Everyone who wants to learn accounting should be directed to this list of sessions. Mr.Dave is now the chair at JCCC . Well deserved ! I am learning accounting for my executive MBA from these classes
Excellent teacher!!! I took a financial accounting course at my university and dropped it half way through the course. I was failing miserably and the content, as taught by my professor, made absolutely no sense to me. The way it is being taught here, however, is very clear. I am going through the lessons here on TH-cam with plans to either test out of (for credit) or retake (for credit) at my university. Thank you so much for posting this content!
If only my HS teacher taught like this, i would have been more interested in accounting. Thank you so much for helping me understand accounting so far.
Truth be told this guy is the best bare none,and my advice is for everyone who love this knowledge to download it what ever,becouse a day will come and soon we will not have the internet
I'm currently taking an online accounting course with no video or instructor input and have learned more from these videos that with reading multiple chapters and online discussions. Thanks for making this available! Your open examples are much appreciated.
Hello Mr Krug I would to say thanks for the uploads, I am from Jamaica I don't understand thing in accounts, I am doing the subject, your classes so far is helping. Thanks :))
Thank you professor K. because for the first time, I'm beginning to see a little more light blooming for me. This is my first acct. class and before meeting you online, I remained angry, but now I see more LIGHT.....thank you, Professor K. ----Judy
Thank you! I take accounting class as a prerequisite for my IT degree. In my class the instructor briefed in one class everything you talk over 4 classes....obviously I didn't understand much. Your videos brake it down so every single topic is amazingly explained and easy to understand. THANK YOU SO MUCH!!!!!
You are a life saver. I am preparing for an exam and although I have passed major exams in the past, for the first time ever I am feeling as though this is relatable and I am actually feeling quite excited. Thank you very much. I am on my 3rd one of your video in this series and I am already feeling like an expert. Thanks a mil again and again
Thank you. This is extremely interesting. You are very patient & thorough & easy to understand with your clear voice & pleasant tone. Great instructor!¡!
Morning professor, your explanation is very great to understand sir. This is my own understanding for income statement. In the income statement is going to show the profits or loss of a business. In the income statement we are going to find a summary of the revenue and the expenses my own example of 510, 000. so all the sales, revenue minus_ cost of good sold is equal to gross profit. Then gross profit _ selling and adminstrative Expense is equal to operating income. then you can subtract interest and your taxes to get your net income . in your explanation I feel there is an increase being that you do subtraction in that particular problem. I am not seeing your problem well on the screen but i will picked.on certain things that you are explaining over there. great explanation.
Question: Using your own money to invest cash (or more cash) into the business is not a violation of the Business Entity principle, but it is if you use your own money to buy supplies/equipment for it?
Uuhhh cannot believe no one made a joke about you implying that you are the tiger woods of accounting 😂 that would've killed! Anyway, great lecture as always
statement of owners equity , 37:06 withdrawals is considered as an expense because he is deducting the amount from the net income , teacher said before that withdrawals from the owner are not expenses , how come ?
Withdrawals are not expense. You just have to deduct withdrawals because you withdraw assets from the business causing the owner's equity to decrease. From the previous lesson, there are 4 reasons why owner's equity change. 1. Investment by the owner to the business 2. Revenues (1 & 2 Increases the OE) 3. Withdrawals 4. Expenses (Decreases OE)
Oh I replay it and while listening to it again I do not believe I missed anything. From my understanding I believe we use the figure for capital from the statement of Owners Equity which is 22700, which means then that there is an error in the Balance Sheet where they have Capital as 21700 therefore causing the total liabilities not to equal the total assets (26,900)
41:44 Equity should include not just owner capital, but revenue as well, along with expenses, etc... Owner's equity = Capital - Withdrawals + Revenue - Expenses
Can someone please help me with an aspect of the cash flow statement...on line two of the cash flow statement (Cash received from customers) should I put the amount of all fee's earned (as found in the fees earned column beneath Stockholders' Equity) OR do I only put the amount of actual cash received from the customer... For example: If I received a total of $92,000 worth of cash payments from customers, but my Fee's Earned are actually $125,000 (the 92,000.00 CASH + 33,000.00 OF RECEIVABLES), What do I put as my Cash received from customers on my cash flow statement. This is driving me nuts. My textbook does not elaborate on this at all!! I thought it would be the 92,000.00 but have found conflicting information on the internet about this...
+victoria kaufmann I am not a accounting person at all. As I understand, during the fiscal year, if you have received the receivable already, the receivable becomes cash. If not, it should not in the cash flow, but instead an asset waiting to be claimed.
Hi All -- this is very informative, can anyone here tell me what text book he is using for the entire lesson? This is the best learning video I have seen on such a complex topic. If someone can help me identify the text book, I would be very grateful.. I got it -- FUNDAMENTAL OFACCOUNTING PRINCIPLES 2OTH EDITION BY MOL I study well with a book to supplement this! Thanks!!!
Here's a question....if the ending balance on the Statement of Owner's Equity is $21,700, does that mean that the balance in the Owner's Capital account will also be $21,700?
Yes. The ending balance on the Statement of Owner's Equity will give you the Owner, Capital account amount. This number will go on your Balance Sheet as Owner, Capital. I'm in an accounting class through my college, but needed some extra help on the balance sheet/cash flow
Question. Withdrawal goes up + (later will be subtracted), that I understood. What about Receivables? Won't it change too? Because he will have to pay it back, right?
@val brito no, accounts receivable would not be affected by this transaction because AC only pertains to customers taking goods or service on credit.in this case you are not referring to a customer your talking about the owner. if you were to put that money back it would be an investment back into the business.
So what happens when the accounting equation doesn't balance? What happens if the left side (assets) is $100 lower than the right side (liabilities and owner's equity)? Does the business decrease the Owner's Capital account by $100? Just curious.
Can someone please explain me in the first transaction where the owner invested $60,000 in the company , why is the field L. Gold Capital affected and not the Revenue field ? he explained in the previous case in video program #3 when the owner invested revenue goes up , but in this case , revenue is not affected at all ? why is that ? Is that mean that Revenue is the companies profit and L Gold capital is the owners personal profit and if that is the case , at the beginning of this series of videos teacher said to keep separate the personal money and the company's money , who come he is mixing both in the equity field? someone please elaborate.....
when the owner invests in the company it is not a revenue, revenue only happen when the company sell a product or service. but when the owner invests in the company it is a capital. debit cash and credit capital. which will affect owners equity.
When an owner makes a w/draw, he is doing so to compensate himself for the personal money he used for the company's use. But wouldn't this be an expense, since technically the company is paying back the owner for his investment?
I have the same question. I think he list the books he uses in the first video when he goes over the syllabus. I'm going to check and see if i can find them on amazon
Hello, How comes the Owners Capital is 21, 700 but from the previous statement it is 22, 700. Is it that the example is not a continuation from the previous statements or is the 21 700 an error oooor did I just miss something ?
It's owner's equity which grew from 20000 which was the initial investment to 22,200 after including net income(profit). He then withdrew 500 to pay himself. So this decreases owners equity to 21, 700.
Dear Teacher, The reason for the rather tedious practice of Accounting is fraud control. Did you cover the need to doubly account for every penny is theft. Also, intertwine things like Enron as practical examples in your courses.
Everyone who wants to learn accounting should be directed to this list of sessions. Mr.Dave is now the chair at JCCC . Well deserved ! I am learning accounting for my executive MBA from these classes
Glad they are of help!
How is this man teaching me in two days what I’ve struggled to learn the last two weeks!?
hi
the best man to know accounting from the scratch........really appreciate .
I'm just picking up Accounting through this guys videos during the Corona pandemic. Awesome lectures great energy keeps me engaged.
totally.
These videos are as close to perfectness as one can get. The teacher, the production, the students, evreything.
Excellent teacher!!! I took a financial accounting course at my university and dropped it half way through the course. I was failing miserably and the content, as taught by my professor, made absolutely no sense to me. The way it is being taught here, however, is very clear. I am going through the lessons here on TH-cam with plans to either test out of (for credit) or retake (for credit) at my university. Thank you so much for posting this content!
I've listened and watched a lot of videos, teachers and professionals over the years. He is by-far, the best. Hands down.
Excellent! Such a brilliant teacher. Clear, engaging, empathic.
If only my HS teacher taught like this, i would have been more interested in accounting. Thank you so much for helping me understand accounting so far.
Truth be told this guy is the best bare none,and my advice is for everyone who love this knowledge to download it what ever,becouse a day will come and soon we will not have the internet
Why would we not have the internet?
I'm currently taking an online accounting course with no video or instructor input and have learned more from these videos that with reading multiple chapters and online discussions. Thanks for making this available! Your open examples are much appreciated.
Hello Mr Krug I would to say thanks for the uploads, I am from Jamaica I don't understand thing in accounts, I am doing the subject, your classes so far is helping. Thanks :))
Big up fellow yardie!!! He's really a good teacher
Shanice J another fellow hardier here 🤩 it’s boutta be a reunion in this section!
really a great teacher! He explained everything so clearly, thank you Dave
Thank you professor K. because for the first time, I'm beginning to see a little more light blooming for me. This is my first acct. class and before meeting you online, I remained angry, but now I see more LIGHT.....thank you, Professor K. ----Judy
He has the same energy as my favourite teachers from high school
Awesome instructor. So passionate! I won’t mind paying student loans if most of my professors taught like this!!!
Wow! This has more value than my Accounting 1 class I took at Miami Dade College, thank you for the real-life examples, they really help! :)
Thank you! I take accounting class as a prerequisite for my IT degree. In my class the instructor briefed in one class everything you talk over 4 classes....obviously I didn't understand much. Your videos brake it down so every single topic is amazingly explained and easy to understand. THANK YOU SO MUCH!!!!!
Good Instructor, his presentation is very clear for understanding & memorising.
You are a life saver. I am preparing for an exam and although I have passed major exams in the past, for the first time ever I am feeling as though this is relatable and I am actually feeling quite excited. Thank you very much. I am on my 3rd one of your video in this series and I am already feeling like an expert. Thanks a mil again and again
simply best teacher ever.....
Definitely top-tier
God I love these lectures awesome examples he makes Accounting seem so simple
Thank you. This is extremely interesting. You are very patient & thorough & easy to understand with your clear voice & pleasant tone.
Great instructor!¡!
Great stuff, great guy, great instructor. I am regretting having paid for an on-line course.
Best teacher I ever had . Thanks man
thanking you for teaching us through online without expecting any fee from us.
BEST TUTOR EVER.
I did not understand 12,000 additional equipment on credit entry,
Great service from jccc!
love this teacher's style, and got a lot of very basic information ,love it and recommend.
I understood the financial statement Order much clearer, the flows. Like these vids
Wow..10 years to date...and this video is still being watch:)
Really good lectures and easy to understand for a beginner level self-learner :)
Very great teacher indeed
This has been helping me a lot to prepare my accounting graduate study!! I really appreciate it!! Thank you very much! : )
Thanks for uploading this videos. I'm always watching them. Although i get lost once in while, i re-watch it
excellent , wonderful and experienced teachers thank very much sir
Morning professor, your explanation is very great to understand sir. This is my own understanding for income statement. In the income statement is going to show the profits or loss of a business. In the income statement we are going to find a summary of the revenue and the expenses my own example of 510, 000. so all the sales, revenue minus_ cost of good sold is equal to gross profit. Then gross profit _ selling and adminstrative Expense is equal to operating income. then you can subtract interest and your taxes to get your net income . in your explanation I feel there is an increase being that you do subtraction in that particular problem. I am not seeing your problem well on the screen but i will picked.on certain things that you are explaining over there. great explanation.
Best teacher ever.
Excellent teacher who loves to teach.
best teacher ever ... :)
Great teacher
You just saved me 26 minutes! Thanks so much!
I really enjoy these video!
The perfect teacher ever !
This class is great!! Now I have got the textbook, finally I can do the homework as well!
@Aina Aina How did you do? Did you finish?
@Aina Aina Second Lesson? Where?
you are the best teacher :)
+luciu constantin thank you so much thanks thanks thanks :) :) :)
Very well explained! Great
Thank you very much
Jessy
His hand gestures are helpful for some reason. Maybe it's just the way my brain works.
You are an amazing instructor. Thank you so much!
I'm an engineer and even i am getting accounting, that's how easy he made it.
so informative and really it's awesme
Question: Using your own money to invest cash (or more cash) into the business is not a violation of the Business Entity principle, but it is if you use your own money to buy supplies/equipment for it?
Uuhhh cannot believe no one made a joke about you implying that you are the tiger woods of accounting 😂 that would've killed! Anyway, great lecture as always
MicT2231 double entry assreaming that pornstar he dated?
Really good instructor !!!
statement of owners equity , 37:06 withdrawals is considered as an expense because he is deducting the amount from the net income , teacher said before that withdrawals from the owner are not expenses , how come ?
Withdrawals are not expense. You just have to deduct withdrawals because you withdraw assets from the business causing the owner's equity to decrease. From the previous lesson, there are 4 reasons why owner's equity change. 1. Investment by the owner to the business 2. Revenues (1 & 2 Increases the OE) 3. Withdrawals 4. Expenses (Decreases OE)
12:09? What in the world was that sound lol
PS - Loving these lectures!
superb
Oh I replay it and while listening to it again I do not believe I missed anything. From my understanding I believe we use the figure for capital from the statement of Owners Equity which is 22700, which means then that there is an error in the Balance Sheet where they have Capital as 21700 therefore causing the total liabilities not to equal the total assets (26,900)
wish he had more classes. he is Great!
Nicely explained . Thanks.
this guy is awesome, great teacher!!!!!!!!
41:44 Equity should include not just owner capital, but revenue as well, along with expenses, etc...
Owner's equity = Capital - Withdrawals + Revenue - Expenses
Financial Statements lecture begins at 26:29.
play it on 1.25 or 1.5 and you'll able to go through all these videos in no time. LEARNING FOR FREE!!
BAsically, yes. Stmt of OE is for sole proprietorships and partnerships. STmt of RE is for Corporations.
Hey!!Congrats on being such a great teacher, can u tell me which textbook ur using?
Which book is he referring to solve the problems in the lecture?
Can someone please help me with an aspect of the cash flow statement...on line two of the cash flow statement (Cash received from customers) should I put the amount of all fee's earned (as found in the fees earned column beneath Stockholders' Equity) OR do I only put the amount of actual cash received from the customer...
For example: If I received a total of $92,000 worth of cash payments from customers, but my Fee's Earned are actually $125,000 (the 92,000.00 CASH + 33,000.00 OF RECEIVABLES), What do I put as my Cash received from customers on my cash flow statement. This is driving me nuts. My textbook does not elaborate on this at all!! I thought it would be the 92,000.00 but have found conflicting information on the internet about this...
+victoria kaufmann I am not a accounting person at all. As I understand, during the fiscal year, if you have received the receivable already, the receivable becomes cash. If not, it should not in the cash flow, but instead an asset waiting to be claimed.
12:07 You can't escape from jumpscare. Not even from Accounting class ...
Am getting well the nice lecture
i have question which is question C , why does purchance additional equipment on credit, increase in Liability(account payable)
The definition of Accountants payable is expenses incurred and will be paid at a later date.
Good on credit qualify as this
Hi All -- this is very informative, can anyone here tell me what text book he is using for the entire lesson? This is the best learning video I have seen on such a complex topic. If someone can help me identify the text book, I would be very grateful..
I got it -- FUNDAMENTAL OFACCOUNTING PRINCIPLES 2OTH EDITION BY MOL
I study well with a book to supplement this!
Thanks!!!
The girl with the glasses on at 45:23 is meeeee in my class😶😶😶😣
Hello he spoke about a work paper at the beginning of the class . what is it about ?
great Explaining ... Thank you from the bottom of my heart :)
Here's a question....if the ending balance on the Statement of Owner's Equity is $21,700, does that mean that the balance in the Owner's Capital account will also be $21,700?
Yes. The ending balance on the Statement of Owner's Equity will give you the Owner, Capital account amount. This number will go on your Balance Sheet as Owner, Capital. I'm in an accounting class through my college, but needed some extra help on the balance sheet/cash flow
Intro into Financial Statements starts at: 26:23
If an owner wants to pay him/her, will that be counted as withdrawls or counted as expenses? Can anyone please help me here?
Question. Withdrawal goes up + (later will be subtracted), that I understood. What about Receivables? Won't it change too? Because he will have to pay it back, right?
@val brito no, accounts receivable would not be affected by this transaction because AC only pertains to customers taking goods or service on credit.in this case you are not referring to a customer your talking about the owner. if you were to put that money back it would be an investment back into the business.
26:30
Thank you
Sorry, may I know the name of the book? Thanks
Lecture number 4 = Done
is Account Receivable a Revenue or Asset?
Hi. where can i find the exercise journal?
So what happens when the accounting equation doesn't balance? What happens if the left side (assets) is $100 lower than the right side (liabilities and owner's equity)? Does the business decrease the Owner's Capital account by $100? Just curious.
It means you mucked up somewhere and should review and fix the mistake.
Can someone please explain me in the first transaction where the owner invested $60,000 in the company , why is the field L. Gold Capital affected and not the Revenue field ? he explained in the previous case in video program #3 when the owner invested revenue goes up , but in this case , revenue is not affected at all ? why is that ? Is that mean that Revenue is the companies profit and L Gold capital is the owners personal profit and if that is the case , at the beginning of this series of videos teacher said to keep separate the personal money and the company's money , who come he is mixing both in the equity field? someone please elaborate.....
when the owner invests in the company it is not a revenue, revenue only happen when the company sell a product or service. but when the owner invests in the company it is a capital. debit cash and credit capital. which will affect owners equity.
thanks Sayed for the info!!!!
When an owner makes a w/draw, he is doing so to compensate himself for the personal money he used for the company's use. But wouldn't this be an expense, since technically the company is paying back the owner for his investment?
Hi, where can I buy exercise books so I can fully participate in the ""class? I really need accounting exercise books.
I have the same question. I think he list the books he uses in the first video when he goes over the syllabus. I'm going to check and see if i can find them on amazon
Hello,
How comes the Owners Capital is 21, 700 but from the previous statement it is 22, 700. Is it that the example is not a continuation from the previous statements or is the 21 700 an error oooor did I just miss something ?
It's owner's equity which grew from 20000 which was the initial investment to 22,200 after including net income(profit). He then withdrew 500 to pay himself. So this decreases owners equity to 21, 700.
What book is he using and where can i find it?
marlon loves his drags 15:39
17:33 Exercise 1-11
4:14
Which textbook is used in this course?
Please who knows the workbook they are using name?
Dear Teacher, The reason for the rather tedious practice of Accounting is fraud control. Did you cover the need to doubly account for every penny is theft. Also, intertwine things like Enron as practical examples in your courses.
1:26 Exercise 1-12
thank you for your help and support from Peace Mode Arena and Enlightenment Consciousness online neighbor and Happy holidays to.
gre8t professor
Great lecture...does anyone know where can I get all the exercise materials?
Here's a link to the book - app.box.com/s/ans2t6qrp1riapjl8tia
Britnee thanks!!!
@@britneeg Thanks
can anyone tell is this a BBA Accounting or a BA accounting
Thank you.