What are DEBITS & CREDITS?
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🆓Debits and Credits Free Quiz
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In this educational video, we dive into the concept of debits and credits and their significance in the world of Double-Entry Bookkeeping. Debits and Credits are terms used to capture the double-sided nature of financial transactions. Every accounting entry has an opposite corresponding entry in a different account, reflecting the flow of "Economic Benefit" from a source to a destination.
We explore two main categories of accounts: Normal Credit Accounts and Normal Debit Accounts. Credit Accounts, including Liabilities, Equity, and Revenue, represent the sources from which Economic Benefit flows. These accounts increase when credited and decrease when debited. On the other hand, Debit Accounts, encompassing Dividends, Expenses, and Assets, represent the destinations to which Economic Benefit flows to. These accounts increase when debited and decrease when credited.
By understanding this fundamental concept, you'll gain valuable insights into the world of accounting and financial transactions. Watch this video to enhance your knowledge of debits and credits in the realm of finance.
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#Shorts #accountingstuff
💥Debits and Credits Cheat Sheet → https://accountingstuff.com/shop
🖊Debits and Credits Practice Questions → https://accountingstuff.com/practice-...
In this educational video, we dive into the concept of debits and credits and their significance in the world of Double-Entry Bookkeeping. Debits and Credits are terms used to capture the double-sided nature of financial transactions. Every accounting entry has an opposite corresponding entry in a different account, reflecting the flow of "Economic Benefit" from a source to a destination.
We explore two main categories of accounts: Normal Credit Accounts and Normal Debit Accounts. Credit Accounts, including Liabilities, Equity, and Revenue, represent the sources from which Economic Benefit flows. These accounts increase when credited and decrease when debited. On the other hand, Debit Accounts, encompassing Dividends, Expenses, and Assets, represent the destinations to which Economic Benefit flows to. These accounts increase when debited and decrease when credited.
By understanding this fundamental concept, you'll gain valuable insights into the world of accounting and financial transactions. Watch this video to enhance your knowledge of debits and credits in the realm of finance.
🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel
🔎FAQ
▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m
🎬LEARN ACCOUNTING BASICS FOR FREE
▪ The Full Playlist → ACCOUNTING BASICS for Beginners (Whol...
🔝 CLOUD ACCOUNTING SOFTWARE
▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) → http://geni.us/jA9N
▪ QuickBooks Online Canada (FREE TRIAL/DISCOUNT) → https://geni.us/bNN7
▪ Xero (FREE TRIAL) → https://xeroamericas.grsm.io/ck90eoq1...
🚶FOLLOW ME ON
▪ Instagram → Instagram: accountingstuff
▪ TikTok → TikTok: accounting_stuff
▪ Facebook → Facebook: thisisaccountingstuff
________________________
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!
________________________
#Shorts #accountingstuff
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