I packed a lot into this one! Here are the timestamps if you'd like to skip to a section... ⏱️TIMESTAMPS 00:00 - Intro 00:16 - What is Financial Accounting? 01:11 - STEP 1: IDENTIFY TRANSACTIONS 01:29 - STEP 2: PREPARE JOURNAL ENTRIES 01:32 - What is a Journal Entry? 01:36 - What does a Journal Entry look like? 02:05 - What is Double Entry Accounting? 02:58 - What is the Accounting Equation? 04:17 - STEP 3: POST TO GENERAL LEDGER 04:22 - What is the General Ledger? 04:43 - Posting to Accounts 04:49 - What is an Account? 04:58 - The 6 Types of Account - Assets, Liabilities, Equity, Revenue, Expenses & Dividends 05:21 - What are T-Accounts? 06:00 - What does the General Ledger look like? 06:18 - STEP 4: UNADJUSTED TRIAL BALANCE 06:22 - What is a Trial Balance? 06:43 - How to build a Trial Balance 07:10 - Why is it called Trial Balance? 07:28 - STEP 5: POST ADJUSTING ENTRIES 07:32 - What are Adjusting Entries? 07:40 - IFRS vs GAAP 08:21 - What is the Accrual Method of Accounting? 08:41 - Adjusting Entries Example 10:14 - STEP 6: ADJUSTED TRIAL BALANCE 10:41 - STEP 7: CREATE FINANCIAL STATEMENTS 10:44 - What are Financial Statements? 10:59 - What are the three types of Financial Statements? 11:10 - What is the Balance Sheet? 11:28 - What is the Income Statement? 11:43 - Profit vs Cash Flow 11:54 - What is the Cash Flow Statement? 12:04 - Who would use Financial Statements? 12:34 - STEP 8: POST CLOSING ENTRIES 12:41 - What are Closing Entries? 12:51 - Closing Entries Example 13:10 - Post Closing Trial Balance 13:20 - THE ACCOUNTING CYCLE
Best video which I only needed to watch to clear all my basic doubts about financing and a huge request for more such videos like financial ratios ROE,ROA, ROS, etc ….. u know it as ur the champion of it all😄. A lot of love and support.
@@keybladerasta4142 anything is possible for you to learn. You just need to dedicate yourself. Also, you're not stupid. Change the way you talk about yourself.
@@muemuemue very late on this. But accounting is a very hard college major especially when you get to intermediate accounting. You cannot half ass this major. If you think you've learned the material and are ready for the exam, KEEP DRILLING IT! Because guess what if you plan to sit for the CPA exam the topics will come back and bite you. The hard work pays off though. The demand for accounting professionals is very high and the income potential ranges from comfortable to well into 6 figures (7 figures at the executive level).
This is a legitimate college course. I'm an Accounting major and am taking Acct 301 and this guy went over...everything I've learned in that class lol. Granted there's more detail in the class, homework, you learn how to actually prepare the financial statements, etc. But all the topics are the same. Good job man.
2 weeks into my accounting degree and nothing made sense to me until I watched your video. It's wonderful how you managed to break down a lot of high level content into smaller bits and pieces and show us the links between the concepts. Amazing teacher! Thank you so much!
@@albinabehrami1536Sorry to hear that you've been having a hard time with it. I struggled as well. Keep on practicing and I'm sure it'll start clicking for you
I'm a financial accountant in Brazil for over 12 years. Now I'm trying to get a job in another country, this video helped me a lot to learn accounting terms in English. Thank you very much!
I come from a theory and analysis humanities background, and now work a typical office job. Have always steered clear of anything that sounds like too much math. I needed something stimulating and challenging, but felt stuck…as if I was losing brain cells. This video was like a massage for the brain. Thank you so much for this.
@@johnstate7650 do you mean for your business. You might want to try my Accounting Software Supplement book available from Amazon. Links in my YT bio. If it helps, I'd appreciate an Amazon review.
It does but you have to stumble across these resources at the right time. Relying on Zoom alone when you’re likely to have lecturers who aren’t prepared for online teaching (which is probably a shame because a lot of people would prefer it to in-person lectures at least 60% of the time) is hopeless and won’t get you anywhere. Many people try that and end up failing and repeating.
I was a CPA for more than 30 years before retirement. This is a great video. It would have been nice to have this overview as I waded through Accounting I, which was a fifteen week course.
Started my MBA program and the accounting course gave me anxiety. This video is the best 14 minutes of my day so far. I am more confident that I can do this💪 Thank you so much
I have just finished my accounting test, i gotta say you really helped me a lot, I had two semesters of accounting and still confused a hell. your videos are so easy to understand and so well professionally edited , i watched all videos in this channel in only two days and understood so many concepts and calculations in just two days than the two semesters i had in college. To be honest, you are literally the best accounting channel in the internet. I recommended your channel to alot of people, hope this channel will grow big and have millions subscribers. I also always try not skip ads to support your channel 🤘
My journey with accounting has always been on a touch and go basis through college and university - I know enough to pass the papers. Now that I am working full time as a finance controller, I found my knowledge in accounting lack thereof, often trying to piece what i know together. So I have decided to unlearn and relearn everything. I have to say - this is the most interactive accounting channel with very elaborated contents!
It's so easy to get bogged down in the day-to-day tasks at work and forget the big picture. Good on you for coming back to the basics, I think we all need to do that from time to time.
I got my accounting degree 30 years ago and to this day there's probably still nobody in that university who could explain it as well as this. I especially love the scales illustration of debits and credits - it made so many terms I never thought about the meaning of make sense - Balance Sheet, balancing the books, out of balance. Also the comment that debits and credits don't mean good or bad, or plus/minus - it's little things like that that can make all the difference between confusion to clarity and confidence. DEALER is handy too. Amazing teaching. Well done You.
I'm here cus I don't completely get it in school- but am actually genuinely interested in accounting, only four minutes in and I already understand so much more! 100% gonna reccomend my teacher shows this to the class.
fantastic video Everybody wants to be financially independent and live a better life. With savvy investing, an inexpensive lifestyle, and diligent budgeting, this is not difficult to do. I'm glad I realised early on that achieving financial freedom requires hard work.
Sincerely, I'm genuinely moved by what you said. I have a seizable amount of money that I am willing to invest if given the appropriate knowledge and I am highly interested in investing. My greatest concern is losing money on a bad investment. I'm open to hearing your advice on how to make sensible investments as a result.
@James Vigor As an OAP with extensive experience, I firmly think that having the appropriate information is essential to the success of any investment. Regardless of what others may say, do whatever you set your mind to. Warren Buffer frequently advises, "Be fearful when others are greedy, and greedy when others are fearful." The secret to succeeding even while others fail is undoubtedly this. Working with financial advisor Julie Anne Hoover, I earned $100,000. So far, working with her has been a promising experience.
@@marcelrobert9569 I just looked her up on the web and I would say she really does have an impressive background on investing. Will write her an email shortly. Thanks for sharing
Currently a senior and I lovee this video because the bases that it covers over feels familiar yet naturally things I do feel are meant to be done. You have helped me realize what major is definitely catching my eye, will be watching more videos !!
These videos are a lifesaver. I’m in ACC213 and struggle with the exams, my college doesn’t have an accounting tutor and referred me to TH-cam, my own professor referred me to TH-cam and now I know why! These videos helps click everything in place. Thank you
3:06 I just have to appreciate that... really. By saying "this guy" and "this book" and showing images instead, spares us the 'distraction' (and images are easier to remember than names, for me). Honestly I get easily distracted by years and names because I don't like memorizing but feel like I have to remember every little detail, and I start to stray from the main idea. So thanks James for keeping me on track of what I am really here for. And yeah I'm planning to watch the whole playlist. Thank you for all of these videos. I'm subscribing.
Soon, there is going to be the rapture. It's when there will be trumpet sounds, and after the trumpet sounds, God will lift his people from here. Also, God said people should be living by the Bible. Amen, and God bless you. * John 3:16 - "For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life".
@@TiniestKelpI don't remember. But I don't hold his words to very high regards. Doesn't he say to not tell everything that you know. So better read the bible.
@@LlednarHugh I don't know much about him, but my uncle reccommended me his book. I read partway through his book "Rich Dad, Poor Dad" and it's all vague, anecdottal platitudes. The "If Books Could Kill" podcast has an episode on him if anyone wants to do further research.
Thank you for this accounting guide! This is a quite a very good summary of financial accounting basics! You did a good job making accounting concepts easier to understand. Definitely a must watch to those who want to learn accounting.
So useful I've been studying business management at Swansea Uni for about 5 weeks now and I was really struggling with accounting but this video was a great and concise way of explaining the basics. Thank You
Financial books have been so helpful. >> I’m 54 and my wife 50 we are both retired with over $3 million in net worth and no debts. We got to realize that the secret to financial freedom is making better investments.
I read a book that talked about having a financial adviser. Well, Credits to ROCHELLE DUNGCA-SCHREIBER, she saw me through the process. You can glance her name up on the internet and verify her yourself. she has years of financial market experience..
Good evening. Would you recommend accounting as a career? I’m beginning to think it’s better than pursuing a career in pharmacy. If a pharmacist makes $10,500/month but has to invest in a IRA and HSA while an accountant that works directly for the state or government who is maxed on step increases makes $8,500-9500/month (12 years experience) has a defined pension ( increases 1.66% per year worked), then you really have to wonder who’s ahead financially. Also, with the state or government, no contributions are needed towards retirement, unless you decide to do a deferred contribution plan of some sort. Thanks for taking the time to read this
Im here because im broke (well i have 50k NZD) and im sick of being broke. I have no education, no qualifications and no experience at the age of 35. I read a book called Rich Dads guide to investing. Ive decided i no longer want to be broke and want to either invest my money, start a business or both. Well i have to learn accounting apperantly among other things so here i am. Starting my journey in an attempt to becoming rich. Im going to study off youtube and hopefully utaloze what i learn into a successful money making scheme. Wish me luck. In 5 years from now i will review my progress.
@AccountingStuff I haven't started investing yet.... so far my endeavors have lead me to taking up 3 jobs, I've learned to deposit my money at an interest rate higher than inflation to offset inflation (so savings isn't eaten away) the investing I've been looking at is property..... but first need to buy my first home. That's a long, long term goal though.
How’s the process going man ??? I’m 35 and starting a bookkeeping / accounting and tax preparing career myself . If you comment back I hope to hear good news and good luck on the journey
I'm a first year Accounting student in the Lebanese American University in Lebanon and your videos make the courses so much easier and straightforward to understand, much better than what my doctor does! Thank you loads!
My God! Just amazed with his talent! I mean in 14 minuntes, he summed up all the topics, I learened in 2 years (11th and 12th)! Keep going man, may luck always favour you!❤
I needed a refresher for written exam. About 2 years after graduation, I haven’t looked at anything accounting in 2 years... This bought everything back to me... Great video
I learned more in this 14-minute video than I have in my first two and a half weeks of a university accounting class I am taking. Thank you so much, you may have just saved me from failing this class!!
Great channel! I'm an accountant myself and you explain the concepts really well. Videos are well designed and you just covered the accounting process in less than 15 minutes! I subbed; looking forward to some more videos.
@@speedrunmemes7138 ofc i 100% agree quantity over quality im just asking if he can try to post a little more frequently. Obviously his personal life overrides yt.
Hey there, I would love to do that but I'm working by myself and these videos take a long time to put together. Hopefully I the future I can streamline the process and release more consistently. All the best!
In James defense.. I can tell you these things take a LONG time to edit. So even he he did this and only this full time, we are lucky if he could get one a week!
i discovered your channel today, because i am an accountant student and sometimes i am lazy to study accounting. Your video motivate me to get back on track and helped me understand my first semester. Keep it going!
YOU ACTUALLY MAKE IT MAKE SENSE. You just single-handedly (in 14 minutes) saved my midterm grade. AND NOW CLASS ACTUALLY MAKES SENSE. Thank you 100x, earned an extra subscriber.
I been inspired by your videos and started college to go into the field of accounting. However I am going into forensic accounting. Can you do a video on that or the differences of the fields? Your videos have been a big help an have been used in study guides as well as group discussion's in my college to help out a lot of us, thank you ♥️
Hey Amanda, it's great to hear that you're going for forensic accounting. That field has always sounded interesting to me. Cheers for your suggestion, I'll keep it in mind for future vids! Best of luck with it all
Your videos are awesome. What I haven't understood in university and also the years after that is so clear now thanks to your videos. Hope you create more and also one on financial ratios as you mentioned in this video. Thank you!
I'm a high school student in my senior year and I'm thinking of accounting as a bachelor's degree! Will binge watch ur videos. Great work! They're so informative
I’d advise you not to unless you want to specify as a chartered accountant specifically. If that’s not the case for you then you’ll probably have better luck going for something more interesting rather than spend at least four years stuck in a cycle of audit-and-entry monotony. The more humane/international side of the course has enough perks but everything else is just dull. Profitable (if that’s your future prospective career) but dull.
I’m sure many people wish they’d stumbled across these resources just a tad sooner. I suppose it’s technically never too late but I can imagine a lot of students being pissed and demoralised at the way Accounting would’ve been taught (barely) over the past two years (especially during the heat of the pandemic). I don’t think people acknowledge that enough.
I’m more than happy to discover this channel. I need to thank you for your time for this, particularly a fantastic watch!! I liked every little bit of it and I have subscribed you to look at new posts all the time.
I bet you a lot of Accounting students who either ended up failing and repeating or graduating with a certificate they weren’t very happy with wish they’d stumbled across these resources in 2020. Lecturers are just fine at the best of times and online teaching should be a viable alternative 60% of the time (wherever students choose to live or pop in and out of) but what’s glaringly-obvious across the board is that lecturers weren’t prepared for online teaching and many students’ marks have suffered severely as a result (even the most intellectually-adept ones). I feel like everyone who was due to graduate during the pandemic or this year should’ve just been given a basic pass and possibly a higher grade depending on the quality of their dissertation/s (which carries more modular weight and lets people go off and do their own study/research independently and without group collaboration, since it’s their individual project/writing). I don’t think the situation this cohort of students have found themselves in since the tail-end of 2019 has been fair at all.
James this video is lovely. I am from Turkey and I work on accounting in Turkey. I had to train people from other countries and I was worried about the language and technical words. I am so glad to find your video. I appreciate your great work here. It is an absolutely immaculate expression. Thank you
I'm begrudgingly having to learn accounting for some projects, because nobody else will do it. Thank you so much for making such informative and efficient educational videos. You're making this much less of a hassle than it could've been for me.
I am fresh off the boat new to accounting and in that 14 minutes I have learned and understood a lot in that small amount of time. MINDBLOWN! THANK YOU SO MUCH!
Hi James, wanted to say thank you, because I didn't pass the exam but rather got a JOB thanks to your videos!!! God bless you and I wish you and your family a lot of health and happiness.
James, I can't go without commenting about this..🤔 This video sums up the basics in Accounting. You nailed it.👌And you made it so simple to understand for everybody, from students to professionals in and out of Accounting world👏👏 Congratulations James!! Keep up the great work😎👏
With inflation running at a four-decade high, the Recession is now the ‘most likely outcome for the economy and I cannot imagine being a victim of circumstances. My portfolio suffered a big hit, holding it further won’t be any good. I've heard of people netting hundreds of thousands this red season. How can I ensure this?
True, the idea of a portfolio-coach used to sound generic, but a new study by investopedia actually found that demand for portfolio-coaches sky-rocketed by over 41.8% since the pandemic and based on firsthand encounters, I can say for certain their skillsets are topnotch, I've raised over $700k from an initially stagnant reserve of $150K all within 14months.
@@lipglosskitten2610 The advisor I use is actually quite known, you might have heard of her, Catherine Morrison Evans, she's been featured on several platforms including CNBC and Bloomberg, you can search her name.
tysm!! Ive just graduated senior high school in track of ABM (Accountancy Business and Management) with no actual classes (yk, covid situation) and learning close to nothing. You just saved me, man from going to college knowing nothing. Im gonna take bookkeeping part time jobs too soon, tysm!
Thank you so much my friend, This video helped a lot and I believe in after a couple years I will come to enjoy taking my part in this process for my new business.
I have been struggling through Grad School Accounting Basics. I just haven’t been getting it. I have lost count how many I said, “well that makes sense! I get it now!” Thank you very much.
When you did they first entry I was like “noooooo!!!! Deferred revenue!” Was so proud of myself 10 minutes later when you were like”but wait, we made a mistake.”
Your videos are so well made. Easy to understand and the editing is also on point.👌🏻👌🏻 I love financial accounting compared to management accounting which is a bit more difficult than financial accounting to be honest. Keep up the good work and congrats on 300k subscribers. 🎉👏
I've said this to you before but you ROCK, No one else explains as well as you do, such plain clear without an ounce of patronizing. Thank you for your videos!!!
Really solid video…learned a lot. I’m a Field Service Manger at a landscaping company and going back to school for accounting and this really helped a lot. You explain things really well…I think you would make a really good accounting professor.
You are literally better than any other lecturer or professors I cannot understand a damn word wheb they go through the lecture with a religious sounding text book but you just made everything so much easier to understand with some sensible human language thank you so much
Hi James, I've been learning accounting and finding your accounting basics playlist an absolute life saver! I've been looking for a clear video on accounts and the types of accounts/what goes where. I haven't been able to find anything in your playlist just wondering if this is something you've covered at all? Thanks again for your amazing work. Best youtube educational videos without a doubt
Thank you!!!!! Just started Accounting at Uni this semester without doing it in high school. I had no idea what I was doing but your videos have explained it all in layman's terms which make is so understandable!! You have saved my grades!!!!
your voice is nice and soothing ☺️ thank you for all these, wish I could have you as a personal tutor lol, this is much more helpful then the school material. Thank you!
I am a cost accountant with the US Government, and every now and then, I love to dive back into the basics. And though I knew exactly where he is going, I loved answering what he was about to say. This is a great video on accounting.
![CAMPปลิ้น | รวม Highlight 2024! PART [1/2]](http://i.ytimg.com/vi/6hnvNnvYloU/mqdefault.jpg)
I packed a lot into this one! Here are the timestamps if you'd like to skip to a section...
⏱️TIMESTAMPS
00:00 - Intro
00:16 - What is Financial Accounting?
01:11 - STEP 1: IDENTIFY TRANSACTIONS
01:29 - STEP 2: PREPARE JOURNAL ENTRIES
01:32 - What is a Journal Entry?
01:36 - What does a Journal Entry look like?
02:05 - What is Double Entry Accounting?
02:58 - What is the Accounting Equation?
04:17 - STEP 3: POST TO GENERAL LEDGER
04:22 - What is the General Ledger?
04:43 - Posting to Accounts
04:49 - What is an Account?
04:58 - The 6 Types of Account - Assets, Liabilities, Equity, Revenue, Expenses & Dividends
05:21 - What are T-Accounts?
06:00 - What does the General Ledger look like?
06:18 - STEP 4: UNADJUSTED TRIAL BALANCE
06:22 - What is a Trial Balance?
06:43 - How to build a Trial Balance
07:10 - Why is it called Trial Balance?
07:28 - STEP 5: POST ADJUSTING ENTRIES
07:32 - What are Adjusting Entries?
07:40 - IFRS vs GAAP
08:21 - What is the Accrual Method of Accounting?
08:41 - Adjusting Entries Example
10:14 - STEP 6: ADJUSTED TRIAL BALANCE
10:41 - STEP 7: CREATE FINANCIAL STATEMENTS
10:44 - What are Financial Statements?
10:59 - What are the three types of Financial Statements?
11:10 - What is the Balance Sheet?
11:28 - What is the Income Statement?
11:43 - Profit vs Cash Flow
11:54 - What is the Cash Flow Statement?
12:04 - Who would use Financial Statements?
12:34 - STEP 8: POST CLOSING ENTRIES
12:41 - What are Closing Entries?
12:51 - Closing Entries Example
13:10 - Post Closing Trial Balance
13:20 - THE ACCOUNTING CYCLE
Sir, I have a naive doubt to ask. Are these videos based on the concept that financial year is from Jan to Dec , instead of apr-mar?
@@cannibal0613 In my videos you can assume that unless I have said otherwise :)
@Gowtham A Thanks, I'm glad you enjoyed it :)
Thankz.. & luv frm india💖
Best video which I only needed to watch to clear all my basic doubts about financing and a huge request for more such videos like financial ratios ROE,ROA, ROS, etc ….. u know it as ur the champion of it all😄. A lot of love and support.
I’m a financial accountant for over 20 years. All accounting students MUST watch this video. Very well done
Any advice for college students?
Hey I'm 23 and really stupid do u think it's possible for me to learn this
@@keybladerasta4142 anything is possible for you to learn. You just need to dedicate yourself. Also, you're not stupid. Change the way you talk about yourself.
can u take my midterm for me im scared
@@muemuemue very late on this. But accounting is a very hard college major especially when you get to intermediate accounting. You cannot half ass this major. If you think you've learned the material and are ready for the exam, KEEP DRILLING IT! Because guess what if you plan to sit for the CPA exam the topics will come back and bite you. The hard work pays off though. The demand for accounting professionals is very high and the income potential ranges from comfortable to well into 6 figures (7 figures at the executive level).
This is a legitimate college course. I'm an Accounting major and am taking Acct 301 and this guy went over...everything I've learned in that class lol. Granted there's more detail in the class, homework, you learn how to actually prepare the financial statements, etc. But all the topics are the same. Good job man.
Glad you found it useful!
Be my tutor! Please.
Is it bad that I’m also in the 301-302 classes and don’t know shit? Literally almost nothing cuz of online learning. Please tell me I’m not alone 🥲
@@alexistoxqui6984 me rn, how is it so far ?
@@Cutecraftable I was you guys 5 years ago. I'm still you.
2 weeks into my accounting degree and nothing made sense to me until I watched your video. It's wonderful how you managed to break down a lot of high level content into smaller bits and pieces and show us the links between the concepts. Amazing teacher! Thank you so much!
Thanks Hanna, hope all's going well with your degree!
3 years into my accounting degree, and nothing ever makes sense trust me lol
@@albinabehrami1536Sorry to hear that you've been having a hard time with it. I struggled as well. Keep on practicing and I'm sure it'll start clicking for you
@@Omar-xk3ct You need to be familiar with the transactions that are going through the business. Often it's the usual suspects each month
If this aint me rn 😭
I'm a financial accountant in Brazil for over 12 years. Now I'm trying to get a job in another country, this video helped me a lot to learn accounting terms in English. Thank you very much!
No problem, best of luck with your job hunt!
If by some miracle i pass this class it will be thanks to you. This lesson literally made more sense than an entire semester. Thank you!!
Good luck Alexandra, I believe in you!
so did you please tell me you did
@@samueltoh4019 Alexendra? did you?????
Alexa did you?
Ale pls did u pass?
I come from a theory and analysis humanities background, and now work a typical office job. Have always steered clear of anything that sounds like too much math.
I needed something stimulating and challenging, but felt stuck…as if I was losing brain cells.
This video was like a massage for the brain. Thank you so much for this.
You're very welcome, glad you enjoyed it!
Well this summed up my two years of accounting classes.
Hope it made sense :)
Haha. I think they make it overcomplicated.
th-cam.com/video/iMOPubmEaqI/w-d-xo.html
@@shichiromegane1239 is that the code Geass op?
@@shichiromegane1239 Good shit bruv
This is the channel I have waited for. Thank you for existing and making all our lives easier.
No worries Sean, I'm happy to help!
@@AccountingStuff do you by chance offer paid assistance for accounting set-up? For ltd's. If not continuous service, maybe a correct setup?
@@johnstate7650 I don't I'm afraid
@@johnstate7650 do you mean for your business. You might want to try my Accounting Software Supplement book available from Amazon. Links in my YT bio. If it helps, I'd appreciate an Amazon review.
It does but you have to stumble across these resources at the right time. Relying on Zoom alone when you’re likely to have lecturers who aren’t prepared for online teaching (which is probably a shame because a lot of people would prefer it to in-person lectures at least 60% of the time) is hopeless and won’t get you anywhere. Many people try that and end up failing and repeating.
why i came here? cos i didnt listen to my teacher in zoom
Haha......same!!!!
Same here😂😂
Real shit
YES! You hit the nail on the head there. Same boat.
Why is this so true
This is the most creative and interesting channel that offers free accounting tutorial. Kudos to you, sir!
Cheers Junemar :)
th-cam.com/video/iMOPubmEaqI/w-d-xo.html
Mate, your channel it's the top visual learning resource for Accounting students/graduates. Cheers from Scotland 👍
Thanks Adrian, all the best!
I agree 👍🏻
ditto. one of the best found on line !
I've just started my degree and hopefully I can learn a thing or 2 from you
@@AccountingStuff Can you make a video on accounting cycle please it would be much appreciated :)
I was a CPA for more than 30 years before retirement. This is a great video. It would have been nice to have this overview as I waded through Accounting I, which was a fifteen week course.
Started my MBA program and the accounting course gave me anxiety. This video is the best 14 minutes of my day so far. I am more confident that I can do this💪
Thank you so much
Just completed my bachelors in accounting and finance, this was a pretty good summary of financial accounting as a subject!
Congrats on completing your degree!
how is it going for you? I'm considering going to college for it
@@austinmiller4505ust go for it if you like accounting. Pretty high demand in job
@@austinmiller4505 don’t get stressed when you see how much you have to learn and remember for each semester
How has your degree been doing for you in the last two years? I work with ledgers but not a accountant by any means
I have just finished my accounting test, i gotta say you really helped me a lot, I had two semesters of accounting and still confused a hell. your videos are so easy to understand and so well professionally edited , i watched all videos in this channel in only two days and understood so many concepts and calculations in just two days than the two semesters i had in college. To be honest, you are literally the best accounting channel in the internet. I recommended your channel to alot of people, hope this channel will grow big and have millions subscribers. I also always try not skip ads to support your channel 🤘
Hope the test went well! Cheers for all your support :)
My journey with accounting has always been on a touch and go basis through college and university - I know enough to pass the papers. Now that I am working full time as a finance controller, I found my knowledge in accounting lack thereof, often trying to piece what i know together. So I have decided to unlearn and relearn everything. I have to say - this is the most interactive accounting channel with very elaborated contents!
It's so easy to get bogged down in the day-to-day tasks at work and forget the big picture. Good on you for coming back to the basics, I think we all need to do that from time to time.
I agree ☝🏼 I’ve been doing it for 20 years and software is constantly changing.
th-cam.com/users/shortsjXNBGrAVzV8?feature=share
I got my accounting degree 30 years ago and to this day there's probably still nobody in that university who could explain it as well as this. I especially love the scales illustration of debits and credits - it made so many terms I never thought about the meaning of make sense - Balance Sheet, balancing the books, out of balance. Also the comment that debits and credits don't mean good or bad, or plus/minus - it's little things like that that can make all the difference between confusion to clarity and confidence. DEALER is handy too. Amazing teaching. Well done You.
Hey Anna, thanks for your kind words!!
I'm here cus I don't completely get it in school- but am actually genuinely interested in accounting, only four minutes in and I already understand so much more! 100% gonna reccomend my teacher shows this to the class.
fantastic video Everybody wants to be financially independent and live a better life. With savvy investing, an inexpensive lifestyle, and diligent budgeting, this is not difficult to do. I'm glad I realised early on that achieving financial freedom requires hard work.
Sincerely, I'm genuinely moved by what you said. I have a seizable amount of money that I am willing to invest if given the appropriate knowledge and I am highly interested in investing. My greatest concern is losing money on a bad investment. I'm open to hearing your advice on how to make sensible investments as a result.
@James Vigor As an OAP with extensive experience, I firmly think that having the appropriate information is essential to the success of any investment. Regardless of what others may say, do whatever you set your mind to. Warren Buffer frequently advises, "Be fearful when others are greedy, and greedy when others are fearful." The secret to succeeding even while others fail is undoubtedly this. Working with financial advisor Julie Anne Hoover, I earned $100,000. So far, working with her has been a promising experience.
@@marcelrobert9569 I just looked her up on the web and I would say she really does have an impressive background on investing. Will write her an email shortly. Thanks for sharing
Sucks like a Hoover
Bot
Currently a senior and I lovee this video because the bases that it covers over feels familiar yet naturally things I do feel are meant to be done. You have helped me realize what major is definitely catching my eye, will be watching more videos !!
These videos are a lifesaver. I’m in ACC213 and struggle with the exams, my college doesn’t have an accounting tutor and referred me to TH-cam, my own professor referred me to TH-cam and now I know why! These videos helps click everything in place. Thank you
Perfectly summed up my one-semester course in 14 mins, bravo!
This is the ONLY accounting tutorial I've watched from beginning to end without sleeping halfway through😂. Great tutorial!!!
3:06 I just have to appreciate that... really. By saying "this guy" and "this book" and showing images instead, spares us the 'distraction' (and images are easier to remember than names, for me). Honestly I get easily distracted by years and names because I don't like memorizing but feel like I have to remember every little detail, and I start to stray from the main idea. So thanks James for keeping me on track of what I am really here for.
And yeah I'm planning to watch the whole playlist. Thank you for all of these videos. I'm subscribing.
Thanks! I didn't want to bore people with a history lesson :)
this video covers my 1 semester worth of college in just 14 minutes,,, i'd click the like button 100 times if i could haha
th-cam.com/video/iMOPubmEaqI/w-d-xo.html
This is why I’m not attending college 🤣
th-cam.com/users/shortsjXNBGrAVzV8?feature=share
“The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.” - Robert Kiyosaki
Soon, there is going to be the rapture. It's when there will be trumpet sounds, and after the trumpet sounds, God will lift his people from here. Also, God said people should be living by the Bible. Amen, and God bless you.
* John 3:16 - "For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life".
Funny that he thinks rich people are held accountable.
Isn't Robert Kiyosaki a snake oil huckster?
@@TiniestKelpI don't remember. But I don't hold his words to very high regards. Doesn't he say to not tell everything that you know. So better read the bible.
@@LlednarHugh I don't know much about him, but my uncle reccommended me his book. I read partway through his book "Rich Dad, Poor Dad" and it's all vague, anecdottal platitudes.
The "If Books Could Kill" podcast has an episode on him if anyone wants to do further research.
Thank you for this accounting guide! This is a quite a very good summary of financial accounting basics! You did a good job making accounting concepts easier to understand. Definitely a must watch to those who want to learn accounting.
So useful I've been studying business management at Swansea Uni for about 5 weeks now and I was really struggling with accounting but this video was a great and concise way of explaining the basics. Thank You
Financial books have been so helpful. >> I’m 54 and my wife 50 we are both retired with over $3 million in net worth and no debts. We got to realize that the secret to financial freedom is making better investments.
I read a book that talked about having a financial adviser. Well, Credits to ROCHELLE DUNGCA-SCHREIBER, she saw me through the process. You can glance her name up on the internet and verify her yourself. she has years of financial market experience..
that very encouraging to the younger generation please.
Good evening. Would you recommend accounting as a career? I’m beginning to think it’s better than pursuing a career in pharmacy. If a pharmacist makes $10,500/month but has to invest in a IRA and HSA while an accountant that works directly for the state or government who is maxed on step increases makes $8,500-9500/month (12 years experience) has a defined pension ( increases 1.66% per year worked), then you really have to wonder who’s ahead financially. Also, with the state or government, no contributions are needed towards retirement, unless you decide to do a deferred contribution plan of some sort. Thanks for taking the time to read this
I love your teaching method, simple and easy to understand. On my journey to becoming a BookKeeper .
Thank you very very much.
Im here because im broke (well i have 50k NZD) and im sick of being broke. I have no education, no qualifications and no experience at the age of 35. I read a book called Rich Dads guide to investing. Ive decided i no longer want to be broke and want to either invest my money, start a business or both. Well i have to learn accounting apperantly among other things so here i am. Starting my journey in an attempt to becoming rich. Im going to study off youtube and hopefully utaloze what i learn into a successful money making scheme. Wish me luck. In 5 years from now i will review my progress.
Best of luck on your journey! Please be careful if you start investing
Good luck! You're well on your way
Gud luck brother
@AccountingStuff I haven't started investing yet.... so far my endeavors have lead me to taking up 3 jobs, I've learned to deposit my money at an interest rate higher than inflation to offset inflation (so savings isn't eaten away) the investing I've been looking at is property..... but first need to buy my first home. That's a long, long term goal though.
How’s the process going man ??? I’m 35 and starting a bookkeeping / accounting and tax preparing career myself . If you comment back I hope to hear good news and good luck on the journey
I'm a first year Accounting student in the Lebanese American University in Lebanon and your videos make the courses so much easier and straightforward to understand, much better than what my doctor does! Thank you loads!
My God!
Just amazed with his talent!
I mean in 14 minuntes, he summed up all the topics, I learened in 2 years (11th and 12th)!
Keep going man, may luck always favour you!❤
Thanks, glad you enjoyed it :)
@@AccountingStuff I have not a expected a reply from you❤️😅
Thank you so much!❤️
@@Kaur_06 No problem! I try to respond to all comments :)
@@AccountingStuff That's so sweet of you dear!
This, this is the single greatest review of financial accounting I've ever heard
Cheers Brandon, I appreciate it :)
I needed a refresher for written exam. About 2 years after graduation, I haven’t looked at anything accounting in 2 years... This bought everything back to me... Great video
Nice one! It's always helpful to return to the basics. Hope your exam goes well :)
I learned more in this 14-minute video than I have in my first two and a half weeks of a university accounting class I am taking. Thank you so much, you may have just saved me from failing this class!!
Thanks! I appreciate your help!!
I’m an accounting major student and this video is worth watching. It’s really informative
Great to hear!
Great channel! I'm an accountant myself and you explain the concepts really well. Videos are well designed and you just covered the accounting process in less than 15 minutes! I subbed; looking forward to some more videos.
Thanks!
how is it going for you? I'm considering going to college for it
Just discovered your page, I feel so lucky to bump into your page.
Pleaseeee can you try posting weekly or even biweekly? I think im speakin on behalf of everybody when i say these videos are absolutely amazing
@@speedrunmemes7138 ofc i 100% agree quantity over quality im just asking if he can try to post a little more frequently. Obviously his personal life overrides yt.
Hey there, I would love to do that but I'm working by myself and these videos take a long time to put together. Hopefully I the future I can streamline the process and release more consistently. All the best!
@@AccountingStuff I completely understand! Thanks for the reply have a good day.
@@godschiId No worries, likewise!
In James defense.. I can tell you these things take a LONG time to edit. So even he he did this and only this full time, we are lucky if he could get one a week!
i discovered your channel today, because i am an accountant student and sometimes i am lazy to study accounting. Your video motivate me to get back on track and helped me understand my first semester. Keep it going!
Great to have you on board! Best of luck... you've got this!
No.1 vedio in Accounting across all over youtube......
Truly Recomandable very nice....
YOU ACTUALLY MAKE IT MAKE SENSE. You just single-handedly (in 14 minutes) saved my midterm grade. AND NOW CLASS ACTUALLY MAKES SENSE. Thank you 100x, earned an extra subscriber.
Cheers Nick! Happy I could help. All the best with your studies :)
Bless your heart, man. You are hands down the best accounting teacher I've ever had. Someone give this guy a trophy.
Thanks Alyza, that's kind of you to say!
I been inspired by your videos and started college to go into the field of accounting. However I am going into forensic accounting. Can you do a video on that or the differences of the fields? Your videos have been a big help an have been used in study guides as well as group discussion's in my college to help out a lot of us, thank you ♥️
Hey Amanda, it's great to hear that you're going for forensic accounting. That field has always sounded interesting to me. Cheers for your suggestion, I'll keep it in mind for future vids! Best of luck with it all
i started accounting degree 2 weeks ago i literally didnt understand anything but now after wathching this video i am starting to get the gist of it.
James you genius!!! For the first time in 3 years i moved from a D- in accounting to a B+ and going on an A+ ending this year!!
Congrats!!! That's all you
@@AccountingStuff dont be modest bro if not u id be in the mud
@@pakovstheuniverse Well cheers, I'm happy to help and it's great to see hear that you're doing so well
Your videos are awesome. What I haven't understood in university and also the years after that is so clear now thanks to your videos. Hope you create more and also one on financial ratios as you mentioned in this video. Thank you!
Thanks! I'm working on a whole Financial Ratios series :)
You literally just summed the past 3 weeks of my accounting course into one video. Respect: 100
Cheers Silas! All the best with your studies
Just got my first interview since graduating with my Accounting Degree. This is useful and thanks for the knowledge.
I'm a high school student in my senior year and I'm thinking of accounting as a bachelor's degree! Will binge watch ur videos. Great work! They're so informative
No worries, best of luck with your studies!
I’d advise you not to unless you want to specify as a chartered accountant specifically. If that’s not the case for you then you’ll probably have better luck going for something more interesting rather than spend at least four years stuck in a cycle of audit-and-entry monotony. The more humane/international side of the course has enough perks but everything else is just dull. Profitable (if that’s your future prospective career) but dull.
You just taught me more about financial accounting in less than 15 minutes than my college professor has in 3 weeks. Bless you.
That's great to hear, hope it's making sense for you!
th-cam.com/video/iMOPubmEaqI/w-d-xo.html
th-cam.com/video/iMOPubmEaqI/w-d-xo.html.
th-cam.com/video/iMOPubmEaqI/w-d-xo.html...
just went through a whole semester in 14 minutes I wish I discovered this sooner!
I’m sure many people wish they’d stumbled across these resources just a tad sooner. I suppose it’s technically never too late but I can imagine a lot of students being pissed and demoralised at the way Accounting would’ve been taught (barely) over the past two years (especially during the heat of the pandemic). I don’t think people acknowledge that enough.
I’m more than happy to discover this channel. I need to thank you for your time for this, particularly a fantastic watch!! I liked every little bit of it and I have subscribed you to look at new posts all the time.
Thanks, great to have you on board!
Very helpful especially during these quarantine days. Thank you so much for this high valuable content.
No worries Ney, hope you found it useful
I bet you a lot of Accounting students who either ended up failing and repeating or graduating with a certificate they weren’t very happy with wish they’d stumbled across these resources in 2020. Lecturers are just fine at the best of times and online teaching should be a viable alternative 60% of the time (wherever students choose to live or pop in and out of) but what’s glaringly-obvious across the board is that lecturers weren’t prepared for online teaching and many students’ marks have suffered severely as a result (even the most intellectually-adept ones). I feel like everyone who was due to graduate during the pandemic or this year should’ve just been given a basic pass and possibly a higher grade depending on the quality of their dissertation/s (which carries more modular weight and lets people go off and do their own study/research independently and without group collaboration, since it’s their individual project/writing). I don’t think the situation this cohort of students have found themselves in since the tail-end of 2019 has been fair at all.
Welcome Back James, We really miss your stuff bro.
Thanks Nadeem, hope you're keeping safe & well!
July 7, 2021 - I'll come back here again after 4 years after I graduate from Accounting. Im so excited!
Best of luck with your studies!!!
200,000 subscribers, it is not mental. You are doing such a good job educating us. THANK YOU ‼‼
Thanks :)
James this video is lovely. I am from Turkey and I work on accounting in Turkey. I had to train people from other countries and I was worried about the language and technical words. I am so glad to find your video. I appreciate your great work here. It is an absolutely immaculate expression. Thank you
Thanks for your kind words!!!
Currently taking a 5 week Accounting class and I've had better understanding from this video, Thank you so much!
No worries Kevin, hope it's making sense for you
Another very easy to follow accounting video - Big thumbs up! 👍👍Would be good to see a video on financial ratios when you get time!
Cheers Mike! Yes I plan to cover them soon
I'm begrudgingly having to learn accounting for some projects, because nobody else will do it. Thank you so much for making such informative and efficient educational videos. You're making this much less of a hassle than it could've been for me.
I am fresh off the boat new to accounting and in that 14 minutes I have learned and understood a lot in that small amount of time. MINDBLOWN! THANK YOU SO MUCH!
No problem, glad you found this useful!
Hi James, wanted to say thank you, because I didn't pass the exam but rather got a JOB thanks to your videos!!! God bless you and I wish you and your family a lot of health and happiness.
James, I can't go without commenting about this..🤔 This video sums up the basics in Accounting. You nailed it.👌And you made it so simple to understand for everybody, from students to professionals in and out of Accounting world👏👏 Congratulations James!! Keep up the great work😎👏
Cheers Landry, I'm glad you enjoyed it! Thanks for your support
With inflation running at a four-decade high, the Recession is now the ‘most likely outcome for the economy and I cannot imagine being a victim of circumstances. My portfolio suffered a big hit, holding it further won’t be any good. I've heard of people netting hundreds of thousands this red season. How can I ensure this?
True, the idea of a portfolio-coach used to sound generic, but a new study by investopedia actually found that demand for portfolio-coaches sky-rocketed by over 41.8% since the pandemic and based on firsthand encounters, I can say for certain their skillsets are topnotch, I've raised over $700k from an initially stagnant reserve of $150K all within 14months.
@@hermanramos7092 I will be retiring in two years and I have a goal of doing that with $1M. How can I reach out to your guide?
@@lipglosskitten2610 The advisor I use is actually quite known, you might have heard of her, Catherine Morrison Evans, she's been featured on several platforms including CNBC and Bloomberg, you can search her name.
@@hermanramos7092 She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
I’m here because I don’t understand my teacher’s recorded PowerPoints.
I understand what you mean
It’s like a different language
You only understand the numbers
Me too!!!!!!!!!!
tysm!! Ive just graduated senior high school in track of ABM (Accountancy Business and Management) with no actual classes (yk, covid situation) and learning close to nothing. You just saved me, man from going to college knowing nothing. Im gonna take bookkeeping part time jobs too soon, tysm!
Congrats on graduating! It must have been a tough year
Thank you so much my friend, This video helped a lot and I believe in after a couple years I will come to enjoy taking my part in this process for my new business.
I have been struggling through Grad School Accounting Basics. I just haven’t been getting it. I have lost count how many I said, “well that makes sense! I get it now!” Thank you very much.
At least I’m not the only grad student that feels this way. Lol
No worries, it took a long time for all this to make sense for me too. Keep plugging away and you'll do great
Damn, that upvote / downvote ratio must make you smile. And it's well deserved. You're awesome!
Cheers Mark!!
Thanks ! I'd like to see a video on financial ratios. And one on dividend distribution.
No problem! Thanks for your suggestions
Sir, I'm glad that I found this amazing channel. Your videos have helped me thank you 😊
Love from Bharat 🇮🇳
Thanks, great to hear you're enjoying these vids :)
I love that you break every technical term down to the definition
I would really love to see some videos that deal with accounting ratios. Thanks for all so far
Hey Anne, cheers for getting back to me on this!
@@AccountingStuff I would welcome financial ratios as well. Especially debt to assets.
When you did they first entry I was like “noooooo!!!! Deferred revenue!” Was so proud of myself 10 minutes later when you were like”but wait, we made a mistake.”
Well spotted!!
Your videos are so well made. Easy to understand and the editing is also on point.👌🏻👌🏻 I love financial accounting compared to management accounting which is a bit more difficult than financial accounting to be honest. Keep up the good work and congrats on 300k subscribers. 🎉👏
Thanks!! I plan to make a bunch more of these
I really don't like accounting but am studying an accounting unit for my degree at the moment. I thoroughly enjoyed your video. Great explanations!
I've said this to you before but you ROCK, No one else explains as well as you do, such plain clear without an ounce of patronizing. Thank you for your videos!!!
Thanks for your kind words!
Before starting my highschool life, I thought of watching these kinda awesome videos, thanks ever so much 👍 now I'm having top notch grads,😁
Nice one! Great to hear it's going well for you
thank you for your very condensed information
You're welcome :)
Wow this video is amazing! Thanks for making this. 💪🏻
Thanks mate :)
Really solid video…learned a lot. I’m a Field Service Manger at a landscaping company and going back to school for accounting and this really helped a lot. You explain things really well…I think you would make a really good accounting professor.
Thanks for your kind words!
You are literally better than any other lecturer or professors I cannot understand a damn word wheb they go through the lecture with a religious sounding text book but you just made everything so much easier to understand with some sensible human language thank you so much
OMG i love the way you explain everything, best channel ever, thank you so much TT
Thanks Jackeline :)
I gained more brain cells than I have at school thanks bruv
Haha, thanks!
Hi James, I've been learning accounting and finding your accounting basics playlist an absolute life saver! I've been looking for a clear video on accounts and the types of accounts/what goes where. I haven't been able to find anything in your playlist just wondering if this is something you've covered at all? Thanks again for your amazing work. Best youtube educational videos without a doubt
bro taught me more than my lecturer did in 2 years and it him just 14mins
Thank you!!!!! Just started Accounting at Uni this semester without doing it in high school. I had no idea what I was doing but your videos have explained it all in layman's terms which make is so understandable!! You have saved my grades!!!!
You're very welcome! Great to hear that you're studying accounting :)
your voice is nice and soothing ☺️ thank you for all these, wish I could have you as a personal tutor lol, this is much more helpful then the school material. Thank you!
Cheers Amanda, it's great to hear that you're finding these helpful! All the best with your studies
Watching this a couple hours before my exam, obviously
How did it go??
Same HAHA
@@AccountingStuff pretty well thanks for asking
@@javierjp8549 Nice one!! Hope you got the marks that you're after :)
Finally, someone breakdown accounting for a non-accountant.
Just commenting to show appreciation. This truly helped me catch up with my financial accounting class.
Two classes of accounting this semester got 95 percent in both but didn’t learn anything. I’m glad I found this so I can understand this better
So helpful🙌🏽🙌🏽
Thanks!
I’m 19’and I don’t know what I want to do with my life yet and I thinking about an accounting career because I took an accounting class in high school
Would be waiting for auditing and tax videos. ❤️
Thanks for your suggestions!
I am a cost accountant with the US Government, and every now and then, I love to dive back into the basics. And though I knew exactly where he is going, I loved answering what he was about to say. This is a great video on accounting.
Great to hear you enjoyed it!