Accounting Basics 4- Liabilities

[MrJama1ca]

i was about to quit accounting because i don't know what it was about...until i saw this video and now i am SUPER interested!!!!!!!!!!! It is about understanding things in your own way rather than the books way....U ARE MY HERO, i love you susan!!!!!!!!

[LaDominicana2011]

Lady you have saved my life

[polkame018]

look at all those markers underneath the paper xD

[BenTamify]

english and accounting, i like it.

[samitce]

you are the best professor i have ever seen. you are clearing things in such a way that even a school student would understand . please continue to do this help. you don't know how many of us are benefiting from this. thumbs up if you like this.

[dragonswordstriker]

My principles course was badly organized never mind how bad the prof was. You explain things nicely and in an order that makes sense. I wish I found these videos earlier.

[adelle0001]

salamat sa lecture!

[Agentxpoipoi]

thanks ma'am!

[FaithConcept]

You're better than my professor. >3

[007spiral]

It pisses me off that I am paying thousands for a college education...but youtube has a wonderful instructor who explains it all for FREE?!? SusanCrosson, if I could hug you I would!

[beexsama]

@007spiral

Yeah, sadly, you can't get a good paying job in the field without a piece of paper that cost you at least 4 years and a few thousand of dollars. ^_^;;; And you spend like a few more years having to pay off that debt, and you can't might not even be able to start paying it off because you can't find a job in this economy.

Sucks....

[EymardSiojo]

@007spiral I agree. My professors are crap! They can't explain it very well. Thanks to Susan. Accounting is easy for me now.

[KillahB33Z]

@007spiral

SO TRUE!!!!!!!!!!!!

[charlzalexander1985]

Hi Madam you are really great. i got a clear view on accounting concepts. Am going through all your accounting videos. Its really very interesting. I can learn accounts easily. It will be very useful for my career. God shall bless U !

[xxnicoleq]

you are a really good educator

[nairobia1231]

I took this for a whole year and it was my lowest grade. I wish I found out about these videos earlier! This seems so easy! :(

[Xxkhan1khanxX]

I don't have words to thank u respectable teacher

no one could teach better than u do

regards from Pakistan

[sstudiopics]

thanks



[1itosh]

To me buying an airline ticket sounds like a prepaid service rather than unearned revenue. Please explain again how that is a liability rather than an asset.

[JBersheim]

@1itosh I think she was saying that it was an unearned revenue for the airline. I assume for the customer it would be a prepaid service.

[amhealy06]

I agree!! Taking college courses and I fail.. watch this and I understand.. WOW .. 

[MrShamps100]

@amhealy06

Did u retake the test & Did u pass watching dis video in your exams

[Krahltan]

2:48

it's called i wanna take a plane ride LOL legend.

[gangstaaboii23]

relliii good techer

[newhorizon143]

thank u ms. crosson, I stop college due to financial insufficiency but through u'r videos I was able to refresh my knowledge at my convenient at no tuition, so if I return to school, it will not be hard for me to cope up accounting lessons,, ty.. hope u'l post mam more videos,, i really like and appreciate.

[Lida2011Aemilia]

I have a UIL Accounting meet to attend this weekend, and I was not prepared. These videos helped tons! It's simple and concise. I love it. Thank you for taking time to do this! You really make a difference!

[verymadmama32]

Need more examples for 'notes payable' beside a signed piece of paper from the bank. I'm still unsure what is a note payable. 

[chindhu114]

You are a genius..... i didnt know accounting was so simple.. thanks a lot

[pskillz500]

You are a valuable asset.

[KL180811]

well done!!!

[jere28miah]

thank you for all your videos.. you really make accounting a lot more uncomplicated...

[hardeepsingh1710]

If I buy a plane ticket which accounting treatment would I perform in my account? will I debit my account, or credit and why?

it would be expense account, right ...

so its credit the decrease, would my account be credited.. which i suppose is wrong.. please reply!

[hopaehab1]

@hardeepsingh1710 she meant here when she was talking about unearned revenue that you have to suppose that the company is airlines company and the customer is the ticket's buyer which is just customer has not to record any transactions, for example if you buy any thing from supermarket do you record this transaction?? offcourse not but the supermarket has to record this transaction. on the other hand if you are company and you buy plane ticket this will be according to why you buy this ticket.

[hardeepsingh1710]

@hopaehab1 thanks mate... got your point..;)

[ETCetera226]

this lady can teach a kindergarden class accounting! :)

[istheemcee]

Very Nice.

My only beef or query - what is the difference then between Prepaids (see prev video) and Unearned Revenue?

[cmonneah]

@istheemcee this may help you, or screw you up.... hopefully it helps you. I believe that prepaid rent, and unearned revenue are the same thing. They just appear on two different balance sheets. For you, the rent-payer, you pay rent in advance, creating an asset of prepaid rent for you. How ever, that same payment is, to the apartment owner, an Unearned Revenue of the same value.

So to answer your question, I think they are the same thing, just represented differently

[istheemcee]

@cmonneah That's exactly what I was thinking! Same thing just 2 different perspectives, one from the customer & one from the supplier.

Thanks for the reply.

[DawnOfRandomness23]

Wow, everything is so clear now!

[navinjmenon1]

gr8 job...was an amazing help thnx.

[MrTheDominonator]

I must thank you for how well you are teaching this! I have a question. Is "unearned revenue' the same as 'accrued income'? Thanks.

[ntp1]

good stuff Susan...as the saying goes "when everything else fails always go back to basics" or sth like that.

[MrZeddyboy]

Thank you Ma'am. Im starting to understand. Im really struggling with accountant basics. Im alittle intimidated by it. Please guide me through. Im looking foward to your responce thanks again. Ms. Crosson.

[Nepjupluto]

thank u susan! u r awesome! liabilities scare me, makes me feel like i'm poorer than i already am....it also reminds me of trust...

[zhenminliu]

Hi Susan, yes, it makes plenty of sense:) Thanks!

[joemols]

Correction, the Air Line has not given YOU a liability, the Airline has given ITSELF a liability...

[drago0n1234567890]

SHE PROMISED ME SHE WILL PAY ME :D HOORAY! hahaha your a great teacher

[theboombody]

If you're working in accounts receivable, for the most part once you get the check or charge the card you're okay, but there's always the potential for a bounced check or someone contesting the card charge. I think it's very rare for someone to win when they contest the card charge though. They need a substantial case to reverse the charge.

[corkeyguitarplayer1]

THANKS FOR POSTING

CORKEY

[inkrys29]

wow.. you're a great help!!

[MegaNancypants]

You are amazing! you are saving my life right now in accounting lol

[syaft]

very...very useful,,,,,, thanks mrs for this video

[MetalBassjunkie420]

Thank you!

[amarcosdurock2009]

This video will be a great complement to my English classes. Thank you.

[jp5764]

after completion this video tutoring I need your certificate.... LOL very nicw bravoooo

[TrueYears]

You are awesome, Ma' am!

[EternalIntelligence]

thank you very much ma'am.

-brooklyn, ny

[chrismathen]

you hv done a great job ma"m.

the cash which i give to the plane company to go to texas WICH U SAID IN THE VIDEO is not an UNEXPIRED INCOME IT IS AN PREPAID EXPENSE.

[STLFOOLISH]

thank you very much ! dis is really helpful

[Moi8Q]

nice way of simplifying the subject :)

Thanks for the video !!

[marchena2010]

Waaaay better than my professor. I wish i got credit for this, actually if i get an A it wasn't my teacher on campus that taught me.

[moorm2008]

yes this makes sense, thank you

[8BitAdventures]

You listed assets as Buildings & Automobiles & land. Then you said that Liabilities are responsibilities / promises to others. So are you assuming that the business has paid off their building, land, and automobiles with cash in order to list them as an asset? If not wouldnt it be considered a liability? Even if they did pay them off isnt a car a liability due to the fact that it will not go up in value and you need to pay insurance on it, a constant drain of money from the company. Thanks!

[NatasLT]

So are you assuming that the business has paid off their building, land, and automobiles with cash in order to list them as an asset?

Thats right!

If the business did not own the buildings & Automobiles & land The price they pay to use the facilities would come under ^rent^ and it would be a liability to the business.

Car is a ASSET because it has a value if you sell it. However the maintenance of the car (fuel,insurance,depreciation) would go under liabilities.

[PaoloMontano]

Accrued amortization.

It's a contra-asset that corrects the value of the vehicle.

As for maintenance, that's an expense which doesn't show up on the balance sheet.

[theworldGodonlyknows]

my basics suck even thou am a 2nd year all i can say is wow! thanks luv

[darkkanz]

Hello Susan,

i really love the way you teach, its so much easier then the method my teacher in school is doing...what im having trouble in school is that, like when you are making a ledger account, and you need to know what gets effected...this is where i get confused...i dont know that if one part in liability gets changed, what else changes, meaning something else gets effected...if you can please reply to me asap is possible :) Thank you - Kanz

[kesmit6]

i love this! it has helped me understand accounting so much better. thank you for making these videos!

[edtururu]

This is really helpful!! Learning the basics in my opinion is the most important part of accounting.. You do such a great job explaining it!! =)

Thank you!! =)

[saqibKisana]

really nice way to teach such a dry subject .. keep it up .. best of luck. i will definitely see all your lectures for my small business improvements.

[Dyphalse]

I have tortured myself over my accounting course for the last month, and here you are - a breath of fresh air! I have learnt so much from you, in such a short amount of time! That all teachers could be like you! Thankyou Susan!

[Rotan1987]

hi, i been taking accounting since high school n i was a bit confuse here with Payable Accounts....mayb this is advance but could anyone can clear this to me is Notes Payable and Interest Payable all falls under Accounts Payable or is it a separate different Account. If it separate explain, why, when its just Payable.

[arifa2006]

International Accounting is Different in SOME ways from British accounting...

Do ask teacher about this to confirm on some different terms used.

[sallycougs]

Thank you so much for these excellent classes :) It amazes me as a biology researcher!

[pryiaxo]

ur videos are helping me sooooooo much , i have an exam on monday n seroily this is so helpful...my teacher made it so dull i didn't want to go to class so im here now learring it for the first time:) thank youu

[chinchonchinchon]

Thanks susan for your interesting classes, you are such a teacher!

[dtibbotts]

What is the difference between "Unearned Revenue" and "Customer Credits"??

[SusanCrosson]

Unearned=Customers prepaid and services have yet to be rendered/earned.

Credits=Customers overpaid for services already rendered and are due refunds

[dtibbotts]

Thank you for your prompt reply! :-)

You make accounting easy :-)

Thank you for your effort in posting these videos. . i'm sure many people will benefit from these.

[baktarbund]

Susan you explain concepts in most understandable way. You are an awesome teacher.

[imkhan000078]

Unearned revenue: i didn't know that!! Thanks a lot. You r a g8 teacher!

[calatoangari]

Oh my God you are AMAZING!!! Thank you so much!!!

[spideybeauty]

Your sweet smile makes accounting interesting!

[jackiechan3ever]

welcome to Egypt any time i would like to help u as u r helping thousands of new Accountants ...thats for real we are so grateful

[clof2001]

I've been in an accounting class for 3 months and understood nothing. In watching 20 minutes of her vids she has explained everything 1000 times better

[Ur2Dadz]

@clof2001 I have never been in an accounting class and I can understand her.

[Ur2Dadz]

@clof2001 I have never been in an accounting class yet, I'm right brained, and I still can understand her.

[akadir]

She talks like a primary school teacher lol, but hey it works on me :P and I find her vids bloody amazing!

[cpa2be2008]

Thanks you for your unselfish sharing your knowledge in accounting. You are amazing and an excellent lecturer. One of the best.

More power to you.

[xar7]

god bless you

[mdollarpm]

This is very helpful, thank you very much!

[CMSpictures]

thanks for breaking everything down so nicely. your lectures are really easy to follow which makes learning the material a lot more fun. thanks & u rock!

[alistasia]

Thank U so much for your explanation. It is very clear and easy to understand. I thought I was the only one who don't get it. I feel better and good luck to everybody taking this subject.

[Crazynu]

finally i can do my revision in easy way. wish if u were my accounting lecturer.

[cluelessgal42]

God Bless you!!

I have been so lost in Accounting. I've been planning to read them up...but i couldn't get myself to read all those pages. This is so much help.

Thanks a lot.

[zlshan]

love her work..thnx heapz susan

[Tharaka119]

Thank You very much!! I learned lots of things.. Thank U again...

[ilumistar]

excellent i will keep u saved if i need to brush up on accounting. Even though i am a management major.

[luiszimb]

Amazing, great positive attitude.

[ALPendulum]

GREAT

[lolita88888]

If only I had you as my accounting teacher when attending college then I would like accounting much more!

[lvbuyers]

Great video..very helpful.

Thanks alot susan.