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

[@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!

[@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!!

[@ikekeonwu]

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

[@AccountingStuff]

No worries, thanks for watching!

[@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!

[@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

[@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.

[@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!

[@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 :)

[@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! 👍

[@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?

[@abdulkadirroheemat4582]

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

[@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!!

[@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 :)

[@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!

[@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 :)

[@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!!!

[@productreviewspecialist]

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

[@AccountingStuff]

Thanks, I appreciate it :)

[@missbridgeoribello2427]

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

[@AccountingStuff]

You are very welcome!

[@petergrant01]

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

[@AccountingStuff]

All the best!

[@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!!

[@graceyim2941]

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

[@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 :)

[@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🤣🤦🏾‍♀️🤣

[@ZohraKohistani-ee8li]

thank you i learn better than i do in the class

[@AccountingStuff]

Great to hear you found it useful!

[@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.

[@savagebeastking8703]

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

[@lylan8737]

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

[@AccountingStuff]

No worries Lyla!

[@TheGaneshshow]

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

[@Just_Shaun]

Fantastic, I always get muddled between expenses and liabilities

[@sureshwhiteeagle6975]

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

[@anhlenguyen404]

your channel is a gold mine

[@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 :)

[@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....

[@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

[@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 :)

[@rumana5696]

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

[@AccountingStuff]

Thanks for your kind words! All the best :)

[@emmanuel7899]

I really appreciate all of your time to do this

[@jumpstart21]

You deserve a million views. Thanks

[@AccountingStuff]

Thanks Khyree!

[@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!!

[@hi-vx4lk]

You are the best lecturer teacher. 😊

[@AccountingStuff]

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

[@alley5869]

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

[@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

[@RandelleSpence]

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

[@AccountingStuff]

Thanks! Glad you're enjoying them :)

[@200m-z8y]

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

[@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!

[@TerryCollinsP31Lifestyle]

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

[@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!

[@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!!

[@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!

[@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 :)

[@yoyowtheplayer]

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

[@xyaafnohg98ha3]

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

[@AccountingStuff]

Nice one!

[@shmailacassim7502]

Ur good at making things easier

[@AccountingStuff]

Thanks!

[@wellingtonprates5774]

your way to explain is great

[@AccountingStuff]

Thanks, I'm glad you found it useful!

[@renee8906]

u are my new professor. hello i love ur class

[@amiraboodi2075]

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

[@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 :)

[@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!

[@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

[@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?

[@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!

[@KiyosakiSays]

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

[@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

[@michaeldamon7500]

You broke down the definition of liabilities very well 😃

[@AccountingStuff]

Cheers Michael!

[@BlessGodMinistry]

Appreciate the help bro God bless you

[@Kingiscoming]

High Quality Teaching💎

[@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 !

[@edenwaka8209]

Could you please make detailed video on Long Term Liabilities. Thank you so much for making such great videos!

[@AccountingStuff]

Thanks for your request!

[@laurenfino3786]

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

[@AccountingStuff]

No worries Lauren, hope it helped!

[@TerryCollinsP31Lifestyle]

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

[@safwannttentater739]

Your videos are so high quality its unreal!

[@AccountingStuff]

Thanks Safwann!

[@leechdestroyerbg6679]

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

[@AccountingStuff]

Keep on practicing and you'll get there :)

[@donwhizz7880]

Recession is most likely the result of an external factor. For the first time in decades, the United States is losing its clout as a federal reserve currency. They don't have any more economies to use to control inflation, and less money is being spent on stock and oil trading than in the past. They all lend support to the idea that a new multilateral world order is in the works.

[@josephlee4001]

With the assistance of an investment advisor, I was able to diversify my $401k portfolio across multiple markets, earning over $980k in net profit from high dividend yielding stocks, ETFs, and bonds in just a few short months.

[@kennethdorothy5401]

Would you mind recommending a specialist with a variety of investment options? This is extremely rare, and I eagerly await your response.

[@justinscott6855]

My Financial adviser is ‘’Jackson Sten Marsh’’ he’s highly qualified and experienced in the financial market. He has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching he credentials further. he has many years of experience and is a valuable resource for anyone looking to navigate the financial market

[@nathanjane7729]

He appears to be well-educated and well-read. I ran a Google search on his name and came across his website; thank you for sharing.

[@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?

[@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 :)

[@kimthanhthach587]

Best Accounting Channel!

[@AccountingStuff]

Thanks kind of you to say!

[@graceyim2941]

Well explained. Thanks.

[@Mrkolayaung]

Thank you for the video. A fun way to learn those complex account term. You can be a teacher at college.

[@AccountingStuff]

No problem, hope it made sense

[@bracyelias]

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

[@AccountingStuff]

Thanks, all the best with your studies!

[@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😃👍

[@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.

[@jazzielcondez3729]

hope your in a good health ..your vlog help me alot to get through my course..how i hope you tackle also here about DIVIDENDS INCOME..thanks

[@AccountingStuff]

Thanks Jazziel, I'm doing well at home thanks. Cheers for your suggestion! Stay safe

[@jorgebmaciasgarciaferrada4165]

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

[@AccountingStuff]

I've made a series on accrual already :)

[@donjay3736]

Accruals video needed 😸

[@AccountingStuff]

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

[@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!

[@billmane226]

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

[@AccountingStuff]

Thanks :)

[@lakshaystyles8985]

Hey Bud, Your channel is really great and helping me a lot, but I'm still confused with the long term liabilities and i couldn't figure out the questions related with them, can u make a separate video on long term liabilities solving an example of amortization too? Thanks Bud

[@AccountingStuff]

Cheers for your suggestion! I'll keep it in mind for future videos :)

[@mygelalvarez7729]

Long term liabilities or non current liability could be notes payable aka a loan that needs to be paid with interest....

[@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

[@adarshad7271]

hy james thank you for this valuable information.... my teachers cant teach me like this (ha ha ha I'm kidding)... you are a good teacher james (love from India)

[@HOMEFOODMANIACS]

Really you are doing concepts in a good way

[@AccountingStuff]

Thanks Munesh!

[@HOMEFOODMANIACS]

Welcome

[@alfredobarrios1095]

I thought I liked social sciences until I encountered with Economics and Accounting. Damn, they're terrifying. Thanks for making them less scary!

[@AccountingStuff]

No worries, stay with it and things will become a lot easier. All the best!

[@wiliboob101]

Brilliant video! Bring on equity

[@AccountingStuff]

Thank you, coming soon!

[@jonlebono2147]

Hi I have a question. We took the Bounce Back loan during the 2021-22 tax year (April to March) We made a £5000 partial repayment in Sept 2021 as we are allowed to do under the loan terms. Could this be entered as a liability for the 2020-21 account period? If we were to fully repay the loan tomorrow, could this also be entered as a liability for the 2020-21 accounts? Hope this makes sense and thank you in advance. Jon

[@SbusisoWandile]

Thanks alots truly you are the best in Accounting 😊

[@AccountingStuff]

Happy to help!

[@liliq4177]

It really helped me a lot. Thank you so much. I was scared of liabilities as you mentioned in the video :( but thanks to you i am saved ;))

[@AccountingStuff]

That is fantastic to hear! Glad they make sense to you :)