ACCOUNTING BASICS: Debits and Credits Explained .com/watch?v=VhwZ9t2b3Zk

💥Debits and Credits Cheat Sheet → 🖊Debits and Credits Practice Questions →, it’s a secret! Not really.. In this Accounting tutorial you’ll 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 ‘Debit and Credit’ are the bread and butter of Double Entry Bookkeeping and reflect the duality or double-sided nature of all financial transactions. It’s 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!🔴Subscribe for more Accounting Tutorials →⏱️TIMESTAMPS 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🔎FAQ ▪ My Favourite Accounting Book for Beginners →🔝 CLOUD ACCOUNTING SOFTWARE ▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) → ▪ QuickBooks Online Canada (FREE TRIAL/DISCOUNT) →🚶FOLLOW ME ON ▪ Insta → ▪ Twitter →🎬LEARN ACCOUNTING BASICS FOR FREE ▪ The Full Playlist →🎵MUSIC ▪ Lakey Inspired – Last Night → ________________________ DISCLAIMERSome 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

20 thoughts on “ACCOUNTING BASICS: Debits and Credits Explained

  1. In making this video, one of the terms that I found hardest to define is “Economic Benefit”… if you have any alternative definitions to the one I gave I would love to hear it :)

    1. this is the first time in my 29 years of life that i FINALLY understand debits and credits. from the bottom of my heart james, THANK YOU!

    2. I got difficult understanding my accounting course in university so I look it up on youtube. Your video is really helpful. Thank you for the explanation!😊

  2. You’re awesome! Studying this in uni has been difficult, you organize all the thoughts into a very easy-to-follow explanation that’s made it much easier for me. I appreciate it!

  3. Finally have a grasp of understanding what credit is. Yet, it still sounds like a long way of saying, “Loan.”

  4. Thank you so much! Now I finally understand the difference between credit and debit. I always got mixed up and felt so lost in class. Thank for the video! You’re the best :D

  5. Another good que to remember these is DEAD CLIC:
    – Debits increase Expenses, Assets and Drawings
    – Credits increase Liabilities, Income and Capital

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