https://www.youtube .com/watch?v=56xscQ4viWE
FREE Accounting Equation Cheat Sheet → https://accountingstuff.com/shop 🖊Accounting Equation Practice Questions → https://accountingstuff.com/practice-questions The Accounting Equation explained in full. This episode is part of a series exploring Accounting Basics. To see the whole playlist check out the link below. In this Accounting tutorial you’ll learn how to derive the basic Accounting Equation from scratch. I will demonstrate the relationship between Assets, Liabilities and Equity which together represent the three elements of the Accounting Equation. This is the most important concept to understand when studying Accounting for Beginners because it is the foundation of the Double Entry Accounting system. 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 – Intro 00:30 – How the Accounting Equation Works 00:52 – What are Assets, Liabilities and Equity? 01:13 – What is the Accounting Equation? 01:30 – What are Assets, Liabilities and Equity made up of? 02:03 – What is a Balance Sheet? 02:16 – Accounting Equation Examples 03:37 – Recap 04:16 – What is the Best Accounting Book for Beginners? 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🔝 CLOUD ACCOUNTING SOFTWARE ▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) → http://geni.us/jA9N ▪ QuickBooks Online Canada (FREE TRIAL/DISCOUNT) → https://geni.us/bNN7 🚶FOLLOW ME ON ▪ Insta → https://www.instagram.com/accountingstuff ▪ Twitter → https://twitter.com/AccountantStuff 🎬LEARN ACCOUNTING BASICS FOR FREE ▪ The Full Playlist → https://www.youtube.com/playlist?list=PL5zKSeS09l339nB6ujJPQ9Rsv99_b-aTb 🎵MUSIC ▪ Lakey Inspired – Blue Boi → https://soundcloud.com/lakeyinspired/blue-boi ________________________ 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
Hope you enjoyed the video, let me know if you have any requests for future topics?
Come onnn Man..you nailed it
Can you make a lengthy video (1hour) about accounting for a new small business? For those who have absolutely no knowledge on the topic.
Hello James how are you?
I am still waiting for the topic of Bad debts and Doubtful debts
@Amy Tucker Hi, I hope you will be doing great.
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Just watched this today, trying to do my school assignment. All I can say is WELL DONEE!!! Oh my goodness! Thank you! Keep up the good work!
Thanks for this video you upload, I love math subject but then I sucks in basic accounting…trying to have additional knowledge
Who’s watching with me in 2022? Thank you so much man! The visual aids helps a lot to me. ❤
First of all, thank you for posting this.
Could you please give an example of someone taking a mortgage out and the lender requires an order to pay and closing summary. (debts to be paid out with funds from mortgage). How would you put this together before receiving the mortgage funds?
Can you please explain accounting equation in detail
Amazing contents!!! Keep it up with the good work!
3 colum cashbook plz
Assets is what the business is working with equipment, building, inventory etc. and liabilities/ equity is who owns it banks, suppliers, shareholders, founders etc. This makes more sense.
Helped me a lot
Hi
This is a excellent presentation of the basics.
Some people struggle with transactions within the same side eg the example you presented
Dr Stock
CR Bank
The only thing that makes it difficult when i teach new starters is that you have balance sheet items and profit and loss items – i try to explain that expenses are temporary one off items for this financial years earnings while balance sheet are long term or accumulative additions to Assets and Liabilities – but i am sure you will have a well sorted video on that.
While A=P+L ( how it is spoken In Australia ) i give all new starters a single journal entry to learn
DR Bank
CR Sales
From there they can expand and reverse eg – sales on terms
DR Account Receivables
CR Sales
When they pay
DR Bank
CR Accounts Recievables ( journals both in the assets side essentially the same as when you buy stock and bank goes down )
I need to do some “binge watching” , but on the 3 videos i have seen you explain it well
Regards
George
Cash book N
And Income statement
thank you so much for this video.
😍
I get that it normally balances. But how does tax and interest on loans (liabilities) increase assets? Also let’s say some equipment gets stolen or damaged, your liabilities or equity don’t go down do they?
Thank you so much !
My course directly told me that the sale of merchandise of $100 :
1) Increases cash by $100
2) Increases Retained Earnings by $100
I was unable to reconcile this until I watched your video !
Also,
Stuff that business owns = Stuff that business Owes…. so powerful yet simple !!