent?

[@AccountingStuff]

I moved here a few years ago :)

[@leechdestroyerbg6679]

Thank you sir,l don't know accounting entirely,just baby steps

[@AccountingStuff]

Keep on practicing and you'll get there :)