Hey there, it's been a while! I'll link to the playlist in the description once I've released the rest of the Inventory Mini-Series. Here are the timestamps for those who'd like to jump ahead... 00:55 - Manufacturing vs Merchandising Businesses 01:23 - Inventory in a Manufacturing Business 01:36 - Inventory in a Merchandising Business 02:12 - Why Inventory is an Asset 02:29 - Inventory Worked Example - Question 03:22 - Inventory Worked Example - Solution 08:41 - Recap
The fact that I don't even read the book for my classes anymore, I just watch your videos and take notes. What my professor spends two to three 4 hour lectures explaining in a boring way, you manage to do in a blip! You're my saviour.
@@AccountingStuff and you might be wondering why I recently looked up your videos, well I aced my finals with your amazing videos as its a fun learning experience! No words to thank you!
You’re a life saver! We’re covering this in my accounting class and I didn’t understand it! Thank you so so much! Don’t stop uploading! All us undergrad students thank you!
I am halfway through the basics playlist and I cannot stress how great you are at explaining topics. Im doing my MBA right now and I cant force myself to read dozens of pages a day on accounting but these videos are so effective that I can learn so much and retain the information. I tell everyone in my class how helpful these videos are and now most of the class uses DEALER lol. I am very grateful you put this series together, thank you!
Everyone says accounting is so easy but I find it really confusing at times, if it weren't for your videos I would be failing my classes. Thank you so much!!
You are the only reason Im doing well in my accounting class. I’ve purchased the cheat sheets and A&Q packs, they are so helpful!! Keep the videos coming 😄
I have this competition in a week and I've been watching all your vids. It's been saving me, without it I would've been doomed. You make it all look so simple. Thanks!
Entertaining, informative and not over complicated. This guy James is really stepping up the standard when it comes to these type of educational videos :)
You saved my sanity!!!!!!! I dread this accounting class but actually you help me understand it in a simple way. Why do they have to teach in such a lame confusing way.
Thank you so much! I am going to apply for the accounting position in the company that I have been dreaming of, and your videos help me to prepare for their exams! Thanks for helping people to achieve their goals!
been having a difficult time understanding accounting cause I was forced to study it in the university, I had really bad grades and all but that was wayyyy before I stumbled on your channel ive never been so happy about my performance'and its all thanks to James. You make a wonderful teacher. Job well done!
No worries Manuela! I'm sorry to hear that you've been having a difficult time with accounting. Great to hear that things are taking a turn for the better!
O MY GOD! I have never seen anybody who can explain all this accounting stuff so clearly, so simply so understanable. I am studing ACCA FA, and each time I dont understand smth I am searching for your vision of that topic. THANK YOU VERY MUCH!!!!!! If I would get F3 and become rich ( 1000$ per month means rich in my country ) , I will find you to say thank you personally ❤
You're going to be the reason I pass my accounting exam tomorrow (I really hope I do!) Its been so hard to teach myself (my professor isn't very good.)
Your videos are SAVING my life in my financial accounting class. You break it down in an understandable way and the edits make the content much more engaging. Thank you!
this explanation is just pure gold - I swear I understood nothing from my lecturer’s presentation, and after watching this video + the one about perpetual and periodic inventory I have no problem with my accounting exercises - they became fun haha! Huge thank you!! (sorry for spamming with comments but im right before my exams and im just absolutely loving your content!)
Hey man i wanna personally thank you for making this content. It's been near 3 years since i last took accounting principal classes and given ill be taking intermediate accounting this fall for my BA i needed this to refreshen my memory so i can be at my best and not be too clueless when Fall starts. thank you amigo
hiya James :) just wanted to say i especially liked the music starting at 2:51, it was really relaxing and made it way easier for me to focus (not to say anything is distracting, it just improved my learning!) keep up the great work xx
Thank you for making these videos!! I've gone back to school in my late 40's and I find your videos the easiest to understand compared to the others my school suggests watching to assist learning in our online class. Now to buy your cheat sheets :) Keep up the great work!
I'm starting intermediate accounting in a few days at uni, and these inventory videos definitely helped refresh my memory! Awesome job, I also purchased your cheat sheets! Your channel saved me!
Hello James, I hope you are doing well! I'd just like to thank you for your videos! I've worked in the Financial/Accounting department (in the last one since last year) for 8 years, and I'm an accounting student trying to become an accountant. I'm from Brazil and I speak Portuguese, but I've been trying to learn English and with your videos I could merge the two things, practicing my English and learning vocabulary about Accounting. Just thank you! Your videos were great and very explanatory, congratulations!
I missed my class when my professor illustrated this topic. Thanks for your videos and I am considering skipping my accounting class and just watching your videos.
I was working on an accounting project for classwork and realized the one thing that just was not balancing was inventory and cogs. Thanks for saving my project lol. Accounting is such a dry read but it's easier to see a video explanation.
I'm very happy you posted! We just finished the chapters on merchandising businesses and inventory management, but this is a great review for me and I will refer struggling classmates to this!
Hello brother, actually u deserve more than ur expectations! Thanks for such creative sample informative videos to summarise basics concepts of accounting 👍🏼
Thanks bro! Preparing myself to handle bookkeeping for our family business then I encounter your accounting series. Really a lifesaver, i'm about to be done in a few more videos! Cheers bro! God bless in these troubled times. Happy holidays!
Hey James, have been watching your videos for many doubts and I'd say it's absolutely amazing to rely on you for different things. We use IND AS here instead of IFRS in the case of corporates dealing with regional transactions but IND AS has so many similarities with IFRS and there's some different of just terminology that's all. For example we use traditional norms with modern ones so we treat account payables as creditor's A/C and vice versa. Even in making of the financial statements we have trading account although not much different since it's a specific account for clarification including sales and purchases and costs incurred ( depends on manufacturing unit ) which lets us find gross profit/loss then operating expenses and revenue as you described after used for net profit including taxes in it only.
Man, you're a life saver. One question for you: How does the purchase ledger transactions get recorded if the purchase journals are just Dr Inventory Cr Accounts payable? I would have thought it would be something like Dr Purchases Cr Accounts payable
Thank you so much for making these videos!! It helps me out a lot! Could you do a video explaining consolidated financial statements? And also how to calculate goodwill and non-controlling interests?
Thank you , clear precise and easy to understand the full picture I am looking for info on how purchase returns and sales returns affects the inventory account,,,
Wow, this really helped me understand all of this. And I now know how the word "toque" I am starting an e-commerce business and was confused how if I purchase inventory, and then don't do anything until it sells, the value of the inventory will go in a black hole and kill my balance sheet.
Dude! That's just what I needed now keep them coming looking forward to your help need your help understanding this stuff I gotta have a ferm grasp of this to bad you cant join me and my friends
Hi, Sir, you are legend! You have really simplified the complex things in an artistic way. Sir, I will be greatful to you if you start teaching Quickbook online in detail.
I am a sophomore majoring in accounting and I was really struggling but your videos have helped me sooo much. Will you be doing videos and selling templates of tips for financial statements such as the income statement etc.?
Hey there, it's been a while! I'll link to the playlist in the description once I've released the rest of the Inventory Mini-Series. Here are the timestamps for those who'd like to jump ahead...
00:55 - Manufacturing vs Merchandising Businesses
01:23 - Inventory in a Manufacturing Business
01:36 - Inventory in a Merchandising Business
02:12 - Why Inventory is an Asset
02:29 - Inventory Worked Example - Question
03:22 - Inventory Worked Example - Solution
08:41 - Recap
Welcome back!
@@ikekeonwu Cheers!
Question is accounting your career or something
@@PlumbusPete It is
You're legend thanks alot 😉
The fact that I don't even read the book for my classes anymore, I just watch your videos and take notes. What my professor spends two to three 4 hour lectures explaining in a boring way, you manage to do in a blip! You're my saviour.
Great to hear you're finding these useful! All the best with your studies :)
This guy deserves an award for his video editing!!!
Thanks Pranav! The edit takes a long time to put together
@@AccountingStuff and you might be wondering why I recently looked up your videos, well I aced my finals with your amazing videos as its a fun learning experience!
No words to thank you!
@@pranavpugaonkar6674 Nice one!! That's great to hear!
You’re a life saver! We’re covering this in my accounting class and I didn’t understand it! Thank you so so much! Don’t stop uploading! All us undergrad students thank you!
Hey Abigail, hope it makes sense now. And thanks, I plan to release a lot more videos
You are the sole reason I am passing my financial accounting class. Also, your cheat sheets are GOLD. Thank you!
Congrats Briana! Great to hear it's going well for you
Agreed....with no bck ground in accounting, so many of my concepts hv cleared up.
I am halfway through the basics playlist and I cannot stress how great you are at explaining topics. Im doing my MBA right now and I cant force myself to read dozens of pages a day on accounting but these videos are so effective that I can learn so much and retain the information. I tell everyone in my class how helpful these videos are and now most of the class uses DEALER lol. I am very grateful you put this series together, thank you!
Everyone says accounting is so easy but I find it really confusing at times, if it weren't for your videos I would be failing my classes. Thank you so much!!
You are the only reason Im doing well in my accounting class. I’ve purchased the cheat sheets and A&Q packs, they are so helpful!! Keep the videos coming 😄
Thanks for your support! Best of luck in your classes
you singlehandedly save my accounting grade with these videos
Great, glad you found them useful. Good luck!
I have this competition in a week and I've been watching all your vids. It's been saving me, without it I would've been doomed. You make it all look so simple. Thanks!
Good luck, hope it goes well!
You explain these topics better than anyone else! Now I just need manufacturing inventory broken down and explained. Thanks!
Thanks Jordan! I plan to cover that at some point
Entertaining, informative and not over complicated. This guy James is really stepping up the standard when it comes to these type of educational videos :)
Cheers Jack!
Each one of these 10-minute videos is a lot clearer than the equivalent hour it takes our professor with a PhD to explain it.
Thanks Eamonn!
You saved my sanity!!!!!!! I dread this accounting class but actually you help me understand it in a simple way. Why do they have to teach in such a lame confusing way.
No problem, happy to help!
I like the way he makes it simple for us beginners or learners to understand...And the way he takes his time to like and reply to every comment....
Thanks Alex! Hope it's all making sense :)
Still saving saving students years later! Thanks man!
Thank you so much! I am going to apply for the accounting position in the company that I have been dreaming of, and your videos help me to prepare for their exams! Thanks for helping people to achieve their goals!
No worries Ilaha, good luck with your application. Hope you get the job!
been having a difficult time understanding accounting cause I was forced to study it in the university, I had really bad grades and all but that was wayyyy before I stumbled on your channel ive never been so happy about my performance'and its all thanks to James.
You make a wonderful teacher. Job well done!
No worries Manuela! I'm sorry to hear that you've been having a difficult time with accounting. Great to hear that things are taking a turn for the better!
O MY GOD! I have never seen anybody who can explain all this accounting stuff so clearly, so simply so understanable. I am studing ACCA FA, and each time I dont understand smth I am searching for your vision of that topic. THANK YOU VERY MUCH!!!!!! If I would get F3 and become rich ( 1000$ per month means rich in my country ) , I will find you to say thank you personally ❤
Best of luck with your studies!
You're going to be the reason I pass my accounting exam tomorrow (I really hope I do!) Its been so hard to teach myself (my professor isn't very good.)
Your videos are SAVING my life in my financial accounting class. You break it down in an understandable way and the edits make the content much more engaging. Thank you!
Thanks Emma! Glad you're finding these helpful. All the best in your studies :)
Thank you, James! I'm so happy you're back!!!!
Cheers Mariyana, it's good to be back. All the best!
this explanation is just pure gold - I swear I understood nothing from my lecturer’s presentation, and after watching this video + the one about perpetual and periodic inventory I have no problem with my accounting exercises - they became fun haha! Huge thank you!!
(sorry for spamming with comments but im right before my exams and im just absolutely loving your content!)
Great to hear it's making sense. Best of luck in your exams!!
@@AccountingStuff I got everything correct at my accounting exam! Huge thank you❤️
@@nataliadeja69 Congrats 🔥
So grateful for your videos, helping reduce lots of time and energy that textbook
Hey man i wanna personally thank you for making this content. It's been near 3 years since i last took accounting principal classes and given ill be taking intermediate accounting this fall for my BA i needed this to refreshen my memory so i can be at my best and not be too clueless when Fall starts. thank you amigo
Cheers Omar, I'm happy to help! All the best
Thanks teacher for being persuasive accounting knowledge to my brain I salute you from somalia.🇸🇴🇸🇴🇸🇴🇸🇴♥️
hiya James :) just wanted to say i especially liked the music starting at 2:51, it was really relaxing and made it way easier for me to focus (not to say anything is distracting, it just improved my learning!) keep up the great work xx
Mellow vibes :)
Thank you for making these videos!! I've gone back to school in my late 40's and I find your videos the easiest to understand compared to the others my school suggests watching to assist learning in our online class. Now to buy your cheat sheets :) Keep up the great work!
Thanks Heather and cheers for your support!
I'm starting intermediate accounting in a few days at uni, and these inventory videos definitely helped refresh my memory! Awesome job, I also purchased your cheat sheets! Your channel saved me!
Thanks for your support!!
Where can u purchase them ?
James: The Accounting Superhero no one knew we needed! Thank you for making accounting make cents =P
Haha thanks for your kind words :)
It's just such a big help for anyone who wants to learn accounting. You made it so easier and visual to understand. Thank you so much.
Cheers, I'm happy to help!
Your videos are very easy to understand, and very helpful. direct and to the point. You are truly skilled in the art of explaining!
Many thanks :)
Thanks Simran!!
The way you explain it makes me understand so easily..thank you....
I really learn a lot of his videos, it is not boring because you will be entertained by all the amazing edits. Thank you for this🥰🥰
No worries Diana, all the best with your studies!
Hello James,
I hope you are doing well!
I'd just like to thank you for your videos!
I've worked in the Financial/Accounting department (in the last one since last year) for 8 years, and I'm an accounting student trying to become an accountant.
I'm from Brazil and I speak Portuguese, but I've been trying to learn English and with your videos I could merge the two things, practicing my English and learning vocabulary about Accounting.
Just thank you!
Your videos were great and very explanatory, congratulations!
Thanks Michael! It must be tough learning accounting in your second language. Good luck! I hope it works out for you
Great lesson James! The accounting entries for COGS are now clear. Thanks!
Thanks, I am learning a lot from your all videos. May God reward you
feeling safe while understanding big things! how fun your teaching method is, thanks alot.
You're very welcome!
This was a great, clear explanation. It was very effective in giving me the big picture, not just the procedure.
Thanks Joan, glad you enjoyed it!
I missed my class when my professor illustrated this topic. Thanks for your videos and I am considering skipping my accounting class and just watching your videos.
I was working on an accounting project for classwork and realized the one thing that just was not balancing was inventory and cogs. Thanks for saving my project lol. Accounting is such a dry read but it's easier to see a video explanation.
You are definitely going to heaven for this , thank you so much
I'm very happy you posted! We just finished the chapters on merchandising businesses and inventory management, but this is a great review for me and I will refer struggling classmates to this!
Perfect timing! Cheers Sam, hope all's good with you
greatful and interested in the way he simplify the small difference between manufacturing and merchandising
I need to do a video on manufacturing at some point too
LOL....toques! Love all the humour in your videos; makes it so much easier to learn!
Almost time to start wearing them again :)
You just made an Egyptian collage boy's life a lot easier. thank you
legendary accounting channel
Thanks buddy :)
This, sir, is a masterpiece.
Thanks, I'm glad you enjoyed it :)
THANK YOU FOR EXISTING 💋!!!! 😭😭😭💗💗 WAAAA.
I think your channel is made FOR ME!!!
Great to hear you're enjoying the channel!
Thank you for your videos! They are so helpful and clear! Helps me prepare for a job interview. Thanks!
Best of luck!
You sir, are a life saver. Everything makes sense now in this chapter! Thank you!
Nice one!!
Carrying me through my undergrad. Thanks for all your help!
No problem Caylyn, hope it's all going well!
Hello brother, actually u deserve more than ur expectations! Thanks for such creative sample informative videos to summarise basics concepts of accounting 👍🏼
Thanks for your kind words!
thank for all of your efforts man , you are a real hero
My pleasure!
This video is so much helpful! Good work! Hope to see more videos from you! Greeting from Australia !
Cheers, glad to hear it!
Thanks bro! Preparing myself to handle bookkeeping for our family business then I encounter your accounting series. Really a lifesaver, i'm about to be done in a few more videos! Cheers bro! God bless in these troubled times. Happy holidays!
Hey there, best of luck with doing the bookkeeping!
You are such an accounting genius. Your class is very effective. Thanks man👍
Cheers Bayonle!
Please keep making video like this.. love to watch it! I can't find any other intersting accounting channel
Thanks Ardhany, I plan to make many more just like it
Wonderful explanation of cogs you should have atleast 1m views on this video thanks
Thanks Ahsan!
❤Amazing,thanks for making it all come together,was making my head spin
Great to hear it's making sense :)
Hey James, have been watching your videos for many doubts and I'd say it's absolutely amazing to rely on you for different things. We use IND AS here instead of IFRS in the case of corporates dealing with regional transactions but IND AS has so many similarities with IFRS and there's some different of just terminology that's all. For example we use traditional norms with modern ones so we treat account payables as creditor's A/C and vice versa. Even in making of the financial statements we have trading account although not much different since it's a specific account for clarification including sales and purchases and costs incurred ( depends on manufacturing unit ) which lets us find gross profit/loss then operating expenses and revenue as you described after used for net profit including taxes in it only.
After a long time ... Was waiting eagerly for your videos thank you
Thanks for your patience, there are many more vids coming soon!
I have found another interest watching your videos. Thanks!😁
You are very welcome! Great to hear that you're getting into the subject
thanks for all your tutorials you're a life saver!
You're welcome :)
Man, you're a life saver. One question for you: How does the purchase ledger transactions get recorded if the purchase journals are just Dr Inventory Cr Accounts payable? I would have thought it would be something like Dr Purchases Cr Accounts payable
Thank you so much
Just 1 hour away from midterm exam
thanks, looking for this exactly, everybody talking about credit inventory debit cash, but didn't mention about where the inventory go
Beautifully put together !
So grateful for this! Super helpful during my MBA.
Thanks Richard, all the best with your MBA!
This was an excellent presentation.
Nice and digestible explanation!!! I like the way you teach us Accounting: Which I LOVE💯Take care, GBY👏💯
YO THIS IS THE CHAPTER I WAS ON AND I LOOKED UP IF YOU MADE A VIDEO ON IT 2 DAYS AGO AND THIS JUST CAME ON MY FEED ! (ICAEW Student!)
Timed to perfection!
Bruh Such a good video... Keep up the good work
Thank you for making this requested video! I really appreciate your time and effort you put into it
No worries!
hey man you are the best u saved me in this lesson thank youu!!!!!!
Thank you so much! I feel like I am one with accounting because of this video.
That's awesome!
So grateful for these videos! thank you!
Your videos are great - good stuff - high quality
Thanks!
I love your channel you explain it so well THANK YOU
What a Legend. Thanks man
Cheers buddy, all the best!
Thank you so much for making these videos!! It helps me out a lot! Could you do a video explaining consolidated financial statements? And also how to calculate goodwill and non-controlling interests?
No worries Joyi, thanks for your suggestions!
I like you very much you have no idea! You changed lives! Expect more of your videos!
Cheers Chocy, great to hear that you're finding these useful!
Hi! Welcome back! You were truly missed. Let's get to work!!!!! 😊😜
Hey Lydia, thanks! Yes let's do this
Yeyyyy!!! Happy to see you again!!!!!!!!!!!!!!!!
Woot. Thanks for coming back.
Cheers Dustin, it's good to be back at it
Glad you are back, James! :)
Thanks, it's been too long!
Thank you , clear precise and easy to understand the full picture
I am looking for info on how purchase returns and sales returns affects the inventory account,,,
I'll keep that in mind for future videos :)
What's up James, I'm from Brazil and I love your channel!
Thanks Cleiton!
Wow, this really helped me understand all of this. And I now know how the word "toque"
I am starting an e-commerce business and was confused how if I purchase inventory, and then don't do anything until it sells, the value of the inventory will go in a black hole and kill my balance sheet.
Cheers, glad it's making sense. Best of luck with your new business!
Welcome back James! Great video as always!
Cheers Michele! We should catch up soon
damn man, you are saving my life with these videos
Glad you're finding them useful :)
we need more video's pertaining to service companies
I'm struggling in my course and this really help me
Hope things are getting better now
You are a GREAT TUTOR💯✏📒😊This was amazing help for me in order to figure out what I have to understand!
Thanks for your kind words. Glad you found the video helpful :)
You are an accounting god
Dude! That's just what I needed now keep them coming looking forward to your help need your help understanding this stuff I gotta have a ferm grasp of this to bad you cant join me and my friends
plz make video series on the provision of bad depts and try to cover all topics because you are amazing👍👍
Thanks for your request!
Hi,
Sir, you are legend! You have really simplified the complex things in an artistic way. Sir, I will be greatful to you if you start teaching Quickbook online in detail.
Cheers Saqib and thanks for your request!
I am a sophomore majoring in accounting and I was really struggling but your videos have helped me sooo much. Will you be doing videos and selling templates of tips for financial statements such as the income statement etc.?
Disregard that last comment I just saw your financial statements playlist 🙌🏾😂
@@isainayrichardson2920 No worries!
Hey there, thank you for all the help with these topics, may I ask what video editor u use?