Accounting Explained: The basic concepts you should know

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Күн бұрын

If you are just starting out as an accounting student or professional, check out this video where I lay out the basic concepts of accounting and walk through the 3 main financial statements.
We will cover:
The Income Statement
The Balance Sheet
The Cash Flow Statement
Flow of data
And more….
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Пікірлер: 95

@MrDonkaun 4 жыл бұрын

amazing clarity.

@TheFinancialController 4 жыл бұрын

Thanks rohit!

@rossbriannestein5054 3 жыл бұрын

I have always thought of accounting as not necessarily math, but rather organizating financial information of a business. This video is really good.

@TheFinancialController 3 жыл бұрын

Thanks Ross

@elvisadrianable 4 жыл бұрын

I would love to see a video in which you explain the cut off procedures, how to properly analyze each financial statement in order to valuate a company, and how we can optimize a company's operations / expenses based on the analysis of the financial statements. Thank you and keep posting, your videos are extremly useful!

@TheFinancialController 4 жыл бұрын

Thanks! I appreciate your video ideas, keep them coming! I will make sure to cover these topics in the near future.

@lisamccray6481 3 жыл бұрын

I couldn't help but to think of a "stick man" walking away with a "brief case" marked, Retained Earnings. 😎 I really needed to hear this is plain, plain terms. It helps with "not stressing" over accounting fundamentals. This stuff is still very difficult for me. I'm struggling, but then again, I am doing better day by day. Again I'm an accountant in Pampers. Thanks for the Gerber. No, really. This stuff is hard (to me anyway). Keeping it real. I read the other man's comment. I'm nowhere near there yet.

@TheFinancialController 3 жыл бұрын

I am glad it’s helpful

@johncarrigan3758 9 ай бұрын

I just switched from a non accounting job to an accounting job with the Big 4 and this is the refresher I needed!

@unehistoiredechiffres 3 жыл бұрын

Hi! I'm a french management controller and i improve my english with your videos ! thank's a lot ! :)

@TheFinancialController 3 жыл бұрын

Well that makes me very very 😃

@thorbaaformatha 2 жыл бұрын

I have been doing assistant management accounting positions for a while and then moved to a data analyst position for the last 5 years and lost some of the core principles of accounting..I have been watching your videos religiously to gain the fundamental knowledge back and start my ACCA exams and landed myself a management accountant job here in the UK..I just want to say you can hardly find a channel to explain things with clarity the way you do and I hope one day when I am qualified I will capture this niche market and do the same..keep uploading brother..I wish you nothing but more success!!

@TheFinancialController 2 жыл бұрын

Thanks brother

@manuelasandor6664 3 жыл бұрын

I find your videos really helpful as a junior accountant. Thank you and please keep them coming :)

@TheFinancialController 3 жыл бұрын

Thanks 🙏

@flavs8349 Жыл бұрын

Im a young student in college currently and i loved this whole video, cant wait to learn more thank you

@dianagabrielaaldeanquinter4940 3 жыл бұрын

This explenation was so helpful! I am preparing for an interview for a placement year and I thought to review all the topics I had done through out my first year of Uni. Your explenations have been so clear that I won't have to spend too long on reviewing my notes. Thank you for your exceptional job!👍

@TheFinancialController 3 жыл бұрын

Thanks for the kind words Diana!

@swamivivekananda-cyclonicm8781 3 жыл бұрын

Thank you, really appreciate your simple and amazing way of representing 🙏

@TheFinancialController 3 жыл бұрын

Glad you liked it;)

@cameronsafford9758 3 жыл бұрын

Excellent video. This really helped me alot. Thank you!

@TheFinancialController 3 жыл бұрын

Great!

@wasifkazi6869 Жыл бұрын

I've heard corporate finance and tax are the "harder" subjects for accounting students. I will be checking out your other videos to see if there's anything there that can help me prep for school as I do not have any prior accounting knowledge. This video helped me a lot.

@gurpreetsinghnandhra 3 жыл бұрын

This makes so much sense... really good!

@TheFinancialController 3 жыл бұрын

Thanks

@ChengeerLee Жыл бұрын

Amazing video. Thank you so much for your content. I am in Talent Acquisition. It helps me so much. Kudos!

@brandonelad5015 2 жыл бұрын

Amazing sir. I love all your videos

@ektasharmamondal6918 2 жыл бұрын

Thank you for such a amazing and detailed video.

@TheFinancialController 2 жыл бұрын

Thank you!

@nareshreddy402 2 жыл бұрын

Very well explained

@greiceflores9992 2 жыл бұрын

You are just amazing!! Thank you for the explanation. :) :)

@TheFinancialController 2 жыл бұрын

Thanks Greice!

@sonyaball53 3 жыл бұрын

Thank you for your videos, they are very helpful!! Can you cover revenue recognition?

@TheFinancialController 3 жыл бұрын

Sure. I did a bit of that in a recent video

@poonamdeshpande9371 3 жыл бұрын

Thanks a lot....makes lot of sense.

@TheFinancialController 3 жыл бұрын

You are welcome!

@danielcarrasco300 2 жыл бұрын

Great! Thanks 😁

@danishnaeem3606 2 жыл бұрын

Thank U! Please give us a lecture on business taxation.

@sandeep9337 5 ай бұрын

Thanks Sir.

@avalopez3065 3 жыл бұрын

I like your channel. Can you do a video on treasury operation or management, with a focus on hedging via derivatives. I am curious how it works in practice, not just theory.

@TheFinancialController 3 жыл бұрын

Will do

@JeremieDyely Жыл бұрын

Can you please do a video of due to/from? Break it down in detail.

@rosmaryalgarin9292 3 жыл бұрын

awfuly nice of you thanks for this video i really like it

@TheFinancialController 3 жыл бұрын

Glad you liked it :)

@kangderick 2 жыл бұрын

Can you talk more about Depreciation and amortization, all in relation to Capital gains tax?

@Maryabril Жыл бұрын

Love it. I want to by a existing business. How do I analyse it, do know if it will be profitable in the future? Thanks :)

@becruzz 2 ай бұрын

Could you explain why capex would affect or not the operating cash flow in a usgaap.

@mathewvarughese2294 2 жыл бұрын

Hi Bill, if you could create a video on the roles of a financial controller vs an accounting manager would be great. Thanks

@TheFinancialController 2 жыл бұрын

Sure

@itsmetingkaytv 3 жыл бұрын

Thank you for a very awesome video!

@TheFinancialController 3 жыл бұрын

Glad you liked it!

@itsmetingkaytv 3 жыл бұрын

@@TheFinancialController been watching your videos since morning gosh very helpful🥺 thank you big time!❤️

@TheFinancialController 3 жыл бұрын

Thanks Mar!!

@franreyes6158 Жыл бұрын

Accrued Expenses/Taxes - Do you have a lesson on this subject? Thank you.

@daneshavoss9659 Жыл бұрын

Can you do a video on account reconciliation? I get sometimes.

@subeeshmathath7352 2 жыл бұрын

Please do a video on inventory

@mariamendiola7439 4 ай бұрын

I am looking for a video on Cash Flow including Cash Flow projections / forecasts.

@martatrzmielewska5962 2 жыл бұрын

Hello Bill, Thank you for all your videos which have been amazingly helpful. I'm starting my way up to accounting and just watched this video that covers so much of the ground and explains principles clearly. As I said, I am new and there is one thing I would love you to clarify for me please. So last part of video which is CASH FLOW statement, we start with Cash received from customers which is 30, 000. And my question is why at the end it says the Beginning Cach is 35, 000? Is it because you add 5,00 of outflow? Sorry for my misunderstanding. I would apprecieate a lot if someone could make it clear for me. Thank you for all your help!!!

@1laurachannel Жыл бұрын

I haven't understood that too!! at the bgin you have 30K and in the end is like you have 5K out right?

@annieo.9887 3 жыл бұрын

Hi Bill. Thanks for this educative video. Kindly make one on Payroll calculation & its statutory deductions. Cheers! Also wanted to ask, when is your birthday?

@TheFinancialController 3 жыл бұрын

Thanks will do Annie. Last week of November:)

@rahanarishu688 3 жыл бұрын

Hello sir, I'm from India,kerala. Iam try to get a job for junior accountant. So it's very helpful vedio for me . Thank you so much. Keep going

@TheFinancialController 3 жыл бұрын

Thank you!

@nigelflaveney3921 3 жыл бұрын

I love his presentation

@TheFinancialController 3 жыл бұрын

Thanks Nigel!

@nigelflaveney3921 3 жыл бұрын

@@TheFinancialController I'm an accountant too. I stumbled onto your channel a couple days ago. I must say excellent delivery. Could i contact you if I have any questions or need any insight with certain topics?

@TheFinancialController 3 жыл бұрын

Sure. Email on my profile and also website. But due to tight schedule I usually address questions via making a video so I can teach everyone versus teaching one person :)

@lisamccray6481 3 жыл бұрын

The light just came on about EBITDA. 🌤️

@TheFinancialController 3 жыл бұрын

Great!

@ramajaya811 3 жыл бұрын

Bill, it would be nice to post cost accounting and management accounting video. At this moment, I am looking for a job at manufacturing company,but do not have expertise.in cot and management.accounting

@TheFinancialController 3 жыл бұрын

Thanks Rama will do in the near future

@benderbendingrofriguez3300 3 жыл бұрын

did you explain the DuPont analysis? I would really love to see a video about it.

@TheFinancialController 3 жыл бұрын

Will do

@benderbendingrofriguez3300 3 жыл бұрын

@@TheFinancialController Sound good,thank. Another thing, could you make a video about the history of accounting and why Debit is written as DR, and credit is written as CR?

@ElDhane 3 жыл бұрын

Im an undergraduate and i really need some help. thank you so much for your guidance

@TheFinancialController 3 жыл бұрын

Thanks for watching

@nethravathi.cchannappa4587 3 жыл бұрын

Could you please make a video on Balance sheet reconciliations

@TheFinancialController 3 жыл бұрын

Sure

@shannonday4635 3 жыл бұрын

Love your content and detailed explanations. My only oneee little thing is if you could reduce the amount of ammm's, uhhh's that would be great 😅🤦🏽‍♀️🤦🏽‍♀️it's just a bit distracting but other than that, great work!

@TheFinancialController 3 жыл бұрын

Hi :) very valid feedback, thank you! I improved in my newer videos. Let me know what you think ;)

@shannonday4635 3 жыл бұрын

@@TheFinancialController I noticed that 😀 and meant to tell you 😃

@timothykuek86 3 жыл бұрын

What size of company did you work with? MNC / SME?

@TheFinancialController 3 жыл бұрын

Mostly SME. Only one large corp for 2 years.

@100Percenter Жыл бұрын

How was beginning cash on the cash flow statement $35,000?

@Bert1010 2 жыл бұрын

Would you information systems is a good minor for accounting?

@TheFinancialController 2 жыл бұрын

Yes

@Bert1010 2 жыл бұрын

@@TheFinancialController what area of accounting would it be best for? Or would it be a good addition to any direction I would go in accounting? Thank you for your videos btw!

@TheFinancialController 2 жыл бұрын

IT audit, financial systems and also even controllership

@ronaldrivera8423 Жыл бұрын

How come the beginning cash is $35k and ending cash is $30k. Can you explain how you came up with the #'s

@mikazvis6231 Жыл бұрын

im new to accounting so my interpretation may be incorrect, but this is how i understood it: - calculate total cash from each section: Operating, Investing, Financing - Operating: 10,000 - Investing: (5,000) - Financing: (10,000) - add all section totals. note that parentheses means negative. 10,000 + (-5,000) + (-10,000) = -5,000 aka (5,000) - the sum of the section totals in your cash flow statement is the total cash in/out flow. - beginning cash is an account. its number is how much cash a company actually has. it was not really calculated in the example since it was already given - in order to find ending cash to update the cash account, you must add the total cash in/out flow with the beginning cash 35,000 + (-5,000) = 30,000 so 30,000 is ending cash