5 years of accounting later, and currently studying for the CPA Exam and still coming back to your videos
@Edspira
3 жыл бұрын
I hope you pass it! Hang in there, it will be worth it in the end!!
@maddy8398
3 жыл бұрын
CPA MEANS 🤔🙏🏻🙏🏻🤔
@noahwigglesworth3789
Жыл бұрын
I quite literally learned more in this one video than I did from my entire lecture on the topic, thank you
@Edspira
Жыл бұрын
You're very welcome!
@csklmf86
5 жыл бұрын
Trying to study cpa exam on Becker and your video clearly illustrates what was missing on Becker. Great example thanks a lot!
@1986Sane
Жыл бұрын
Dude I did Rogers for CPA. Couldn't understand Becker. Looking here for CMA. Edspira helped me graduate college and with the CPA as well. Total treasure!
@carocasm
9 жыл бұрын
Thank you very much for having these videos up. If only My professor explained like you do, the world would be better.
@Edspira
9 жыл бұрын
+carolina c Thank you for the kind words!
@kellygraves8146
4 жыл бұрын
@@Edspira I see this type of comment so much.. "My professor can't explain as well" etc. I makes me think that education is failing and this is a much better model. KZitem or something similar where the best explanations get the most view and/or likes.
@popopopo5339
Жыл бұрын
Some professors don’t want to spend their time and efforts to teach; in stead, they just want to use their teaching platform to do their side businesses.
@Tamara-ju3lh
3 жыл бұрын
I'm taking FAR in 11 days and you're saving my life with your videos. Thank you so much! Your explanations always make sense.
@Edspira
3 жыл бұрын
Good luck on the test my friend!
@LovelyMie
6 ай бұрын
My accounting class seems impossible to pass but I can’t give up until I understand these concepts, so here I am !!
@ambarxox4879
6 ай бұрын
Same, we got this!
@karenpaolini3526
5 жыл бұрын
Edspira, you are making it possible to take online accounting classes. Since we don't have lectures, I depend on the expertise of instructors like you to fill the gaps in my understanding, and you are so good at explaining what are to me very complex concepts. Thank you so much!
@nobuyukiniki8980
2 жыл бұрын
I accidentally found your video after 5hrs of my struggle watching Becker lectures video. Thank you sooo much !!!!
@Edspira
2 жыл бұрын
Welcome aboard!
@FriarFan38
8 ай бұрын
This was the most helpful accounting video I have seen all semester. Thank you SO MUCH for your help!! I have a final tomorrow and this is reassuring me :)
@liangguo5065
Жыл бұрын
I have been working as an accountant for 10 years but mainly for retail business. I recently got an offer from an engineering project business. To be honest, after working in retail/wholesale for 10 years, I completely forgot what CIP(or WIP) about. This is the best vedio. It saved time for me to look for my CPA books. Now I can remember the concept. THANK YOU!!!
@barrygriffies459
6 ай бұрын
I have a job interview Friday and this video has me rock hard! This is amazing and was exactly the info I was looking for!
@loudeluca5225
Жыл бұрын
Loved the explanation of the percentage of completion method of accounting.
@MiSZCARTER14
2 жыл бұрын
You are helping me through my accounting classes. I love your clear explanations. Thank you
@ales9691
8 жыл бұрын
Thank you! What was killing me was the journal entries. I understand a little bit better now because of this video. Thank you!
@thirdward479
2 жыл бұрын
6 years later ..your videos are getting through so much . THANK YOU!!!
@Edspira
2 жыл бұрын
That's so cool that you've been following the channel for 6 years! I hope you continue to enjoy the videos!
@florecita1wow
2 жыл бұрын
You don’t imagine how much I thank you for this amazing video! Thank you, thank you, thank you! 🙌
@Edspira
2 жыл бұрын
I'm so glad you found it helpful!
@hannahsharma5108
2 жыл бұрын
This explanation was clear and very easy to follow. Thank you!
@Edspira
2 жыл бұрын
You're very welcome!
@johnriazo6532
7 жыл бұрын
Have an accounting final worth 65% and this video helped get one step closer to being prepared, thank you accounting god.
@dustindubay4243
9 жыл бұрын
Great video. I am working on the CPA exam right now and this is a great refresher and a great example! Thank you!
@Edspira
9 жыл бұрын
Dustin D No problem! Good luck with the CPA exam!!
@samuelkwon5824
6 жыл бұрын
Did you pass!!
@tatianabarnes957
4 жыл бұрын
are you a CPA now?
@casaundraendres5161
2 жыл бұрын
Your videos are the best! I learn best by lectures, so online school has been really difficult for me. Thank you for helping me to understand this material more clearly!
@siddharthshivaramakrishnan5604
9 ай бұрын
Love this content. My midterm is in 2 days and this helped me a ton. Thanks a lot Edspira!
@user-bp2bc9ek8y
8 жыл бұрын
Dude , you're a lifesaver i saw your video 30 minutes before the exam , I think i would get the full mark ,thanks a lot ...... :)
@jonnywallach1
9 жыл бұрын
Thank you! My brains are fried. This has really helped. Exam tomorrow!
@Edspira
9 жыл бұрын
I'm glad it helped. Good luck on the test!
@jonnywallach1
9 жыл бұрын
+Education Unlocked do you have a video explaining how to record the journal entry when the project is not profitable?
@Edspira
9 жыл бұрын
+Jon Wallach I don't have a video up for that situation just yet. When there is a loss on the contract you reverse any profit previously recognized and immediately book the anticipated loss.
@cesarcalderon2499
2 жыл бұрын
another way to find the Construction Rev for 2018 is 50% - 20% = 30% then 0.3 x 20mill same with 100% . 100% - 50% = 50% = 0.5 x 20mill = total rev of 2019 Thanks man great tutorial.
@xtova86
Жыл бұрын
the 20 mins video of yours > my 2 hours class by a CPA tutor
@angelafranchezcaalcaraz2862
2 жыл бұрын
Thank you for this video! I understand it without getting bored.
@Edspira
2 жыл бұрын
Glad you enjoyed it!
@suzettejonestravelinfo
Жыл бұрын
thank you for the step by step play , the percentage of completion made easy.
@Mangoicyy
5 жыл бұрын
I understand this so much better thank you so much MY SAVIOUR!
@tannertucker22
4 жыл бұрын
Very well done. I am a CPA. Thank you.
@antoniodedr
7 жыл бұрын
Awesome video. Yet again you've managed to make an otherwise difficult accounting topic to grasp understandable.
@Edspira
7 жыл бұрын
Thank you for the kind words. I hope you have a wonderful Thanksgiving. Best wishes :)
@nathanmcconnell7037
2 жыл бұрын
Great video, thanks for posting.
@Edspira
2 жыл бұрын
No problem!
@jessicakuzmin7547
8 жыл бұрын
Thanks for this clear, thorough video! It's a great refresher for my final exam.
@Edspira
8 жыл бұрын
+Jessica C Happy to help. I hope you do great on your exam!!
@angelina9505
5 жыл бұрын
Thanks for simplifying the concepts, it's easy to understand
@pjl5528
4 жыл бұрын
Thank you very much! I like the systematic way you presented this, it makes the accounting so much easier to understand.
@khzamb6920
8 жыл бұрын
Sir, you are simply awesome, really appreciate your efforts. thanks.
@Edspira
8 жыл бұрын
Thanks so much!
@katherineli3435
6 жыл бұрын
Thank you so much for uploading! Super super helpful for my midterm!!
@Edspira
6 жыл бұрын
No problem- I hope you ace your midterm!
@DonChubb
2 жыл бұрын
I really appreciate your videos! These are so helpful and you do a great job of breaking down complex concepts to make them easier to understand. Also, your voice sounds a little bit like John C. Reilly. I like to picture Dr. Steven Brule teaching me about accounting.
@Edspira
2 жыл бұрын
John C. Reilly and I are both from the south side of Chicago, so that explains the similarity!
@ulala2056
4 жыл бұрын
Thank you so much for the clear explanation. I was very confused with the journal entries in the percent of completion method. But you explained it very well!
@basheilig7480
2 жыл бұрын
Amazing explanation as always :). You make it so easy to understand.
@Edspira
2 жыл бұрын
Thanks! 😃
@simcardpw4210
3 жыл бұрын
VERY CLEAR OMG
@susanrosegale6646
6 жыл бұрын
I appreciate your videos, and remembered them. This one was extremely helpful for a current work life situation. Thank you so much for being here, your work is excellent!
@Edspira
6 жыл бұрын
I'm happy to help. Thanks Susanrose!
@alexjunquera9128
2 жыл бұрын
Thank you so much for uploading these videos. Great content, clear explanations.
@amazingamy1683
7 жыл бұрын
Best explanation ever! Thank you so much!
@Edspira
7 жыл бұрын
Thanks!
@92ADOS
7 жыл бұрын
Thank you very much, simple and practical. Greetings from Peru
@Edspira
7 жыл бұрын
De nada! Ojala que vaya bien, mi amigo!
@tannertucker22
4 жыл бұрын
Thank you. Why is the CIP increased/debit when recorded revenue and construction expense? I understand the need to balance the entry, but doesn't that bring the value of CIP (Inventory) to it selling value and therefore overstate its value? If the revenue and the value of the inventory sold have the same value, how is profit recorded and why allow the overstatement of the CIP account?
@TheWaveism
5 жыл бұрын
Incredibly well explained. Thanks!
@infonoids
4 жыл бұрын
Thanks a lot brother, thorough explanation and easy to read charts
@RoseVentus
3 жыл бұрын
Wow! This seems like an easy way to calculate revenue and gross profit. The way I was taught involves lots of calculations lol However, I would like to know how you calculate construction in progress without finding the difference for year 2018. Like you take 50% of $5m and then subtract the previously recognized gross profit? Edited: Nevermind, I found my answer: Estimated total costs in 2018 is now $16 (instead of $15m), so $20m-16m=$4m 50% of $4m = $2m - 1m (previously recognized gross profit in 2017) = $1 gross profit recognized in 2018
@PontoLyone
5 жыл бұрын
Thank you so much, the wiley books explanation and layout of this is so confusing
@samiachowdhury6455
5 жыл бұрын
GOD BLESS YOUR SOUL YOU JUST SAVED MY A** FROM FAILING
@karenpaolini3526
5 жыл бұрын
I feel the same way! Hang in there.
@phappy05
2 жыл бұрын
Great explanation, thank you
@sarinapathak7632
3 жыл бұрын
You are the BEST! Thank you so much !
@jakejoseph9523
9 жыл бұрын
thanks, saved my life cheers!
@yassersoury1
2 жыл бұрын
Thank you very mutch for this video
@michaeljacoby5840
8 жыл бұрын
Thanks a ton! You are very clear, and the example is fantastic. Great video!
@tannertucker22
3 күн бұрын
Well done
@GEORGIANATOR123
7 жыл бұрын
thank you!! I have my exam in two days and this was driving me crazy! you helped me a lot!
@Edspira
7 жыл бұрын
No problem. I have 8 videos on revenue recognition on my website free of charge if you want additional study materials. edspira.com/lessons/revenue-recognition Good luck on your exam!
@imtiazali596
6 жыл бұрын
how are you Georgia B
@bharatchaurasiya4561
6 жыл бұрын
Love you
@rexroad
Жыл бұрын
Thanks!
@Edspira
Жыл бұрын
Sure thing Matt, I really appreciate all your support!
@nicksmith5269
3 ай бұрын
amazing, thank you
@glorykim9171
8 жыл бұрын
Thank you for this great video!
@Edspira
8 жыл бұрын
My pleasure!
@cutesexygal1
3 жыл бұрын
does this still applicable to IFRS 15 Revenue recognition?
@rosh_unb3944
22 күн бұрын
Hi great video, Can you elaborate the difference between the construction in progress(what is it asset?) and construction Expenses(COS)? So are we saying that all expenses incurred during the project is an asset?
@zariaseeger2288
3 жыл бұрын
Thank you!
@emebetgashaw760
3 жыл бұрын
thank you sir that was helpful
@mysunshine3905
9 жыл бұрын
i like ur teaching method ...
@Edspira
9 жыл бұрын
Thanks!
@favs4030
6 жыл бұрын
Thank you, helped me understand this topic .
@Aliraxa777
7 жыл бұрын
thank you sir for this wonderfull effort really helped me a lot to understand the concept just before a day of my final semester but can you please upload a video in case of we incurred loss on project please
@Edspira
7 жыл бұрын
I hope to create such a video this winter break! Unfortunately I haven't been able to create any new videos in the past few weeks and am merely releasing ones I created over the summer. I'm sorry I haven't been able to create new videos faster, but I will be opening up my schedule to produce more videos in the coming year.
@milletmascioli9876
8 жыл бұрын
Very clear ! Thanks !
@一点一滴学英文
6 жыл бұрын
thank you so much for sharing those videos!
@Edspira
6 жыл бұрын
No problem!
@patriziapo1744
7 жыл бұрын
i read "billings" as "billingo" and wondered what is it the whole time until it was mentioned 😂
@yonasasres5197
7 жыл бұрын
thank you very much so clear
@Edspira
7 жыл бұрын
No problem!
@summertang9611
9 жыл бұрын
It really helps!! Thanks !!!
@Edspira
9 жыл бұрын
+tang summer It's my pleasure. Good luck with your class!
@khaliljatt
8 жыл бұрын
Hey there, thanks for the video, i just have one que, (at the end of year 1) from the journal entries, BILLINGS A/C is a Revenue A/C... i mean as Dr. AR Cr. Sales/Revenue and then, In CONSTRUCTION Rev A/C we're again booking a revenue of 4M, no entry cancels out the Billings account at this point. the total rev adds up to BILLINGS A/C + CONSTRUCTION REV A/C help me with my concept please.
@tumuatlatasi3271
7 жыл бұрын
Helpful video...thank you very much
@Aaron69975
2 жыл бұрын
Shouldn't the CIP account have a debit balance of $24,000,000 at the end of the whole project? (3,000,000 + 5,000,000 + 8,000,000 for the construction costs and then 1,000,000 + 1,000,000 + 2,000,000 at the end when recognizing revenue). The credit of $20,000,000 at the end doesn't zero out the CIP account. Can someone please explain?
@veasnapech1298
3 жыл бұрын
Great! Could I have deeper on it please!
@maleaccountant7198
5 жыл бұрын
Nice video. Helps me a lot. Sir can you make video about franchise accounting and installmens sales too.
@Edspira
5 жыл бұрын
www.edspira.com/topic/installment-sales-method/ www.edspira.com/topic/accounting-franchise-fees/ Best of luck in your studies!
@BaimurzaeV9
8 жыл бұрын
Thank you so much, was really useful. Still, I just have 1 question left. At the begining you have shown the difference of $5.000.000 as Gross Profit (20m - 15m) However, summing up CIP-s in all years (1.000.000 + 1.000.000 + 2.000.000) we get only $ 4.000.000 So, where is the other $1.000.000 ?
@milletmascioli9876
8 жыл бұрын
+Batyrkhan Baimurzaev The gross profit change because the estimated total costs change too to $ 16 million, and for that reason the actual gross profit is $ 4 million (20m - 16m)
@mrcoolonweb
7 жыл бұрын
Thanks Michael, you made my life easy. by the way CIP is also known as WIP right?
@ali8bilal
4 жыл бұрын
THIS VIDEO WAS UPLOADED IN 2015. Now, new standard comes with new modification. Dont watch it
@anshumanster
4 жыл бұрын
you are the best
@tymothylim6550
4 жыл бұрын
Thank you very much :) The videos are useful.
@latifaalbloushi7790
8 жыл бұрын
thank you very much , great explanation .
@mackblair7425
5 жыл бұрын
Excellent!
@davidbanks636
2 жыл бұрын
The Billings account that you mention is a substitute for revenue. So I am trying to wrap my head around what kind of account is a Billings account? Does it rest on the equity side? Also if you have an example of another term used other than Billings.
@michaelc8472
5 ай бұрын
Contract value doesn’t change, everything extra will be considered as change orders. All the current claims and change orders for the contract are subject to X% hold back. The HB will only be released when substantial completion is achieved. How to account for that?
@user-nm1vf8ce5h
3 жыл бұрын
Thank you for your video I was just dying due to construction contract 😂
@adrienneframe2748
8 жыл бұрын
Can you please explain why the $3 million is divided by the $15 million to get 20%? Other examples show that these totals are added together, then Costs Incurred to Date is divided by the sum of both. Shouldn't it have been $3m/$18m?
@claudiaigarcia925
6 жыл бұрын
i love his videos, but im running into the same problem. im currently in taking int.accounting and was taught to get %completion =cost incurred/(cost incurred+est.cost to complete)
@charmainetabar6927
6 жыл бұрын
Adrienne Frame Because the $15m is the estimated TOTAL costs already. You will add to the cost incurred if the given amount will be an estimated cost to complete.
@dilshoddubai7197
6 жыл бұрын
@@claudiaigarcia925 I think they meant cost incurrred (3mln)+estimated cost to complete (12mln, that is 15mln - 3mln already incurred)
@user-sm1fh1iy4p
11 ай бұрын
Thanks
@Binod00
2 жыл бұрын
Really great, clear explanation, thanks! Just wondering, should not it be A/P under the cash as credit? I keep in mind, A/R is debit account. I get confused with this credit and debit stuff 🤔
@azharmehboob4958
7 жыл бұрын
Gr8 explanation 👍🏼
@peterhans8905
2 ай бұрын
What is the "Billing" account? I hear this in accounting for the first time and I have troubles understanding the journal entries with it. Is it an Asset or Liability? And why do I credit it when debiting A/R?
@chriso.6296
2 жыл бұрын
Hello Edspira, Where do you factor in % of work completion (i.e. % physical progress) in your computation? Or do we assume: the % progress on cost (% POC) i.e. cumulative cost to date / overall cost budget = % of work completion ?
@kimw827
8 жыл бұрын
Thanks! Do you happen to have a quick video on when the project experiences a loss - borrowing profit from the next year??
@Amy1664880129
7 жыл бұрын
Thank you! This really helped my understanding. In Canada, we've recently adopted the Contract Asset/Liability instead of using the CIP and Billings Account. Do you think you upload an example using this method?
@Edspira
7 жыл бұрын
I will put that on my production list, although I might not get around to it until this fall. Sorry for the delay!
@kylesalcedo8187
5 ай бұрын
Curious as to the detailed breakdown of CIP from year 2017-2019? the computation for this is a bit confusing 2017 1,000,000.00 2018 1,000,000.00 2019 2,000,000.00
@vincentantony530
5 жыл бұрын
Thank You Sir !
@syedelyas7090
5 жыл бұрын
Thank you so much
@michaeljeter502
10 ай бұрын
Can I amend my client's business return for prior years to reflect this method as the previous accountant filed a straight cash = revenue method?
@MrSandy3683
Жыл бұрын
On what basis is the billing done? Does some percentage formula is used?
@randywoodcock4752
7 жыл бұрын
What type of accounts are the Billings and CIP. Are they just some sort of clearing account?
@svendb7
6 жыл бұрын
CIP is basically an inventory account to store the capitalized costs of the project, and Billings is a contra-CIP account, which allow CIP to be presented as a liability at the end of a period in which Billings has a higher credit balance than CIP (i.e., the firm billed the customer for more than the duties they've yet performed)
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