Im surprised at how much everyone loves this guy.. he must be pretty damn good in finance, business and/or accounting, but what he's explaining is the basics of the basics.. 2 minutes are frankly not enough to cover such a broad aspect of financial accounting. A good resume nonetheless
I am selling the Solution Manual and Test bank for Intermediate Accounting 13e Kieso. You can message me here for additional info. I am selling it for only $24.99.
It is quite complicated to understand the meaning of the key words, e.g. Stock. However, this vid has really helped me due to you have defined it in the most simplest of words, Thanks again.
this is how i understand adjustments. in personal context, let us say u subscribe to a monthly magazine on Jan1st for the whole calendar yr. But by 31st march, you'd hv received only 3 copies. But if you have to file your tax returns and if this could be accounted for as expenses (say u r self employed to be eligible for this), ur income and expenses statement would say you have spent on 3 months subscription as yet and hv prepaid for the next 9 months. this is called adjustment of accounts.
so the 9 months subscription that's pending will feature as goods receivable or accounts receivable (should the magazine ppl give u a refund for whatever reason for the 9 month period) while the portion of the money u spent on the 3 months subscription that you hv enjoyed will feature as an expense incurred. For corporates, replace the magazine subscription with annual maintenance contracts, one-time annual insurance premiums or professional memberships.
So are liabilities and debts used interchangeably? From what I've been taught in Accounting 1 and 2, Liabilities is usually the general title of accounts when you include debts AND obligations of accounts on a balance statement. I think we're still on the same page though, because nonetheless debts and assets do balance out (or are at least suppose to when done correctly). Great explanation tho.:)
Total Liabilities and Debt are used interchangeably. This is illustrated also for example when Debt/Equity ratio is calculated (Total Liabilities/Equity). We are on same page as Total Liabilities is arguably a more formal all-encompassing term, but not as conceptually clear and powerful. In the end Total Liabilities (Debt) and Equity = Assets as you say, although there are a lot of acounting terms in the detail afterwards as well. Thanks for question and interest.
Im surprised at how much everyone loves this guy.. he must be pretty damn good in finance, business and/or accounting, but what he's explaining is the basics of the basics.. 2 minutes are frankly not enough to cover such a broad aspect of financial accounting. A good resume nonetheless
smokenfly514 1 year ago
EZDIA is a place where you can Get Experts Advise . And Make Your Own Knowledge bucket Online
86rishabh 2 years ago
This guy is a pimp. I watch his shit for 60 seconds and am enlightened
rvalverde86 2 years ago
lolololololololololololl i wathing this to help me revise for a business studies test tomorrow fml
dcproductionsTV 2 years ago
I am selling the Solution Manual and Test bank for Intermediate Accounting 13e Kieso. You can message me here for additional info. I am selling it for only $24.99.
Message me if you have any question.
Thank You
inzimam26 2 years ago
It is quite complicated to understand the meaning of the key words, e.g. Stock. However, this vid has really helped me due to you have defined it in the most simplest of words, Thanks again.
YT0YT0 3 years ago 4
Could you please explain adjustments within budgets? i really need some help in that....
cyasla 3 years ago
this is how i understand adjustments. in personal context, let us say u subscribe to a monthly magazine on Jan1st for the whole calendar yr. But by 31st march, you'd hv received only 3 copies. But if you have to file your tax returns and if this could be accounted for as expenses (say u r self employed to be eligible for this), ur income and expenses statement would say you have spent on 3 months subscription as yet and hv prepaid for the next 9 months. this is called adjustment of accounts.
praneix2 2 years ago
(read comment below and then read this)
so the 9 months subscription that's pending will feature as goods receivable or accounts receivable (should the magazine ppl give u a refund for whatever reason for the 9 month period) while the portion of the money u spent on the 3 months subscription that you hv enjoyed will feature as an expense incurred. For corporates, replace the magazine subscription with annual maintenance contracts, one-time annual insurance premiums or professional memberships.
praneix2 2 years ago
Many thanks
edris88 4 years ago 2
Many thanks im studying accounting and had no ideas what i was doing till i found ur excellent explanation.
edris88 4 years ago
hello...
great video, wonderful teacher!
My xams are @ the door steps, im worried because ive problems with partners equity chapter's section and depreciation chapter...
COULD U brirf me abt it ... thanxs!
keyfahaluq 4 years ago
So are liabilities and debts used interchangeably? From what I've been taught in Accounting 1 and 2, Liabilities is usually the general title of accounts when you include debts AND obligations of accounts on a balance statement. I think we're still on the same page though, because nonetheless debts and assets do balance out (or are at least suppose to when done correctly). Great explanation tho.:)
afroshaolin 4 years ago
Total Liabilities and Debt are used interchangeably. This is illustrated also for example when Debt/Equity ratio is calculated (Total Liabilities/Equity). We are on same page as Total Liabilities is arguably a more formal all-encompassing term, but not as conceptually clear and powerful. In the end Total Liabilities (Debt) and Equity = Assets as you say, although there are a lot of acounting terms in the detail afterwards as well. Thanks for question and interest.
savingandinvesting 4 years ago
retained earnings statement is the 4th
lysenkiy 4 years ago
You'll always be 5 - stars in my heart. Great video, plan to watch the rest.
randomDudeDeux 4 years ago
Thank you very much for the comment!
savingandinvesting 4 years ago