Ellie you are a lifesaver, please may Unisa hire you to do their accounting videos. If you have the capacity to continue with videos, please tackle FAC1602 - Elementary Financial Accounting and Reporting next. If I make it through the FAC1502 exam on Monday, this will be my next mountain to climb.
Hi ma'am, can you please explain the accrued expense. What it is, and how we use it. If you have earlier explained it, which video may I watch to get a clarity. Thank You.
Accrued expense is something not yet paid, that should have been paid (or at least accounted for). It’s based on the idea (expense recognition principle) that whatever expenses you accrued in THIS financial year, should be in your books regardless of whether you’ve forked out the cash for it or not. You use it when they say something about an EXPENSE for the year payable after financial year end; you have to work it out pro-rata for the financial year you’re in. Pro-rata calculation: A year has 12 months, but the expense they refer to will only fall into some of your “financial year” - so full expense divided by 12 months = per month cost. Then take per month and times by the months in your FINANCIAL year.
A day before our exam perfect timing for some last minute revision, you've helped me through so much thank you stay blessed 🙏🏽🤗
Thanks for sharing
Hi there, thank you so much much for your continuous help. You brought about a huge difference
Verse t now it’s your turn to pay it forward 😉
Ellie you are a lifesaver, please may Unisa hire you to do their accounting videos.
If you have the capacity to continue with videos, please tackle FAC1602 - Elementary Financial Accounting and Reporting next. If I make it through the FAC1502 exam on Monday, this will be my next mountain to climb.
Thank you Ellie, Im writing accounting tomorrow and Im super nervous, but your videos have been quite helpful
Sisanda Hanise just keep on keeping on.
Same !!
What would we do without Ellie
Thanks Ellie
Good luck for tomorrow!
@@esmit9261 thank you :)
Hi ma'am, can you please explain the accrued expense. What it is, and how we use it.
If you have earlier explained it, which video may I watch to get a clarity. Thank You.
Accrued expense is something not yet paid, that should have been paid (or at least accounted for).
It’s based on the idea (expense recognition principle) that whatever expenses you accrued in THIS financial year, should be in your books regardless of whether you’ve forked out the cash for it or not.
You use it when they say something about an EXPENSE for the year payable after financial year end; you have to work it out pro-rata for the financial year you’re in.
Pro-rata calculation:
A year has 12 months, but the expense they refer to will only fall into some of your “financial year” - so full expense divided by 12 months = per month cost. Then take per month and times by the months in your FINANCIAL year.
@@esmit9261 Understood, thanks alot ma'am!
Do you have any other channel for Accounting that I can see to...2020 UniSA batch exams coming in a week!
You can have a look at the other videos I’ve posted - but that’s it for now...
@@esmit9261 thanks for the help!