Accounting For Beginners #11 / Fifo and Lifo Inventory / Basics

#Accounting #Exercise #CPA
#Accounting #Exercise #CPA

[rent]

It baffles me that you can teach me fifo and lifo in five minutes. Yet, my professor at school makes it very complicated. No wonder the class average is a 73% I really think he makes it difficult on purpose

[lynnformusic]

For anyone who has no accounting background or anything (such as myself) and get super overwhelmed at first, I went ahead and looked up the terminology. You can hate me if this is annoying. Hahaha.
FIFO= "first in, first out" meaning goods first added to inventory are assumed to be the first goods removed from inventory for sale
LIFO= "last in, first out" meaning goods last added to inventory are assumed to be the first goods removed from inventory for sale

Thanks so much for your videos! This is the kind of learning I relate best to. You da best.

[pauloaguinaldo]

Dude, It's like I'm having a marathon of TV Series or something. I can't stop watching every next episode lol. Thanks for these vids! I really need to review my accounting subjects from 2years back for a position I am pursuing in F&A dept. but am too lazy to find my handouts and reviewers. Please keep on doing these vids! Rock on!!!

[somebodyelse]

hello! I am getting into university this year and i was undecided with what course i should take, i've been binge watching your videos for the past couple of months, now i've been homeschooling myself since i chose BSA (finally settled!) thank you so much for the inspiration!

[danielehrke]

Thank you thank you thank you. I have watched your videos from the start and you made it so simple to follow that a primary school child can understand. The other day a CA tried explaining to me and he made me more confused...….but your tutorials helped me a lot!! thanks again

[bartekszulc]

after years of studies I was still confused by this topic, yet you've managed to explain it to me in depth in 5 minutes. Great video!

[shelleylancaster]

Brushing up on my accounting skills and so grateful to find your videos! Thank you so much for doing these. You're really helping a lot of people. You're the PERFECT amount of goofball to keep my attention on such a dry subject. 😂

[inkbot]

Its startling how easy your videos make it to study these topics. Fantastic work

[RandomPerson-lkcb]

This is saving me in last minute review for my final, thanks 🙏🏽

[IcarusSeptem]

I'm glad I found your videos. I was a bit fuzzy on this topic but you made it crystal clear. Thank you for sharing!

[zrolcou]

Dont have a background in accounting, but now i understand some basic terms: Equity, balance sheet and income statement. Thank you sir❤ from Nigeria.

[drevil]

I benefit so much on this channel and he really has a knack for explaining very complex material into something easier to convey.

So if I may, let me help you guys clarify what he is talking about.

Simply replace the COGS on his page into Expenses which would make sense.
FIFO = Higher Net income because of lower "Expenses"
LIFO = Lower Net income because of higher "Expenses"

Hope this helps.

Cheers!

Taking an accounting class right now for college and it's very fast paced, these videos are so so helpful thank you!

[_nesse]

I think I have learned more accounting through these videos than w the classes that I am taking!

[eliparker]

I have been watching your videos in addition to my study materials and lectures on campus. Your videos just give everything clarity! Thank you very much. P.S. All of these stupid questions just come from expecting everything to be in a 5 min. video, geesh.

[elizabethadeyinka]

Thanks. I am brushing up my accounting skill. I gain a lot in a short time

[suli]

You can interpret this however you want but you remind of the character from The Accountant. Saying you are like Ben Affleck is a compliment from me! Love that guy and good tutorial.

[clarkkent]

Wow I love the conveyor belt analogy that really helps me understand

[ELBStrCash]

Thank you for pointing out the fact that lifo makes zero sense! It's just a method someone made up to pay lower taxes.

[alielhefnawy]

YOU ARE COMPETENT, Excellent Explain i Follow Your Videos its Very helpful . Thank You For Your Effort