🐶 How many did you get right? ANSWERS ⬇️ 1. You debit “Cost of Sales” to increase it. It’s an Expense account represented by the first “E” in DEA | LER, so it’s a Normal Debit Account. 2. You credit “Accounts Receivable” to decrease it. It’s an Asset account represented by the “A” in DEA | LER, so it’s a Normal Debit Account. 3. You credit “Service Revenue” to increase it. It’s a Revenue account represented by the “R” in DEA | LER, so it’s a Normal Credit Account. 4. You debit “Retained Earnings” to decrease it. It’s an Equity account represented by the second “E” in DEA | LER, so it’s a Normal Credit Account. 5. You credit “Accrued Expenses” to increase it. It’s a Liability account represented by the “L” in DEA | LER, so it’s a Normal Credit Account. For more practice questions like this head to: accountingstuff.com
@lordalfaa4 ай бұрын
Accrued expenses appeared as an expense to me n I said debit. What's the difference btn an accrued expense and a normal expense aren't they all expenses. Plz explain the context. Edit: btw DEA | LER still rocks coz I nailed the first 4.
@AccountingStuff4 ай бұрын
@@lordalfaa You can see how they work in this video: kzbin.info/www/bejne/b5K9Z3Z5n5Kcm9U
@lordalfaa4 ай бұрын
@@AccountingStuff thanks
@AccountingStuff4 ай бұрын
@@lordalfaa You're welcome :)
@Haleemar-ns9nsАй бұрын
I got all the five questions ❤🎉😂
@Nunyabusiness404 ай бұрын
More please this is fun
@AccountingStuff4 ай бұрын
I'm uploading another today :)
@joyceky_3 ай бұрын
DEALER beats everything else I've learned. Best weapon EVER.
@AccountingStuff3 ай бұрын
Great to hear you're finding it useful!
@Summeiyah4 ай бұрын
Got it 5/5 🎉
@AccountingStuff4 ай бұрын
Well done!
@BryanMuzumi19 күн бұрын
5/5❤
@AccountingStuff19 күн бұрын
Well done!!
@thinkusaarabic4 ай бұрын
I though that accrued expenses are expenses 😊
@AccountingStuff3 ай бұрын
They are Liabilities. You can learn how they work in this video: kzbin.info/www/bejne/b5K9Z3Z5n5Kcm9U
@AkpatiCollinsАй бұрын
4 out of 5
@AccountingStuffАй бұрын
Well done!
@JR-du5zq4 ай бұрын
I got perfect 5. Thabk you.
@AccountingStuff4 ай бұрын
Woop woop!!
@88pianissimo904 ай бұрын
Did not understand last question... Accrued expenses... Generally we debit the expense account to increase it ... right?
@AccountingStuff4 ай бұрын
Accrued Expenses is a Liability account. You can learn more about it in this video: kzbin.info/www/bejne/b5K9Z3Z5n5Kcm9U
@user-mv3ng9rj2l2 ай бұрын
@@AccountingStuffit doesn't link, Sir. Please fix. Thank you for this. I also wondered the same thing.
@AccountingStuff2 ай бұрын
@@user-mv3ng9rj2l Are you sure? I just clicked the link and it worked. Alternatively you can search for "Accounting Stuff Accrued Expenses" and it'll come up
@Arsalankhan-Ak473 ай бұрын
5
@AccountingStuff3 ай бұрын
Well done!
@kruskadelgado43464 ай бұрын
Thank you so much for the explanation! 😀
@AccountingStuff4 ай бұрын
You're very welcome :)
@chitrangipandya36573 ай бұрын
5/5🎉 need more such quiz pleasee
@AccountingStuff3 ай бұрын
I keep posting new ones every week :)
@munyanezagodfrey5132 ай бұрын
3
@AccountingStuff2 ай бұрын
Nice one!
@Mahuoqy4 ай бұрын
4 of 5
@AccountingStuff4 ай бұрын
Nice one!
@noorykorky50564 ай бұрын
Oh, nooooo..... 4/5 I got Cost of Sales wrong at first because I only read "Sales" I should be absolutely ashamed of myself as an intermediate accounting student On a side not, that dog is super cute. Also, can you please do amortization of notes and bonds payable soon? As in, amortization of discount or premium And other intermediate accounting concepts 😊
@AccountingStuff4 ай бұрын
So close!!! Thanks for your requests :)
@JusticeQuainoo-kw1ie4 ай бұрын
5 out 5❤
@AccountingStuff4 ай бұрын
Well done!
@kellyshahini62544 ай бұрын
is there an app where we can use it as a game for this ?
@AccountingStuff4 ай бұрын
Nope, would be cool though
@norlailahashim48694 ай бұрын
i got all correct 🎉😂
@AccountingStuff4 ай бұрын
Well done!!
@jmwild14 ай бұрын
Got a 5. Question: was it wrong to look to the pupper for hints?
@AccountingStuff4 ай бұрын
She came up with the questions for this one :)
@isaiahthechristiangamer87163 ай бұрын
3 out of 5.
@AccountingStuff3 ай бұрын
Nice one!
@adriannehipolito6672Ай бұрын
I don't understand how cost of sales should be debited?
@AccountingStuffАй бұрын
Cost of Sales is a type of Expenses which means it's a Normal Debit Account. So it needs to be debited to increase it :)
@kennethjulien8824 ай бұрын
5/5
@AccountingStuff3 ай бұрын
Well done!
@wendyp-joseph97014 ай бұрын
4 of 5 😢
@AccountingStuff4 ай бұрын
Which one did you get wrong?
@wendyp-joseph97014 ай бұрын
#5
@AccountingStuff4 ай бұрын
@@wendyp-joseph9701 Ahh... hope the answer makes sense 🤞
@chelceedado16043 ай бұрын
3/5
@AccountingStuff3 ай бұрын
Still over 50%!
@edwardpaulsen10744 ай бұрын
Considering that there is also a context of POS systems using a bank card which was NOT mentioned.... the lack of context reduces the value of the information and the testing. Context matters.
@AccountingStuff4 ай бұрын
Which question needed the extra context?
@edwardpaulsen10744 ай бұрын
@@AccountingStuff It was not so much a "which question" thing... more of I responded as if I was using an ATM for the first question and by the second question I realized that these were specifically about ledgers and/or accounting... then I noticed the name and facepalmed for a second... My suggestion is more for those rapidly skimming through that might NOT realize their mistake or note the Name and think it was for something else... Maybe add "Accounting Debits and Credits" in the text? By the way, I managed to have all of them correct anyway, so I am a moderately happy camper that I at least understand it that well... Normally I'm an engineer and my number stuff can get REALLY weird... LOL
@AccountingStuff4 ай бұрын
@@edwardpaulsen1074 No worries, thanks for clarifying. Great to hear you were able to get them all right :)
@edwinodhiambo28654 ай бұрын
I got 5/5
@AccountingStuff4 ай бұрын
Nice one!!
@ShaizaFarrukh-ci1en4 ай бұрын
4/5
@AccountingStuff4 ай бұрын
Well done!
@user-qs3dv6ld6b4 ай бұрын
4 right sir
@AccountingStuff4 ай бұрын
Good effort!
@user-qs3dv6ld6b4 ай бұрын
@@AccountingStuff thanks😊
@AccountingStuff4 ай бұрын
@@user-qs3dv6ld6b You're welcome :)
@sarahbella4584 ай бұрын
Ive been relying on quickbooks for far to long.
@AccountingStuff4 ай бұрын
Great to hear you're getting into the theory of how it all works :)
@WajeehaPari4 ай бұрын
1 got 4 retain earnings question was wrong.
@AccountingStuff4 ай бұрын
No worries, does the answer make sense?
@user-jp6np9lz9r4 ай бұрын
3😢
@AccountingStuff4 ай бұрын
Still over 50%!
@64biter4 ай бұрын
They were too easy 😅
@AccountingStuff4 ай бұрын
Thanks for your feedback
@user-fb6vq3tn3s3 ай бұрын
Accrued Expense got me ackkk
@AccountingStuff3 ай бұрын
Aw well, does the reasoning make sense? That's what matters
@Pegmantz54454 ай бұрын
Got the last question wrong 😬
@AccountingStuff4 ай бұрын
No worries, does the explanation make sense to you?
@OhiChicken4 ай бұрын
Literally got them all wrong xD
@AccountingStuff4 ай бұрын
Practice makes perfect!
@thinkusaarabic4 ай бұрын
3/5 😂😂
@AccountingStuff4 ай бұрын
Over 50%! Well done :)
@jimjames48754 ай бұрын
I got the first one wrong
@AccountingStuff4 ай бұрын
Ah well... it happens
@Mwangib2 ай бұрын
Why the dog though
@AccountingStuff2 ай бұрын
Why not?
@agumaedson17283 ай бұрын
I got 4 and i failed no'5
@agumaedson17283 ай бұрын
Are accrued expenses not debt account
@AccountingStuff3 ай бұрын
So close!
@AccountingStuff3 ай бұрын
@@agumaedson1728 Accrued Expenses is a Normal Credit Account because it's a Liability