The KEY to Understanding Financial Statements
🆓Expanded Accounting Equation Cheat Sheet → accountingstuff.com/shop
🖊Income Statement Practice Questions → accountingstuff.com/practice-...
In this video I'll share the key to understanding Financial Statements. You'll learn the relationship between the Balance Sheet and the Accounting Equation, and where the Income Statement fits into the big picture of Accounting.
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⏱️TIMESTAMPS
00:00 - Intro
00:16 - Financial Statements Definition
00:35 - The Accounting Equation
01:16 - The Balance Sheet
02:16 - What is Equity made up of?
02:29 - Capital Contributions Definition
02:47 - Retained Earnings Definition
03:03 - Profit Definition
03:27 - What are Retained Earnings made up of?
03:50 - The Expanded Accounting Equation
05:08 - The Link between the Balance Sheet and the Income Statement
05:57 - Outro
🔎FAQ
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DISCLAIMER
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#accounting #financialstatements #accountingstuff
Пікірлер: 513
A 2 hr lecture in 6 minutes
@andisanontobekomngadi7076
Жыл бұрын
And it wasn’t boring
Imagine having James as your accounting lecturer 🎓
@ultralegendarybeast101
2 жыл бұрын
Definetly!
@jamesfleming5292
2 жыл бұрын
That would be awesome
@rasulsamad5860
2 жыл бұрын
He is watching all his videos
@gainsjames9345
Жыл бұрын
I wouldn't have been so scared of accounting if He were to be my lecturer 😄😄
@sakina3770
Жыл бұрын
No he is too handsome for being teacher, will not be able focus then 😂
Not the hero we deserved, but the hero we needed. Keep making these grade saving videos my man 🙌
This might be my last accounting paper tomorrow as I'm dropping the subject next year, accounting never was for me and I was forced to take it. Although through all papers you were there to help me understand. So if this is the last time I see one of your videos, thank you from the bottom of my heart ♥️
@AccountingStuff
3 жыл бұрын
Best of luck with it! All the best with your future endeavours :)
@rizma_x8109
2 жыл бұрын
I also had the same situation but at last I fall in love with accounting subject 🥺
@saraelh9724
2 жыл бұрын
I think it is too late for me to drop :(
@koteswarris8949
2 жыл бұрын
@@saraelh9724 too late for me to drop out too 😭
Your videos have a knack for coming right when I need them, which makes them even better!
@AccountingStuff
3 жыл бұрын
Thanks Benjamin, hope it helps!
These videos are seriously helping me. Since my professor loves you and is the one that recommended these videos and does every week, he doesnt mind that I chime in occasionally during his lectures to explain parts myself bc i had learned from these videos. For real love these!!
Hi James, You're a real one. I'm a Business Admin major and am taking an Accounting course this semester. I find the textbook to be really dense, uninteresting, and as a consequence, hard to follow. You have made learning accounting so much easier and much more enjoyable. Thank you!
@AccountingStuff
3 жыл бұрын
Cheers Collin! Glad you're enjoying it :)
I seriously can’t thank you enough for your videos! I am a healthcare professional working on my MBA in healthcare administration, and I am NOT a numbers person. I was so lost reading through my textbook, but your videos have made a huge difference! I feel confident that I can pass my course now.
I have a class tomorrow and this totally saved my life! Thank you James!
I don't think I could jump back into the accounting world without you. Many thanks. 👏👏
I don't think you'll ever get a teacher like this, be grateful he started uploading on KZread!
Thanks to your videos I’m studying to be an accountant. I would like to see a video on present and future value as well as a video explaining annuity. Keep doing what you’re doing and thanks for all the helpful content!
@AccountingStuff
3 жыл бұрын
That's great to hear! Thanks for your requests :)
Being in accounting since 2017, I can say this is the best & crisp video on this topic Keep up the good work...
@AccountingStuff
3 жыл бұрын
Cheers Rubin!
Your videos are pure GOLD. Going through my exams now and I cannot begin to tell you how much your videos have helped me. You articulate your words so well and explain everything so clearly. Pleaaase, keep it up!
@AccountingStuff
3 жыл бұрын
Thanks Kellie! Best of luck in your exams :)
I love and so appreciate the explanations you provide. I have been in the accounting field for years, with tons of education under my belt, and while I am embarrassed to admit it... With your insight, it’s all finally starting to come together. Thank you!!
@AccountingStuff
3 жыл бұрын
No worries Heather! We all have to go back to the basics from time to time. It's so easy to get 'tunnel vision' at work and lose sight of the big picture. All the best!
Thank you for this! I appreciate so much having access to this kind of quality material to support what I am learning from textbooks and lectures. :)
The editing is on point.. cheers!
@AccountingStuff
3 жыл бұрын
Thanks Hector!
@jalentrent5863
2 жыл бұрын
instablaster...
@ultralegendarybeast101
2 жыл бұрын
@@AccountingStuff :)
This is amazing! I'm taking accounting for the first time ever and your videos are extremely helpful!!!! Thank you so much for the cheat sheet. This week my lesson is on balance sheets and income statements so this is perfect! Thank you again. I've actually told a few of my friends about this as well. :) Cheers!
@AccountingStuff
3 жыл бұрын
Thanks for sharing! All the best with your studies :)
You are LIFE SAVER .....have an exam tomorrow. Also after a long time. Remember me?
@AccountingStuff
3 жыл бұрын
How could I forget? It's been a while. Best of luck tomorrow!!!
@niloykarmaker1024
3 жыл бұрын
@@AccountingStuff thanks ❤️ and keep uploading.. 🔥
@AccountingStuff
3 жыл бұрын
@@niloykarmaker1024 Cheers! Will do :)
Thank you for doing this James! Your channel is amazing, your production value is so good and the way you explain this makes learning it so addictive. Best of luck to you!
@AccountingStuff
3 жыл бұрын
Cheers for your support!
very short, fruitful and easy to understand. thank you so much of your efforts
you were born to do this- AMAZING, James. thank you!
@AccountingStuff
3 жыл бұрын
No worries, happy to help!
This is the best explanation of the extended accounting equation I’ve seen! Your videos helped helped me pass my first CIMA exam so thank you! Were you planning to ever do some Management Accounting ones - probability, regression analysis and normal distribution etc. your style of videos for these topics would no doubt help a lot of people studying!
@AccountingStuff
3 жыл бұрын
Hey Rachel, congrats on passing your exam!!! That's awesome news. I plan to cover Management Accounting as well but I have a few more vids on Financial to make first
You make account understandable. . Thanks the your work
@AccountingStuff
3 жыл бұрын
Cheers, I'm glad to hear that!
I love how you explain it and make it super interesting! 👍🏻💗
Great job in describing the process!
I just found your channel today, and you explain accounting so clearly... keep the good work and the quality is on point!
@AccountingStuff
3 жыл бұрын
Cheers Euridice!
Ur channel are wonderfully underrated. I could feel dedication that uve done in this video
@AccountingStuff
3 жыл бұрын
Thanks buddy!
Really you are making every time difficult concept easy. Thanks a lot
@AccountingStuff
3 жыл бұрын
Cheers Priya!
Super helpful and informative, thanks a LOT !
For spanish speakers: Asset: Activos Liabilities: Pasivos Equity: patrimonio
This is a great video. I will use it as part of my teachings which, I believe, will bring a lot of visitors to this video. Thank you! 😊👍👍👍
Just saved me a lot of back and forward studying! thanks man
i can actually pass my accounting class all thanks to you! THANKS JAMES xx
@AccountingStuff
3 жыл бұрын
Good luck with it! I hope you smash it
Your videos are extremely helpful. Thank you so much!!!
@AccountingStuff
3 жыл бұрын
No problem Danni :)
Wow you are the goat man. Learning so much from you. Keep up the great work
Missed u for a long time....
I wanted to thank you, James. I got into ATI Year 2 thanks to your videos. I told my whole class about DEALER and your channel. Thank you! x
@AccountingStuff
3 жыл бұрын
Nice one!! Great to hear that things are going well. All the best :)
@jennymulhall816
3 жыл бұрын
@Get More Of course I’ll help if I can, but I’m only in second year! You’d better ask James. ☺️
@jennymulhall816
3 жыл бұрын
@@AccountingStuff Thank you so much! 🌸🌸🌸
@AccountingStuff
3 жыл бұрын
@@jennymulhall816 You're welcome :)
Retained earning is the key to link Bal sheet to the income statement! Love it.Excellent visualization to make hard looks was.You have got talent
@AccountingStuff
3 жыл бұрын
Thanks for your kind words!
Just started my accounting course and your videos are helping out a ton!
@AccountingStuff
3 жыл бұрын
Cheers, glad to hear the vids are helping. Best of luck with your course!
Hey! I wanted to thank you for all the help. You have helped me along the way of my course and have a 97 in the course!! THANKK YOU!
@AccountingStuff
3 жыл бұрын
Boom! Congrats you nailed it :)
James, I really hope your channel booms in popularity! I am an accounting student and your videos are so informative, with the perfect explanation and great editing!
@AccountingStuff
3 жыл бұрын
Thanks for your support!
James i cant stop liking your videos! brilliant!
@AccountingStuff
3 жыл бұрын
Thanks for your support :)
Honestly sooo helpful and easy explained! Keep going
@AccountingStuff
3 жыл бұрын
Thanks!
These are very helpful thank you
Awesome video man, thank you. Always struggled to link the P&l to the equity part of balance sheet
Beautifully explained, simple and understandable.
@AccountingStuff
10 ай бұрын
Thanks!
Hey man, missed your content and this came right in time before my finals. Learned how to debit/credit and all else with your video which made my university modules much easier to handle. Hope everything is doing well for ya, love from Singapore
@AccountingStuff
3 жыл бұрын
All the best in your finals!!
Thanks for making this easier to understand
@AccountingStuff
3 жыл бұрын
No worries, hope it's making sense :)
I am an IT Manager, and i am using your Playlist Video to understand the whole accounting Picture Thanks a Alot
@AccountingStuff
5 ай бұрын
Great to hear you're finding these videos useful :)
Thanks so much for your video, it has been helping me all true, but I need more videos on bookkeeping and triabalance
Been waiting for a new post, and this helps me alot to understand accounting better!
@AccountingStuff
3 жыл бұрын
Cheers Tita, that's great to hear!
You have a beautiful, clean website. Kudos man. I swear when my money game is up I'll support the page.
@AccountingStuff
3 жыл бұрын
Thanks Sive! If money's tight then there's really no need. All the best :)
You are a Genius man❤️Really a big fan of your videos
please don’t stop making these videos your are literally saving my career!
@AccountingStuff
3 жыл бұрын
I plan to make a whole lot more :)
Good learning with you bro!
You're the best, James! I look forward to more videos in the future!
@AccountingStuff
3 жыл бұрын
Cheers Kevin! I'm working on many more :)
I wish I had found you 6 months ago! Brilliant, thank you
@AccountingStuff
8 күн бұрын
Glad you're finding the vids useful :)
Your videos are amazing at understanding the basics, really helped me pass first year😎
@AccountingStuff
3 жыл бұрын
Nice one! Great to hear it's going well :)
You have carried me through my first year accounting course. So thank you!!. Would love if you could do some more managerial accounting vids to carry me through next semester too! :D
@AccountingStuff
3 жыл бұрын
Cheers for your suggestion!
Appreciate your work sir, thank you
We are currently struggling with our Finance teacher so all the classroom is learning from your videos, we have a test tomorrow, thank you so much for breaking it into small bits!
@AccountingStuff
3 жыл бұрын
Sorry for my late reply! How did it go?
Best lec, accounting looks hard but you make me take it easy,
@AccountingStuff
3 жыл бұрын
Thanks Victor, all the best!
Brilliant video as always James!
@AccountingStuff
3 жыл бұрын
Thanks Ashish!
I would really love to see a video or miniseries on Group/consolidated financial statements if possible! loving your videos so far
@AccountingStuff
3 жыл бұрын
Thanks for your request!
Thank you!
thank you so much for your excellent videos and for the cheat sheet!! saving my a55 in my first accounting class
@AccountingStuff
3 жыл бұрын
No worries Haleigh, hope it's all going well :) Thanks for your support.
Hey James, I landed on your channel after perusing KZread for some simple and to the point explanations for accounting principles, as I have a short sub-unit dedicated to accounting basics within the syllabi. I've only just begun learning but thank you so much for the videos you've put out. I always thought I'd have to mug it up and take my chances (hahaha) but you've managed to make me understand to a far greater degree and I look forward to watching more of your videos!!
@AccountingStuff
7 күн бұрын
Great to hear it's clicking for you!
Excellent video. I want more such videos for more understanding.
@AccountingStuff
3 жыл бұрын
Cheers, I plan to make many more :)
Great job James. Keep doing! Greetings from Europe.
@AccountingStuff
3 жыл бұрын
Cheers Besim! Will do :)
Really happy that I've found your channel the way you explain makes it very easy to understand! Could you please explain ratios and earnings per share?
@AccountingStuff
3 жыл бұрын
Thanks for your suggestion!
The shortest and most advanced video I’ve seen on the accounting equation.
Good video man, thanks.
New subscriber here and I must say, I love your "Accounting Stuff."
@AccountingStuff
3 жыл бұрын
Cheers, it's great to have you on board!
Great explanation + a great visual presentation 👍
@AccountingStuff
3 жыл бұрын
Thanks Chriselle!
I needed this one... thank you so much ❤️
@AccountingStuff
3 жыл бұрын
No worries, hope it helps :)
Thank you very much for this videos!
@AccountingStuff
3 жыл бұрын
My pleasure!
Thank you, your videos are extremely helpful
@AccountingStuff
3 жыл бұрын
Cheers Saneea!
Thank you 😊 🍃
Hi, thank you for this video! Helped me understand accounting a lot better. Can you please tell me how the cash-flow statement fits into the extended equation?
Thanks a lot.
Thank you 🙏
this was amazingly helpful
@AccountingStuff
2 жыл бұрын
Cheers Mike, glad you found it useful :)
James is THE MAN!!!
thank you so much for your videos ! they are incredible and very useful. Could you please make a series which explain true company statements ? (of course by covering the names :) because accounting is understandable in lecture by but in real life practices the situation is severe :( missed you !
@AccountingStuff
3 жыл бұрын
Cheers for your suggestion! I'll keep that in mind :)
You helped me a lot. Thank u so much :)
@AccountingStuff
3 жыл бұрын
Cheers Jabrayil, glad you're finding these helpful :)
That was easy!! Thank you
@AccountingStuff
3 жыл бұрын
Cheers, glad it makes sense :)
You are my favorite accounting teacher
@AccountingStuff
2 жыл бұрын
Thanks :)
Hey James I appreciate how you break down accounting principles for non-accountants like some of us Please keep up the great work!
@AccountingStuff
3 жыл бұрын
Thanks Winston!
@ryanfelix5219
3 жыл бұрын
@@AccountingStuff I need some help with my accounts assignment please😫🙏🙏... Just one question please. Can you help me out?
Been waiting for you to post new content! Great video!
@AccountingStuff
3 жыл бұрын
Cheers Tyler :)
REALLY GOOD VIDEO!!! THANKS
@AccountingStuff
3 жыл бұрын
Cheers!
Keep up the good work.
Amazing!
Thank you James it was great video
@AccountingStuff
3 жыл бұрын
Cheers, I'm glad you enjoyed it :)
Your videos are very useful, they are my go to, when I need further clarification. Can you do one on consolidated statements?
@AccountingStuff
3 жыл бұрын
Cheers for your suggestion!
I love your video and wanting to watch and learn more
@AccountingStuff
3 жыл бұрын
Cheers John! Glad you enjoyed it :)
Hi James! I’ve been watching your videos because I am enrolling in school to become an accountant. I’m at the very beginning of this journey and then end goal is to start my own business. Could you please do a video on the different ways a business is owned? You mentioned making one in a previous video but I don’t see one made. I’d really love to know the pros and cons of partnership, corporation, and single owner. Also I love you videos. You make difficult principles easy to understand and reinforce them with examples in a way that help them stick! Please don’t stop!
@AccountingStuff
3 жыл бұрын
No worries Sidney, thanks for your suggestion!
Your videos are very helpful! Thank you! Would you kindly make some videos also regarding IFRS?🙂
This is brilliant!
@AccountingStuff
3 жыл бұрын
Thanks :)
That was awesome.