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

[@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 :)

[@yousefqeshta3337]

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

[@AccountingStuff]

Thanks!

[@crxss3]

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

[@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 :)

[@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 :)

[@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 :)

[@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!

[@bernamaqedonci5757]

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

[@AccountingStuff]

You're very welcome :)

[@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 :)

[@JTTX84]

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!

[@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.

[@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

[@manasan415]

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

[@AccountingStuff]

Good luck!!!

[@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!

[@deyoune]

Hi mr. James, i would like to inform to you that i recommended your channel for my friends. Your videos are superb🤩 it give me more focus during learn accounting. Thanks a lot for your hardwork n dedication to teach us🙌🏼 (im so sorry with all my mistake in english)

[@AccountingStuff]

Thanks, I appreciate it!

[@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?

[@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!

[@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!

[@nafiskhan8801]

Love from Bangladesh 🇧🇩❤

[@muhammadfaisal_1995]

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

[@MrTinFoilHat]

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

[@AccountingStuff]

Cheers Dustin :)

[@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 :)

[@viviryan8612]

You are really the best accounting teacher 😊

[@AccountingStuff]

Thanks :)

[@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.

[@DUCKSXLE]

I’m glad everyone else found this helpful. I’m still completely lost, and I might drop out. I hate accounting

[@AccountingStuff]

Sorry to hear that you're having trouble with this. Let me know if there's any way I can help

[@robinscanlon9593]

well this was super clear and easy to understand thanks!

[@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 :)

[@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!!

[@successeb2883]

Thanks for the video ! You are the best !

[@AccountingStuff]

No worries, you're welcome ;)

[@emersonluisofesse5023]

From Mozambique -Africa learning accounting through your channel😁

[@AccountingStuff]

All the best with your studies!

[@yazmut]

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

[@samyavaid6605]

My goodness! Just what I needed!!!

[@AccountingStuff]

Hope it helps :)

[@samyavaid6605]

@@AccountingStuff It definitely does

[@jyotirmoyghosh4856]

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

[@keyn8241]

God bless you man, really well explained!!!

[@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!

[@thakotgatjiek9657]

I'm so interested in this course❤

[@ludiogot143]

You made is very easy . Thank you

[@AccountingStuff]

Most welcome 😊

[@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 :)

[@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!

[@justfeeltheglamour3109]

Watching your videos since morning extremely helpful ❤️

[@aryanmahajan6208]

SO HELPFUL , THANKS A LOT

[@AccountingStuff]

Glad it helped!

[@atira9614]

Thank you it was very helpful

[@AccountingStuff]

Cheers, glad to hear it :)

[@louisesulit9841]

more helpful than mu business studies teacher tahnk u

[@delivererx]

You're a life saver.

[@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.

[@ItzButterscotch_Poppy]

Hi, does this work on IGCSE??

[@gracebulaya8160]

Impressed... This is a well elaborated 👏😁

[@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!

[@chukwudiiloanya8727]

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

[@AccountingStuff]

Thanks for your request!

[@BorisGoranov]

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

[@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!

[@abdulkadirmohamed1924]

I really love your videos.

[@AccountingStuff]

Thanks buddy :)

[@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

[@ChristySu]

Great video and value!

[@arfatahir8023]

Simplest and THE BEST

[@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 🙌✨👑

[@mostafaelshahat1525]

explain good ❤im from Egypt 🇪🇬

[@AccountingStuff]

Thanks!

[@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

[@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 :)

[@nikhilsonyy]

Love from india💖

[@mollymckenna4048]

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

[@AccountingStuff]

Good luck Molly!!

[@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

[@davidjames3447]

Hi James, if you use company cash balance to invest company funds into stock market, then what effect does this have on balance sheet and income statement? D

[@ektaverma8907]

Good to see you ✌✌ thanks for the video

[@AccountingStuff]

You're most welcome :)

[@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

[@leonardsordo2700]

Be blessed

[@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?

[@yoshiu5167]

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

[@AccountingStuff]

Thanks buddy!

[@mohsinbaig2195]

Watched done 🙌🏼. Bravo! 💫

[@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?

[@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!

[@graceyim2941]

Love you always, James.

[@erfatsiddique]

Thanks sir

[@AccountingStuff]

You're welcome :)

[@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

[@mickael_mauve]

James, those numbers for Tumble are the real one ? If so did you find them on their website or through Edgar or did the company gave it yo you ? Thanks

[@AccountingStuff]

Hey Mickael, it's a made up company for this example

[@messisfanatic2828]

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

[@AccountingStuff]

Thanks buddy :)

[@berekettesfaye4022]

Thank you very much

[@shahid1547]

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

[@omayr8888]

Teacher first thanks I appreciate your hospitality helping us. We need some homework practice questions and answers thanks 🙏 from china #zheijiang normal university

[@AccountingStuff]

Thanks for your request!

[@IceyJunior]

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

[@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

[@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)

[@chhayakankariya2748]

Please make video on RDD,BAD DEBTS ADJUSTMENT.

[@AccountingStuff]

Thanks for your requests!

[@oppa8938]

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

[@r.a.p.h4481]

If the depreciation is by "Unit of Production", could/should this depreciation then be included in the direct operating cost i.e. in the Cost of Sales ?

[@AccountingStuff]

Hey there! I see you logic, but it would be very unusual to include depreciation in Cost of Sales. Even if you were using the Units of Production method, these costs can't be 'directly' tied back to the sale of goods since it's an estimate of the deterioration of a Fixed Asset.

[@gloriaz3711]

Wish could watch something related to deferred tax and business combination (consolidated report) God knows I got soooo much headache on this topic in preparing my CPA exam. Thank you

[@AccountingStuff]

Thanks for your request!

[@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.

[@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!!

[@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

[@charmianmegan4616]

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

[@AccountingStuff]

Thanks for your request

[@lilyli9991]

Thank you

[@adilbenelarbi3110]

thank you !

[@omayr8888]

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

[@AccountingStuff]

Thanks for your request!

[@jitiarnold3227]

Is there a video on Asset disposal

[@AccountingStuff]

Not yet!

[@abdirizakmohamed9183]

Thanks man

[@nimestro7423]

Hey James! Can you please make videos on Partnerships and Limited Companies? It would mean a lot for me. Thanks 🙏🏻

[@AccountingStuff]

Cheers for your request!

[@leem5956]

I couldn’t understand my study material. 🤯 I stumbled upon one of your videos the other day and I watch them to understand my course material. Your explanations are basically all I need! 🥲 You have saved my life, please do not stop what you are doing because you are helping A LOT of people and ultimately helping them to have a better future . You are by far the best KZbinr for me ❤️ Much love ❤️

[@AccountingStuff]

Cheers Lee, great to hear it's making sense. Hope your studies are going well :)