Financial Accounting Definitions: Asset, Liability, Stockholder's Equity, Revenue, & Expense
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- Опубліковано 2 жов 2024
- Financial Accounting Definitions: Asset, Liability, Stockholder's Equity, Revenues, & Expenses
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This video is brought to you by Tony Bell and is part 1 of a 5 part introduction to financial accounting series. In this video, Tony Bell explains and defines key basic accounting terms: Asset, Liability, Stockholder's Equity, Revenue, and Expense. Tony Bell also provides common examples of each term.
For greater understanding of each term please refer to the following definitions and links:
What is an asset?
In financial accounting, an asset is an economic resource. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset. Simply stated, assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset)
en.wikipedia.or...
What is a liability?
In financial accounting, a liability is defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.
en.wikipedia.or...)
What is stockholder's equity?
In accounting and finance, equity is the residual claimant or interest of the most junior class of investors in assets, after all liabilities are paid; if liability exceeds assets, negative equity exists. In an accounting context, shareholders' equity (or stockholders' equity, shareholders' funds, shareholders' capital or similar terms) represents the remaining interest in the assets of a company, spread among individual shareholders of common or preferred stock; a negative shareholders' equity is often referred to as a positive shareholders' deficit.
en.wikipedia.or...
What is a revenue?
In business, revenue or turnover is income that a company receives from its normal business activities, usually from the sale of goods and services to customers.
en.wikipedia.or...
What is an expense?
In common usage, an expense or expenditure is an outflow of money to another person or group to pay for an item or service, or for a category of costs
en.wikipedia.or...
From Tony Bell:
Next video in series: www.youtube.co....
In this video series viewers will learn to prepare and understand basic income statements, balance sheets, and statements of retained earnings.
The first video in the series goes over the definition of Asset, Liability, Shareholders' Equity, Revenues, and Expenses
This video and the attached worksheet were prepared by Tony Bell of Thompson Rivers University - I encourage educators to freely use, edit and modify these videos and the attached worksheet - they are available under Creative Commons Licenses.
Link to Original video:
Accounting - Unit 1 - Part 1 - Definitions
• Accounting - Unit 1 - ...
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Haha
Thanks sir completing my concept about these terms 👍
he is a very good teacher. he is making accounting look easy.
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thank you so much,,,you made it so simple and understanble to me
Thank you! That was really helpful.
Thank you you explained it really well,keep showing more videos like this
Thanks
Wow, that was great! Thank you very much :)
awsome valuable knowledge
Too late for me to understand those, i took my job examination and it's all about Assets, Liabilities, revenues, Equity and Assets 🤦♀️🤷♀️😥
Great explanation of Asset, Liability, Stockholder's Equity, Revenues, & Expenses. Thank You!!
I hit the jackpot when I found this video, it is exactly what I have been looking for to learn this terms. Thank you very much, what a great teacher:)
Thank you! I just started my online accounting program a week ago and I am totally lost. I find textbooks over complicate basic terminology so this was extremely helpful to have it explained by a real human being and with actual real life examples. Highly recommend this video to anyone struggling with accounting basics :)
I was exactly looking for this .. thank a ton ..
me tooooo
thank you
i'm taking intermidiate and been a while since taking acc 101/102 so thank you soo much!!!!
thankyou!!!!!
Thank you so much for this video. I'm Taking online course and I was still confused by the text sometimes listening and seeing it is what helps retain the information. 😊
wow, you made it make so much sense. Thanks!!
Thank you, this video has helped me
naaaah shout out from S.A, when you gave us the examples of each account i started dancing. exactly what i had been looking for
Great video with simple explanation that can understand anyone
The best pre ACCT video I have viewed. Thank You for explaining things clearly. Some of the language in text books seems foreign and difficult to understand. I learned a lot from the video and would recommend to ACCT or Business Major students.
Thank you.. this is very helpful. I subscribed.
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Thank you SO MUCH!! We have had Financial Accounting lectures for the past 3-4 weeks and our teacher is worst ever in teaching.. I will share this to our hole class, since all of us (60 students) are in same situation with me!
Well done and very useful videos , I am trying to find video clip part 5, and I could not find it. Would you please post it for us with how to use ratios and how to analyse financial statements, and your efforts are highly appreciated. Thank you
Thank u so much this is so helpful, especially with the books terminology its difficult to understand, but you do a great job breaking it down
Thank you so much I have been struggling to understand the difference between Assets and Liability but now I totally understand it. Keep uploading videos you are a great explainer!!
you are the best i wish you are my teacher !!!
please upload a video on difference between capital and assets
Thank you for sharing. Good explanations.
another type of asset like skill sets or extra training or education or ???
this video was really helpful thanks aot
THANK YOU HELPED A LOT!!!
does this instructor have a you tube channel?
so simple
even an study-evader can understand it
thanks a lot sir
You could have been my tutor for the whole book .
Well done pal .
Interesting
Brilliant!
Fantastic. Thank you very much
Thanks a lot! It's been really helpful.
exactly what I was looking for
thx
Tq.. It's very helpful
So helpful..thank u..
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thank you so much you helped me a lot
nice explanation, thank you.
great video. thanks
great video. thanks
Thank you for this video!
great video.helped a lot
thanks a lot sir
Thank you .. really helpful
Thank you ! Helped a lot!
very helpful
Awesome thanks
wow! great explained
that was so helpful
you save my life !!!
GREAT HELP!
good stuff
It's nice
Thank you
THANK YOU
This was so helpful🙏
Tracy Zandile your fine AF babygal u from SA?
Very well explained.