What Are Liabilities? (SIMPLE Explanation)
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- Опубліковано 19 чер 2024
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Discover what Liabilities mean in Accounting. This episode is part of a series exploring Accounting Basics. To see the whole playlist check out the link below. In this Accounting tutorial you’ll hear the definition of Liabilities in Accounting. I'll also take you through the common types of Liability that are worth knowing about.
⏱️TIMESTAMPS
00:00 - Intro
01:18 - Liabilities Definition in Accounting
03:34 - What are Current Liabilities?
03:43 - Accounts Payable
05:45 - Salaries Payable
06:19 - Accruals
07:40 - Unearned Revenue
08:04 - Short Term Loans
08:18 - What are Non-Current Liabilities?
08:37 - Long Term Loans
08:45 - Bonds
09:23 - What are Contingent Liabilities?
09:40 - How Contingent Liabilities work
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#accounting #accountingbasics #accountingstuff
I being a non accounts student felt accounting is one of the boring subject, but your videos have made learing accounting easy and enjoyable. Nice work, keep it going!
Hey Nishith, that's awesome to hear! Thanks for the kind words and good luck in your studies!!
lol so true especially if the university shrubs it down your throat. but this channel is making it a little bearable.
@@AccountingStuff this is a better way for learning accounts.
how???
wow, take a few seconds to appreciate his cinematic video editing skills!!!
Haha, thanks Vatsala! I get carried away in the edit sometimes.
agreed
I'm taking an accounting course and it's my fifth week and I was so lost and I couldn't keep up with my lectures so I decided to start all over on my own and I wouldn't have been able to do that without this channel I can't thank you enough omg
No worries Mia, I'm happy to help. Good luck in your course!
Thank you!!
dude you're the absolute goat. saved me from failing exams
Please make a video on ACCRUALS. please I have found a lot of difficulties on Accruals. Please make a separate video on this.
Here you go! ua-cam.com/video/9aZ6CCj-ies/v-deo.html
I never thought I would be genuinely entertained and actually laugh when watching a video about accounting ! Thanks for explaining things so clearly, I’m learning a lot !
Hey Liam, great to hear that things are becoming clearer for you!!
Thanks James for demystifying accounting for the rest of us...
No worries, thanks for watching!
This video is a whopper for a newbie, but yet you make the information more intuitively understandable. Copied this video down almost verbatim into notes. Great stuff! 👍
Love how clear you made the topic. Thank you, James.
Dude, this helps a lot, as I watch your videos, I am more confident I’ll pass my accounting courses. Bless your heart-& your brain.
I’m taking college accounting, so glad I found your videos the first week of class. You been a life saver already. Thank you for making it easy to understand
No worries Lane, it's great to hear that the videos are helping you in college. Good luck with your studies!
I am new in financial and accounting area. Your videos are so helpful, you make those concepts, terms and process are easy for me to learn and understand. I got up at 4:00 to watch your videos and write the notes for thee and half hours without tiredness. I enjoy them all👍
Wow Lisa, 4am?! How are you not exhausted?
literally the best explanation. I'm taking a finance class and understand nothing, i thought i was so stupid, but now it makes sense. definitely going to use your videos to help me through my course. Really appreciate it
That's great to hear! All the best in your studies :)
In all my time of UA-cam access, this is the most useful UA-cam channel I've ever come across. This guy makes accounting fun and easy to learn.😅
Thanks for your kind words!
James, Buddy you are doing such a great job and I have never seen anyone explaining accounting at this ease.. we so respect you for what you are doing and one request - please never stop making accounting videos.. I think you are the best in the world.
Thanks Nitesh! I plan to make many more of these :)
Bringing smile while learning accounting....never imagined!🤩
Hey that "diagram" was definitely helpful with all the different term
Thank you again
I owe it to myself to share your videos in my booking groups.
Much appreciated again
Who stay at 1 am on a week end watching your videos learning while having fun?
Me of course🤣🤦🏾♀️🤣
Your videos are fun to watch and smart learning not just save by heart! Good job, I’m studying for the CPA and one of the subjects that I have a problem with from university is Notes Payable, especially when they get mixed with interests and present value.. it would be really amazing if you got deeper into those, and thank you for the effort you’re making
Thanks Faisal, and cheers for your suggestion! Good luck for your CPA exams!!!
You are AMAZING! You made my life so much easier and I am grateful!!!!!!!!!!!!!
I’m a freshman in college and I wasn’t very sure what I want a career in. Watching these videos have made me want to major in Accounting. Thank you so much! This is amazing work! 👍
No worries Daniel! That's a big decision, I hope it works out for you. All the best!
I love these videos. You have created this to keep everyone’s attention. This is great.
thank you so much for making a lotttt of content! this is the fourth video i watched from your channel in one sitting today ^^ I'm a grade 11, abm strand student, and it was announced that we'll be having "fundamentals of abm" this 2nd sem (starts next week). the terms and definitions seem overwhelming, especially since i don't have a background or intro to accounting in grade 10, unlike some of my classmates that came from other schools. thank you for breaking it all down! it feels satisfying and comforting to finally understand, and get a simple yet detailed explanation of the concepts. looks like i have a new channel to spend time on
I really appreciate all of your time to do this
man i love how you expleain everything in this vid. I'm subscribing.
This video alone made me subscribe it’s really well made and explains everything in simple terms
Am an Accountant but honestly have forgotten much of this. Thank you for refreshing my memory
Thank you for your videos. I am a business owner (sole proprietor) and i have an accountant but i still study accounting basics, because i think it is a valuable skill and knowledge as a business owner.
Good on you! Understanding some basic accounting would definitely be useful for you.
Keeping making videos . We love them. I’ve never taken an accounting class and you’ve influenced me to pursue a career in it!
Cheers, will do! Great to hear that you're considering a career in Accounting. All the best
I love your videos. This is like a refresher course. I am binge watching! Thank you and keep it up!
Thanks Jennifer! Glad to hear you are finding these useful!
You break it down so easily and make me want to keep watching your videos!! Thank you!!!
Glad you're finding them helpful :)
Fantastic, I always get muddled between expenses and liabilities
Ur awesome. Thanks for making hard staff very simple and clear. Ur the best
No worries Lyla!
Please do a video on bonds and the different types of bonds. I love your videos! They have gotten me through my first semester of accounting school!
Thanks for your request!
thank you so much bro. quality content. most of the teaching videos are boring. but yours is on point. its like watching infographics video.
Cheers Thanseer, it's great to hear that you are enjoying the videos!
So helpful. Definitely need a video about accruals. We just covered that in class, but it's all fuzzy to me.
I'm glad that you found it helpful! Yes need to cover accruals soon. Thanks for your feedback :)
I’m currently studying accounting right now and this ideo majes me more easier to understand about the topic. Thank you so much❤
Great to hear you found it useful!!
Your videos are the best! So helpful and fun to watch!
Thanks! Glad you're enjoying them :)
It took me 9 videos to eventually comment, but having an exam in accounting right ahead I gotta say: Thank god you're there!
Great work!
Cheers Alexander, good luck in your exam!!
Your videos are of big help to me as a Bookkeeping Teacher. Thank You so much!👍🏻😊
You are very welcome!
Thank you very much. It was very easy to understand and clear. 😍❤️
Incredible video! I loved your assets video as well!
Hi James, thank you so much for all the helpful videos that you have made!
Could you please consider maybe making a video explaining the difference between liabilities and expenses?
Hey Ashley, glad to hear that you are finding the vids helpful. Cheers for the suggestion!!
Well explained. Thanks.
made so simple. thank you so much. i am an accountant but very weak in accounting generally and that y i really need help in this train
Glad it's making sense :)
High Quality Teaching💎
You are best in teaching.😇 Can understand everything clearly, thanks a lot.😁
Thanks for your kind words! All the best :)
your channel is a gold mine
Appreciate the help bro God bless you
love your videos, man. they're getting me thru my classes
Thanks, all the best with your studies!
First off, I love your videos. The editing is top notch and the content is succinct. I have a question though. How did you make your intro? Did you purchase it? Thanks in advance.
Thanks , very informative video.
Awesome, thank you!
Hey James, thanks for demystifying accounting for us :)
Just a suggestion, the background music starting 9:21 made it a bit difficult for me to concentrate on the speech, or it could also be just me not able to concentrate :)
Hey Prateek, thanks for your feedback! I'll keep it in mind for future vids :)
Subscribed!!!! Love this video! Thank you so much!!!
really useful videos. thanks for explaining the concepts so clearly!
No worries, it's great to hear that they are helping!
Thank you, James! Your videos have been incredibly helpful. There is only so much one can learn while taking online-only courses - just reading a book and then attempting to answer questions about it really doesn't make for a great learning experience. Any chance for a long-term liability/bonds video(s)?
No problem! Hope your studies are going well. Thanks for your request :)
I just love your videos so much! accounting used to be my least favorite topic! your videos are as good as watching a movie :P
Thanks, great to hear you're becoming more interested in accounting!
You deserve a million views. Thanks
Thanks Khyree!
I am accounting student now and you really help me understand for everything,, thank you so much for your videos..
Hey Milyn, hope all's going well with your studies! Great to hear that you're finding these helpful
Your videos are so high quality its unreal!
Thanks Safwann!
Thanks. ..great videos
thank you so much. the helped so much.
I'm enjoying your videos. I'm loving Accounting..
Yes please make video on accruals and please provide some examples to understand how it is adjusted !! much needed!!
Hey Sachin, I've since made a whole mini-series on accruals. You can find it in my playlists
These are amazing - easily understood videos. I am working as a teacher and I have recommended your videos to my students ;)
Thanks Katriina! I hope your students find them helpful :)
These videos are excellent! I'm curious, how would you categorize liabilities that are optional payroll deductions that are held out to be paid for an employee's retirement plan, Health Savings account, or other payments made by the employer?
your way to explain is great
Thanks, I'm glad you found it useful!
Would love an Accrual video. Great content and really really good explanations!
I've made a series on accrual already :)
Best Accounting Channel!
Thanks kind of you to say!
Thank for great knowldege
your videos are so high quality. thank you for your amazing efforts
No worries Lauren, hope it helped!
I LOVE your presentation. I am going back into the world of accounting and needed a refresher course. You got to the point, and I thank you. One of the things I plan on doing is using my business, The King's Conduits, as a play off on Ghost Busters. I will label it as Scam Busters. I've seen a lot of rip-offs, robberies and scams in my life so I will ask those in need to, please, let me look at your systems. The one thing that struck me hard at 7:40 was the issue of bills due not yet received. Can you imagine how that could affect the balance sheet if NOT recorded? What if I invested in a business not KNOWING what kinds of bills they have due. Is that even something to worry about?
Thanks Elise! That is an interesting idea. Are you planning on turning it into a UA-cam channel? The underreporting of liabilities is definitely a risk that auditors check for. Another one is the over-reporting of Assets in the Balance Sheet. If assets are overinflated then a business may be holding some large debits that need to get flushed through the P&L at some point as an Expense.
@@AccountingStuff Not sure yet what I plan on doing with it. I spoke with a CPA friend of mine and we both agree that the guys with the bucks are usually the ones hiding the truth so not sure how I can earn any money from it. Not sure if I NEED to, but it's good to be compensated for hard, good work. What do you think? OH, and I DO have my own UA-cam channel called, of all things, Elise Weatherly, but I have focused mainly on music and documentaries. I first have to be believed before I will be trusted....
Starting a small business in Africa and doing my own book keeping. Your videos are on the money
All the best!
So helpful, thank you! Yes, I would like a video on accruals and deferrals, PLEASE! Thank you!
Cheers Valeria, I'm working on that as we speak!
u are my new professor. hello i love ur class
I love your interpretation. Keep it going
Thanks Fransisco!
This video made learning so much fun and entertaining! Would love to see your channel grow😊👍
Thanks Nawal, glad you liked the video and cheers for the support!
Accounting Stuff my pleasure mate😃👍
Thanks alots truly you are the best in Accounting 😊
Happy to help!
Good job and clear explanation❤❤❤
Merci beaucoup ;)
Ur good at making things easier
Thanks!
I love your videos! these are very relatable! great work!
Thanks Megan, great to hear it!
He just partially covered many of the accounting standards smoothly ;)
Accounting final in 4 days.. doing well seemed impossible, but using your videos as review is sure helping! Consider being a college professor, you're great!
Good luck Olivia, hope you ace it!!
WOW this is so cool, you make accounting fun and easy
Glad to hear that you're enjoying the vids!
This is so helpful
Cheers, that's great to hear!
Hi I love your videos. So easy to understand.
Cheers, glad to hear it!
Great presentation🤩🤩...really appreciate it
My pleasure 😊
You are the best lecturer teacher. 😊
Thanks, that's kind of you to say :)
Excellent and well explanation. Your teaching is so powerful more than any other electronic teachers 👍🙏❤
Thanks! Great to hear you're finding these useful
Very digestible information!!
Cheers mate
Amazing stuff :D Thank you very much
You're welcome
Great videos - thank you!
You're welcome
thank you
Thanks sir a. Really helped me with my ems I usually get 80% in my exams thanks to u❤️
Congrats! That's a great score :)
seriously your videos are amazing !!! so welll explaineddd, you deserve all the credit. but i didnt get the Canada thing with british accent?
I moved here a few years ago :)
hope your in a good health ..your vlog help me alot to get through my course..how i hope you tackle also here about DIVIDENDS INCOME..thanks
Thanks Jazziel, I'm doing well at home thanks. Cheers for your suggestion!
Stay safe
You have some great videos. I sell a lot of stock options, could I consider those contingent liabilities?
You are the best ... Thank you james🔥❤️
Thanks :)
You broke down the definition of liabilities very well 😃
Cheers Michael!
Thank you for this lesson
No worries Kimberley, I'm happy to help!
Really you are doing concepts in a good way
Thanks Munesh!
Welcome