9 - Unearned Revenue (Deferred Revenue)

I've read a lot of boring stuff so that you don't have to! Today we will summarize some of the useful information in the FASB Concepts Statements and other literature. This information will be useful as you move along to more advanced levels of accounting. 

Example: You own a sole proprietorship. For this period, you had revenue of $100,000, wage expense of $40,000, and computer expense of $30,000 (net income of $30,000). You also contributed $10,000 to the business this period. Step 1 – Transfer Revenue and Expense items to Income ... Show More

Today we will go over the adjusting process. This is where we make our adjusting journal entries to get from our unadjusted trial balance to our adjusted trial balance, which contains the figures we use on the financial statements and tax returns. We will briefly discuss prepaid ... Show More

Your accountant or Finance person is a critical part of your business.  I like to compare him or her to a friend who can see all your failures, your lies, and see you at your most vulnerable. For that reason, your accountant should be the most trusted person working in your busin ... Show More

Looking to learn how artificial intelligence is impacting the accounting industry and how accountants can prepare to stay relevant in the future? Look no further! In this episode, we explore the incredible impact of ChatGPT in the accounting industry and discuss how it is revolut ... Show More

Spreadsheets, numbers, and monotony… we all know the reputation of accountancy isn’t always the most exciting. But, is that really all there is to it? This week, we sit down with ACCA members Angelika Cyrulinska and Remi Allen-Bond to dig into their creative careers. From making ... Show More

In this episode, Fiona chats with Tim Kemp and Estella Tang from MJA Accounting. They share the importance of financial literacy and building a strong relationship with your accountant. Tune in to understand how overcoming fears of sharing financial challenges with an accountant ... Show More

We’ve got a lot of new audience members that are just starting out with their money. We’ve also got a lot of you with kids, friends, spouses, or family members that you are wanting to help! We hope this will be a great resource for anyone new to personal finance. We’re going to b ... Show More

Are you trying to decide what brokerage account to open and don't know where to start? In this episode of The Australian Finance Podcast, Kate and Owen dive into the world of brokerage accounts, and unpack some of the key features they might offer. We cover what brokers and broke ... Show More

What is technical accounting? 

Master your self-employment finances with answers to questions about budgeting, planning, and separating funds.How can you manage your finances effectively after becoming self-employed? What can you do to plan for unpredictable income and the tax implications that come with being ... Show More

This episode is for my English students who work in finance. But don't worry if you don't! I'll explain marketing and accounting in a way that's easy for everyone to understand. >> Get my new course: The PRONUNCIATION Course 2024! Visit PronunciationCourse.com and get the course!