⏱️TIMESTAMPS 00:00 - Intro 00:08 - Financial Statement Definition 00:41 - What is a Basic Income Statement? 00:55 - What is a Detailed Income Statement? 01:52 - How to Make a Basic Income Statement 03:19 - How to Make a Detailed Income Statement
Hey James Your Vidz are INSANEEEE!!!! Literally helped me so much! Can you please do a video on the difference between profit and loss and other comprehensive income!?
Hello, this is for the channel owner, i wanted to ask u if u could plz make another video about income statement for level 1 NCEA in new Zealand that would help me @Accounting Stuff
Hey man, I just want to let you know I was having the toughest time in accounting until I watched your videos. I got a 91 on a hw assignment which I usually get 60's on. Thank you for all you do!!!
James, you represent all that is good in UA-cam tutorials: Accessible information, clearly explained, engaging images, relevant examples, enthusiasm, humbleness and a pinch of humour. I've sat and watched 2+ hours of your videos today to refresh my understanding. There should be accounting and finance lecturers who should take note. Good luck with the journey to a 500k subscribers, you deserve it.
I’ve been very overwhelmed in my Financial Accounting class lately… I have read the textbook and I feel like I can’t dedicate enough time to reading to use that to get enough of a grasp. My teacher is fine, but sometimes hard to follow. This helped me so much. Thank you
Hi James, as someone who was forced :) to do an accounting unit as part of my degree and having never-ever studied accounting, I found your series helped tremendously. I would like to recommend that you make a series on capital investment decisions, NVP, IRR and payback periods, that would be fantastic!! Thanks heaps.
As Always, Brilliant and easy. In my 4 year accounting and finance degree this channel is included in a few things that I admire most. Bro cost and managerial accounting is also seeking your attention. 👍
Hi, James! I just purchased your All in One Cheat Sheet Accounting Bundle! I have been following your videos for years and before purchased one section. You’re videos are VERY helpful!
This channel never fails to amaze me, everytime I’m having a hard time learning about Accounting this is my go to, I tried watching other videos but here I always learn about my lessons in minutes, thank you for making my student life easier!
Thank you, I work in the IT field and wanted to learn accounting on the side. Your explanation is very clear and helpful, I am grateful that I found this channel early in the journey.
Please please please do a video on Current Portion of Long Term Debit, how to calculate it and why its important! It's the only concept I'm continuing to have problems wrapping my head around and I can't find it anywhere in your content. Thank you so much for all of your videos. You've truly saved me more than once during my bookkeeping training.
Just saw the bundles you have for the cheat sheets and practice questions. That's pretty much I need. As a kinesthetic learner this will help out a ton! Picking that up tomorrow.
Hi mr. James, i would like to inform to you that i recommended your channel for my friends. Your videos are superb🤩 it give me more focus during learn accounting. Thanks a lot for your hardwork n dedication to teach us🙌🏼 (im so sorry with all my mistake in english)
Absolutely love all your content and this one was very informative! Thank you for all that you do. I start my first accounting class in a week (it's my major).
I'm studying accounting currently. Your videos are really useful to understand the concepts and fun, too! Can you do a video for present value and bonds payable?
After making my trial balance i was stuck . Ahh my teacher gave us assignment despite the fact that whole class couldn't get the trail balance (except me ) thanks for this video ill save it for future Ahhh Thanks Allah for such a helper ❤
Hi, can you do any videos on transfer pricing and how it can affect financial statements? Also a video on basics for taxes? I love you videos because you can explain it clearly enough for me to understand and not pull my hair out. Thanks.
Hi James How are u doing I am new to this UA-cam channel Love ur video u help me alot in clearing up my uneasy question Can I ask can u make a video on bank reconciliation I really don't understand it Thanks💓💓💓
Teacher first thanks I appreciate your hospitality helping us. We need some homework practice questions and answers thanks 🙏 from china #zheijiang normal university
Hi James, can you please make a video talking about the ledger accounts (especially the provision for depreciation account) because I need your tips for my coming up quiz. I would highly appreciate it.
Hey there! I cover the General Ledger in this one... ua-cam.com/video/Fu8zGee1SZw/v-deo.html And Depreciation in this playlist... ua-cam.com/play/PL5zKSeS09l324hTFoBXWq9T3tUY_LUrn2.html
Hi James How you doing I was wondering if you could make a video on how to post journal entries for firms like private equity and entries like unrealised value entries and management fee 🙏🙏🙏
Could you please explain why does opening stock come on the debit side of the Income statement and closing stock on the credit side of the Income statement. Infact why does stock even come in the P/L statement. Shouldn't it be only recorded in the Balance Sheet considering the fact that it is a capital expenditure?
Opening stock + purchase in the year - closing stock = basically the stock used in the year.... So opening and closing stock are both used in income statement(p/l acc)
How can something that seems so simple, be so difficult? It's like backward logic that takes a different brain and making me rethink my degree decision. Oh, and you're like the only UA-cam person who has ever responded to their viewers responses. Thank you for that.
Great video James, the only problem is, when doing a degree in England they do not put the trail balance items in order, they want you to sort them first, this to prove you know whats whats
hey bro i would like your suggestions on how to understand banking and finance major better all the stuffs i learn at Uni felt rushed without proper explanation. I would love to hear your advices
Hello bro! wish you more success in their field I gonna point out during every topic which you want to talk about it please explain it with the questions of the book it will be the more easiest way to get the point faster thank you.
If the depreciation is by "Unit of Production", could/should this depreciation then be included in the direct operating cost i.e. in the Cost of Sales ?
Hey there! I see you logic, but it would be very unusual to include depreciation in Cost of Sales. Even if you were using the Units of Production method, these costs can't be 'directly' tied back to the sale of goods since it's an estimate of the deterioration of a Fixed Asset.
James, I'm halfway through the basics playlist, and I have one last question: are these basics universally applicable, or do different countries follow different methods of accounting? P.S. Apologies if I sounded dumb, but when I googled which accounting principles does India follow it showed GAAP, and IFRS for UK, but the way you prepare financial statements is similar to what I've learned in college except for some bits ( for example: we don't have E.B.I.T.D.A). I'm so confused.
Hey Jayanth, these videos are made to help people understand Accounting Basics. The theory I cover is universal, but if you're preparing Financial Statements then you may with to refer to IFRS or GAAP for specific items
Can you please make videos on Accounts Payable , Accounts Receivable and General Ledger in Actual what works going on in the company and whats all the Journal Entries and process for that...I can't find any videos for that in You Tube...Please help on this...
Thank you for your information. I have learned a lot from your clip. But I just have a question. is the unpaid invoice considered a part of revenue in the income statement?
Great work! Am Accounting student.can l get merchandise business journal entries examples in both side, in seller & Buyer side with transportation cost & multiple income statement?
Wish could watch something related to deferred tax and business combination (consolidated report) God knows I got soooo much headache on this topic in preparing my CPA exam. Thank you
It would also be great if you teach us how to analyze these financial statements(Fundamental Analysis) rather teaching us only the clerical stuff. For Eg Let's say I want to purchase a stock of a company. How am I supposed to know that the company is performing/going to perform well by looking at the Cash Flow statement,P/L and Balance Sheet
Quick question, in this example does the Operating Profit become the EBITDA because it had the Depreciation and Amortisation deducted in that section? Might be not, since the Non-Operation expenses have not been deducted yet. But how will we realize EBITDA then if the Dep and Amort were already taken out in EBIT? Thanks in advance!
⏱️TIMESTAMPS
00:00 - Intro
00:08 - Financial Statement Definition
00:41 - What is a Basic Income Statement?
00:55 - What is a Detailed Income Statement?
01:52 - How to Make a Basic Income Statement
03:19 - How to Make a Detailed Income Statement
Hey James
Your Vidz are INSANEEEE!!!! Literally helped me so much!
Can you please do a video on the difference between profit and loss and other comprehensive income!?
@@aaronlipschitz9726 Thanks for your request!
Hello, this is for the channel owner, i wanted to ask u if u could plz make another video about income statement for level 1 NCEA in new Zealand that would help me @Accounting Stuff
I'm from India thanks for the wonderful explanation it's really easy to understand the concept 😊😊😊
That's great to heart! Thanks@@jayapriyaj8200
who is here and having examination tomorrow and try to save the whole term😭
I have exam today.😅
😂😂 eish i thought im the only one
Lol right on point
Me rn
I’m have 1 in an hour
I’m glad everyone else found this helpful. I’m still completely lost, and I might drop out. I hate accounting
Sorry to hear that you're having trouble with this. Let me know if there's any way I can help
I could hug you for this video. Seriously.
🤗
I'm pretty sure that you explained it better than our university teachers
Thanks!
Definitely dude!
James is fabulous in explaining accounts! Most tutors are boring and they’re making little sense 😂😉
Dynamic Income statement
link of file is in description box
ua-cam.com/video/UcWcjy0T4ng/v-deo.html
He definitely did! I need it too
Hey man, I just want to let you know I was having the toughest time in accounting until I watched your videos. I got a 91 on a hw assignment which I usually get 60's on. Thank you for all you do!!!
Congrats you nailed it!! That's great news. I'm glad it's making sense :)
James, you represent all that is good in UA-cam tutorials: Accessible information, clearly explained, engaging images, relevant examples, enthusiasm, humbleness and a pinch of humour. I've sat and watched 2+ hours of your videos today to refresh my understanding. There should be accounting and finance lecturers who should take note. Good luck with the journey to a 500k subscribers, you deserve it.
Cheers Robert! Thanks for your kind words :)
I’ve been very overwhelmed in my Financial Accounting class lately…
I have read the textbook and I feel like I can’t dedicate enough time to reading to use that to get enough of a grasp.
My teacher is fine, but sometimes hard to follow.
This helped me so much.
Thank you
Hey Paul, you've got this! Best of luck with it all :)
You explained this so much better than my university lecturers. Thank You!
You're very welcome :)
Hi James, as someone who was forced :) to do an accounting unit as part of my degree and having never-ever studied accounting, I found your series helped tremendously. I would like to recommend that you make a series on capital investment decisions, NVP, IRR and payback periods, that would be fantastic!! Thanks heaps.
Hey Sheree, thanks for your requests!
You sir are a life saver
I have a test tomorrow and i was panicking then i got the notification
much love ❤️
Hey Hassan, good luck in your test!! I hope you ace it :)
As Always, Brilliant and easy. In my 4 year accounting and finance degree this channel is included in a few things that I admire most. Bro cost and managerial accounting is also seeking your attention. 👍
Cheers Salman! Thanks for your suggestions :)
Hi, James! I just purchased your All in One Cheat Sheet Accounting Bundle!
I have been following your videos for years and before purchased one section.
You’re videos are VERY helpful!
This channel never fails to amaze me, everytime I’m having a hard time learning about Accounting this is my go to, I tried watching other videos but here I always learn about my lessons in minutes, thank you for making my student life easier!
No worries, glad I could help! All the best :)
Dynamic Income statement
link of file is in description box
ua-cam.com/video/UcWcjy0T4ng/v-deo.html
Thank you, I work in the IT field and wanted to learn accounting on the side. Your explanation is very clear and helpful, I am grateful that I found this channel early in the journey.
Give me a job 😢
Watching your video in the day before exam. Will see how it goes. Thank you for the video.
Good luck!!!
Love from Bangladesh 🇧🇩❤
Please please please do a video on Current Portion of Long Term Debit, how to calculate it and why its important! It's the only concept I'm continuing to have problems wrapping my head around and I can't find it anywhere in your content. Thank you so much for all of your videos. You've truly saved me more than once during my bookkeeping training.
Thanks for your request!
The way you transit from Trial balance to Income Statement was lit.
You are the best accounting. I would request you to please in the next tutorial can you teach us, how to make cost sheet
Thanks for your request!
incredible editing and presentation of the information for the ease of understanding!!!!! thanks for the education!
Thank you!!! You are great at explaining accounting!!!
Cheers Dustin :)
Just saw the bundles you have for the cheat sheets and practice questions. That's pretty much I need. As a kinesthetic learner this will help out a ton! Picking that up tomorrow.
Great to hear you're enjoying these videos :)
My goodness! Just what I needed!!!
Hope it helps :)
@@AccountingStuff It definitely does
wowwww this video really helpful. You explained it better than our lecturer. Simple and Easy. Thank you
No problem, glad you found it helpful :)
I think these videos are great! I still don't understand everything, but I understand more than I did!
You've got this!
Thank you for this video, keep going more video. :)
and don't forget about the bad debts and doubtful debts
Cheers will do!
How?
I will have a mid term exam next week...
How... did you know I need this one specifically?
Thank you, mister. :D
Hope it goes well!
23 minutes remaining for my midterm lmao
@@foreverprogaming2421howd it go?
Good to see your vid again. Looking forward for the upcoming vids as well!
Thanks buddy!
Hi mr. James, i would like to inform to you that i recommended your channel for my friends. Your videos are superb🤩 it give me more focus during learn accounting. Thanks a lot for your hardwork n dedication to teach us🙌🏼 (im so sorry with all my mistake in english)
Thanks, I appreciate it!
Absolutely love all your content and this one was very informative! Thank you for all that you do. I start my first accounting class in a week (it's my major).
Thanks Jubair and best of luck with your accounting classes!!
Great video and value!
Thanks for the video ! You are the best !
No worries, you're welcome ;)
my accounting teacher will probably make us watch this in class lol
Then charge you, sounds like he is a good accountant 😂
i'm in my introduction to business class right now!
Good to see you ✌✌ thanks for the video
You're most welcome :)
I really love your videos.
Thanks buddy :)
well this was super clear and easy to understand thanks!
From Mozambique -Africa learning accounting through your channel😁
All the best with your studies!
this is the best explanation over my whole 3 years university class T_T.
Thanks dude, keep up the good work
Thanks, will do :)
You are really the best accounting teacher 😊
Thanks :)
Thank you for the basic income statement introduction.
No problem, hope it makes sense :)
@@AccountingStuff yes, thank you. I am going through the keep looking at it for 4 months stage.
I'm studying accounting currently. Your videos are really useful to understand the concepts and fun, too! Can you do a video for present value and bonds payable?
Thanks for your requests!
God bless you man, really well explained!!!
This man has saved Generations 🙌✨👑
more helpful than mu business studies teacher tahnk u
- - - simple and good teaching - - - let's do recap before leaving - - -
Great Comeback bro.You are life savour, don't get tied of posting this stuffs bro
Thanks buddy :)
All your videos are just awesome! So catchy and so useful at the same time😃 Admirations 👌
Watching your videos since morning extremely helpful ❤️
my midterm is tomorrow and as usual your video explained it in the perfect way! thank you!!
Good luck Molly!!
Pov you got a test tomorrow
Good luck!!
Me rn 😢, revision is pressuring
@@twilightarts5506 Best of luck!
Correction. In 2 hours
@@twilightarts5506 fr
Good that you are back
Thanks! Hoping make a lot more videos soon :)
Yeah actually your videos are amazing I love them , I understand them ,you teach More than some of My lecturers.Kudos
@@collinskibet2992 Cheers for your kind words :)
Impressed... This is a well elaborated 👏😁
After making my trial balance i was stuck . Ahh my teacher gave us assignment despite the fact that whole class couldn't get the trail balance (except me ) thanks for this video ill save it for future Ahhh Thanks Allah for such a helper ❤
No worries, you've got this!
Hi, can you do any videos on transfer pricing and how it can affect financial statements? Also a video on basics for taxes? I love you videos because you can explain it clearly enough for me to understand and not pull my hair out. Thanks.
I haven't at the moment, but thanks for your requests!
Hi James
How are u doing
I am new to this UA-cam channel
Love ur video u help me alot in clearing up my uneasy question
Can I ask can u make a video on bank reconciliation I really don't understand it
Thanks💓💓💓
I've covered that topic already, if you take a look through my channel then you should find it. Hope it helps!
@@AccountingStuff yes I found it thanks
It did help thanks once again
@@karimahwahad-ali7240 Nice one :)
No teacher that i have been taught by is better than you
Thank you it was very helpful
Cheers, glad to hear it :)
Love you always, James.
You're a life saver.
Watched done 🙌🏼. Bravo! 💫
You made is very easy . Thank you
Most welcome 😊
explain good ❤im from Egypt 🇪🇬
Thanks!
Always a good video from you
Thanks Taylor :)
I'm so interested in this course❤
SO HELPFUL , THANKS A LOT
Glad it helped!
Really easy to understand appreciate it. By any chance could you please do the Manufacturing Account?
Thanks for your request!
Teacher first thanks I appreciate your hospitality helping us. We need some homework practice questions and answers thanks 🙏 from china #zheijiang normal university
Thanks for your request!
Hey james! Love the vid, could you do one about financial accounts soon? I could really use the vid
Glad you enjoyed it! This whole channel covers Financial Accounting. Is there anything specific that you're after?
@@AccountingStuff Well mostly how to preapare one, but asides from how to prep one, nothing else
Hi James, can you please make a video talking about the ledger accounts (especially the provision for depreciation account) because I need your tips for my coming up quiz. I would highly appreciate it.
Hey there! I cover the General Ledger in this one... ua-cam.com/video/Fu8zGee1SZw/v-deo.html
And Depreciation in this playlist...
ua-cam.com/play/PL5zKSeS09l324hTFoBXWq9T3tUY_LUrn2.html
Hi James
How you doing
I was wondering if you could make a video on how to post journal entries for firms like private equity and entries like unrealised value entries and management fee 🙏🙏🙏
Thanks for your request!!
Love from india💖
Hi james. Can you help me explain the role of financial accountant in organization? I bad need this for my report🥺
Could you please explain why does opening stock come on the debit side of the Income statement and closing stock on the credit side of the Income statement. Infact why does stock even come in the P/L statement. Shouldn't it be only recorded in the Balance Sheet considering the fact that it is a capital expenditure?
Opening stock + purchase in the year - closing stock = basically the stock used in the year.... So opening and closing stock are both used in income statement(p/l acc)
How can something that seems so simple, be so difficult? It's like backward logic that takes a different brain and making me rethink my degree decision. Oh, and you're like the only UA-cam person who has ever responded to their viewers responses. Thank you for that.
You are the besttttty👌🏾👌🏾👌🏾👌🏾👌🏾
Great video James, the only problem is, when doing a degree in England they do not put the trail balance items in order, they want you to sort them first, this to prove you know whats whats
Yeah they do that when studying to make it harder. But in reality, TB's are organised by account number in a format similar to this vid.
Hi James how are you it's always good to see you bro
Cheers Mohamed, I'm doing well thanks!
Great video, very informative
Thanks, glad you enjoyed it :)
Can you please make a video titled “Income statement of a sole trader”
Great. Awaiting for the next. Hope to c somthing about the irrecoverable and doubtful debts and allowances (specific and general)
Thanks for your request :)
hey bro i would like your suggestions on how to understand banking and finance major better
all the stuffs i learn at Uni felt rushed without proper explanation. I would love to hear your advices
Please make video on RDD,BAD DEBTS ADJUSTMENT.
Thanks for your requests!
Simplest and THE BEST
Great video, James!
Could it be possible for you to make a video explaining in more detail the cost of goods and the cost of services with examples?
Thanks for your request! The closest thing I have right now is this one... ua-cam.com/video/OB6RDzqvNbk/v-deo.html
I like your way thank you so much ❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️
Thanks Yomna!
Hello bro! wish you more success in their field I gonna point out during every topic which you want to talk about it please explain it with the questions of the book it will be the more easiest way to get the point faster thank you.
Thanks for your feedback!
Dynamic Income statement
link of file is in description box
ua-cam.com/video/UcWcjy0T4ng/v-deo.html
Now I understand much more than before since you talk little slower. Hey I am a slow learner 😄.
No worries, glad it's making sense :)
@@AccountingStuff It certainly does. Thank you for posting.
If the depreciation is by "Unit of Production", could/should this depreciation then be included in the direct operating cost i.e. in the Cost of Sales ?
Hey there! I see you logic, but it would be very unusual to include depreciation in Cost of Sales. Even if you were using the Units of Production method, these costs can't be 'directly' tied back to the sale of goods since it's an estimate of the deterioration of a Fixed Asset.
No homo bro I love you bro you saved my grades❤
James, I'm halfway through the basics playlist, and I have one last question: are these basics universally applicable, or do different countries follow different methods of accounting?
P.S. Apologies if I sounded dumb, but when I googled which accounting principles does India follow it showed GAAP, and IFRS for UK, but the way you prepare financial statements is similar to what I've learned in college except for some bits ( for example: we don't have E.B.I.T.D.A). I'm so confused.
Hey Jayanth, these videos are made to help people understand Accounting Basics. The theory I cover is universal, but if you're preparing Financial Statements then you may with to refer to IFRS or GAAP for specific items
Can you please make videos on Accounts Payable , Accounts Receivable and General Ledger in Actual what works going on in the company and whats all the Journal Entries and process for that...I can't find any videos for that in You Tube...Please help on this...
Thanks for your requests!
Thanks sir
You're welcome :)
Thank you for your information. I have learned a lot from your clip. But I just have a question. is the unpaid invoice considered a part of revenue in the income statement?
Great work! Am Accounting student.can l get merchandise business journal entries examples in both side, in seller & Buyer side with transportation cost & multiple income statement?
Bruh, Just had a test. Preparing for my exams. Will watch all this videos in 1 week
Best of luck with your revision! You got this :)
Wish could watch something related to deferred tax and business combination (consolidated report) God knows I got soooo much headache on this topic in preparing my CPA exam. Thank you
Thanks for your request!
After learning from your videos, I now don't feel like such a creep. Love the Radiohead nod in the intro.
Dynamic Income statement
link of file is in description box
ua-cam.com/video/UcWcjy0T4ng/v-deo.html
It would also be great if you teach us how to analyze these financial statements(Fundamental Analysis) rather teaching us only the clerical stuff.
For Eg Let's say I want to purchase a stock of a company. How am I supposed to know that the company is performing/going to perform well by looking at the Cash Flow statement,P/L and Balance Sheet
Quick question, in this example does the Operating Profit become the EBITDA because it had the Depreciation and Amortisation deducted in that section? Might be not, since the Non-Operation expenses have not been deducted yet. But how will we realize EBITDA then if the Dep and Amort were already taken out in EBIT? Thanks in advance!