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MV Learning Systems
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Приєднався 28 січ 2020
Financial Accounting 101: What are T - Accounts and How to Use Them
T-accounts are a visual representation of the activity in a particular account and can be a very useful tool (especially when learning accounting) to track ending balances and journal entry activity.
They can also be used to double-check your work and ensure accuracy of the journal entries you make.
Remember: Debits on the Left, Credits on the Right!
They can also be used to double-check your work and ensure accuracy of the journal entries you make.
Remember: Debits on the Left, Credits on the Right!
Переглядів: 2 105
Відео
Financial Accounting 101: Balance Sheet Journal Entries - Part 2
Переглядів 8984 роки тому
This lesson goes into more complicated Balance Sheet transactions and uses T-Accounts to help keep things in order. Balance Sheet Journal Entries Part 1: ua-cam.com/video/I4HN9n7oJII/v-deo.html Transactions: 1. ORDER SOFTWARE: Our company signs a contract for the development of a mobile app for $9,000. No code / software has been delivered and no money has been paid. No Journal Entry Required 2...
Financial Accounting 101: Balance Sheet Journal Entries
Переглядів 3,1 тис.4 роки тому
This is lesson breaks down the basic common Balance Sheet journal entries including how to determine debits and credits. 1. Issue Stock to Owners: A company issues common stock (OE ) to it’s owners as evidence of their contribution of $10,000 cash (A ) deposited into their bank account. Dr. Cash Cr. Capital Stock 2. Invest in Logo & Trademarks: The company paid its vendor $400 cash (A-) in exch...
Financial Accounting 101: Accruals and Deferrals - Accrual Accounting - Made Easy
Переглядів 68 тис.4 роки тому
This is the lesson that helped me to understand deferrals and accruals. Think of Deferrals as ‘Dollars before Action’ and Accruals as ‘Action before Dollars.’ Deferred Expense Asset: Prepaid Expense Think of this as an expense where we paid Dollars before the Action of incurring the expense. Our vendors owe us, this is an asset. Deferred Revenue Liability: Unearned Revenue Think of this as reve...
Financial Accounting 101: Expense Recognition / "Matching" Principle - Accrual Basis Accounting
Переглядів 6 тис.4 роки тому
This is a detailed description of the Expense Recognition “Matching” Principle in Accrual Basis Accounting. We go through the three situations created by this principle and the journal entries that go along with them. According to the Matching Principle, expenses should be recognized (measured / recorded in the accounting system) in the same period as the revenues to which they relate. In short...
Financial Accounting 101: Revenue Recognition Principle - Accrual Accounting Basis
Переглядів 11 тис.4 роки тому
This is a detailed description of the Revenue Recognition Principle in Accrual Basis Accounting. We go through the three situations created by this principle and the journal entries that go along with them. According to the Revenue Recognition Principle, revenues should be recognized (measured / recorded in the accounting system) when they are EARNED (or when the company has fulfilled its oblig...
Financial Accounting 101: Cash Basis vs Accrual Basis Accounting
Переглядів 1,5 тис.4 роки тому
This lesson gives us key differences between Cash Basis and Accrual Basis Accounting, and when it might be appropriate to use both. Cash Basis: -Not accepted under GAAP -Revenues - Recognized / Recorded when cash is RECEIVED (not necessarily when it is earned) -Expenses - Recognized / Recorded when cash is PAID (not necessarily when expense is incurred) Cash for sales is rec'd Expenses for prev...
Restaurant Management - Food Cost Part 2
Переглядів 1654 роки тому
This is an expanded lesson on calculating an accurate Food Cost Percentage. I used the same numbers as the previous food cost lesson, but went into greater detail on the relationship between food inventory and food cost. The first, lesson can be viewed here: ua-cam.com/video/UJVINpVP3X0/v-deo.html Food Cost = Food Usage / Food Sales Where Food Usage = Beginning Inventory Purchases - Ending Inve...
Financial Accounting 101: Financial Statements
Переглядів 8164 роки тому
This video gives us the basic structure and relationship between the four financial statements. 1. Income Statement: Revenues -Expenses Net Income 2. Statement of Retained Earnings: Beginning Balance R/E Net Income -Dividends Ending Balance R/E 3. Balance Sheet Assets = Liabilities Shareholders' Equity 4. Statement of Cash Flows /- Operating Activities /- Investing Activities /- Financing Activ...
Financial Accounting 101: The Accounting Cycle
Переглядів 8784 роки тому
This lesson is a list and short explanation of the elements in the accounting cycle. It was helpful for me to get a 'bird's eye view' of the accounting cycle so I could see how all the small steps fit together. 1. Analyze Transactions 2. Create Journal Entries 3. Post Journal Entries to Ledger 4. Trial Balance 5. Record Adjusting Journal Entries 6. Adjusted Trial Balance 7. Prepare Financial St...
Restaurant Management - Calculating Food Cost - Simplified
Переглядів 2144 роки тому
Simplified food cost calculation. Figuring out food cost doesn't have to be difficult, BUT it's a bit more than just adding up how much food you purchased. Food Cost is actually about USAGE, not necessarily purchases. It can be calculated with the simple formula: Food Cost = Food Usage / Food Sales Food Usage = Beginning Inventory Purchases - Ending Inventory Food Usage In the example, I simpli...
Basic Financial Accounting 101: Debits & Credits, T Accounts for Journal Entries
Переглядів 8984 роки тому
Debits and Credits as they relate to T Accounts for making Accounting Journal Entries ALOE RED Assets, Liabilities, Owners Equity Revenues, Expenses, Dividends First, draw out the ALOE RED t-accounts Put the ' ' signs on the outside accounts (Assets & Owners Equity) Put the '-' signs opposite of the signs Liabilities are the same as Owners Equity Revenues follow Liabilities Expenses are the opp...
Learn concept and accounting treatment of Deferred Charg. ua-cam.com/video/l_ObtfRnAGU/v-deo.htmlsi=g_vlZ6-D-IBQlx9y
this was such a hard concept for me to understand but i appreciate your video in assisting with my education
Great man, lovely
Thank you so much! I have a test in Financial Accounting tomorrow and deferrals vs accruals was something I was still struggling with! This helped a lot!
Great video, really nice trick to uderstand this concepts!!!!
Underrated!!
This was amazing! I am making you my study material for my Acct 101 class this semester. I was stuck on this concept for an hr. Thank you!!
Awesome
He cute af!
This video is so good. I kept forgetting which means what but the A and D thing is so smart thank you so much
Excellent videos. Many thanks
wow
Thank you so much I have got this wrong so many times. Your explanation was simple and concise.
Journal entries: please correct if journal entries below wrong......😢 (DEALER) Debit prepaid deffered expenses Credit Cash Debit cash Credit deferred revenue Debit Accrued expense Credit Accounts Payable Debit Account Receivable Credit Unearned revenue Accrued Revenue is basically unrecorded Accounts Receivables. Pre-paid expenses are paid for future economic benefits. Like insurance or rent. Prepaid Expenses and Accrued Revenue are both classified as Asset accounts on the Balance Sheet. They are used for Adjusting Entries. Prepaid Expenses are payments made in advance for goods or services to be received in the future. Accrued Revenue represents revenue that's been earned, but not invoiced yet.
Perfect..
This helped a lot 😊
Accured revneue isnt the same as an account receivable Account Receivable: Money owed to a company by its customers for goods or services delivered but not yet paid for. It is recorded when an invoice is issued. Accrued Revenue: Revenue earned by a company for goods or services provided but not yet billed to the customer. It is recorded when the service is performed or goods are delivered, even if the invoice hasn't been issued yet. Both are types of receivables but are recognized at different stages of the billing process.
very good, thank you
Wow! So easily understand! Much help for me!!!
Best video on accurals and deferrals ever ! Thank you
Fantastic method to teach conecpt
Mannnn....this is out of universe you blown tge head of thousands of teachers....wow what a great teaching
You just made that way easy for me, I was having a hard time understanding it. Thanks!
Creative and very-well explain.
What about deferred tax
Tq for the tip, kind sir.
Thank you so much for this!!❤
Thank you very much
W
Thank you sooooo much for this clarity
Dollar & Action ! Simple and easy to understand concept .I wish you were my teacher in School
You are a good teacher!!!!!
Exactly tank you
hope you get more views, you're actually good at explaining
Great
So helpful man. Love❤
Short, Clear, Easy…THANK YOU!
Thank u! Great video
Thank you so much. Very well explained.
simplest and best way in explaining concepts. thank you, sir! more power to your channel ❤
Very good explanation. Saved me a lot of time
Love the simplicity. Ty!
Four lines that explain it better than the entire chapter of my book + a lecture in a class.
Very good explanation, thank you.
absolutely fire video. terrific job my man
well done
grazie frate
You just explained this better than a Upen Professor! Thank you
When he pulled up that dollar before action sht, I was like this guy is a genius
His metaphor in teaching is worth to learn!
Real