A fixed LED drop leaves the rest of the source voltage for the current-limiting resistor. Exact arithmetic here means exact results for the stated model inputs; measured inputs still carry uncertainty and significant-figure limits.
highlighted = computed this step
The resistor gets the remaining voltage
The source voltage minus the LED forward drop leaves 10 volts across the limiter.
VR=12V−2V=10V
Ohm's law gives the branch current
The limiter is 5 ohm, so 10 volts gives 2 amperes.
I=RVR=5ohm10V=2A
The resistor limits the LED current
In this ideal LED circuit, the resistor is the element that turns the remaining voltage into a checked current. These values are schematic training values, not component recommendations.
ILED=2A
More resistance means less current
Keep the source and LED drop fixed. The remaining voltage is the same, so the resistor controls the branch current.