Can you pass this Accounting test?

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Chapters:
00:00 Intro
00:36 Assignment #1 Revenue recognition
03:48 Assignment #2 Expense recognition
07:26 Assignment #3 Other Income

In this video I cover 3 Accounting interview assignments:
1. Income recognition
2. Expense recognition
3. Other income question

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All views expressed on my channel are mine alone. Not intended as financial or professional advice

[OKREDHOT]

For question 3, in our local GAAP and under audit, it wouldn't be accepted to compensate expenses from the sales of tickets, as it would be against full disclosure and non-compensation principles + normally the sales of these tickets, even if categorised as other income, would be subject to VAT (= more or less like Sales Tax in the US), so need proper invoice (or any form of receipt) and proper revenue (= tax base) booked.

[adam]

I got the first two right away, second one was completely wrong. I’m finishing my accounting bachelors in the next 6 months so it’s nice to learn as much as possible. Please keep these videos up been watching you for a couple years now.

[MarisBuzzy]

These videos are excellent for all interested in accounting!

[cedricb.]

Wow thank you very much. I just found your YouTube channel. I have been looking for this kind of materials reached by real life professionals. This is eye opening. Now I know what to expect from the real world.

Do you have any website or link where I can find additional assignments.

[emidiorocha]

Hi Bill, thank you for your time to share your accounting knowledge with us. It’s really good your videos.
Congrats!

[PropunKla]

This is actually a pretty fun learning excersize.

[arpitmehta]

Thsnks for the fun & learn excercise!! just came different entry in Assignment #1 please correct if wrong
Assignment# 1

Dr Accounts

Cr Unearned

Dr Unearned

[lisaverweij]

Good revision for ACCA Financial Accounting. Got that exam in 3 weeks, and I'm hoping to nail it!

[PDXLibertarian]

In the real world, the platform fee might initially post to revenue and then you have to prepare a JE to defer part of it. It depends on how items are set up in the A/R system. A best practice might be be to set up platform fees to map to deferred revenue, but this isn't always the case and it sort of depends on how the company negotiates contracts.

[girishpai]

Revenue we can only record revenue when the performance obligation is satisfied either over the period of time in case of service sector we cannot record whole year Revenue we can only take the Revenue either based on time, or amount of performance that has been satisfied

[deniisnandahidayat]

this is pretty fun. Can you make the Percentage of Completion. thank you

[FaheemAhmed-ro]

Hi Bill,
Your videos are really informative man.

I m from India, having 4 years of experience in an Indian Firm as accounting and auditing executive.
Which one would be better for for further career learning, MBA with Major as Accounts or Maac with concentration as Forensic accounting.

[uniquecreativity]

Hi Bill, your videos are very nice, can you please make video on Accrued liability reconciliation, how to analyze it, what is the implication if reversal not done with sense of SOX as well.

[henrymarroquin]

Thanks for the great video ! Huge help ! could you make a video on landing an accounting internships? :)

[Jimmyhndrx]

Hi, I have confidence issue regarding accounting. I have been looking for a job entry level for almost 2 months. I have BBA (all electives accounting and passed with all As), masters in management science and started my CPA but still having issue finding a job because I only have 2 years AP experience in a grocery store (not full cycle). I don t know I am not sure how much knoweldge I should have or what kind of skills I should have to be able to secure an entry level job? applied over 50 places (2 interviews still waiting) also, what kind of wage should I expect. I am pretty sure a lot of people in my position, don't know what to expect or what we are offering to the employer in our heads. I watched your videos about entry level positions and wage expectations but seems like they are not entry level (sarcasm) positions since they ask for 3-5 years experience and put it as entry level position. I am lost and losing my hope. My dream is to be an accountant, a good one but no1 gives chances. ( another reason is ppl lie aloot in canada about their resumes)

[marvelouss]

I would have reduced an expense if there was a related expense or as you stated credit other revenue.

[puresquared]

Why not tab through cells or use arrows to navigate your cell entries?

[tomorrowwheatley]

Hi, new subscriber here!

I have a question I am now in (AP) looking to get certified, but my next question is after I do that I wanna continue to pursue accounting just not sure where to start. Any suggestions, please?

[Nocountryformen]

Great video! Thank you. You really give a lot of valuable information. I have a question. I am looking for an entree level accounting job. And mostly in my area it is a billing clerk position.
Will that experience count towards CPA license in Minnesota? Thank you!

[robd]

I struggle to find hats that fit me. I'm a small so most hats are way too big. I just ordered a Boston Scally on Amazon since they offer free returns. If it fits good I'll try othet styles directly from Boston Scally. Fingers crossed.