I am greatly impressed by your way of clearing concept theoretically and practically as well
@stevejones2243 жыл бұрын
Love this channel. Only found it a few weeks back and learn more here than I ever did doing my AAT 👍
@TheFinancialController3 жыл бұрын
Glad you enjoy it!
@jaimee8426 ай бұрын
I have watched almost all of your videos. Good instructional video. Can you please make a video with multiple accrual entries and the reversal of them? Thanks.
@carmelmichee5793 жыл бұрын
Thank you Bill, your videos are so useful and your explanations so clear.
@TheFinancialController3 жыл бұрын
Glad you liked it!
@hackit957810 ай бұрын
Bill i finally bought your course. Im looking forward to unpacking it and learnig from it. Thanks for making accounting fun again. Thanks Kesh 🇬🇧
@TheFinancialController10 ай бұрын
Awesome, thank you!
@dailenimercedescontrerathe70072 жыл бұрын
Thank you for the video; I learned much about those two accounting methods. Could you please let me know the differences between cash basis and modified cash basis accounting method?
@evansjuma38313 жыл бұрын
Many thanks Bill, The video clearly expound of the differences between the two accounting methods. Glad to see that the cash accounting violates the ''matching principle''. Great work man! I would greatly appreciate if you can take us through the stock provision in the financial statements, the relevance of the same in the books, and provision methods that a manufacturing firm and retail business can adopt. Many thanks brother!
@TheFinancialController3 жыл бұрын
Thanks Evans!! Sure.
@AdamGtr868 ай бұрын
Actually accrual was not a close representation. Why the government mandates that is mentally ill. You are paying tax on $5,000 you didn't bring in as cash. And if in January that deal falls apart and you have 0 income in January, you have to wait until your tax return in 12 months to claim the loss and get your taxes back. As a small business you could have $1,000+ dollars in overpaid taxes for over a year, for income that will never be received.
@joeblow92842 ай бұрын
1,000% agree. I’ve been in Finance for over a decade and all I look at is a cash flow statement made using the direct method. Accrual is fantasy land.
@crwest20122 жыл бұрын
GREAT explanation and video. I learned something new today. Truly appreciate this video.
@TheFinancialController2 жыл бұрын
Glad you enjoyed it!
@karenli333 жыл бұрын
This is great 👍! I learned a lot.
@TheFinancialController3 жыл бұрын
Glad to hear it!
@reds.89953 жыл бұрын
I had two accounting interview, they asked this question.
@TheFinancialController3 жыл бұрын
Nice! I hope you answered correctly:)
@mauricioalejandro743 жыл бұрын
For what position if you mind me asking?
@chrisfenika7802 Жыл бұрын
Thank you for simplifying this for me.
@joeblow92842 ай бұрын
The problem is, at the end of 2020 when you look at your bank account it’s zero. It does NOT have $5,000 in it, but your income statement says you made $5,000. Accrual accounting is NOT reality.
@FatPizza563 жыл бұрын
Great video and very well explained!
@Jessminttea2 жыл бұрын
This was so helpful and understandable!
@Lejeng-ck5sp5 ай бұрын
very detailed and informative.. thank you so much.
@TheFinancialController5 ай бұрын
Glad it was helpful!
@education49493 жыл бұрын
Awesome, please post a video regarding significance and calculation of beneish m score . Can it be used by investors ?
@JordanJimenezGonzalez10 ай бұрын
Very well explained, thank you very much sir.
@TheFinancialController10 ай бұрын
You are most welcome
@robinjames24 Жыл бұрын
Very well explained.
@YourDailyDoseOfMeditation9 ай бұрын
*** How do you recorded the income for 2021 when it is received since we already recorded it in 2020??
@BGB173 жыл бұрын
Can you do a video on what to expect with a brand new Associates degree in accounting. I saw the one on bachelor's and it was awesome but I feel like Alot of people can't afford an bachelor's right away and are going AA first. With only my degree in hand and no experience should I just be aiming for clerk jobs? That seem to only pay about 17 ish an hour
@dilyarachmatova31983 жыл бұрын
Amazing explanation
@Rocio-ft9qm2 жыл бұрын
Thanks for the explanation
@ginanutt9809 ай бұрын
So what if you mistaken your original tax return and now t years later realized we marked wrong box ddo we need to file ann amendment. Its the revenue that is affected😊
@GetMyCare6 ай бұрын
But if the customer did not pay their Invoice of 10k the tax report will show as it was paid but the bank statement will be -15k!
@raidenx3x3 жыл бұрын
This is awesome, thanks! would you also do a video where you Map GAAP to Balance sheet and cash flow?
@TheFinancialController3 жыл бұрын
Thanks David sure
@joeblow92842 ай бұрын
Why do all these cash vs accrual focus on year end transactions? That’s the only time accrual makes sense. Meanwhile with the accrual method if you have any other expenses or cost, you don’t have revenue to pay for it. Which is why your cash flow is actually negative in December and you can’t take on any other jobs even though you want to.
@ansatsu343 жыл бұрын
Hey Bill I am Senior accountant at a retail company for 4 years (did 2 in governmental auditing before, left after getting CPA). I do GL accounting, so everything besides AP/AR, FA and inventory. I want to find a new job, senior or manager (any industry) but am nervous about my experience (or rather lack of). Do you have any advice? Currently going through all your videos. Thanks
@reds.89953 жыл бұрын
Wish you are lucky 🍀 to find your new dream job!
@tomovujovic6258 ай бұрын
In cash accounting you have to record a/r like debit in 2020 and contra account in liabilities calculated but not collected revenue like credit as first step in this example. For revenue and expense example is correct but for asset and liabilities cash recording in this example is not correct. A/Receivable and A/Payable in cash accounting have to be reccord when claim or obligation arise, revenue and expense when cash come to or go from bank account.
@SuperJamalShah2 ай бұрын
It doesn't make sense for Cash Method. If it records revenue and expenses when payments are made or received. What makes it not matching revenue with expenses. Anybody in layman terms plz.
@nicoletolmie32013 жыл бұрын
Very helpful, thank you!
@TheFinancialController3 жыл бұрын
Thanks Nicole!
@goharayub35583 жыл бұрын
How about casinos? Do they use cash accounting or accural accounting. If there are working online? Just curious to know. I am a fresh graduate in accounting and finance. You are videos are really helping as i am looking for my first ever job too
@e_nixma2 жыл бұрын
Thank you so much for the video! Can a franchisee use a cash basis accounting method? Thank you.
@MS-zp7bt Жыл бұрын
Can you use both methods?
@drstriver110 ай бұрын
Sir can you pls tell me treatment of income received in adavnce on cash basis Like rent income year ending dec 2020 is $10000 but amount received as rent income in dec 2020 is $20000
@mohamadbagir12393 жыл бұрын
I have a question, how reliable I use accrued method in accounting system Which is the transaction at the same time for example at 20 Sept I sell the watch product and the same also get the cash from it, what's the journal from you with accrued method? a). Cash (Dr) receivable (Cr) B). AR (Dr) Sales (Cr) and the same also cash (Dr) AR (Cr)
@d0rk3 жыл бұрын
Please teach me how to use GAAP with Cash Basis accounting
@TheFinancialController3 жыл бұрын
Ok will do
@joeblow92842 ай бұрын
Why do all these cash vs accrual focus on year end transactions? That’s the only time accrual makes sense. Meanwhile with the accrual method if you have any other expenses or cost in December, you don’t have revenue to pay for it. Which is why your cash flow is actually negative in December and you can’t take on any other jobs even though you want to. Accrual accounting is for investors to make your company look better. Cash accounting is reality and the only way to track your real cash flow. Not to mention you get more tax write off with the cash method.
@monicajones9597 Жыл бұрын
Would you consider asking a small company during the interview which method they used as intrusive?
@TheFinancialController Жыл бұрын
such a good question....It's a risky one, but I like it. It shows insight and that you are keen to learn about the company.
@monicajones9597 Жыл бұрын
@@TheFinancialController Yes, I agree it sounded risky. I'll ask on an interview that already is going downhill so it won't matter because I've already determined that I don't want to work for them. 🤣😂
@saddestdayever12762 жыл бұрын
As an accounting major, these are so helpful!
@TheFinancialController2 жыл бұрын
Thanks brother
@Kingiscoming2 жыл бұрын
THANK YOU!
@TheFinancialController2 жыл бұрын
You're welcome!
@Drew-fo6jk3 жыл бұрын
I’m having trouble with converting from cash basis to accrual accounting. Do you have any videos on this subject?
@TheFinancialController3 жыл бұрын
Will do in the near future
@Drew-fo6jk3 жыл бұрын
@@TheFinancialController thank you! I subscribed to your channel
@Cricelia2 жыл бұрын
gracias
@TimTheMusicMan3 жыл бұрын
Why is Roger CPA review better than Becker ?
@TheFinancialController3 жыл бұрын
Roger style is way more engaging, which is important because the material is boring
@Potencyfunction8 ай бұрын
I am in doubt about some things. It is clear who knows what and why _to calculate cash vs how to read the principles of accounting. Is not embrassing to be stupid and show it ?
@shaileshmodi54333 жыл бұрын
💍 Gem Channel, Can you please make a video on Record to Report Complete Activity - Including Closing Entries for Accrual/Deferred/Provision? also for fpna
@TheFinancialController3 жыл бұрын
Thanks Shailesh! will do.
@joeblow92847 күн бұрын
To say accrual accounting is more accurate than cash is CRAZY….
@TheFinancialController6 күн бұрын
Accrual is a 'more accurate representation of the state of a business' than Cash Accounting
@joeblow92842 ай бұрын
Accrual accounting is not reality. With accrual accounting you can have positive net income on paper, but a negative cash flow and be losing money in your business.
@tugbaonder99573 жыл бұрын
Hello from Turkey. Your videos very helpful. But I wish you speak slower for not being native English speakers 😟
@TheFinancialController3 жыл бұрын
Ok will do
@oscar298463 жыл бұрын
There is a playback option on KZbin that lets you slow down the speed of which the video is being played. (i.e .75x)
@TheFinancialController3 жыл бұрын
Thanks Oscar for pointing this out
@oscar298463 жыл бұрын
@@TheFinancialController thank you for posting quality accounting content sir! I hope to be as knowledgeable as you some day in my accounting journey. Currently I am close to my senior year of accounting in college and these videos help more than you could ever know to fully immerse myself in this material! Thank you so much again as I’m sure that this is helping me get to that extra step, that is, getting my CPA certification in a few years time!
@TheFinancialController3 жыл бұрын
Good work, keep learning and it will pay off!!
@joebazooks3 жыл бұрын
accrual only ever makes sense if youre offering or purchasing goods or services on credit and fuck credit :]
@benderbendingrofriguez33003 жыл бұрын
so in a few words only mobsters, and any criminal use the Cash Accounting.
@dilyarachmatova31983 жыл бұрын
Do you have Instagram?
@Titan_gamerz4202 ай бұрын
Who watche Indian
@thanle662810 ай бұрын
Talk so fast, not for people know not thing!
@scottxflips8 ай бұрын
Use the playback speed adjustment to lower the video speed if necessary and watch multiple times through to study. With complex topics I generally use standard speed or sometimes slower if they're a fast talker and there are lots of details. For general informational, entertainment, edutainment etc usually 1.5 to 2x is great depending on if they speak quickly or not.