hello, i was wondering if other videos about intermediate accounting or other types of accounting playlists will be available on this cheannel in the near future, thnx
My favourite superhero is you, Patrick because you are able to do both accounting and teaching. My second fave superhero is Batman because Batman: The Animated Series was a pretty cool show.
So the car usage accounting in terms of gas is more preferable in this situation because the car’s on it’s last legs and you’re at home bored? Otherwise if the car wasn’t on its last legs and you had other work to do it’d be more appropriate to use the mileage rate?
So now I have a fairly new car and it is just not worth it (in my mind) to put so many additional miles on it for a few dollars of extra income (don't get me wrong, I love income). But the home bored part, it makes sense, make $0 or make $3 - $4 from delivering door dash. Might as well make $3 or $4.
@@PatrickLeeCPA okay so the home bored part and the car being old is why accounting for car usage in gas and not the 54 cent per mile is preferable here?
They are not the same. It depends on what part of the accounting rules you are looking at, but there are a lot of differences. Now, there are differences in their approach. The US is based on a rule approach whereas IFRS is a principle based.
Well it's not really costing me $0.545 a mile. The $0.545 comes from the Internal Revenue Service's analysis on what a car costs to own and operate. This includes depreciation, fuel, and maintenance. So if a car costs $25,000 and you drive it 125,000 miles, it's costing you $0.20 in just the car alone, then add gas at $0.13, and add repairs and maintenance at $0.10 a mile and you get about $0.43 which isn't too much off of the $0.545. The $0.545 is an average, so for some people it would be way less and others way more. Patrick
Thank you for the great presentation Patrick! I currently work in Accounts Payable and it does require a lot of data entry, but your video made interesting to think about the bigger picture that I contribute to and what I need to be looking forward to!
Financial accounting, then Managerial accounting. After you had taken them both, you will be able to take Intermediary accounting 1, and 2. Then Cost accounting, Takation, auditing, and so on.
Even after my B4 internship and my private internship experiences, I still come back to practice the basics. Thank you, Patrick!
I'd subscribe to your website in an instant if it had the speed up video feature that youtube has.
Yeah, so that's a limitation to the site from the vendor. I can't do anything about it. This has come up before. Patrick
I Always speed up videos lol
hello, i was wondering if other videos about intermediate accounting or other types of accounting playlists will be available on this cheannel in the near future,
thnx
Not near future, but I am trying to get most of them updated and work on some new ones. Just haven't had an opportunity to.
I remember a friend who drove for Uber. Took his finances to an accountant who told him he was making less than minimum wage.
Great Lesson Patrick. I am studying to earn my bachelors in accounting. My focus of study is auditing.
You can do it!
wow, we are in the same page.
That was an amazing example. I actually did doordash so it was very relatable. Always had to ask myself if it was worth it
My favourite superhero is you, Patrick because you are able to do both accounting and teaching. My second fave superhero is Batman because Batman: The Animated Series was a pretty cool show.
So the car usage accounting in terms of gas is more preferable in this situation because the car’s on it’s last legs and you’re at home bored? Otherwise if the car wasn’t on its last legs and you had other work to do it’d be more appropriate to use the mileage rate?
So now I have a fairly new car and it is just not worth it (in my mind) to put so many additional miles on it for a few dollars of extra income (don't get me wrong, I love income). But the home bored part, it makes sense, make $0 or make $3 - $4 from delivering door dash. Might as well make $3 or $4.
@@PatrickLeeCPA okay so the home bored part and the car being old is why accounting for car usage in gas and not the 54 cent per mile is preferable here?
Started this to prepare for your class this Fall. We shall see how prepared I can become. Great section!
what is the difference between IFRS and conceptual framework of accounting? or both are same thing ?
They are not the same. It depends on what part of the accounting rules you are looking at, but there are a lot of differences. Now, there are differences in their approach. The US is based on a rule approach whereas IFRS is a principle based.
laughed so hard when I heard "$2 per hour"
This is why I use this example... - Patrick
I don’t see this course on the site. Just says couldn’t find page
Do you have a suggested reference book sir?
.545 per mile? What are you driving ?
Well it's not really costing me $0.545 a mile. The $0.545 comes from the Internal Revenue Service's analysis on what a car costs to own and operate. This includes depreciation, fuel, and maintenance. So if a car costs $25,000 and you drive it 125,000 miles, it's costing you $0.20 in just the car alone, then add gas at $0.13, and add repairs and maintenance at $0.10 a mile and you get about $0.43 which isn't too much off of the $0.545. The $0.545 is an average, so for some people it would be way less and others way more. Patrick
@@PatrickLeeCPA thanks for explaining.
do I have to know from where did you bring the numbers and how to calc them? like for now
Can I get a soft copy (pdf) from this book please??
well explained
Thank you for the great presentation Patrick! I currently work in Accounts Payable and it does require a lot of data entry, but your video made interesting to think about the bigger picture that I contribute to and what I need to be looking forward to!
A/P work is important and I’m glad you’re getting a bigger picture of what we do in accounting.
106k miles on a car ain't shit anymore.
I hope to get 200k out of my cars. I’ll drive it to the end so I don’t have to buy a new car.
Wawooo
should I study intermediate accounting first or financial accounting? I know nothing
Financial accounting first is a must.
Financial accounting, then Managerial accounting. After you had taken them both, you will be able to take Intermediary accounting 1, and 2. Then Cost accounting, Takation, auditing, and so on.
@@benderbendingrofriguez3300 Taxation*