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".

⏱️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

[AccountingStuff]

⭐SPECIAL ANNOUNCEMENT ⭐

Due to popular demand, I'm now posting an additional quiz question every day! These new questions will be a little harder than the ones you've been seeing so far. But please don't be put off. The aim is to help you build a deeper understanding of accounting.


What Two Minute Tutorial should I make next⁉

⏱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?

[colebastian]

Man. You absolutely NAILED it, yet again! I have told everyone in my accounting class about you and we now talk about you amongst our group. I wish I could put into words the huge impact you've had on our comprehension of our lessons but it's impossible to do. You have become a consistent resource for a whole new class of accountants and we cannot thank you enough:) Do you have your CPA and, if so, do you plan to do a series on CPA prep?

[chrisbogue]

I just discovered your videos and I've been binging on them all day. I plan to start a bookkeeping business using Quickbooks, over a period of time while keeping my main job. It is great to see that you started five years ago, and this video is only five days old, letting us know that you are still at it. Thanks so much for teaching the subject so well.

[TalkingAmnaKhan]

Bruh im doing CA. (chartered accountancy) from Pakistan im a bio student who changed her field after 12th and believe me its a v comprehensive video like it took me 9 days to get this concept and u taught in a few mins definitely worth it. just today found ur channell on google by video "review onn the accounting game book' .keep making videos thanks good luck

[brianwarner]

That’s the first time that I ever seen somebody do a two minute tutorial and go over it with zero given..I loved it…that was original, ultimately necessary, and infinitely inspiring…

[Mr.SourArmpits]

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[sepster]

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[JettingChen]

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[WinnerNevQuitsQuitterNevWins]

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I really hope you see this, you’re honestly someone I look up to and because of you I have majored in Accounting and have been destroying the competition during my first year in uni by getting the FMAA and CertIFR and CertIA. I’m now planning to start working for the ACCA membership and start building my way to it as it is very comprehensive and not that costly like other certifications and memberships (ehm ehm CMA/CPA). I would really love if you would make a playlist on these certifications, I believe you would gain a lot more attention from the Accounting community as these certifications and memberships are important for us.

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[AnasOPGood]

This is the best definition of debit and credit that i've ever heard! Keep up the good work and I hope you will get even more successful! 🎉

[lifeasagee]

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[KenNerdy]

Thank you man, I defeated accounting thanks to your work, very grateful and God bless.

[trentandytrent]

Just need to change the name of the video to double entry accounting in 3 and a half minutes, then you nailed it!

[prabhae]

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[BeverlyAugumes]

I wish i came across your channel in the beginning of this year

[HarrietRobson-nt]

Loved this! Super helpful! Thank you :)

[nycto]

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[fahimhasheem]

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