AccountingAcademy

In this video we do a deeper dive into oil and gas revenue. We go over some of the basics including price and volumes. Then dive into deeper topics such as differentials, royalty interest, division of interest, and much more. Lastly, we show examples including journal entries for various revenue transactions and how to check they are correct. Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy 0:00 Revenue Basics 6:20 Differentials 11:00 Operations and Ownership 17:15 Examples WI & NRI 18:35 DOI 22:15 Revenue Examples 24:35 Revenue Deep Dive 30:00 Journal Entries & Examples 35:30 Purchaser Statement & Examples 39:00 Revenue Risks & Testing 46:20 Revenue Accrual 50:05 Production & Ad Valorem Taxes 56:15 Other ASC 606 Considerations

#accounting #oilandgas #assetretirementobligation #aro #journalentry In this oil and gas accounting seminar we go over the basics of Asset Retirement Obligation (ARO). Everything from initial measurement, calculations, full cost vs. successful efforts, subsequent measurement, layers, journal entries, and disclosures Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy 0:00 ARO Basics 7:45 Initial Measurement 27:40 Int. Meas. Example 29:35 Other 35:30 Subsequent Measurement 38:20 Sub. Meas. Examples 45:25 Disclosures 53:20 Checks, Controls, Audit

#accounting #oilandgas #depletion #impairment #seminar #learning In our second Oil and Gas Accounting Seminar we are focusing on depletion and impairment for both full cost and successful efforts. We go through all the nuances of each method as well as go over several examples with journal entries. Additionally, we go over barrel of oil equivalent (BOE) conversion for gas and equal unit calculations. Stay tuned for Asset Retirement Obligation in our next video. Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy 0:00 Intro 2:20 Full Cost Depletion 11:35 Units Conversion Example 15:30 FC Dep. Cont. 21:00 FC Dep. Example 25:40 FC Ceiling Impairment 31:25 FC Ceiling w/ tax Example 33:00 FC Ceiling Other 37:05 FC Ceiling Example 2 40:40 Successful Efforts Depletion 51:30 SE Dep Example 58:00 SE Impairment 1:03:45 SE Imp. Examples 1:08:40 Unevaluated Impairment 1:12:10 Une. Imp. Example

#accounting #oilandgas #learning #seminar In this seminar series we hope to teach the basics of oil and gas accounting. Everything from what is upstream, midstream, and downstream to examples of how to account for asset purchases. Stay tuned for future series in Oil & Gas series. Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy 0:00 O&G General Understanding 21:30 Full Cost vs Successful Efforts 34:30 Property Related Costs 59:00 Examples 1:03:15 Acquisitions & Disposals 1:26:50 Other Issues

#Accounting #TreasuryStock #Planetwatch #Kaitera #Crypto #PassiveIncome Please subscribe and share. On this episode we expand on our previous episode of equity and dive into treasury stock. We teach the basics of what is treasury stock and why a Company may use treasury stock. There are multiple methods of accounting for treasury stock and we explain both with examples all the way through the journal entries. If you are interested in the Planetwatch project reach out. If you want to buy an air sensor here is the link, website, and code for $50 off: Link: http://i.refs.cc/erBcRz1W?u=1647267775963 website: reallygreatair.com code: PHX9W6SY0E Their customer support is great and can help with any questions. 0:00 Intro 0:55 Basics of Treasury Stock 2:56 Accounting Methods and Examples 5:19 Outro Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy

#SHORTS #ACCOUNTING #IMPAIRMENT This short is the summary of the steps of impairment and IFRS differences from our full video: https://www.youtube.com/watch?v=zUylRlm3Tik Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy

#SHORTS #ACCOUNTING #IMPAIRMENT This short is the summary of the 6 impairment triggers from our full video: https://www.youtube.com/watch?v=zUylRlm3Tik Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy

In this video we look at how to perform an impairment analysis. We go through everything from a trigger analysis all the way to the impairment. We touch on the differences between IFRS and US GAAP. For more read topic ASC 360-10-35 The 6 Triggers 1 - adverse market valuations 2 - adverse change in use of asset 3 - adverse change in laws or regulations 4 - significant cost overruns 5 - operating or projected losses 6 - selling the asset for a loss Impairment Analysis Steps: 1 - Trigger Analysis 2 - Undiscounted Cash Flow Test 3 - Discounted (FV) Cash Flow Test Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy 0:00 - Intro and Basics 0:42 - Asset Group? 1:36 - Impairment Analysis Steps 2:45 - IFRS Differences 3:27 - 6 Impairment Triggers 5:43 - Examples 7:35 - Outro Music from Uppbeat (free for Creators!): https://uppbeat.io/t/cinco/friends License code: WYTKSVAKCRKL0Q5R

#Shorts #Accounting Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy

#Equity #EquityStatements #Accounting #Partnerhsip In this episode we dive into equity. This includes defining the accounting term equity and where it resides on the financial statements. We also run through an example of equity statement you might see for a public company. Lastly, we run through the intro of setting up a partnership statement. Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy 0:00 Intro 0:52 Equity Defined 1:17 Equity Statement 2:51 Partnership Defined 3:08 Partnership Statement Example 4:16 Outro

#Accounting #AccountsRecievable #BadDebt #ARAging In this episode we continue our journey into the basics of accounting to learn more about accounts receivable (A/R). We learn the basics of accounts receivable, how they are defined, and where they are presented on the financials. We then explore bad debt and allowance for doubtful accounts. Lastly, while we don't adhere to Current Expected Credit Loss (CECL) we do follow an aging policy example including the journal entries for recording bad debt and the related allowance for doubtful accounts. 0:00 Intro 0:43 Basics of Accounts Receivable 1:31 Bad Debt 1:54 Allowance for Doubtful Accounts 2:50 A/R Aging Policy and Journal Entries 4:13 Outro Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy Music from Uppbeat (free for Creators!): https://uppbeat.io/t/cinco/friends License code: WYTKSVAKCRKL0Q5R

#Accounting #OtherComprehensiveIncome #OCI In this episode we dive into a complex topic "Other Comprehensive Income." We start by showing where on the balance sheet and income statement OCI is shown. Then explain what is OCI and run through and example. Then as a bonus we briefly touch on how deferred taxes work with OCI. Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy 0:00 Intro 0:16 Financial Statements 0:44 Defined 0:54 OCI Example with Journal Entries 2:01 Other Examples of OCI 2:14 OCI and Deferred Taxes 3:13 Outro

#AdjustingEntries #Accounting #BasicsOfAccounting In this episode we help explain the basics of accounting adjusting entries. Everything from different accruals to different prepaids. We then run through some examples that you come across in your studies and monthly accounting to help you understand the topic. Those examples of adjusting entries are: - Supplies Adjustment - Accounts Receivable Doubtful Accounts - Monthly Depreciation Entry - Prepaid Insurance - Prepaid Revenue / Deferred Revenue - Expense Accrual - Revenue Accrual Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy 0:00 Intro 0:16 Defined and Explained 1:18 Matching Principle 1:55 Supplies 2:38 AR Doubtful Accounts 3:04 Depreciation 3:30 Prepaid Expense 3:56 Deferred Revenue 4:57 Accrued Expense 5:43 Accrued Revenue 6:15 Outro Music from Uppbeat (free for Creators!): https://uppbeat.io/t/hartzmann/summer-dream License code: VCYD2IX71Y2T4MVN

#Shorts #AccountingShorts #Accounting #DebtAccounting This is a short from our full episode on debt issuance: https://www.youtube.com/watch?v=DZd_Jefeid0 Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy

#Shorts #AccountingShorts #Accounting #DebtAccounting This is a short from our full episode on debt issuance: https://www.youtube.com/watch?v=DZd_Jefeid0 Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy

#Shorts #AccountingShorts #Accounting #DebtAccounting This is a short from our full episode on debt issuance: https://www.youtube.com/watch?v=DZd_Jefeid0 Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy

#Shorts #AccountingShorts #Accounting #DebtAccounting This is a short from our full episode on debt issuance: https://www.youtube.com/watch?v=DZd_Jefeid0 Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy

#Shorts #AccountingShorts #Accounting #DebtAccounting This is a short from our full episode on debt issuance: https://www.youtube.com/watch?v=DZd_Jefeid0 Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy

#Shorts: See the whole video at: https://www.youtube.com/watch?v=DZd_Jefeid0 This video helps show how to use goal seek function within excel. In this case we are using it to solve for effective interest rate. Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy

#Shorts: See our full episode https://www.youtube.com/watch?v=GMoeSXOK3H0 This episode is an example of using T accounts for journal entries. Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy

#Shorts: See our full video https://www.youtube.com/watch?v=GMoeSXOK3H0 This is an example of using T accounts for journal entries. Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy

#Shorts: This is part of our full video: https://www.youtube.com/watch?v=GMoeSXOK3H0 In this one we go over the basics of T Accounts. Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy

#Shorts: Watch our full episode: https://www.youtube.com/watch?v=GMoeSXOK3H0&t=9s. In this one we use an acronym to help learn what accounts have debit and credit balances. Another good acronym is DEALER. Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy

#Shorts: Watch our full episode: https://www.youtube.com/watch?v=GMoeSXOK3H0&t=9s. In this short we briefly touch on what debits and credits are in financial accounting. Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy

#Shorts : Watch the full episode: https://www.youtube.com/watch?v=GMoeSXOK3H0 This one goes over the accounting equation. Assets = Liabilities + Equity. Subscribe to my channel so you don't miss anything: https://www.youtube.com/channel/UC1Iva-1xSychaikynKjspiQ?sub_confirmation=1 If you can become a patreon: https://www.patreon.com/AccountingAcademy