Love the acronym. I remember learning another one: All Dogs Eat, Cute Little Red Rabbits (Dr.) Assets / Dividends / Expenses (Cr.) Common stock / Liabilities / Revenue / Retained earnings
This is amazing! Would love to see a more complex example with different types of accounts (Accum depreciation, depreciation, Liabilities (short and LT) etc, Thank you !!!
Hello Bill! I have an interview for a junior FP&A role next week for a big bank here in NA. I want to thank you for these videos, you helped me get up to speed with all my knowledge from University (Finance Major) and I'm much more confident now for this interview. Hope to see this channel grow!
@@TheFinancialController Thank you Bill! Its the 2nd round interview and its with the recruiting manager (3rd interview would be the last and it would be with the hiring manager). I'm contemplating if I should ask questions regarding for example certain industry trends/challenges or more specific questions to some elements from their financial statements. Would that be a bit too much? (Example, I noticed the firm's liquidity seems relatively high, how does "Bank Name" plan on facing the post-pandemic challenges of lower demand for loans/mortgages?"
Thank you so much!! I literally needed someone to work through a problem from start to finish--Thank you--Online courses without instructor videos are brutal. You are so appreciated.
Hi, I’m in Durban , South African 🇿🇦 and just watched this whole video today 2022/05/10 and you explain things so simple. Thank you for you time & the amount of work you put in for this content it really helped me.. I’m just a beginner to this world of Accounting
Read and watched like 10 articles in combine for the past few weeks.... Stumbled on this yesterday making this the eleventh (2022/09/28) and now the previous 10 all makes sense... Like was I sleeping since 😂😂😂.... Really appreciate him for the basics, some people like me, understand better when you are able to explain, define and illustrate the basics of a concept with the most creative ways possible.... This guy did that .... To his surely is going to be my Go to channel in my career on finance
As always very good explanation. I just had one request, could you please make a video on preparation of monthly, quarterly and annual financial statements and important steps to remember while preparing for the same. Keep up the good work!
I just hand in an assignment and purposefully left off the financial statement because I just did not know how to do it, and I was working against the clock. I come here because I believe I owe it to myself to get a better handle on this. Thanks for your video.
I started a business and had to go back and re learn accounting. Spent my college days following stocks lol. This video was super helpful thanks for sharing!
Not subscribing to this channel would be INAPRRIOPRIATE!!!...This is so excellent..I can boldly say, with this, excelling in my CPA exams is guaranteed..
Okay!!! You are an amazing teacher and you just earned a subscriber. I was writing a business pitch and I was asked of my financial statement. Watching your video got me feeling like I have known this before now.....PS:: I am a science student and know nothing about accounting. Thank you so much sir. I love you
Thank you very much. For the first time, even after university degree do I understand this statements logically. May God bless you. I liked and subscribed. It was worth it.
oh my gosh! this video is an EXCELLENT crash course in accounting. I studied business in school but really needed to refresh my memory of accounting to complete some financial statements for an NGO that I volunteer with. thank you so much.
Great content! This is the first video I've watched from you, and I learned a lot. You earned my subscription in just one video. You're an inspiration! Keep it up, and thanks a lot.
This is an amazing lesson. You broke it down in very simple terms. This makes accounting look very easy. It gave me a hard time in university. Kindly share the link to download the free financial statements.
What if, assuming, there`s a sudden increase in demand for the goods (or services) sold in this example and the revenue goes up to 40K (instead of 30K) while no other accounts have changed? How to balance the balance sheet in this case since we would have 20K in Net Income instead of 10K? I appreciate you for your time, Bill!
The journal entry goes like Cash account Debit 40k , Revenue account Credit 40k, In profit and loss account net income will rise up to 20k and the RE in balance sheet will be 20k instead 10k
Hi , Thank you for another awesome video. Please can you produce practice material for someone to produce a trial balance. Im often asked in interviews if I can produce accounts upto trial balance. Some companies actually have a test to see if a candidate can produce these statements. Thanks again for shating your knowledge ☺
I have a question for the salary part. Let's say, weekly salary for 3 staff is $3,000 ($1,000 each staff and $200 earned daily) and they get paid every Friday. However, on the last week of January, they get paid on February 3 on the Friday (So 1/30, 1/31, 2/1, 2/2, 2/3). In this case, do I have to make adjusting entry to salary on 1/30 & 1/31 before closing January and moving to February? So I would debit expenses and credit salaries payable. Self-learning at the moment, so I want to see if my knowledge is accurate. Thank you!
Easier way to do accounting is to skip journal entry and trailbalance.. go straight to the statements. Management and investors only look at statements anyways, its easier to understanf when u see where the numbers are coming from
