The KEY to Understanding Financial Statements
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- เผยแพร่เมื่อ 30 พ.ค. 2024
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🖊Income Statement Practice Questions → accountingstuff.com/practice-...
In this video I'll share the key to understanding Financial Statements. You'll learn the relationship between the Balance Sheet and the Accounting Equation, and where the Income Statement fits into the big picture of Accounting.
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⏱️TIMESTAMPS
00:00 - Intro
00:16 - Financial Statements Definition
00:35 - The Accounting Equation
01:16 - The Balance Sheet
02:16 - What is Equity made up of?
02:29 - Capital Contributions Definition
02:47 - Retained Earnings Definition
03:03 - Profit Definition
03:27 - What are Retained Earnings made up of?
03:50 - The Expanded Accounting Equation
05:08 - The Link between the Balance Sheet and the Income Statement
05:57 - Outro
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#accounting #financialstatements #accountingstuff
Imagine having James as your accounting lecturer 🎓
Definetly!
That would be awesome
He is watching all his videos
I wouldn't have been so scared of accounting if He were to be my lecturer 😄😄
No he is too handsome for being teacher, will not be able focus then 😂
A 2 hr lecture in 6 minutes
And it wasn’t boring
Not the hero we deserved, but the hero we needed. Keep making these grade saving videos my man 🙌
This might be my last accounting paper tomorrow as I'm dropping the subject next year, accounting never was for me and I was forced to take it. Although through all papers you were there to help me understand. So if this is the last time I see one of your videos, thank you from the bottom of my heart ♥️
Best of luck with it! All the best with your future endeavours :)
I also had the same situation but at last I fall in love with accounting subject 🥺
I think it is too late for me to drop :(
@@saraelh9724 too late for me to drop out too 😭
You are LIFE SAVER .....have an exam tomorrow.
Also after a long time. Remember me?
How could I forget? It's been a while. Best of luck tomorrow!!!
@@AccountingStuff thanks ❤️ and keep uploading.. 🔥
@@niloykarmaker1024 Cheers! Will do :)
For spanish speakers:
Asset: Activos
Liabilities: Pasivos
Equity: patrimonio
Your videos have a knack for coming right when I need them, which makes them even better!
Thanks Benjamin, hope it helps!
The editing is on point.. cheers!
Thanks Hector!
instablaster...
@@AccountingStuff :)
I don't think you'll ever get a teacher like this, be grateful he started uploading on TH-cam!
I have a class tomorrow and this totally saved my life! Thank you James!
Being in accounting since 2017, I can say this is the best & crisp video on this topic
Keep up the good work...
Cheers Rubin!
You make account understandable. . Thanks the your work
Cheers, I'm glad to hear that!
I don't think I could jump back into the accounting world without you. Many thanks. 👏👏
These videos are seriously helping me. Since my professor loves you and is the one that recommended these videos and does every week, he doesnt mind that I chime in occasionally during his lectures to explain parts myself bc i had learned from these videos. For real love these!!
you were born to do this- AMAZING, James. thank you!
No worries, happy to help!
I wanted to thank you, James. I got into ATI Year 2 thanks to your videos. I told my whole class about DEALER and your channel. Thank you! x
Nice one!! Great to hear that things are going well. All the best :)
@Get More Of course I’ll help if I can, but I’m only in second year! You’d better ask James. ☺️
@@AccountingStuff Thank you so much! 🌸🌸🌸
@@jennymulhall816 You're welcome :)
Ur channel are wonderfully underrated. I could feel dedication that uve done in this video
Thanks buddy!
Hey James
I appreciate how you break down accounting principles for non-accountants like some of us
Please keep up the great work!
Thanks Winston!
@@AccountingStuff I need some help with my accounts assignment please😫🙏🙏... Just one question please. Can you help me out?
Thank you for this! I appreciate so much having access to this kind of quality material to support what I am learning from textbooks and lectures. :)
Beautifully explained, simple and understandable.
Thanks!
Missed u for a long time....
Thank you for doing this James! Your channel is amazing, your production value is so good and the way you explain this makes learning it so addictive. Best of luck to you!
Cheers for your support!
James is THE MAN!!!
I love how you explain it and make it super interesting! 👍🏻💗
Great job in describing the process!
Thanks to your videos I’m studying to be an accountant. I would like to see a video on present and future value as well as a video explaining annuity. Keep doing what you’re doing and thanks for all the helpful content!
That's great to hear! Thanks for your requests :)
very short, fruitful and easy to understand. thank you so much of your efforts
I seriously can’t thank you enough for your videos! I am a healthcare professional working on my MBA in healthcare administration, and I am NOT a numbers person. I was so lost reading through my textbook, but your videos have made a huge difference! I feel confident that I can pass my course now.
Really you are making every time difficult concept easy. Thanks a lot
Cheers Priya!
This is amazing! I'm taking accounting for the first time ever and your videos are extremely helpful!!!! Thank you so much for the cheat sheet. This week my lesson is on balance sheets and income statements so this is perfect! Thank you again. I've actually told a few of my friends about this as well. :) Cheers!
Thanks for sharing! All the best with your studies :)
I just found your channel today, and you explain accounting so clearly... keep the good work and the quality is on point!
Cheers Euridice!
Super helpful and informative, thanks a LOT !
I love and so appreciate the explanations you provide. I have been in the accounting field for years, with tons of education under my belt, and while I am embarrassed to admit it... With your insight, it’s all finally starting to come together. Thank you!!
No worries Heather! We all have to go back to the basics from time to time. It's so easy to get 'tunnel vision' at work and lose sight of the big picture. All the best!
Yaaaaaayyy just in time for my exams! 😁🤩
Thanks for the awesome vidoes 😊
Good luck!!!
@@AccountingStuff thank you!!
Been waiting for a new post, and this helps me alot to understand accounting better!
Cheers Tita, that's great to hear!
This is the best explanation of the extended accounting equation I’ve seen! Your videos helped helped me pass my first CIMA exam so thank you! Were you planning to ever do some Management Accounting ones - probability, regression analysis and normal distribution etc. your style of videos for these topics would no doubt help a lot of people studying!
Hey Rachel, congrats on passing your exam!!! That's awesome news. I plan to cover Management Accounting as well but I have a few more vids on Financial to make first
I am an IT Manager, and i am using your Playlist Video to understand the whole accounting Picture
Thanks a Alot
Great to hear you're finding these videos useful :)
Your videos are pure GOLD. Going through my exams now and I cannot begin to tell you how much your videos have helped me. You articulate your words so well and explain everything so clearly. Pleaaase, keep it up!
Thanks Kellie! Best of luck in your exams :)
Honestly sooo helpful and easy explained! Keep going
Thanks!
You're the best, James! I look forward to more videos in the future!
Cheers Kevin! I'm working on many more :)
Hey man, missed your content and this came right in time before my finals. Learned how to debit/credit and all else with your video which made my university modules much easier to handle. Hope everything is doing well for ya, love from Singapore
All the best in your finals!!
please don’t stop making these videos your are literally saving my career!
I plan to make a whole lot more :)
Great job James. Keep doing! Greetings from Europe.
Cheers Besim! Will do :)
Just saved me a lot of back and forward studying! thanks man
Retained earning is the key to link Bal sheet to the income statement! Love it.Excellent visualization to make hard looks was.You have got talent
Thanks for your kind words!
You have carried me through my first year accounting course. So thank you!!. Would love if you could do some more managerial accounting vids to carry me through next semester too! :D
Cheers for your suggestion!
Just started my accounting course and your videos are helping out a ton!
Cheers, glad to hear the vids are helping. Best of luck with your course!
Been waiting for you to post new content! Great video!
Cheers Tyler :)
Awesome video man, thank you. Always struggled to link the P&l to the equity part of balance sheet
This is a great video. I will use it as part of my teachings which, I believe, will bring a lot of visitors to this video.
Thank you! 😊👍👍👍
Wow you are the goat man. Learning so much from you. Keep up the great work
Hey! I wanted to thank you for all the help. You have helped me along the way of my course and have a 97 in the course!! THANKK YOU!
Boom! Congrats you nailed it :)
Hi,
thank you for this video! Helped me understand accounting a lot better. Can you please tell me how the cash-flow statement fits into the extended equation?
Your videos are amazing at understanding the basics, really helped me pass first year😎
Nice one! Great to hear it's going well :)
James, I really hope your channel booms in popularity! I am an accounting student and your videos are so informative, with the perfect explanation and great editing!
Thanks for your support!
I needed this one... thank you so much ❤️
No worries, hope it helps :)
Really happy that I've found your channel the way you explain makes it very easy to understand! Could you please explain ratios and earnings per share?
Thanks for your suggestion!
You have a beautiful, clean website. Kudos man. I swear when my money game is up I'll support the page.
Thanks Sive! If money's tight then there's really no need. All the best :)
i can actually pass my accounting class all thanks to you! THANKS JAMES xx
Good luck with it! I hope you smash it
Your videos are extremely helpful. Thank you so much!!!
No problem Danni :)
Good learning with you bro!
James i cant stop liking your videos! brilliant!
Thanks for your support :)
I would really love to see a video or miniseries on Group/consolidated financial statements if possible! loving your videos so far
Thanks for your request!
Please could you do a bit more on managerial or tax accounting as well as financial accounting?
Cheers for your suggestions!
These are very helpful thank you
Brilliant video as always James!
Thanks Ashish!
Hi James,
You're a real one.
I'm a Business Admin major and am taking an Accounting course this semester. I find the textbook to be really dense, uninteresting, and as a consequence, hard to follow. You have made learning accounting so much easier and much more enjoyable. Thank you!
Cheers Collin! Glad you're enjoying it :)
Great explanation + a great visual presentation 👍
Thanks Chriselle!
Thanks for making this easier to understand
No worries, hope it's making sense :)
New subscriber here and I must say, I love your "Accounting Stuff."
Cheers, it's great to have you on board!
Good video man, thanks.
You are a Genius man❤️Really a big fan of your videos
Excellent video. I want more such videos for more understanding.
Cheers, I plan to make many more :)
Thank you, your videos are extremely helpful
Cheers Saneea!
Appreciate your work sir, thank you
thank you so much for your videos ! they are incredible and very useful. Could you please make a series which explain true company statements ? (of course by covering the names :) because accounting is understandable in lecture by but in real life practices the situation is severe :(
missed you !
Cheers for your suggestion! I'll keep that in mind :)
Hey Accouting man, I dont your name but your stuff is really great! I started watching your videos recently, i love how you teach a concept so simply. Can you also make a video on "Goodwill". Thanks in advance.
Cheers Tarnija! My name's James :) Thanks for your suggestion
Best lec, accounting looks hard but you make me take it easy,
Thanks Victor, all the best!
That was awesome.
I love your video and wanting to watch and learn more
Cheers John! Glad you enjoyed it :)
Your videos are very useful, they are my go to, when I need further clarification.
Can you do one on consolidated statements?
Cheers for your suggestion!
That was easy!! Thank you
Cheers, glad it makes sense :)
Your videos are very helpful! Thank you! Would you kindly make some videos also regarding IFRS?🙂
Thank you!
Thank you very much for this videos!
My pleasure!
Amazing!
this was amazingly helpful
Cheers Mike, glad you found it useful :)
REALLY GOOD VIDEO!!! THANKS
Cheers!
You helped me a lot. Thank u so much :)
Cheers Jabrayil, glad you're finding these helpful :)
thank you so much for your excellent videos and for the cheat sheet!! saving my a55 in my first accounting class
No worries Haleigh, hope it's all going well :) Thanks for your support.
Thanks so much for your video, it has been helping me all true, but I need more videos on bookkeeping and triabalance
We are currently struggling with our Finance teacher so all the classroom is learning from your videos, we have a test tomorrow, thank you so much for breaking it into small bits!
Sorry for my late reply! How did it go?
This is brilliant!
Thanks :)
Keep up the good work.
hey man, thanks for the new video!!!
No problem, all the best!
Thank you James it was great video
Cheers, I'm glad you enjoyed it :)
The shortest and most advanced video I’ve seen on the accounting equation.
Thank you for all the video's James. It helped me a lot to understand this world of accounting. Writing accounting exam tomorrow.... Please make a video of Reducing balance method or Diminishing Balance method
of depreciation. Please also zoom into Statement of Equity for a Partnership?
Best of luck in your exam! I hope it goes well. Cheers for your suggestions :)
Thank you 😊 🍃
Thank you 🙏