I packed a lot into this one! Here are the timestamps if you'd like to skip to a section... ⏱️TIMESTAMPS 00:00 - Intro 00:16 - What is Financial Accounting? 01:11 - STEP 1: IDENTIFY TRANSACTIONS 01:29 - STEP 2: PREPARE JOURNAL ENTRIES 01:32 - What is a Journal Entry? 01:36 - What does a Journal Entry look like? 02:05 - What is Double Entry Accounting? 02:58 - What is the Accounting Equation? 04:17 - STEP 3: POST TO GENERAL LEDGER 04:22 - What is the General Ledger? 04:43 - Posting to Accounts 04:49 - What is an Account? 04:58 - The 6 Types of Account - Assets, Liabilities, Equity, Revenue, Expenses & Dividends 05:21 - What are T-Accounts? 06:00 - What does the General Ledger look like? 06:18 - STEP 4: UNADJUSTED TRIAL BALANCE 06:22 - What is a Trial Balance? 06:43 - How to build a Trial Balance 07:10 - Why is it called Trial Balance? 07:28 - STEP 5: POST ADJUSTING ENTRIES 07:32 - What are Adjusting Entries? 07:40 - IFRS vs GAAP 08:21 - What is the Accrual Method of Accounting? 08:41 - Adjusting Entries Example 10:14 - STEP 6: ADJUSTED TRIAL BALANCE 10:41 - STEP 7: CREATE FINANCIAL STATEMENTS 10:44 - What are Financial Statements? 10:59 - What are the three types of Financial Statements? 11:10 - What is the Balance Sheet? 11:28 - What is the Income Statement? 11:43 - Profit vs Cash Flow 11:54 - What is the Cash Flow Statement? 12:04 - Who would use Financial Statements? 12:34 - STEP 8: POST CLOSING ENTRIES 12:41 - What are Closing Entries? 12:51 - Closing Entries Example 13:10 - Post Closing Trial Balance 13:20 - THE ACCOUNTING CYCLE
Best video which I only needed to watch to clear all my basic doubts about financing and a huge request for more such videos like financial ratios ROE,ROA, ROS, etc ….. u know it as ur the champion of it all😄. A lot of love and support.
@@keybladerasta4142 anything is possible for you to learn. You just need to dedicate yourself. Also, you're not stupid. Change the way you talk about yourself.
@@muemuemue very late on this. But accounting is a very hard college major especially when you get to intermediate accounting. You cannot half ass this major. If you think you've learned the material and are ready for the exam, KEEP DRILLING IT! Because guess what if you plan to sit for the CPA exam the topics will come back and bite you. The hard work pays off though. The demand for accounting professionals is very high and the income potential ranges from comfortable to well into 6 figures (7 figures at the executive level).
This is a legitimate college course. I'm an Accounting major and am taking Acct 301 and this guy went over...everything I've learned in that class lol. Granted there's more detail in the class, homework, you learn how to actually prepare the financial statements, etc. But all the topics are the same. Good job man.
fantastic video Everybody wants to be financially independent and live a better life. With savvy investing, an inexpensive lifestyle, and diligent budgeting, this is not difficult to do. I'm glad I realised early on that achieving financial freedom requires hard work.
Sincerely, I'm genuinely moved by what you said. I have a seizable amount of money that I am willing to invest if given the appropriate knowledge and I am highly interested in investing. My greatest concern is losing money on a bad investment. I'm open to hearing your advice on how to make sensible investments as a result.
@@jamesvigor6409 As an OAP with extensive experience, I firmly think that having the appropriate information is essential to the success of any investment. Regardless of what others may say, do whatever you set your mind to. Warren Buffer frequently advises, "Be fearful when others are greedy, and greedy when others are fearful." The secret to succeeding even while others fail is undoubtedly this. Working with financial advisor Julie Anne Hoover, I earned $100,000. So far, working with her has been a promising experience.
@@marcelrobert9569 I just looked her up on the web and I would say she really does have an impressive background on investing. Will write her an email shortly. Thanks for sharing
I'm a financial accountant in Brazil for over 12 years. Now I'm trying to get a job in another country, this video helped me a lot to learn accounting terms in English. Thank you very much!
2 weeks into my accounting degree and nothing made sense to me until I watched your video. It's wonderful how you managed to break down a lot of high level content into smaller bits and pieces and show us the links between the concepts. Amazing teacher! Thank you so much!
@@albinabehrami1536Sorry to hear that you've been having a hard time with it. I struggled as well. Keep on practicing and I'm sure it'll start clicking for you
I got my accounting degree 30 years ago and to this day there's probably still nobody in that university who could explain it as well as this. I especially love the scales illustration of debits and credits - it made so many terms I never thought about the meaning of make sense - Balance Sheet, balancing the books, out of balance. Also the comment that debits and credits don't mean good or bad, or plus/minus - it's little things like that that can make all the difference between confusion to clarity and confidence. DEALER is handy too. Amazing teaching. Well done You.
@@johnstate7650 do you mean for your business. You might want to try my Accounting Software Supplement book available from Amazon. Links in my YT bio. If it helps, I'd appreciate an Amazon review.
It does but you have to stumble across these resources at the right time. Relying on Zoom alone when you’re likely to have lecturers who aren’t prepared for online teaching (which is probably a shame because a lot of people would prefer it to in-person lectures at least 60% of the time) is hopeless and won’t get you anywhere. Many people try that and end up failing and repeating.
I was a CPA for more than 30 years before retirement. This is a great video. It would have been nice to have this overview as I waded through Accounting I, which was a fifteen week course.
Im here because im broke (well i have 50k NZD) and im sick of being broke. I have no education, no qualifications and no experience at the age of 35. I read a book called Rich Dads guide to investing. Ive decided i no longer want to be broke and want to either invest my money, start a business or both. Well i have to learn accounting apperantly among other things so here i am. Starting my journey in an attempt to becoming rich. Im going to study off youtube and hopefully utaloze what i learn into a successful money making scheme. Wish me luck. In 5 years from now i will review my progress.
@AccountingStuff I haven't started investing yet.... so far my endeavors have lead me to taking up 3 jobs, I've learned to deposit my money at an interest rate higher than inflation to offset inflation (so savings isn't eaten away) the investing I've been looking at is property..... but first need to buy my first home. That's a long, long term goal though.
How’s the process going man ??? I’m 35 and starting a bookkeeping / accounting and tax preparing career myself . If you comment back I hope to hear good news and good luck on the journey
I have just finished my accounting test, i gotta say you really helped me a lot, I had two semesters of accounting and still confused a hell. your videos are so easy to understand and so well professionally edited , i watched all videos in this channel in only two days and understood so many concepts and calculations in just two days than the two semesters i had in college. To be honest, you are literally the best accounting channel in the internet. I recommended your channel to alot of people, hope this channel will grow big and have millions subscribers. I also always try not skip ads to support your channel 🤘
My journey with accounting has always been on a touch and go basis through college and university - I know enough to pass the papers. Now that I am working full time as a finance controller, I found my knowledge in accounting lack thereof, often trying to piece what i know together. So I have decided to unlearn and relearn everything. I have to say - this is the most interactive accounting channel with very elaborated contents!
It's so easy to get bogged down in the day-to-day tasks at work and forget the big picture. Good on you for coming back to the basics, I think we all need to do that from time to time.
Financial books have been so helpful. >> I’m 54 and my wife 50 we are both retired with over $3 million in net worth and no debts. We got to realize that the secret to financial freedom is making better investments.
I read a book that talked about having a financial adviser. Well, Credits to ROCHELLE DUNGCA-SCHREIBER, she saw me through the process. You can glance her name up on the internet and verify her yourself. she has years of financial market experience..
Soon, there is going to be the rapture. It's when there will be trumpet sounds, and after the trumpet sounds, God will lift his people from here. Also, God said people should be living by the Bible. Amen, and God bless you. * John 3:16 - "For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life".
@@TiniestKelpI don't remember. But I don't hold his words to very high regards. Doesn't he say to not tell everything that you know. So better read the bible.
@@LlednarHugh I don't know much about him, but my uncle reccommended me his book. I read partway through his book "Rich Dad, Poor Dad" and it's all vague, anecdottal platitudes. The "If Books Could Kill" podcast has an episode on him if anyone wants to do further research.
@@speedrunmemes7138 ofc i 100% agree quantity over quality im just asking if he can try to post a little more frequently. Obviously his personal life overrides yt.
Hey there, I would love to do that but I'm working by myself and these videos take a long time to put together. Hopefully I the future I can streamline the process and release more consistently. All the best!
In James defense.. I can tell you these things take a LONG time to edit. So even he he did this and only this full time, we are lucky if he could get one a week!
Currently a senior and I lovee this video because the bases that it covers over feels familiar yet naturally things I do feel are meant to be done. You have helped me realize what major is definitely catching my eye, will be watching more videos !!
Started my MBA program and the accounting course gave me anxiety. This video is the best 14 minutes of my day so far. I am more confident that I can do this💪 Thank you so much
YOU ACTUALLY MAKE IT MAKE SENSE. You just single-handedly (in 14 minutes) saved my midterm grade. AND NOW CLASS ACTUALLY MAKES SENSE. Thank you 100x, earned an extra subscriber.
So useful I've been studying business management at Swansea Uni for about 5 weeks now and I was really struggling with accounting but this video was a great and concise way of explaining the basics. Thank You
These videos are a lifesaver. I’m in ACC213 and struggle with the exams, my college doesn’t have an accounting tutor and referred me to RU-vid, my own professor referred me to RU-vid and now I know why! These videos helps click everything in place. Thank you
Thank you for this accounting guide! This is a quite a very good summary of financial accounting basics! You did a good job making accounting concepts easier to understand. Definitely a must watch to those who want to learn accounting.
I needed a refresher for written exam. About 2 years after graduation, I haven’t looked at anything accounting in 2 years... This bought everything back to me... Great video
With inflation running at a four-decade high, the Recession is now the ‘most likely outcome for the economy and I cannot imagine being a victim of circumstances. My portfolio suffered a big hit, holding it further won’t be any good. I've heard of people netting hundreds of thousands this red season. How can I ensure this?
True, the idea of a portfolio-coach used to sound generic, but a new study by investopedia actually found that demand for portfolio-coaches sky-rocketed by over 41.8% since the pandemic and based on firsthand encounters, I can say for certain their skillsets are topnotch, I've raised over $700k from an initially stagnant reserve of $150K all within 14months.
@@lipglosskitten2610 The advisor I use is actually quite known, you might have heard of her, Catherine Morrison Evans, she's been featured on several platforms including CNBC and Bloomberg, you can search her name.
Great channel! I'm an accountant myself and you explain the concepts really well. Videos are well designed and you just covered the accounting process in less than 15 minutes! I subbed; looking forward to some more videos.
3:06 I just have to appreciate that... really. By saying "this guy" and "this book" and showing images instead, spares us the 'distraction' (and images are easier to remember than names, for me). Honestly I get easily distracted by years and names because I don't like memorizing but feel like I have to remember every little detail, and I start to stray from the main idea. So thanks James for keeping me on track of what I am really here for. And yeah I'm planning to watch the whole playlist. Thank you for all of these videos. I'm subscribing.
I come from a theory and analysis humanities background, and now work a typical office job. Have always steered clear of anything that sounds like too much math. I needed something stimulating and challenging, but felt stuck…as if I was losing brain cells. This video was like a massage for the brain. Thank you so much for this.
Thanks - I work in tax and it’s always useful to refresh what I studied in the exams, and keep fresh! Are you planning to do videos on the IAS/IFRS Standards. Explaining those in layman’s terms would be a fantastic resource. It would also be great to do videos on updates in the accounting world like new standards/developments
I learned more in this 14-minute video than I have in my first two and a half weeks of a university accounting class I am taking. Thank you so much, you may have just saved me from failing this class!!
I’m sure many people wish they’d stumbled across these resources just a tad sooner. I suppose it’s technically never too late but I can imagine a lot of students being pissed and demoralised at the way Accounting would’ve been taught (barely) over the past two years (especially during the heat of the pandemic). I don’t think people acknowledge that enough.
I been inspired by your videos and started college to go into the field of accounting. However I am going into forensic accounting. Can you do a video on that or the differences of the fields? Your videos have been a big help an have been used in study guides as well as group discussion's in my college to help out a lot of us, thank you ♥️
Hey Amanda, it's great to hear that you're going for forensic accounting. That field has always sounded interesting to me. Cheers for your suggestion, I'll keep it in mind for future vids! Best of luck with it all
I'm here cus I don't completely get it in school- but am actually genuinely interested in accounting, only four minutes in and I already understand so much more! 100% gonna reccomend my teacher shows this to the class.
tysm!! Ive just graduated senior high school in track of ABM (Accountancy Business and Management) with no actual classes (yk, covid situation) and learning close to nothing. You just saved me, man from going to college knowing nothing. Im gonna take bookkeeping part time jobs too soon, tysm!
My God! Just amazed with his talent! I mean in 14 minuntes, he summed up all the topics, I learened in 2 years (11th and 12th)! Keep going man, may luck always favour you!❤
Hello James! This note is to THANK YOU for being such a wonderful video instructor for accounting. I have 0 education background in this field and got 100/100 from my accounting and finance course for non-financial managers thanks to your videos. I am also in Vancouver so drinks on me if I ever run into you! Many thanks 🙏🙏🙏
I'm a high school student in my senior year and I'm thinking of accounting as a bachelor's degree! Will binge watch ur videos. Great work! They're so informative
I’d advise you not to unless you want to specify as a chartered accountant specifically. If that’s not the case for you then you’ll probably have better luck going for something more interesting rather than spend at least four years stuck in a cycle of audit-and-entry monotony. The more humane/international side of the course has enough perks but everything else is just dull. Profitable (if that’s your future prospective career) but dull.
I am a cost accountant with the US Government, and every now and then, I love to dive back into the basics. And though I knew exactly where he is going, I loved answering what he was about to say. This is a great video on accounting.
Your videos are awesome. What I haven't understood in university and also the years after that is so clear now thanks to your videos. Hope you create more and also one on financial ratios as you mentioned in this video. Thank you!
James, I can't go without commenting about this..🤔 This video sums up the basics in Accounting. You nailed it.👌And you made it so simple to understand for everybody, from students to professionals in and out of Accounting world👏👏 Congratulations James!! Keep up the great work😎👏
I bet you a lot of Accounting students who either ended up failing and repeating or graduating with a certificate they weren’t very happy with wish they’d stumbled across these resources in 2020. Lecturers are just fine at the best of times and online teaching should be a viable alternative 60% of the time (wherever students choose to live or pop in and out of) but what’s glaringly-obvious across the board is that lecturers weren’t prepared for online teaching and many students’ marks have suffered severely as a result (even the most intellectually-adept ones). I feel like everyone who was due to graduate during the pandemic or this year should’ve just been given a basic pass and possibly a higher grade depending on the quality of their dissertation/s (which carries more modular weight and lets people go off and do their own study/research independently and without group collaboration, since it’s their individual project/writing). I don’t think the situation this cohort of students have found themselves in since the tail-end of 2019 has been fair at all.
When you did they first entry I was like “noooooo!!!! Deferred revenue!” Was so proud of myself 10 minutes later when you were like”but wait, we made a mistake.”
All of my 5 years of accounting summed up👍🏻 The rest of it is just varying forms of accounts and trying to work out missing information, correcting errors, using ratios and assisting situations which call for informed decision-making. Accounting is all about how well you interpret the data given to you, and how well you end up presenting it.
I have been struggling through Grad School Accounting Basics. I just haven’t been getting it. I have lost count how many I said, “well that makes sense! I get it now!” Thank you very much.
I'm begrudgingly having to learn accounting for some projects, because nobody else will do it. Thank you so much for making such informative and efficient educational videos. You're making this much less of a hassle than it could've been for me.
Your videos are so well made. Easy to understand and the editing is also on point.👌🏻👌🏻 I love financial accounting compared to management accounting which is a bit more difficult than financial accounting to be honest. Keep up the good work and congrats on 300k subscribers. 🎉👏
As an accounting student I love this video but it also irritates me because it is better than many of the college courses I have taken. Sure they have been more detailed on specific topics, but nobody has summarized everything so simply and beautifully. Feels great to have it all in one place with everything tied together, thank you!
Hi James, I've been learning accounting and finding your accounting basics playlist an absolute life saver! I've been looking for a clear video on accounts and the types of accounts/what goes where. I haven't been able to find anything in your playlist just wondering if this is something you've covered at all? Thanks again for your amazing work. Best youtube educational videos without a doubt
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As a visual learner, it took me a few months in university to understand cash-basis accounting from the textbook. This guy helped me visualise and understand it in seconds.
Really solid video…learned a lot. I’m a Field Service Manger at a landscaping company and going back to school for accounting and this really helped a lot. You explain things really well…I think you would make a really good accounting professor.
This guy is a god send. My current Accounting professor is a joke. Thanks so much for putting all this together. Time to dive into the rest of your videos!
This video so unbelievably helpful i struggled to understand anything without the big picture and now everything falls into place. Thank you so much man❤
The sad moment when a guy on RU-vid can explain the basics in under 15 minutes and you understand it while the financial accounting Professor in university spend 3 months trying to teach me and I didnt understand s***.😅
Hi, thank you for all what you do. You have helped me a lot during my AAT course. Are you planning to make a video about irrecoverable and doubtful debts? :)
James this video is lovely. I am from Turkey and I work on accounting in Turkey. I had to train people from other countries and I was worried about the language and technical words. I am so glad to find your video. I appreciate your great work here. It is an absolutely immaculate expression. Thank you
Hi James, wanted to say thank you, because I didn't pass the exam but rather got a JOB thanks to your videos!!! God bless you and I wish you and your family a lot of health and happiness.
Your videos are amazing James! Well done on making them fun and interesting! They really help make things easier to understand! Looking forward to watching more!
I am fresh off the boat new to accounting and in that 14 minutes I have learned and understood a lot in that small amount of time. MINDBLOWN! THANK YOU SO MUCH!
This is GREAT. Thank you!!!! Suggestion for explaining A = L + E, which I used after this video. Imagine ur business is a box. Now you buy a $1000 chair and put it in the box. That’s an asset of *your* biz now. Say you paid for the chair in two ways. One was with a $500 loan from the Bank. The biz owes the Bank $500 now: it will have to pay back that loan one day. You paid the other $500 out of your own pocket. After all, where else could it come from? That’s $500 your biz owes you. It’s called Equity. It’s just a name: the Equity of the biz. And now A = L + E makes sense. The business’ chair - not your chair! - has a value that came from two sources: the loan owed the bank, and the money owed you.
your voice is nice and soothing ☺️ thank you for all these, wish I could have you as a personal tutor lol, this is much more helpful then the school material. Thank you!
