Learn Accounting in 1 HOUR First Lesson: Debits and Credits

The ultimate video for new accounting students to learn basic accounting principles and accounting mechanics. This video assumes you know NOTHING and by the end of it, has you reading fortune 500 company financial statements.
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[@mayonaise2578]

Its 3 am, I randomly found this video. I have no plan to become an accountant but here I am taking notes.

[@vincesolomon1642]

OMG samee

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U NEVER KNOW LOL

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Maybe God knows that you will have your small business.

[@thebabscast5154]

I like the way you talk to the audience like we are idiots, because i am an idiot

[@irinegujabidze]

we are all idiots when we learn something new, and I am glad some teachers understand that.

[@Financelearningacademy]

Awesome comment.

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hahaha

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LMAOOOO

[@kelechinwachukwu5845]

i have done a whole month of accounting without learning shit and this guy used one video to teach me what i needed, amazing

[@wallynywall1]

I think i can relate

[@jackpeters4930]

fucking same

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@@jackpeters4930 and wally , i don't agree with u totally because if your teacher didn't teach u the basic which lead to your easy understanding of this, u guys wouldn't have understood it that easy.

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Kelechi nwachukwu actually this video is very basic you don’t learn much but the foundation in this video

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That’s sad because tuition is so high .

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46 years old and want to learn this... Time is ticking🌞❤

[@lizrivas6705]

I've been re-reading this chapter for my accounting class and wasn't getting it. This guy takes 20 minutes and it all makes sense, much appreciated.

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[@CS55CL16]

I have a test tomorrow on this; Ive been lost since day 1, but this guy is like a light switch in a dark room

[@UncleNic45]

Past accounting 101 with basically no help from the text book, lecturer, course notes or anything else. Purely passed because of these videos and the app. So glad I found this.

[@Financelearningacademy]

No stopping you Nick. Accounting today, spelling tomorrow!!! :-)

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what app do you use?

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@@tamtamllenas754 lol same. Hopefully, they answer back.

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yes what app?

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Any one else have trouble finding the app?

[@treborhg_9381]

You just taught me what takes 4 months for my professor to teach in school

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Makes you wonder just HOW MUCH more you could have learned in those 4 months..

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agree..!

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School is a money scam!!!

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Yeah 1 semester for sure

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If you didn't learn it before you can't understand what he is saying lol

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This type of instruction just shines the light on what a scam college tuition really is.

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finally through all videos i have been watching in KZbin.. a decent teacher

[@jeremyl3928]

anyone else here with an exam the next day knowing nothing EDIT: I failed the exam should have studied more lol

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BRO

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yup

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yep lmao tomorrow im about to yeet that shit

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Me

[@andreaantonioni7094]

Excellent video, lively voice, involving, straight forward. Thanks.

[@joelpabuaya6735]

Sweet, short, and very concise! People like you who take time to make videos like this to help others are nothing but extraordinary. Kudos to you, sir!

[@rochellebauer8494]

God bless these videos. My financial accounting professor hardly teaches anything. He gives worksheets without any instructions.

[@Shystichu]

lol same here. Hence me finding this lol.

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Rochelle Bauer

[@lijojosephkvl]

Rochelle Bauer God bless you!

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Hello Goods

[@believeimagine629]

i have same too so i know what are you talking about

[@benja303]

Accounting ----------------------------- Accounting for transactions Recording Transactions: AKA Book Keeping -------------------------------------------------------------------------------------------------- in Double Entry Accounting. Each Transaction has a: A) Debit B) Credit The terms mean something different in accounting. 5 types of Accounts: 1. Assets= have 2. Liability =owe 3. Equity=worth 4. Income= Record receiveng money 5. Expenses = Record spending money

[@quickncleanchem-dry5420]

I am debating going for accounting and this video helped me decide. You explained everything so clearly and humorously. Thank you so much!

[@ALLMONEYMINDSET]

A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It is positioned to the left in an accounting entry. A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account. It is positioned to the right in an accounting entry.

[@bobbysmall666]

Brilliant - thanks. You watched the video also and took notes

[@denisc.1282]

How debit can decrease equity?

[@maryogie1941]

@@denisc.1282 by debiting an expense account. Also by debiting the owners capital account (for a sole proprietor) or you could debit the owners drawing account instead of the capital account.

[@strannick2212]

Ive been suffering thru an online Accounting Course with Holgrens Accounting Mega Text Book. This brings it all together succinctly. Great job.

[@Thevidjou]

If i saw this video before my first accounting class, I could have saved a lot of my time. easy and lucid.

[@shammaalali352]

can u tell me where to start to learn accounting as a beginner for a business??

[@zureyaodula5348]

This is the most simple and clear lesson I have ever had. Thank you.

[@mr.o.khumalo7192]

this is the most simle and clear lesson

[@joespringer4605]

Thank you! This lesson has made my studies so much easier to understand.

[@RickAlonso68]

Great video. I learned more in 20 minutes than I have in one semester of undergrad. Thanks!!!

[@matthalo89]

I too have experienced this type of learning from simply watching a no nonsense KZbin crash course. As opposed to the rigorous and tedious in-class semester drawn courses that add unnecessary fluff and often meaningless busy work. It tells me specific professors need to tweak how they teach or revamp their courses and how they present them. Many of my fellow classmates have expressed similar opinions and concerns. Just because accounting is complex doesn’t mean we should be forced to learn it with complexity.

[@beeojeiks6516]

wow!

[@scubatan]

Great intro to a guy who always fall sleep to accounting related topics, thanks for making it clear and concise!

[@kylahwright804]

So helpful! Thanks so much for providing clear, concise instruction

[@lengtan5368]

this is really eye opening. people throw words asset like they know the word. this video has taught me what asset is really is.

[@kinkykinky]

This is great. I've started working as an Administrative Assistant, and I had to learn the basic accounting for taking minutes and gained general knowledge of financial background. This video really helped my career and I can be familiar with some of the terminology.

[@ashwolf3315]

I’m in an accounting class, and this is helping a lot. I was so confused with everything, but just the first two minutes of your video has made more sense than the first week with my professor. Thank you so much!!!

[@nulaherbert3646]

Thank you for investing your precious time in helping people like us. May God bless you and expand your boundries.

[@stepwaytrainings]

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[@2fluent]

I have already taken some coursework for accounting. but he really condensed it well. Great work!

[@cameronroth7304]

Learned more in this video than 4 weeks of class. My exam is tomorrow lol.

[@Jonnymg4]

Cameron Roth how’d you do?

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[@brendanjames2540]

You are an amazing teacher. You explain things so that no matter how someone learns, they would get so much out of this lesson. Thank you

[@spanionneo]

Excellent video. As a small business owner i found myself needing to better understand the health of my company and needed to resort to an accounting system. Sadly, i never learned any accounting in high school or college. I found trying to lean Quick books on my own a bit confusing. However, this video has been very helpful in explaining the reasoning behind why quick books is the way it is. Thank you sir.

[@barbieg.3409]

I have no experience in Accounting whatsoever. I've spent a ridiculous amount of hours on KZbin, watching so many videos regarding Basic Accounting, following numerous links to other sites, notetaking like a mad woman, and still didn't make sense to me at all... Even though it's been a few years--THIS VIDEO IS RIGHTEOUS! THANK YOU!

[@shammaalali352]

can u tell me where to start to learn accounting as a beginner for a business??

[@jolynnroberts3951]

This is great! I have been performing & managing financial statement analysis for years, but was asked to take an accounting test for a job interview. Concerned that a 'generic' test was going to blindside me with old school terminology - watched your videos as a refresher. Your presentation and clarity are amazing :) Thank You!

[@Sammy_Sosa32]

Jo Lynn Roberts hey I am trying to get in that field that's why I'm here on KZbin trying to learn all these things! So you mentioned you been doing it for years did you not have to learn this specific stuff for the job? I'm trying to get some insight because I'm trying my best to get in that field and any info would help. Thank you in advance!

[@shammaalali352]

@@Sammy_Sosa32 can u tell me where to start to learn accounting as a beginner for a business??

[@dulcem.hernandezg.4449]

Such a great video those 22 mins went by flying. Great knowledge transmition I'm glad to have found it.

[@sOsOmega]

Very good lesson especially to a Master's graduate in accountancy. Excellent Lesson.

[@josiassmith7456]

I learned more in 20 minutes watching this video than reading the same stuff in my textbook for 2 hours. Thanks a lot! Very helpful video.

[@guillermocortes2245]

Thank you for making accounting fun and easy to understand, great videos I really like the way you explain the different journal entries and the different Statements, great job.

[@shammaalali352]

can u tell me where to start to learn accounting as a beginner for a business??

[@Huelogy]

I never thought about accounting as something I should study, but I love balancing my checkbook and learning the terms and concepts. They seem to come more natural to me than anything else I've studied. Almost as natural as music which I love. I might go to school for this

[@tracylopez8833]

Thank you thank you so much! This series in a real life saver :D

[@mooz007]

Awesome video!!! Currently taking a Principles of Accounting online independent study (first accounting class) and have tried a number of memory methods to 'remember' the various debit and credit rule, to no avail. Fortunately, this video nails it by clearly explaining the concepts! I'll be reviewing this video in more detail to reinforce the concepts!

[@a.j_lifetimea.j6494]

Has this video been helpful?

[@shanickap]

hey thanks for the video trying to refreh before my accounting II course very helpful....

[@freyaplays7213]

Thank you for this awesome tutorial. I really wanted to learn accounting and this video helped me to understand. Thank you again. So useful

[@thomass1891]

I am now almost graduating with ACCOUNTING and i have taken 9 accounting courses so far and i still dont understand a lot of it this video had helped me a lot. thank you

[@shammaalali352]

can u tell me where to start to learn accounting as a beginner for a business??

[@bispsolutions]

Thanks sir, the is a great source of learning.

[@brittacorones4774]

I enjoyed the quick questions thrown in to keep everyone engaged. The video was concise and the presentation was content rich. Thank you.

[@Gan8325]

That is what I was looking for. A refreshment... Thank you!

[@qadirahrari]

Than you so much!!! This is really use to understand, I learnt a great deal of accounting in only few minutes, which is going to help me in my business. God bless you!!.

[@marchesa2u]

This was an awesome presentation. It's been a while for me and I had forgotten much but it all came back to me after watching this video. Thank you!

[@Financelearningacademy]

Equity and capital are often used interchangeably. Technically speaking, capital could refer to all "capital employed", which would include debt + equity. But typically we attribute capital to the owner's interest at risk i.e. "capital stock"

[@HustleSenseiMikey]

What software do you recommend?

[@Financelearningacademy]

QuickBooks works fine for most small businesses.

[@D0ke_D]

+Michael Crnkovic Sage 50 US is great as well.

[@hardy3521]

I didnt quite understand negative equity could you please explain with an example?

[@madenproductions1800]

Negative equity is simply spending money (debit), if your are spending money and not getting any income your debiting your account and therefore your Equity will be a negative since it is only Debiting money. If you spent money but had a greater income than expense you will be crediting your account and that is having a Positive Equity.

[@waynesnyder4154]

This one makes sense! I watched a couple other accounting videos and the presenters didn't know what or why they did things a certain way. They said it doesn't make sense, just memorize it and they referred to cheat sheets " DC / LEA DER" why because they didn't understand it. But this one is excellent!

[@editor1208]

I knew this was simple to understand but i was still struggling to wrap my mind around it because the way it was taught confused the hell out of me. Thank you for this video... its a god sent. Subscribing forsure

[@amyzeldigitalstv]

Well done Boss. You are great!

[@Mona-vz3nt]

Thank u vid. Helps a lot!

[@samuelgoldman7812]

Thank you so much for the class. Verry well done!

[@arnold_balobal]

All I can say is, thanks so much! I learned a lot. Kudos, Sir! ❤️

[@ArmadusMalaysia]

Hi Blair! It was nice for 8 minutes before I lost focus looking at all the words and numbers.

[@Financelearningacademy]

I don't think you are going to make it. Marketing is your calling perhaps. :-)

[@aziza.a488]

you break it down in such an easy way. thanks =)

[@jaysant6958]

Guadalupe Zapata lol

[@shenellbrown9826]

Thank you for the informative information. It is very helpful. I have watched this video many times because it helps.

[@kangre63]

CLEAR AND SO HELPFUL. THANK YOU!

[@llord6984]

yo i cant thank u enough my accounting went from f9 to a a2 thank you so much

[@mrs.hanaahmed5394]

I am a visual learner. I just understand this much better. Thanks so much

[@Italizer_]

Im high and I get this guy

[@jessicabennett1156]

Me to. It really sucks because my professor likes to explain everything verbally. So I have turned to the ever so helpful KZbin.

[@MaxMercerPiano]

Thank you so much for this! I learned so much!

[@maryaf.7570]

this really summed up a 3 days of learning for me!! Will continue watching and studying the lesson omg

[@Dave-tz9zx]

Students are so lucky! I wish I had KZbin videos during college. The concept of a debit increasing an account here and then a debit decreasing another account somewhere else always confused me. I figured it out on the job many years into it. This would have definitely helped back then, but I still can understand where folks will still struggle with the concept. It isn't something you necessary grasp in 15 minutes. Good video though!

[@shammaalali352]

can u tell me where to start to learn accounting as a beginner for a business??

[@boldeng3552]

Helpful video. Make more please!

[@Financelearningacademy]

Bol Deng Work your way through the other 200 videos on my channel first. haha. 6 more coming this week.

[@bubacarrsamura9343]

Omg!how can I put all this at the back of my mind? What a beautiful lecture!

[@MoizRafay]

Thank you so much for taking the time to make this lesson.

[@David-gz7gc]

Thanks, great video, it really taught me the basics of accounting 👍🙂

[@shammaalali352]

can u tell me where to start to learn accounting as a beginner for a business??

[@littlecrazybubble]

I am writing my first Financial Accounting exam tomorrow and these videos have helped me so much! Thank you so much

[@Financelearningacademy]

Good luck!

[@shammaalali352]

can u tell me where to start to learn accounting as a beginner for a business??

[@normanocampo4466]

Thanks, EF, I am learning at the same time the subjects of Basic Bookkeeping and Accounting, your detailed explanation really helps me, in the first GLANCE it looks INTIMIDATING but as YOU explain it becomes like a light in the DARK surrounding. Thank you, from your student from the Philippines.

[@kristinasteele9453]

We need more of these video's. Seriously, just learned more from this then school. I am sending this to everyone.

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[@stephaniecosta3410]

I'm on my second accounting class and this is a very good refresher course for the first 3 chapters of principles of accounting. Thank you for this user friendly video.

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तुम्हारी ऐनक बहुत अच्छी है

[@shammaalali352]

can u tell me where to start to learn accounting as a beginner for a business??

[@hotdogmary5609]

I thought only the smart can understand Accounting. I'm a C student never expected myself to ever understand even the first part of this video. I surprised myself today this was so easy to understand.

[@Jeff_Light]

Trust me babe , you can always understand anything you first believe you can, anything you break down into basics that your brain manages in its own pace. The problem with many teachers is they fail to understand the learning pace, or style of their students, thus end up terming certain people: Astudents, Cstudents etc.

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Geff Osunwa 😂😂

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@@Jeff_Light can u tell me where to start to learn accounting as a beginner for a business??

[@safdoo]

great job. thanks. very helpful

[@rafayahmed302]

I always wanted to learn basics of accounting to work on the financials of my Business, this video is truly helpful. Thank you for the amazing video.

[@shammaalali352]

can u tell me where to start to learn accounting as a beginner for a business??

[@itsmsdee]

Anyone here in 2023 and taking notes? 🙋🏽‍♀️, Lol!

[@sondralansing4533]

Start an accounting summer class May 24. Getting a head start but thank you, I have no knowledge of accounting and this has gave me a basic understanding! I also take Finance in the Fall and I know this will help too, on to your next videos!

[@Financelearningacademy]

Thanks Sondra! We're very glad that we could help give you a boost with your accounting knowledge. Best of luck in your future development.

[@crinanegraru2018]

an amazing video, crystal clear now! many thanks!!!!

[@mackbastard]

I wish I could debit 10 thumbs up to this account instead of one. By far the best and simplest overview of basic accounting I have seen to date and I have watched several. Thank you!!

[@kadicollantine4734]

Im 12 and want to be an accountant the more vidios I watch the more I want to study to reach my goal thank you for inspiring me x

[@immaculatelyambai3391]

Who else is here 2020 and only learnt for 3 months before lockdown and didn't understand all this but can't wait to go back to school coz u know that ull now participate in this coz u now know 😁

[@1012bela]

Excellent video, the best I have seen. Thank you ver much.

[@maxinenadida1302]

I just finished going through this, I was blank before but know I am confident and prepared for my Financial Accounting Exam. Thank you.

[@Mattie20012002]

I love your channel. its very helpful!! 😀 would love to be in your class

[@samuelmendy6221]

Elizabeth Leftdwrige Like seriously

[@catpaws1913]

Listening this to sleep and hope the info stays, I have my exams in like one week.

[@Jker_productions]

sleep-learning was actually debunked

[@Financelearningacademy]

I'm glad I could help you with your insomnia. Good luck

[@gnchari1]

Thank you so much, this is very helpful for a starter

[@blubbfisch98]

Best of wishes to you! I just understood more in 20min on KZbin than in 4h in my university.

[@almayena9455]

I will be attending a night class in a few days studying Basic Accounting for the first tym ever. Now im nervous. This help me getting the idea of wat this is all about.

[@almayena9455]

+meaturama wat how ur a masters degree in accounting n dont know how to do the basics lol. I already attended the night class n the basics are so easy haha. Im a masters degree too but in linguistics 😉

[@almayena9455]

meaturama Okay i get it now. Same goes to me. There are a lot of topics n theories to cover in linguistics. Trust me, i think i can handle 2-3 major ones like sociolinguistics, language n politics, like that. But when it comes to neurolinguistics or phonology, just forget it. I dont even remember a thing lol. Ppl think i know everything abt linguistics but no fucking shit.

[@Financelearningacademy]

+Alma Yena The key is to learn fast in the real world. That's all you get in university is a conceptual appreciation of various topics and very little practice to put them all together. But after you close the books a few times, the pieces will fall into place and it will all make sense. All the best to you both.

[@farhadk3425]

+meaturama thank you very much for being so candor, you got it out of my chest too .... I'm in the same situation, but i couldn't manage to pass the course the first time, I'm retaking it. I'm doing MBA, financial accounting is a three credit that hunts me down, i signed up for management and leadership courses but i ended up with accounting and finance due to stupid university lack of professors on other subjects and i don't have any other options.

[@Financelearningacademy]

Getting good grades is a just a game. You can learn a lot and still get poor grades or learn nothing and get great grades. However, the real world doesn't pay you a salary for your grades. Find your passion and learn as much as you can about it. Accounting is not for everyone, but for those who do enjoy the numbers, its a very good career.

[@qolson1]

Do you have a video or a resource where I can learn the 'why' behind these accounting principles? For example, "Why are assets called debits when debit means to take something away, but that's the opposite of what you're doing?" But when talking about equity, you call something you actually have (like money in the bank) a credit -- which makes sense. No one ever seems to answer those kinds of questions, they just say, "that's how it works" but I think that's what prevents me from understanding it. Then I just go back to using my checkbook journal for everything. I totally understand the reason for double entries, but don't understand why you would use the same words to mean opposite things. It's like cat means feline except when it's sitting in my neighbor's yard, then cat means canine.

[@Financelearningacademy]

+Quinn Olson A very good question indeed. The problem is that we are all familiar with debit and credit from our interaction with our banks. When the banks issue a debit memo - they are taking money out of or charging our bank account. The opposite is true for a "credit" to our bank account. Then when people go to learn accounting, they are like "WTF everything is backwards". So unfortunately, you just have to separate what your bank tells you from learning accounting. Debits and Credits are just labels we put on journal entries. Some people call debits "the left side" of a journal entry and the credit "the right side". When I use spreadsheets, I use positive numbers to represent debits and negative numbers to represent credits. "Debit" and "Credit" are simply labels we use to distinguish the balances in asset, liability, equity, revenue and expense accounts. Hope that helps.

[@qolson1]

+Finance LearningAcademy Thank you!

[@deekircher21]

The Dr for our bank is a liability for the bank and hence is a cr on their statement. There is your Dr and cr

[@southernarora3518]

I am sitting here asking myself the same question. As a Banker I just have to now memorise this not understand it

[@jrz-jumpropezone5796]

Or maybe think like this, Assets are what we own before the business starts So we have to give it away to get something else that we need required for business Hence debit - taking/giving something away Then we get goods required for business for which we will have to pay from our assets(liability).but since we r receiving the goods , it is called credit (Credit- supposed to receive something). Then we have equity which is assets minus liability. That is the money we gain / profit made - again something which we r recieving, hence it is again a credit This logic also explains why equity is debit when it is negative right? Coz when there is a loss we are loosing money

[@chrisb7836]

You sound like Jimmy McGill from Better Call Saul and I absolutely love it. Thank you for helping me!

[@michaelm1238]

Thank you for taking the time to explain what it took my teacher 4 months to explain in 30 mins. I plan on getting an MBA at W.P Carey School of Business and one day become an executive. My last time through accounting I got a B but I am taking the same teacher again and want to AMAZE her with what I have learned. This is really helpful and very interesting for me since I want to minor in finance. Also, learning to account will give me more skills to place on my resume when applying to management positions. I will be going over your videos step by step. By chance do you have any practice sheets w/ answer keys to use? I'd like to start utilizing excel more since that is another project I am working on.

[@oscar24x]

Awesome video! School is a money scam!!

[@malikaprimbetova1909]

Thanks you! I finally understood what I've been ignoring for 2 years at university 😂 Hope I'll get that internship, dammit

[@accountswork3230]

Quick Book Accounting Software Complete Course Class 6 Total 29 videos Every week 2 videos will be uploaded Subscribe channel for complete course & press the bell icon For Previous classes visit channel kzbin.info/www/bejne/aanZq4OdbJxrha8

[@bratimirtimotijevic4685]

Great lectures! Thank you!

[@surajjoseph1379]

Thank you, Kind sir. Crystal clearly perfectly understandable...

[@handsomeidiot9470]

I be chilling here watching this at 9pm having an exam tommorow 🤫👈 Edit:Yeah no,highly suggest you study 2-3 days before your exam😳i did a whole lotta sh*t

[@Financelearningacademy]

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[@TheMontufar92]

basic on filling taxes

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illiterate? boi.......

[@celestinnarose]

Thank you so much! I’m excited but nervous to take financial accounting this Fall and you’ve given me a head start tremendously!

[@Financelearningacademy]

You're so welcome! You've got this... Be sure to visit our blog library for more helpful resources in finance & accounting. ⬇ www.executivefinance.ca/category/blog/

[@yashshah2840]

Thanks for this, its helpful !