The INCOME STATEMENT for BEGINNERS

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The 'Income Statement', or 'Profit and Loss Statement' (P&L) is one of the three major Financial Statements, along with the Balance Sheet and the Statement of Cash Flows. In this tutorial, we'll build an Income Statement from the ground up using the basic principles of Accounting.

⏱️TIMESTAMPS
00:00 - Intro
00:08 - Financial Statement Definition
00:41 - What is a Basic Income Statement?
00:55 - What is a Detailed Income Statement?
01:52 - How to Make a Basic Income Statement
03:19 - How to Make a Detailed Income Statement

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⏱️TIMESTAMPS
00:00 - Intro
00:08 - Financial Statement Definition
00:41 - What is a Basic Income Statement?
00:55 - What is a Detailed Income Statement?
01:52 - How to Make a Basic Income Statement
03:19 - How to Make a Detailed Income Statement

AccountingStuff

who is here and having examination tomorrow and try to save the whole term😭

amver

I'm pretty sure that you explained it better than our university teachers

yousefqeshta

I could hug you for this video. Seriously.

henrydickerson

Hey man, I just want to let you know I was having the toughest time in accounting until I watched your videos. I got a 91 on a hw assignment which I usually get 60's on. Thank you for all you do!!!

StoicKujo

James, you represent all that is good in Youtube tutorials: Accessible information, clearly explained, engaging images, relevant examples, enthusiasm, humbleness and a pinch of humour. I've sat and watched 2+ hours of your videos today to refresh my understanding. There should be accounting and finance lecturers who should take note. Good luck with the journey to a 500k subscribers, you deserve it.

robertgiddings

I’ve been very overwhelmed in my Financial Accounting class lately…
I have read the textbook and I feel like I can’t dedicate enough time to reading to use that to get enough of a grasp.
My teacher is fine, but sometimes hard to follow.
This helped me so much.
Thank you <3

paulchillemi

Thank you, I work in the IT field and wanted to learn accounting on the side. Your explanation is very clear and helpful, I am grateful that I found this channel early in the journey.

LL-lbur

As Always, Brilliant and easy. In my 4 year accounting and finance degree this channel is included in a few things that I admire most. Bro cost and managerial accounting is also seeking your attention. 👍

salmanahmad

Absolutely love all your content and this one was very informative! Thank you for all that you do. I start my first accounting class in a week (it's my major).

jubairkhan

Hi, James! I just purchased your All in One Cheat Sheet Accounting Bundle!

I have been following your videos for years and before purchased one section.

You’re videos are VERY helpful!

jesustorres

incredible editing and presentation of the information for the ease of thanks for the education!

yazmut

All your videos are just awesome! So catchy and so useful at the same time😃 Admirations 👌

BorisGoranov

Hi James, as someone who was forced :) to do an accounting unit as part of my degree and having never-ever studied accounting, I found your series helped tremendously. I would like to recommend that you make a series on capital investment decisions, NVP, IRR and payback periods, that would be fantastic!! Thanks heaps.

cheetham_adventures

well this was super clear and easy to understand thanks!

robinscanlon

How?
I will have a mid term exam next week...
How... did you know I need this one specifically?
Thank you, mister. :D

azizuladnan

God bless you man, really well explained!!!

keyn

Good to see your vid again. Looking forward for the upcoming vids as well!

yoshiu

You explained this so much better than my university lecturers. Thank You!

bernamaqedonci

Watching your videos since morning extremely helpful ❤️

justfeeltheglamour

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