Accounting Stuff
Accounting Stuff
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Double-Entry Accounting: a 2 Minute Tutorial
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In this video I attempt to explain Double-Entry Accounting in less than two minutes.
Double-Entry Accounting is a Bookkeeping system. It says every accounting entry must have an opposite corresponding entry in a different account. Debits & Credits are the words we use to reflect each side.
This idea is more than 500 years old. It was first documented by an Italian mathematician called Luca Pacioli, in his book "Summa de Arithmetica".
The concepts in this book helped spark the rise of modern capitalism, and earned Luca a new name... the "Father of Accounting".
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⏱️TIMESTAMPS
00:00 - Intro
00:07 - What is Double-Entry Accounting?
00:25 - Who invented Double-Entry Accounting?
00:45 - Single-Entry Accounting
02:21 - How do Debits and Credit work?
02:54 - Why is Double-Entry Accounting important?
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#accounting #accountingbasics #accountingstuff
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КОМЕНТАРІ

  • @subahzareenkhanam7125
    @subahzareenkhanam7125 38 хвилин тому

    I actually have a question regarding the fifo method- Suppose the issue from 1st batch of purchase has been returned back at a later date. Why do we add it back to the 1st batch in the ending inventory? Could we simply not have kept it as a seperate balance from the 1st batch and if we did that, would it not be more in line with *First in First out*?

  • @MeorMuhammadAznilBinMeorHaris
    @MeorMuhammadAznilBinMeorHaris 4 години тому

    hopefully you see my comment. may i know which better for the OPM. when it increase from the prior year or decrease from the prior year?

  • @michaeloconnor1164
    @michaeloconnor1164 5 годин тому

    Hey James you're great! I'm taking Florida Business and Finance exam to be able to get a trade license . You're keeping my attention and you're really good at changing it up to keep me focused. I have to study all kinds of things financial. Thank you sooo much!

  • @therayray20000
    @therayray20000 9 годин тому

    my 3 hour lecture was summed up in 6 minutes. just sent you thank you cash. amazing

  • @therayray20000
    @therayray20000 9 годин тому

    Thanks!

  • @chaldean3941
    @chaldean3941 13 годин тому

    useless video

  • @CK7Breeze
    @CK7Breeze 14 годин тому

    This is the best accounting

  • @OMERAAZIZ
    @OMERAAZIZ 16 годин тому

    o is for odoo

  • @jungwakafunda337
    @jungwakafunda337 16 годин тому

    You are a star!

  • @tonyat-bu4gy
    @tonyat-bu4gy 17 годин тому

    4

  • @AryadeepDe
    @AryadeepDe 17 годин тому

    Not an accountant.. Studying in class 12 Got them all correct 💯

  • @ISWERYALINGAMGOUNDER
    @ISWERYALINGAMGOUNDER 23 години тому

    Good Day Sir, Im Iswerya Lingam Gounder from UPSI. From this video i learned the important for tracking cash inflows and outflows in a business, structure, purpose, and methods (direct vs. indirect), focusing on reconciling changes in cash through operating, investing, and financing activities.

  • @pablospt
    @pablospt День тому

    Keep up the content, best accounting channel in all YT

  • @cassandraswanson2886
    @cassandraswanson2886 День тому

    my professor used this video in my online lecture, it was way mor informative than and understandable than the powerpoint presentation, thanks for you hard work

    • @AccountingStuff
      @AccountingStuff 23 години тому

      That's great to hear! Glad you found it useful :)

  • @lilyannfeldman4433
    @lilyannfeldman4433 День тому

    5

  • @rmbldstmtn
    @rmbldstmtn День тому

    4 of 5

  • @rmbldstmtn
    @rmbldstmtn День тому

    4 of 5

  • @marcusc4476
    @marcusc4476 День тому

    I just have to say. I genuinely love the fake business names. "I Want To Hold Your Udder" just took it to another level. Also fantastic work you are doing to explain these accounting principles!

  • @vincentortega4284
    @vincentortega4284 День тому

    4/5 missed WIP thanks

  • @contact9254
    @contact9254 День тому

    5 for 5

  • @kerstinbeach4459
    @kerstinbeach4459 День тому

    Thank you for this Accounting Basics for Beginners playlist!! It has been so helpful so far! I'm excited to continue. I did not study finance in college, but now I do admin work with a bunch of accountants. These videos have helped me so much to start understanding what they do and understanding the company -- which makes me better at my job! Your videos are easy to understand and well designed. You make it fun to learn! Thank you! Thank you!

  • @tamersite
    @tamersite День тому

    Amazing work! You do an excellent job explaining these concepts!!

  • @joynerchristian5071
    @joynerchristian5071 День тому

    As someone who had an explicit background in the biological sciences and such, and who changed her major halfway through school to something very math and statistics-based, THIS IS LIFE-SAVING. (My new degree also requires me to take some accounting classes. While i appreciate accounting, I am also lost. I have classmates who know what they are doing. I do not. But this helps a lot. I am so thankful for everything that you do. Thank you. Appreciate it.).😇

    • @AccountingStuff
      @AccountingStuff 23 години тому

      No problem, all the best with your studies!

  • @NURNAJIHAHRUZAINIROSMAN
    @NURNAJIHAHRUZAINIROSMAN День тому

    hi my name is najihah, thanks for your sharing about cash flow statement. Based on your video i know that business has earned and incurred not is cash inflows and outflows so it's not equivalent to a cash flow statement. So business must using the accrual method to keep a separate cash flow statement.

  • @brianmuzumi6945
    @brianmuzumi6945 День тому

    ❤This dude is a blessing guys,like,subscribe and comment for the algo🎉

  • @brianmuzumi6945
    @brianmuzumi6945 День тому

    4/5😂

  • @abc2001
    @abc2001 День тому

    I still don't get why we need Journal Entries when we already record the sales. purchases, expenses and indirect incomes separately on any accounting software. If anyone can answer this, it will be really helpful.

    • @AccountingStuff
      @AccountingStuff 23 години тому

      Accounting Software tends to post a lot of journals automatically. But it's still important to understand why and how it's happening

    • @abc2001
      @abc2001 23 години тому

      @@AccountingStuff ohh... okay got it. So basically it's just to double check that all entries are being done properly in a formal way and easy to understand. Thanks for the wonderful video.

    • @AccountingStuff
      @AccountingStuff 4 години тому

      @@abc2001 Yes, and so that you understand how different transactions impact the Trial Balance

  • @wateryevents960
    @wateryevents960 2 дні тому

    QuickBooks is garbage now that you cannot upload from anything but a web app. And staying on old versions, they are STRIPPING functionality from versions 2019 and older. QB is TRASH.

    • @wateryevents960
      @wateryevents960 2 дні тому

      Also, good luck uploading a CSV to an existing general ledger.

  • @gabrielmakoi3905
    @gabrielmakoi3905 2 дні тому

    4/5 First time I saw the last one. Lol

  • @sharwesuwarykumaraval6318
    @sharwesuwarykumaraval6318 2 дні тому

    Hello sir. I’m sharwesuwary kumaraval. Cash flow has 2 methods which is direct and indirect method. Thank you for the video

    • @AccountingStuff
      @AccountingStuff 2 дні тому

      Yes, you're correct! I have videos covering the direct method too

  • @naraendrareddy273
    @naraendrareddy273 2 дні тому

    I am learning this as it's essential for any businessman

  • @isabelsc2
    @isabelsc2 2 дні тому

    hey james!! can you pls!! do a dictionary of accounting pls!! I love your videos!

  • @basilnyoni4299
    @basilnyoni4299 2 дні тому

    Make a real income statement

    • @AccountingStuff
      @AccountingStuff 2 дні тому

      I make an Income Statement out of a Trial Balance in this video: ua-cam.com/video/0--AvwZabIQ/v-deo.html