SO sorry for the slow reply to any comments! I just made this for one of my classes and did not expect this amount of views. Some of the comments I cannot answer I'm afraid, I only have taught the basics for accounting.
@Kara-jn2of
8 жыл бұрын
thank you! i've learned more here than in the whole last semester (not your class obviously)
@thelearnsmith7973
8 жыл бұрын
Super glad I could help!
@TheSwordSage
9 жыл бұрын
Thx helped alot.
@yanmohun3634
7 жыл бұрын
thx . it help a lot
@thapelomatebele8303
9 жыл бұрын
thnx alot cuz nw im able 2 prepare SFP
@jenniferletshikhoana4070
7 жыл бұрын
thank you so much...
@lavanyatatiwala501
7 жыл бұрын
this helped a lot sir! thankyou so much.😊
@thelearnsmith7973
7 жыл бұрын
Glad I could help!
@hamishwoodd8082
8 жыл бұрын
very helpful
@natasshaann362
9 жыл бұрын
Is the following the UK or the US???
@thelearnsmith7973
8 жыл бұрын
NZ! I'd imagine it is similar to UK
@karencarillo497
7 жыл бұрын
how would you know if its current and non curent?
@thelearnsmith7973
7 жыл бұрын
It depends on what level you're studying at really. The simple version is that "current" is an asset that you will receive or a liability you will pay within the next accounting period (generally 1 year) and "non-current" is an asset or liability that you expect to do the same (receive or pay) over a period longer than a year. At higher secondary school and university levels they generally use the formal definitions which add a little more detail to that, you'll want to check with whichever you're studying.
@karencarillo497
7 жыл бұрын
I'm in high school and I think I get it now. It's current when its something that is within the normal operating cycle or a year and its non current when its longer than the current? Thank you so much your video helped me when i had an exam 3 days ago. ^_^
@thelearnsmith7973
7 жыл бұрын
That's a good definition to start you off, you'll find it gets more complicated a bit later on. Best of luck with those exam results.
@ananthisubramaniam8288
7 жыл бұрын
DOES INTEREST ON LOAN FALLS UNDER THE CURRENT LIABILITY
@thelearnsmith7973
7 жыл бұрын
Interest on loans is a regular cost - therefore it would be an expenses that appears on the Income Statement/Statement of financial performance and not on the balance sheet/statement of financial position.
@thelearnsmith7973
7 жыл бұрын
*expense (my bad! - specifically under Finance Costs if that's relevant to you at all)
@manassehleonard2879
9 жыл бұрын
Why the right column is left blank?
@thelearnsmith7973
8 жыл бұрын
It's a grand total column. I could use it for things like net assets and closing capital but it usually just confuses people.
@manassehleonard2879
8 жыл бұрын
Thanks!
@missbunnygirl88
8 жыл бұрын
What is drawings ?
@thelearnsmith7973
8 жыл бұрын
Hey missbunnygirl88, drawings is basically any time the owner takes an asset (something the business owns e.g. cash in the bank) out of the business for themselves. An example might be the owner using business money to buy a car for their personal use or buying a gift for a friend using business funds.
@thereality1040
9 жыл бұрын
why isnt advertisement an asset
@thelearnsmith7973
9 жыл бұрын
Advertising is an ongoing cost for the business, they have to keep paying for billboards, tv ads, radio ads, flyers, etc. Therefore it comes under the "expenses" category.
@thereality1040
9 жыл бұрын
cheers mate. hahah i got 51 in my exam. A pass is a pass
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