Shhh, it's a secret! Not really.. In this Accounting tutorial youāll discover the true meaning of Debits and Credits in Accounting. This episode is a continuation of our series exploring Accounting Basics. To see the whole playlist check out the link below.
The terms āDebit and Creditā are the bread and butter of Double Entry Bookkeeping and reflect the duality or double-sided nature of all financial transactions. Itās crucial to understand this concept when studying Accounting for Beginners because all transactions generate Credit and Debit entries. At the end of the video, I'll show you the secret to Debits and Credits which will make remembering which side of the Accounting Equation they fall on a piece of cake!
ā±ļøTIMESTAMPS
00:00 - Intro
00:39 - Debit and Credit Misconceptions
00:55 - What are Debits and Credits in Accounting?
01:22 - What is Economic Benefit?
01:48 - Which Accounts are Debits or Credits?
02:35 - Is Equity a Debit or a Credit?
02:46 - The Maths behind Debits and Credits
04:09 - How to Remember Debits and Credits
04:33 - Recap
šFAQ
š CLOUD ACCOUNTING SOFTWARE
š¶FOLLOW ME ON
š¬LEARN ACCOUNTING BASICS FOR FREE
šµMUSIC
________________________
DISCLAIMER
Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you!
________________________
#accounting #accountingbasics #accountingstuff