Accounting For Slow Learners 

This is it! The greatest accounting video ever!! The absolute best presentation of accounting and how to master all the basic accounting ideas right here in 1 big video!! This makes everything as clear as Sesame Street. If find a good, popular, high- rated accounting textbook, then you don’t need a teacher; you have this video and you have me. Just read your book, watch this video and ask me anything you like. You will know the accounting you need, very easily, if you just watch a little bit each day. I hope this helps everyone who needs accounting help and understanding. I would love to hear from all of you. Please click “like” and subscribe. -Mark

I first have an accounting subject in the 90s but never learned, I was confused and I failed. Only now that I understand it properly. If you are capable of teaching and letting a slow learner learn, it means you are a very good teacher. Only a slow learner can truly certify a really good teacher.

Not all heroes wear capes! You are a HERO for breaking this down for us slow people! God bless this man! 👍 Even though I graduated and passed my accounting courses with "A"s and "B"s... I still didn't feel like i learned anything. I learned more from your youtube video than a whole semester in school and I can watch it over if I missed anything! Thank you sir! I will name my first born after you!

I just love your training. YOu are one of the greatest Accounting teachers out there. Thanks so much for all you do!

Probably the best accounting course I’ve seen, thank you so much!

I was able to pick up so many useful concepts that I'm able to utilize in my production company. Thank you for making this video, very helpful.

Hope there will be more teachers like you in this whole wide world. Thank you for sharing your gifts.

RU-vid suggested this channel and I subscribed yesterday!!! Your information is so informative and clear. You will be getting a lot of like from me👍🏾

I just started my studies about accounting through a church leader once a week because our church were training us to become a VA Bookkeeper. I found this video really great! I just finished up to the Practice Exercise Project and there is a wrong entry in Video Income, instead of $4000, in the result is only $3000. What comes into my mind is that you purposely put it that way to know if your viewers really do the exercises. I will surely watch every single second of this video and next is your video on Quickbooks tutorial. I hope to find a job someday as a VA Bookkeeper. Thank you very much for your videos.

I have finished the lecture and now moving to another one. I will definitely share this YT to my daughter. Thank you Mark and Serina !!!!

Oh my gosh, what a sweetie! This little girl has a great future ahead of her. Well done on another superb video. Thank you!

I’m new in this field, just opened up a new company. My first language is Spanish but I definitely can understand you very well. Thank you for being so patient and explain us with no rush!! I really appreciate it

Way to go Serina. You can be a great Accounting Teacher someday! Thanks for the lesson :)

Just wow! I had accounting units back in college but never understood it. I was amazed on how I was able to answer the worksheet 😍😍😍 Thank you so much for this free learning!

Good Presentation. Best Wishes for Serina. She has the built-in confidence of a good teacher.

I've always wanted to understand accounting and learn accounting software like Quickbooks. I'm a programmer but have no accounting background. This video tutorial is a start. It should pave the way for me to get up to speed on accounting systems with the ultimate goal of developing a basic accounting software myself.

This is an ❤awesome video! Ty for explaining it in easy terms. Your better than any professor I ever had for Principles 1 & 2, and intermediate Accounting.

I'm so excited to see you've released a new video, I can't wait to view it this weekend, thank you for all you do Mark!! We really appreciate your work so much. - Pam in Houston, Texas

You may have a typo in the First Practice set tab = Transaction list, row 6 says $4000, but the general ledger results says $3000 in both places for the 1/17 date

Thank you for sharing your wisdom. May God and the Universe bless you more!!!!!

Your training is great and explained well. While working through the problems in the excel file you provided for First Transaction Practice, I noticed that on 1/8/22 Video job for $3000 for cash and another Video job on 1/17/22 for $4000 on the account. A total of $7000 for Video income. However, the Trial Balance Results and the General Ledger Results show only $6000 in Video income. Did I do something incorrectly or just missing something, my Video income shows $7000 Another question, on the End Of Month Project Sheet, the Net Income shows 51,500 and is split 50/50 between the owners. Each should receive 25,750. In the T Accounts for the owners, it shows 20,750 for each and the T Account for Income Summary shows Elaine 25,750 and Suzie 20,750. The sum of these does not equal 51,500 for the Net Income. I am not sure if I am doing it right or not.

Loved the addition of Serina. Thank you

Special thanks to our very own, absolutely adorable financial statement analysis and teacher, Serina May. Still smiling. Thank you for the wonderful help.

This is a very simplified and a fantastic tutorial for Accounting beginners and I, without hesitation, salute this job well done ✅

Thank you. You're my fav educational channel. 🙂

Hello, thank you for your course. I do appreciate your efforts. Did anyone so far bring your attention to the misprint (mistake) in 1st practical? Was it a special trick to check your students' attention? 55200 Trial balance, right?

In your end of month example file, if Suzie and Elaine are splitting $51500, both should be 25750, and not one be 25750 and the other be 20750, unless I misunderstood something. Cells B77 and B78 in tab General Ledger After. Also, that 5K error is carried over tho cells C11 and C13 in Trial Balance After. Still, the videos are awesome.

I think it's perfect but it's not as entertaining as the great stuff with animation and I think that it makes everything clear but you have to keep adjusting the volume. Otherwise it's the perfect thing to learn from and anybody can learn any accounting topic just look in the table of contents in the description field That's awesome!

Hi thank you so much for everything you do for those of us who are new to this! I was wondering, I am completely new to all of this and I am trying to get become an entry level bookkeeper/ accountant with no budget for schooling. Eventually, I would like to start my own bookkeeping services from home. What videos would you suggest I start with? Are there specific videos that are better suited for remote bookkeeping jobs? Thank you again, you are appreciated so much 🙏 ❤️

This is a great video 😊 keep up the great work!! You will be making my job so much easier!!! Thank you for all your hard work!! ❤

Mark, thank you so much for the tutorial. I am sure great effort was put into it. Very detailed, packed with great information, and straightforward to follow. I am especially grateful for practice sheets you put together and I have done all of your work sheets. I think these are great tools to test the knowledge acquired. As some pointed out there were two that did have discrepancy in numbers. I am glad that others reported for it would drive me crazy trying to understand why my numbers are different than what is in the sheets. If you could please update the last sheet, Answer Key For The Inventory Projects, with the answers? As of right now that is missing. I would love to verify my numbers against yours and I am sure anybody else who is completing your practice sheets. Your tutorials are excellent and I am so glad I found them. Thank you.

The bright beautiful little girl made my day ❤❤❤ thank you guys may God bless you

Oh thanks dear for adding Urdu captions it is really helping me and others like me. Learning accounting is always challanging it takes time and consistency to clear concepts.If you put effort to make exercises of practical knowledge it will be really useful but still you are doing good so much tysm ❤

Thank you! The practice test helped me so much! I learn and understand more with each chapter.

Sir, this is what I wanted. Perfect accounting teacher.

This was great-enjoyed seeing your niece! Very understandable. Really good review.

Great job done from sarina we like what she said appreciate her great job

I'm in on 19 August, 2024 and I'll stick around.

Thank you! Mark and Serina. I found the video so helpful and easy to understand.

I am so very excited to have this accounting teacher, please may I always join the teaching once a week

Thank you again. 🙂

Great class! Thank you!

Hello Sir, I'm loving your video tutorials! This one is particularly great. I noticed something about the account receivables. Shouldn't the final balance be $2,000 instead of $1,000? And the total revenue for the video isn't $12,000, right? Also, it looks like there might be an error in the transaction from January 17, 2022. Should the amount be $3,000 instead of $4,000? I'm really enjoying learning from your videos. You're an amazing teacher!

Well done Serina. its good job. 😇

Thanks so much for great dimonistration... I like quickbooks too.. I will keep follow you to lesrn more. Appreciate for that great job.

Thank you for this video. I am learning a lot. I would love to see the video of you teaching Serena her debits and credits. I am new to accounting. Thanks again!

Hi! I am loving your videos! I have a reptile breeding business. Would my adult/breeding reptiles be considered assets? How would I value them? The market shifts so much. Would I use the price I paid? Would they stay worth that same price? How would I account for a deceased adult breeder? I just moved over from 1800 acct to Quickbooks, but didn't realize they don't help at all with setup, so your videos are going to help me immensely.

Very nice creative work. Please keep it up.

Oh my god sir how i will respect you ohhhhh millions of thanks you sir🌹🌺💐

How do you change a date from where the bank must show transactions. There is a dates to chooses from when you add your bank. I by accidentally chose this year instead of last year?

Mark: I’m a beekeeper & I sell my honey in local grocery stores. I also purchase bulk honey for resale. To sell honey, I must bottle it (purchase jars, lids, labels & shrink bands). Thus, when the jar of honey hits the grocery shelf, my cost is actually the cost of the honey itself as well as the various bottling components. My question is does every component of the finished product, i.e. honey & bottling components, need to be an inventory item or can only the honey be inventoried and the bottling components simply be expensed by creating a “bundle” in Quickbooks with the honey? Thanks so much for your help.

thanks, this is simple and helpful, there is a mistake in chapter 12, owner's capital 33000 not 23000

Much love from kenya sir

Thank you very much finally I have finished this course and learned a lot of new aspect of accounting. Please suggest to me the next course I will prepare ProAdvisor exam.

Hi Mark, I don't know if you remember me commenting but you asked me if I wanted to do desktop or online. Well I'm here to tell you that we are going for desktop. Our bookeeper is using Premiere for our business, what do you think? Its for small construction business. Thank you.

Yes

in the EOM Project sheet both susie and Elaine capital accounts appear to be understated by 5,000 on the provided trial balance

The word Debit comes from Latin word debere which means to owe.

Okay, here's the complete custom study guide covering all of your specified accounting topics from the video transcript: Video Overview: This video aims to introduce fundamental accounting concepts in a clear and concise way. It starts by defining accounting and its essential functions, then delves into crucial elements like assets, liabilities, and owner's equity. The video further explains the practical aspects of recording transactions through the use of T-accounts, the General Journal, and how those relate to the concepts of debits and credits. It then covers end-of-period procedures, including adjusting entries, closing entries, and how income is distributed, particularly in partnerships. The video concludes by explaining depreciation and various inventory systems used in accounting. Detailed Timestamps & Content Description: 1. Introduction to Accounting and Business Basics: 00:02:43 - 00:03:44: Defines accounting as a system for recording, summarizing, organizing, and presenting financial information. Explains how this information is used in documents like profit & loss statements (show business performance over time) and balance sheets (show what a company owns vs. owes at a specific point in time). 00:05:07 - 00:05:41: Explains why accounting is important. Discusses who needs to see accounting information: business owners, managers, and the IRS for tax purposes. 2. Books of Original Entry/Journals: 01:17:06 - 01:18:11: Explains the role of the General Journal. Before computers, it was the book where transactions were initially recorded. Introduces the concept of "posting" - transferring the entries from the General Journal into T-accounts. 3. T-Accounts: 00:26:12 - 00:27:34: Introduces T-accounts and their visual structure (shaped like a "T"). Explains how debits are recorded on the left side of the T-account and credits on the right. 01:10:12 - 01:10:50: Explains the process of "footing" accounts, which means finding the total debits and credits within a T-account to calculate the ending balance. Demonstrates how this ending balance is used to start the account in the following month. 01:12:47 - 01:13:32: Briefly demonstrates how T-accounts were used in "real-life" accounting before computers to track balances after each transaction. 4. Terminologies: 00:06:19 - 00:07:54: Provides definitions for "assets" and "liabilities," emphasizing their specific meanings in accounting compared to everyday language. Assets are things a business owns that have value (tangible items like cars, or intangible like copyrights), while liabilities are obligations a business must pay in the future (loans, mortgages, etc.). 00:07:54 - 00:10:03: Explains the concept of "owner's equity" - the amount of ownership rights someone has in a business, calculated as the difference between assets and liabilities. Uses the example of buying a car or a house to illustrate ownership claims. 00:26:45 - 00:27:34: Defines "debit" as the left side of a T-account and "credit" as the right side. Explains that these terms originally came from Latin. 00:46:48 - 00:59:54: Defines several key accounting terms: Income From Service: Money earned from providing services. Credits are used to record income. Accounts Receivable: Total money owed to the business by customers for services or goods. Debits increase this asset, credits decrease it. Expenses: Money paid out by the business to operate (salaries, repairs, etc.). Debits are used to record expenses. Accounts Payable: Total money the business owes to its vendors. Credits increase this liability, debits decrease it. Owner's Capital: Represents the owner's investment in the business. Credits are used to record owner's contributions. Owner's Withdrawals: Money or assets taken out of the business by the owner for personal use. Debits are used to record withdrawals. 02:15:53 - 02:18:50: Defines "depreciation" as the decrease in an asset's value over time due to use. Explains the difference between depreciation due to usage and obsolescence (becoming outdated or undesirable). Emphasizes using "historical cost" (original purchase price) rather than "market value" (current selling price) for accounting purposes. 02:28:17 - 02:28:44: Defines "useful life" as the estimated time period an asset will provide value to the business. For a car, this is measured in drivable miles. 02:51:48 - 02:53:47: Defines "cost" as the amount paid to purchase merchandise and "price" as the amount received from customers when selling that merchandise. Explains how the difference between price and cost is profit. 5. Trial Balance: 01:14:29 - 01:16:48: Explains what a trial balance is - a report listing the ending balances of all accounts (separated into debits and credits) after a specific period (like a month). Its purpose is to check for mathematical errors in the recording and totaling of transactions before creating formal financial statements. 01:20:47 - 01:21:16: Shows how to access the trial balance report in QuickBooks Desktop (Reports > Accountant and Taxes > Trial Balance). 6. Petty Cash Book: The provided subtitles do not cover this topic. 7. Depreciation: 02:15:53 - 02:18:50: Provides a comprehensive definition of depreciation. Discusses different types of depreciation, the importance of using historical cost, and how depreciation affects the presentation of assets on financial statements. 02:27:46 - 02:37:08: Explains different methods for calculating depreciation: Unit of Production Method: Calculates depreciation based on how much the asset is used. This was demonstrated in the video with the car example, dividing the purchase price by the estimated drivable miles to find the depreciation cost per mile. Straight-Line Method: Depreciates the asset by the same amount each year (dividing the cost by the useful life in years). Accelerated Depreciation: Records more depreciation expense in the early years of an asset's life and less in later years. Explains the concept without going into specific calculation methods. 02:37:08 - 02:47:11: Discusses depreciation for tax purposes using IRS Publication 946. Explains how to find the "class life" of an asset (its depreciation category) and create depreciation schedules for tax reporting. 02:47:11 - 02:51:37: Shows examples of depreciation schedules for different "class life" categories and explains how to find the total depreciation expense for the year. Introduces the concept of "accumulated depreciation," a contra account that tracks the total depreciation recorded for an asset. Explains how accumulated depreciation affects an asset's "book value" on the balance sheet. 8. Inventory Systems: 02:51:38 - 03:03:45: Covers two main inventory systems: Perpetual Inventory System: Inventory value is updated after each purchase and sale. Demonstrates how to record purchases and sales, emphasizing the "cost" and "price" aspects and the impact on income and cost of goods sold accounts. Periodic Inventory System: Cost of goods sold is calculated only at the end of the period, usually by taking a physical inventory count. Explains the four-step process: Beginning Inventory + Purchases = Goods Available for Sale, then Goods Available for Sale - Ending Inventory = Cost of Goods Sold. Shows how this process was handled using T-accounts before computers. 03:29:16 - 03:37:17: Provides a step-by-step guide to completing an income statement for a merchandise company, emphasizing the relationship between different components. 03:37:18 - 03:51:00: Explains the Weighted Average Inventory System, a method for calculating cost of goods sold when items are purchased at varying costs. Demonstrates how to calculate the weighted average cost per unit and how QuickBooks Desktop uses this system. 03:51:13 - 04:11:18: Explains the First-In, First-Out (FIFO) method, where the oldest inventory items are assumed to be sold first. Demonstrates how FIFO works through examples and shows how QuickBooks Online uses this system. Remember, these timestamps are approximate. If you are having difficulty finding a specific piece of information, it might be helpful to rewind or fast-forward a few seconds around the suggested timestamp. I hope this comprehensive study guide proves much more helpful! Let me know if you have any further questions.

Thanks!

In the end of month project. Elaine and Suzie's income summary should both have been $25750, not $20750.

Great presentation indeed ❤❤❤

Love Serina!

Wow amazing sir thank you so much for your knowledgeable video ❤

I would love to see how Serina learned debits and credits. The intro is fun😄

Great video Can you describe the bank reconciliation the same way?

I could not understand by explanation by the child. I have hearing problem. If I want to listen to the lecture again by do I get to your lecture. Your daughter speaks with confidence

thanks for sharing about accounting very nice

Thank you sir

Thank you for new course I am waiting for this

Thank you so much God bless you❤

My name is Lorenzo and I am writing to you from Spain. I love the show, thank you for creating it, it's magnificent. I'd like to ask you a question. Well two, or more, who knows? lol. Here in Spain, the Spanish state makes a withholding tax on the income of the self-employed, it is the so-called IRFP (personal income tax) in my case it is 15% of the taxable base (that is, on the gross amount of income. I write this withholding on each of my invoices, and my client pays it directly to the state. Could you tell me how to do this in Quickbooks Desktop Enterprise, because it's the software I have and I like the most. On the other hand, since the Spanish language is the most used in the world after Chinese, and given the position it holds, when will we have Quicbooks Desktop Enterprise in Spanish in Spain, and adapted to Spanish legislation?: Thank you and sorry for the inconvenience.

The right side or right hand will be dextera in Latin. And the left side will be sinister. Not debit and credit

Hey Mark, do you have a video that explains onboarding a new client? Pass Word and Document storage? Thanks for your help, Charles

About depreciation in example number 2 why the amount used to puchase a car is $30000 on the debit side??while at the beginning of the question amount used to purchase a car was $15000?

Hi Mark, I got a question: On the transaction list @ 1:36:42 , there're video income $3000 (Jan 8) amd video income $4000 (Jan 17). Why the video income on the trail balance @ 1:39:15 is $6000, not $7000 in credit?

Serina really explained very well

Thanks for the excellent presentation. By the way, does quickbooks online automatically do the income summary, or do we need ro do that for QBOL also?

I'd like to ask a question please. On time line 2:05:14 my answer is $33,000.00. Your answer is $23,000. $30,000 plus $10,000 = $40,000.00. Subtract the $7,000 and it comes to $33,000.00. How do you end up with $23,000? Green numbers are adding and red is subtracting. I honestly have no idea how to come up with the $23,000 unless I ignore the $10,000

Thank you very much!

Where were you when I had bookkeeping in high school (1956)?

Would insurance count as A liability. Or may you use certain insurances like life insurance as a asset?

Your HEAVEN sent!

Thanks Marks for this accounting tutorial. Do you have a video on preparing account for school.

I am learning a lot. With the income summary, does the accounting software do the income summary automaticall? Also, the owner's capital, after the income summary should be $33,000.

Hey Serina. Yes

Amazing

Very amassing and easily under stable. please requesting for the link to join for lectures

Yes it helps alot

awesome

Thank you so much for accounting topics I quickly. Please I know how to prepare financial statement

He periodic inventory lesson, I did not find the answers. Could you please provide them? Also, what is the difference between goods available for sale and the value of inventory?

great

2:05:25 TIMESTAMP IN VIDEO - QUESTION FOR INSTRUCTOR: 30,000 OWNER CAPITAL + 10,000 INCOME SUMMARY (MOVED TO OWNER CAPITAL CREDIT) - 7,000 OWNER WITHDRAWAL (MOVED TO OWNER CAPITAL DEBIT) = 33,000. VIDEO INSTRUCTS A 23,000 OWNER CAPITAL CREDIT. WHERE DID THE 10,000 GO TO?

We own a pool service business. We charge our custumers for the cleaning service at a flat rate then charge them additionally for the amount of chemicals(chlorine) we used. We don't track how many chemicals we have on our truck because we reload every week in person and switch out our used chlorine bottles for new ones and continue cleaning. Can we record chemical/chlorine sales as income under sales of product income and the purchases of chemicals/chlorine under business expenses in expenses?

Hello Mark! Thanks for the amazing content. I cannot find answers to the last Periodic Inventory exercise. The file that you have uploaded is without answers.

What's the difference between accounting and bookkeeping?

I am not from this field... but for seeking job i have to learn different techniques or software use related to account... kindly help me..

The tutorial was really great. O did the first exercise. However, pn 1/17/22, the video job where customer is to pay later, the amounr was $4000, but you had $3000. I have a question. On 2/10/22 the editing job, with $5000 going to video editing, 1/2 going to cash and 1/2 going to accounts receivable, that is 3 entries. Are more than 2 entries acceptable in a double entry accounting system?

Sir ,it will help me for my base building in accounting &finance career??