What are Assets? (Let's Break Them Down)

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Discover what Assets mean in Accounting. This episode is part of a series exploring Accounting Basics. To see the whole playlist check out the link below. In this Accounting tutorial you’ll hear the definition of Assets in Accounting. I'll also take you through the common types of Asset that are worth knowing about.
⏱️TIMESTAMPS
00:00 - Intro
00:47 - What are Assets in Accounting?
01:30 - Assets Defintion
01:54 - Uncertainty about the Future
02:40 - Future Economic Benefit
03:33 - Straight Line Depreciation
04:00 - Obtained and Controlled
05:08 - Balance Sheet Definition
05:40 - Current Assets
07:00 - Non-Current Assets
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#accounting #accountingbasics #accountingstuff

Опубликовано:

19 июн 2024

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Комментарии : 614

@thomasnithin21 4 года назад

James, keep doing this. You have a lot of knowledge, humor, and passion in explaining difficult concepts in the easiest way possible. You. Are. Shredding. This! Thanks for all you do!

@AccountingStuff 4 года назад

Thanks for your support! I plan to make many more videos like this

@laurenfino3786 3 года назад

this comment literally explains it all

@kuklei 6 месяцев назад

@@AccountingStuffwhat the main said, said it for all of us

@AccountingStuff 6 месяцев назад

Thanks!@@kuklei

@pygaming956 4 года назад

Jesus, your videos are amazing! Accounting is finally making sense to me

@AccountingStuff 4 года назад

That is fantastic to hear, good luck with your studies!

@lilyleighreinheart3734 3 года назад

I know right

@meopup 3 года назад

He's is NOT lying! Why were we blessed with such an ameowzing🐶 Accounting teacher?! He's TOO GOOOOOOD!

@JL7ify 3 года назад

@@meopup absolutely agree!!!

@JL7ify 3 года назад

Yessssss!!!!

@girasol9891 5 лет назад

Wow, I really love the way you edited the video, good quality, easy to understand. Thank you a lot, sir

@AccountingStuff 5 лет назад

Glad to hear that you enjoyed the edit! I spend far too long on it!! You are very welcome, good luck with your ACCA exams!

@191125 3 года назад

Please make a series for small business owners where you go deeper into the concepts in these video and show actual examples. Like explaining the tax implications of leasing the building for the majority of its useful life and when it's a good idea to capitalize non tangible assets. Also please make a ratio analysis series.

@AccountingStuff 3 года назад

Thanks for your requests!

@theace619 29 дней назад

Agree

@jjsayshi6721 Год назад

Thanks for this. I swear the textbook my accounting class has employed is actively trying to make this stuff harder to understand than it actually is. You've explained assets more completely and easier to understand in 10 mins than Wiley Plus has in 4 chapters.

@renataporraz8341 2 года назад

I’m preparing for an MBA and as I don’t have financial background, I did find this video really clear and useful! Tnks

@kiara4681 3 года назад

2:20 😆😆😆😆😆 can't stop replaying

@edhthwacker 4 года назад

Ay carumba, that was awesome! Dense with info, entertaining, energetic, and altogether the best 10 minutes I could have possibly invested. On to Liabilities!

@AccountingStuff 4 года назад

Thanks for your kind words!

@ninaconcu2000 5 лет назад

thank you for making those videos! i just started studying and accounting is one of the class i struggle with... you explain it very clear and organized, it's awesome :) also as a non-native speaker I appreciate the subtitles for better understanding so much!

@AccountingStuff 5 лет назад

No worries, glad to hear you appreciate the subtitles!

@maribelezenwanne9730 3 года назад

Love it

@LIBICU812 4 года назад

You're a breath of fresh air. I'll have to rewatch most of your videos to get it down but thanks for sharing your knowledge.

@AccountingStuff 4 года назад

Thanks, that's kind of you to say :) Hope it's sinking in!

@noahlewis8970 3 года назад

Not only am I learning a ton about accounting, but your videos are also just so much fun to watch. Thank you.

@AccountingStuff 3 года назад

Cheers Noah, glad you're enjoying them! All the best :)

@naipolireis3694 2 года назад

Thank you James, I really appreciate you for sharing the knowledge. You explain the difficult concept in the easiest way. Thank you!

@bermarienair5956 4 года назад

Hi James. Im an instant fan. Accounting videos are usually boring. But youre doing it with so much enthusiasm and so engaging. Plus teaching it with so much ease. Im learning a lot and looking forward to more videos. Cheers!

@AccountingStuff 4 года назад

Glad to hear it Bermarie!! Plenty more vids on their way soon

@gillian1315 4 года назад

Your videos are absolutely amazing, they're really helping me get through my Accounting unit. I also can't get over how great your skin looks; its glowing!

@AccountingStuff 4 года назад

Thanks Gillian, you are too kind!

@tagriss77 4 года назад

My business implementation plan is due on Sunday for the final course of my MBA and this video series has been a lifesaver! Very grateful, thank you!

@AccountingStuff 4 года назад

Hope you're not going to be working too hard over the weekend!

@sequoialambert9980 2 года назад

These videos are sooooooo amazing in helping me understand. I am a newbie in Business Management and studying the Cycle of Cash. Thank you so much for these!

@lorycsxg29 4 года назад

This is so good! Just started studying Bookkeeping and been trying to wrap my head around all these terms and concepts and I feel like I am finally starting to get it! Thank you!!!

@AccountingStuff 4 года назад

That's great to hear! All the best

@daffy1981 7 месяцев назад

Glad I discovered this channel. I have studied accounting 20 years ago, but now I'm a developer. It's very interesting to refresh knowledge and learn new things. Very good presentation! :)

@AccountingStuff 7 месяцев назад

Great to hear you're finding these useful!

@theultimatejoker1 2 года назад

Wow, what a guy! Thank you for your videos, commitment, and passion. I’m really starting to enjoy my job because of you. Thanks man

@AccountingStuff 2 года назад

Awesome to hear that you're enjoying your job. Best of luck with it all :)

@silondilejali229 2 года назад

I can say "hand on heart" that this is the best definition of assets!

@knuckleskaboom 3 года назад

nobody goes into defintions as deep as you do and I love the way you explain the whys and the hows! please keep it coming....

@AccountingStuff 3 года назад

Will do! More on the way...

@knuckleskaboom 3 года назад

@@AccountingStuff thank youuuu....

@mikewhite8601 Месяц назад

James you are amazing you make everything so easy to understand that is the correct way to impart knowledge not talking about one thing for thirty minutes great stuff

@AccountingStuff Месяц назад

Thanks, great to hear you're finding these useful!

@jarrahleighmonceda433 3 года назад

I was struggling for my accounting subjects today in college and I don't even get a thing especially now there's a pandemic so self study is a must. Thanks for this I understand my lesson more.

@AccountingStuff 3 года назад

No worries Jarrah, I'm happy to help. It must be tough doing self study at the moment. All the best!

@mahalia5628 4 года назад

Total gem dropped in this vid appreciate it

@flexjuva 4 года назад

I am new to accounting trying hard to understand much of the basic.. thank for your clarity.

@AccountingStuff 4 года назад

No worries, good luck with your studies!

@user-bs4nd1eb6d 10 месяцев назад

Thanks for this precious video James , I like your every video you upload.

@asadbekabdulazizov8903 Год назад

The best teacher of accounting I have ever seen

@sachintelang5372 3 года назад

Fantastic, concise explanation.. Let them coming.

@mondays2661 4 года назад

You're so helpful sir! For me that doesn't have any background on accounting but still pursued this course, your videos are life saver. More powers to you sir!

@AccountingStuff 4 года назад

Thanks Jerald!

@TerryCollinsP31Lifestyle 6 месяцев назад

WOW!! You are so good at explaining this.

@stacymogle1243 3 года назад

James, you are AMAZING! Seriously. I am studying for my FMLI and 3 of of the books are all about business accounting (which I have NO prior knowledge of!). The struggle is REAL so I actually googled this phrase: explain accounting for asset transaction to me like i'm a child. And your video came up! I, of course, started on the first one but really felt the need to thank you here. You have done in a few videos what weeks of studying these stupid books could not do - actually TEACH me! So {{hugs}} to you and thank you for your AWESOME videos!

@AccountingStuff 3 года назад

Hey Stacy, it's great to hear that accounting is starting to click for you. All the best with your studies!

@kristinameduna4294 2 года назад

Thank you for these videos! I just watched several of them, very helpful!!

@anitaandreeva3537 2 года назад

Thank you so much ! Your video,effort and explanations are awesome ! I never studied financial subjects or terminology back in school and ironicly now Im in University with Foudation Year Accounting and Finance ,all terminology and concept is new to me and after watching your video is one idea easier to me to understand what are actually assets . For these 10 minutes video i get the picture way better than the books which been recommended by mine Univesity tutors. Definetlly will follow for more videos 🙏🏻💯👏🏻

@AC_Blanco 5 лет назад

Video editing is on point! As always 💪🏻

@AccountingStuff 5 лет назад

Cheers Aaron!

@catherinensr 7 месяцев назад

My professor showed us your content yesterday in class & I LOVED IT! It's easier to understand & funny..at times!😂 And Thank you for sharing your gift with the world!

@AccountingStuff 7 месяцев назад

Thanks, I'm glad you hear you're enjoying these :)

@kawsarahmad9882 4 года назад

Man love your channel you are not only providing some basic but important knowledge about accounting but also your content quality is great and really easy to understand. You deserve more Sub.

@AccountingStuff 4 года назад

Cheers Kawsar, great to have you on board!!

@ahuerdogan9954 3 года назад

Thank you! This is so great. Your pronunciation and the way you talk and explain things is quite perfect. My mother tongue is not English but you make things easy and really helpful.

@AccountingStuff 3 года назад

Cheers Ferhat, glad you're finding these helpful. All the best :)

@ayanas9892 4 года назад

Holy shit, the editing is absolutely amazing, words are very clear and the quality is splendid! This was incredibly easy to understand, thank you! Probably the the only channel on RU-vid which actually teaches accounts fantastically :)

@AccountingStuff 4 года назад

Cheers Ayana, glad you enjoyed it!

@Renis1235 3 года назад

James, You deserve a lot more recognition. I have avoided these terms my whole life, and now's a time that i must know them. I knew it would be hard, until i stumbled unto your channel. Thank you so much ! P.S your video editing is on top, netflix quality.

@AccountingStuff 3 года назад

Thanks bud! Glad you enjoyed it :)

@ileniaweerasinghe2776 2 года назад

without you i don't know how i could understand financial accounting, thank you very much!

@AccountingStuff 2 года назад

Best of luck with your studies :)

@tirzahstudioproduction1436 2 года назад

Voice and Vision are running so well! Thanks

@AccountingStuff 2 года назад

Thanks :)

@HISnown4ever 3 месяца назад

Thanks for keeping it simple and taking the time to explain the basics.

@AccountingStuff 3 месяца назад

No problemo :)

@KiyosakiSays Год назад

“Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.” - Robert Kiyosaki

@sulimanabdallah1589 5 месяцев назад

Rich dad and the poor Dad

@radomguy2543 4 месяца назад

"Don't work for the money,make the money work for you".robert

@ladieesc0 4 года назад

Wow so thorough and easy to understand

@AccountingStuff 4 года назад

Glad to hear it!

@laurenfino3786 3 года назад

YOU ARE SO FUNNY!!! you make learning about accounting so enjoyable. THANK YOU!!

@ghami2519 3 года назад

james man I fricken needed this! thanks for your wisdom! I've been in the dark of the financial world for soo long, I'm glad you've got a playlist concerning accounting. Thanks!!

@AccountingStuff 3 года назад

No worries, I hope it's making sense for you!

@kimberleymataure5356 4 года назад

Thank you, I was covering your balance sheet video and was referred here x

@AccountingStuff 4 года назад

Nice, hope you find it helpful!

@FernandoVillalpandojr 3 года назад

Great video, easy to follow and I understood everything

@AccountingStuff 3 года назад

Cheers Fernando, glad it's making sense :)

@dilini7550 Год назад

You have made my life easy. Keep up the good stuff 💪

@juansebastiansanchezlopez9312 4 года назад

Excellent way of presenting information!!!

@AccountingStuff 4 года назад

Hey Juan, cheers!

@user-sg1qu8io6v 4 года назад

Awesome channel, assets need certainly be adjusted for pre payments and goodwill from a investors point of view to determine the book value. Thanks a lot for these useful and valuable Vids.

@debmclernon Год назад

Oh man you make accounting bearable! Love your videos

@ShadyJed 2 года назад

amazing video. I learned exactly what I needed and more !

@tigerl4312 4 месяца назад

Thank you James, I have learnt a lot from your videos. Much appreciated!

@AccountingStuff 4 месяца назад

No worries :)

@jayjayf9699 4 года назад

I’m starting a ecommerce business , and I’m so confused on how to do accounting and bookkeeping and came across your videos

@AccountingStuff 4 года назад

Hey Jayjay, hope the vids helped. Best of luck with your business!

@amiraboodi2075 Год назад

Thank you very much. I learned a lot. 😍❤️

@niloykarmaker1024 5 лет назад

Thank You Sir!! You explained all the important things so easily. Want more!! Love From BANGLADESH!

@AccountingStuff 5 лет назад

No worries Niloy, plenty more on its way!

@yuliachou 3 года назад

Thank you so much for making accounting easy and fun to learn!!!!

@AccountingStuff 3 года назад

Cheers Yulia, glad you're enjoying these vids :)

@JL7ify 3 года назад

I just came across your channel as I am trying to prepare to retake my Financial Accounting. I am intending on going back to school and pursuing a Masters in Professional Accounting, but my undergrad is in Psychology. Sounds crazy I think, but I intend on starting this Spring...I need several prerequisite courses and I will be starting with those. 5 years ago I took Financial Accounting and passed it, but I only took because I thought I needed two minors to graduate......since it's been so long I feel I need to retake. I truly want to be successful soooo in searching for any and all tutorials I came upon you. I love them. I understood a lot. Thank you for your dedication and the amazing grace with which you teach. Just today I spent two hours listening and seeing your videos and taking notes. Thank you sooo much!

@AccountingStuff 3 года назад

Best of luck in your retake! I hope it all works out for you

@JL7ify 3 года назад

@@AccountingStuff 🙏🙏😊thank you!!!!!!!

@amirrezahaha9007 5 месяцев назад

very smooth explanation. good job mate

@AccountingStuff 5 месяцев назад

Thanks!

@SnowdoniaAndBeyond 3 года назад

2:21 😂😂 Thank you for making this playlist, it's really helpful and easy to follow!

@vivantejuja83 2 года назад

Great and helpful. learnt a lot keep it up love your videos .

@RhondaLamoureuxcoaching 4 года назад

These are awesome. Not too long and a dash of humor.

@AccountingStuff 4 года назад

Thanks Rhonda!

@fundingtricks111 2 года назад

easy to understand . thanks

@jessicaargue7432 5 лет назад

Thank you for this playlist of videos! I've been watching them as my course goes on and it certainly helps! My professor just yells at us during a 5 hour class and makes it very difficult to understand.

@AccountingStuff 5 лет назад

No worries Jessica, glad to hear that the vids are helping!

@LIBICU812 4 года назад

Sounds like your professor hates his/her job. There are some professionals that clearly should never be teachers. All my past acctng classes were of similar confusing subjects with no help from the teachers.

@lilyrealtormlo 4 года назад

THANK YOU FOR MAKING THESE VIDEOS!!! You have literally saved my butt in my accounting class... !! :D

@AccountingStuff 4 года назад

Hey Lily, it's all good. I'm happy to help!

@patricembaya8183 5 месяцев назад

beautifully explained , good job!

@AccountingStuff 5 месяцев назад

Thank you!

@mirriamkundaso5241 7 месяцев назад

Thank you for posting accounts staffs it's really helping alot of people,😊😊

@AccountingStuff 7 месяцев назад

Glad you're finding these useful!

@expertinnothing 3 года назад

Wow - your video is amazing! :D this is some great stuff - please continue making videos because Accounting is also making more sense to me - it’s a miracle !

@AccountingStuff 3 года назад

Will do! I've got more on the way

@dorkpool768 2 года назад

I really appreciate you teaching all this for free

@AccountingStuff 2 года назад

No worries, hope you found it useful :)

@gogohahayo 3 года назад

Thank you for your hard work, it's really helpful for me to understand the accounting concepts. Your explanation is amazing. Cheers from Australia.

@AccountingStuff 3 года назад

No worries, I'm happy to help!

@armaanmalik5685 4 года назад

Absolutely helpful thank you 🙏 bro

@BlessGodMinistry 3 года назад

Thanks for the help really appreciate it bro God bless you

@James-fv1yb 4 года назад

Excellent videos and I have learned so much. Many thanks.

@AccountingStuff 4 года назад

No worries, that's great to hear

@user-ir9vv5pl5j Год назад

Keep doing this! It is a great video.

@gegelovedenis10 5 лет назад

This absolutely brilliant sir! Thank you.

@AccountingStuff 5 лет назад

No problem!

@suraal-jailawi4642 4 года назад

Your videos are so helpful and easy to follow 😊

@AccountingStuff 4 года назад

Cheers Sura, I'm glad you think so!

@olenalazareva8604 4 года назад

Thank you so much for making accounting fun!!!!

@AccountingStuff 4 года назад

No worries Olena, you are most welcome!

@kiara4681 3 года назад

Thanks : ) I'm new to accounts .. Your videos are of very high quality

@AccountingStuff 3 года назад

Thanks!

@farhanmehdi2842 2 года назад

keep doing this dude :) very useful video and informative ......

@FRANKWHITE1996 4 года назад

Thanks, very informative video.

@TerryCollinsP31Lifestyle 6 месяцев назад

I really really really appreciate your videos.

@AccountingStuff 6 месяцев назад

Thanks!

@AbrasionUK 4 года назад

Your exaggerated hand movements slay me, but these are still some of the best accounting explanations on RU-vid. Subbed.

@AccountingStuff 4 года назад

Hey David, thanks for your feedback and cheers for the sub! Hope you're keeping safe

@magneticbears4612 4 года назад

The section about goodwill is super interesting.. Thanks!

@AccountingStuff 4 года назад

You're welcome :)

@massimoriggio6297 2 года назад

Great content, thanks!

@nilayyilmaz7349 4 года назад

Thank you for this clear video and explanation.

@AccountingStuff 4 года назад

No problem Nilay, you're welcome :)

@anmarraheem3824 3 года назад

Just what i was looking for Thank you!

@AccountingStuff 3 года назад

No worries!

@larissamarques7808 8 месяцев назад

You are just AWESOME! Thanks for sharing your knowledge with us! :)

@AccountingStuff 8 месяцев назад

Thanks, glad you found it useful!

@merza80 2 года назад

Hello James and thanks for your videos. Keep up the good work

@AccountingStuff 2 года назад

Thanks, will do!

@leontalukdar4724 3 года назад

Brother thank you so much for all the hard work you are doing. Keep up the good work. God bless.

@AccountingStuff 3 года назад

No worries Leon, cheers for your support!

@rumana5696 3 года назад

Thank you so much

@phrsilva25 4 года назад

Cheers Mate! You are the best!

@AccountingStuff 4 года назад

Thanks Paulo!

@enderslayer2111 7 месяцев назад

Best accounting channel out tbh

@AccountingStuff 7 месяцев назад

Glad you think so!

@safinakhan8609 3 года назад

Your videos really help us plzz make more videos sir🙏

@IntentionalGains 3 года назад

Great breakdown for a newbie trying to hone some bookkeeping know-how. Looking forward to seeing more and more of your awesome content!

@AccountingStuff 3 года назад

Cheers Joel!

@IntentionalGains 3 года назад

@@AccountingStuff Cheers!

@zacharymogeni5741 3 года назад

short, simplified and clear to the content. please, make a tutorial/video on group accounts. you make a full week tutorial into a simplified one tutorial. your videos are amazing.

@AccountingStuff 3 года назад

Thanks for your suggestion!