What Are Liabilities? (SIMPLE Explanation)
ฝัง
- เผยแพร่เมื่อ 13 พ.ค. 2024
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Discover what Liabilities 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 Liabilities in Accounting. I'll also take you through the common types of Liability that are worth knowing about.
⏱️TIMESTAMPS
00:00 - Intro
01:18 - Liabilities Definition in Accounting
03:34 - What are Current Liabilities?
03:43 - Accounts Payable
05:45 - Salaries Payable
06:19 - Accruals
07:40 - Unearned Revenue
08:04 - Short Term Loans
08:18 - What are Non-Current Liabilities?
08:37 - Long Term Loans
08:45 - Bonds
09:23 - What are Contingent Liabilities?
09:40 - How Contingent Liabilities work
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#accounting #accountingbasics #accountingstuff
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wow, take a few seconds to appreciate his cinematic video editing skills!!!
Haha, thanks Vatsala! I get carried away in the edit sometimes.
agreed
I being a non accounts student felt accounting is one of the boring subject, but your videos have made learing accounting easy and enjoyable. Nice work, keep it going!
Hey Nishith, that's awesome to hear! Thanks for the kind words and good luck in your studies!!
lol so true especially if the university shrubs it down your throat. but this channel is making it a little bearable.
@@AccountingStuff this is a better way for learning accounts.
how???
I'm taking an accounting course and it's my fifth week and I was so lost and I couldn't keep up with my lectures so I decided to start all over on my own and I wouldn't have been able to do that without this channel I can't thank you enough omg
No worries Mia, I'm happy to help. Good luck in your course!
Thank you!!
dude you're the absolute goat. saved me from failing exams
Please make a video on ACCRUALS. please I have found a lot of difficulties on Accruals. Please make a separate video on this.
Here you go! th-cam.com/video/9aZ6CCj-ies/w-d-xo.html
I never thought I would be genuinely entertained and actually laugh when watching a video about accounting ! Thanks for explaining things so clearly, I’m learning a lot !
Hey Liam, great to hear that things are becoming clearer for you!!
Thanks James for demystifying accounting for the rest of us...
No worries, thanks for watching!
I’m taking college accounting, so glad I found your videos the first week of class. You been a life saver already. Thank you for making it easy to understand
No worries Lane, it's great to hear that the videos are helping you in college. Good luck with your studies!
This video is a whopper for a newbie, but yet you make the information more intuitively understandable. Copied this video down almost verbatim into notes. Great stuff! 👍
Love how clear you made the topic. Thank you, James.
I’m a freshman in college and I wasn’t very sure what I want a career in. Watching these videos have made me want to major in Accounting. Thank you so much! This is amazing work! 👍
No worries Daniel! That's a big decision, I hope it works out for you. All the best!
I am new in financial and accounting area. Your videos are so helpful, you make those concepts, terms and process are easy for me to learn and understand. I got up at 4:00 to watch your videos and write the notes for thee and half hours without tiredness. I enjoy them all👍
Wow Lisa, 4am?! How are you not exhausted?
Dude, this helps a lot, as I watch your videos, I am more confident I’ll pass my accounting courses. Bless your heart-& your brain.
Am an Accountant but honestly have forgotten much of this. Thank you for refreshing my memory
James, Buddy you are doing such a great job and I have never seen anyone explaining accounting at this ease.. we so respect you for what you are doing and one request - please never stop making accounting videos.. I think you are the best in the world.
Thanks Nitesh! I plan to make many more of these :)
In all my time of TH-cam access, this is the most useful TH-cam channel I've ever come across. This guy makes accounting fun and easy to learn.😅
Thanks for your kind words!
Hey that "diagram" was definitely helpful with all the different term
Thank you again
I owe it to myself to share your videos in my booking groups.
Much appreciated again
Who stay at 1 am on a week end watching your videos learning while having fun?
Me of course🤣🤦🏾♀️🤣
Your videos are fun to watch and smart learning not just save by heart! Good job, I’m studying for the CPA and one of the subjects that I have a problem with from university is Notes Payable, especially when they get mixed with interests and present value.. it would be really amazing if you got deeper into those, and thank you for the effort you’re making
Thanks Faisal, and cheers for your suggestion! Good luck for your CPA exams!!!
I love these videos. You have created this to keep everyone’s attention. This is great.
thank you so much for making a lotttt of content! this is the fourth video i watched from your channel in one sitting today ^^ I'm a grade 11, abm strand student, and it was announced that we'll be having "fundamentals of abm" this 2nd sem (starts next week). the terms and definitions seem overwhelming, especially since i don't have a background or intro to accounting in grade 10, unlike some of my classmates that came from other schools. thank you for breaking it all down! it feels satisfying and comforting to finally understand, and get a simple yet detailed explanation of the concepts. looks like i have a new channel to spend time on
It took me 9 videos to eventually comment, but having an exam in accounting right ahead I gotta say: Thank god you're there!
Great work!
Cheers Alexander, good luck in your exam!!
Keeping making videos . We love them. I’ve never taken an accounting class and you’ve influenced me to pursue a career in it!
Cheers, will do! Great to hear that you're considering a career in Accounting. All the best
literally the best explanation. I'm taking a finance class and understand nothing, i thought i was so stupid, but now it makes sense. definitely going to use your videos to help me through my course. Really appreciate it
That's great to hear! All the best in your studies :)
I love your videos. This is like a refresher course. I am binge watching! Thank you and keep it up!
Thanks Jennifer! Glad to hear you are finding these useful!
You break it down so easily and make me want to keep watching your videos!! Thank you!!!
Glad you're finding them helpful :)
You are AMAZING! You made my life so much easier and I am grateful!!!!!!!!!!!!!
man i love how you expleain everything in this vid. I'm subscribing.
Your videos are of big help to me as a Bookkeeping Teacher. Thank You so much!👍🏻😊
You are very welcome!
Thank you for your videos. I am a business owner (sole proprietor) and i have an accountant but i still study accounting basics, because i think it is a valuable skill and knowledge as a business owner.
Good on you! Understanding some basic accounting would definitely be useful for you.
Bringing smile while learning accounting....never imagined!🤩
Ur awesome. Thanks for making hard staff very simple and clear. Ur the best
No worries Lyla!
your channel is a gold mine
High Quality Teaching💎
Please do a video on bonds and the different types of bonds. I love your videos! They have gotten me through my first semester of accounting school!
Thanks for your request!
Hey James, thanks for demystifying accounting for us :)
Just a suggestion, the background music starting 9:21 made it a bit difficult for me to concentrate on the speech, or it could also be just me not able to concentrate :)
Hey Prateek, thanks for your feedback! I'll keep it in mind for future vids :)
So helpful. Definitely need a video about accruals. We just covered that in class, but it's all fuzzy to me.
I'm glad that you found it helpful! Yes need to cover accruals soon. Thanks for your feedback :)
Good job and clear explanation❤❤❤
Merci beaucoup ;)
I really appreciate all of your time to do this
Incredible video! I loved your assets video as well!
This video alone made me subscribe it’s really well made and explains everything in simple terms
Hi James, thank you so much for all the helpful videos that you have made!
Could you please consider maybe making a video explaining the difference between liabilities and expenses?
Hey Ashley, glad to hear that you are finding the vids helpful. Cheers for the suggestion!!
Fantastic, I always get muddled between expenses and liabilities
Your videos are the best! So helpful and fun to watch!
Thanks! Glad you're enjoying them :)
Well explained. Thanks.
He just partially covered many of the accounting standards smoothly ;)
I’m currently studying accounting right now and this ideo majes me more easier to understand about the topic. Thank you so much❤
Great to hear you found it useful!!
love your videos, man. they're getting me thru my classes
Thanks, all the best with your studies!
thank you so much bro. quality content. most of the teaching videos are boring. but yours is on point. its like watching infographics video.
Cheers Thanseer, it's great to hear that you are enjoying the videos!
Appreciate the help bro God bless you
First off, I love your videos. The editing is top notch and the content is succinct. I have a question though. How did you make your intro? Did you purchase it? Thanks in advance.
I LOVE your presentation. I am going back into the world of accounting and needed a refresher course. You got to the point, and I thank you. One of the things I plan on doing is using my business, The King's Conduits, as a play off on Ghost Busters. I will label it as Scam Busters. I've seen a lot of rip-offs, robberies and scams in my life so I will ask those in need to, please, let me look at your systems. The one thing that struck me hard at 7:40 was the issue of bills due not yet received. Can you imagine how that could affect the balance sheet if NOT recorded? What if I invested in a business not KNOWING what kinds of bills they have due. Is that even something to worry about?
Thanks Elise! That is an interesting idea. Are you planning on turning it into a TH-cam channel? The underreporting of liabilities is definitely a risk that auditors check for. Another one is the over-reporting of Assets in the Balance Sheet. If assets are overinflated then a business may be holding some large debits that need to get flushed through the P&L at some point as an Expense.
@@AccountingStuff Not sure yet what I plan on doing with it. I spoke with a CPA friend of mine and we both agree that the guys with the bucks are usually the ones hiding the truth so not sure how I can earn any money from it. Not sure if I NEED to, but it's good to be compensated for hard, good work. What do you think? OH, and I DO have my own TH-cam channel called, of all things, Elise Weatherly, but I have focused mainly on music and documentaries. I first have to be believed before I will be trusted....
Thank you, James! Your videos have been incredibly helpful. There is only so much one can learn while taking online-only courses - just reading a book and then attempting to answer questions about it really doesn't make for a great learning experience. Any chance for a long-term liability/bonds video(s)?
No problem! Hope your studies are going well. Thanks for your request :)
This video made learning so much fun and entertaining! Would love to see your channel grow😊👍
Thanks Nawal, glad you liked the video and cheers for the support!
Accounting Stuff my pleasure mate😃👍
Thank you very much. It was very easy to understand and clear. 😍❤️
Thanks , very informative video.
Thanks sir a. Really helped me with my ems I usually get 80% in my exams thanks to u❤️
Congrats! That's a great score :)
Creativity, sense of humor , and intellect Eden is in these videos. Our world need more people like James.
Thanks for your kind words!
You are best in teaching.😇 Can understand everything clearly, thanks a lot.😁
Thanks for your kind words! All the best :)
You deserve a million views. Thanks
Thanks Khyree!
Excellent and well explanation. Your teaching is so powerful more than any other electronic teachers 👍🙏❤
Thanks! Great to hear you're finding these useful
Your videos are so high quality its unreal!
Thanks Safwann!
These are amazing - easily understood videos. I am working as a teacher and I have recommended your videos to my students ;)
Thanks Katriina! I hope your students find them helpful :)
made so simple. thank you so much. i am an accountant but very weak in accounting generally and that y i really need help in this train
Glad it's making sense :)
Awesome, thank you!
u are my new professor. hello i love ur class
I love your interpretation. Keep it going
Thanks Fransisco!
You are the best lecturer teacher. 😊
Thanks, that's kind of you to say :)
Subscribed!!!! Love this video! Thank you so much!!!
your videos are so high quality. thank you for your amazing efforts
No worries Lauren, hope it helped!
your way to explain is great
Thanks, I'm glad you found it useful!
I just love your videos so much! accounting used to be my least favorite topic! your videos are as good as watching a movie :P
Thanks, great to hear you're becoming more interested in accounting!
thank you so much. the helped so much.
really useful videos. thanks for explaining the concepts so clearly!
No worries, it's great to hear that they are helping!
Thank for great knowldege
Would love an Accrual video. Great content and really really good explanations!
I've made a series on accrual already :)
These videos are excellent! I'm curious, how would you categorize liabilities that are optional payroll deductions that are held out to be paid for an employee's retirement plan, Health Savings account, or other payments made by the employer?
Thanks. ..great videos
Best Accounting Channel!
Thanks kind of you to say!
Great presentation🤩🤩...really appreciate it
My pleasure 😊
I'm enjoying your videos. I'm loving Accounting..
Yes please make video on accruals and please provide some examples to understand how it is adjusted !! much needed!!
Hey Sachin, I've since made a whole mini-series on accruals. You can find it in my playlists
Accounting final in 4 days.. doing well seemed impossible, but using your videos as review is sure helping! Consider being a college professor, you're great!
Good luck Olivia, hope you ace it!!
I am accounting student now and you really help me understand for everything,, thank you so much for your videos..
Hey Milyn, hope all's going well with your studies! Great to hear that you're finding these helpful
Thanks alots truly you are the best in Accounting 😊
Happy to help!
This is so helpful
Cheers, that's great to hear!
I love your videos! these are very relatable! great work!
Thanks Megan, great to hear it!
Ur good at making things easier
Thanks!
seriously your videos are amazing !!! so welll explaineddd, you deserve all the credit. but i didnt get the Canada thing with british accent?
I moved here a few years ago :)
Thank you for this lesson
No worries Kimberley, I'm happy to help!
Really you are doing concepts in a good way
Thanks Munesh!
Welcome
You have some great videos. I sell a lot of stock options, could I consider those contingent liabilities?
Hi I love your videos. So easy to understand.
Cheers, glad to hear it!
So helpful, thank you! Yes, I would like a video on accruals and deferrals, PLEASE! Thank you!
Cheers Valeria, I'm working on that as we speak!
Starting a small business in Africa and doing my own book keeping. Your videos are on the money
All the best!
Your cinematic video editing skills is as good as your accounting skills!!
Thanks :)
i think that this is the video that was required from a long time to understand accounting .
Glad to hear that it helped!
Dude you are really talented .....keep going
Thanks, that is kind of you to say!
You are the best ... Thank you james🔥❤️
Thanks :)
Brilliant video! Bring on equity
Thank you, coming soon!
You broke down the definition of liabilities very well 😃
Cheers Michael!
Very digestible information!!
Cheers mate