Accounting Basics: Explaining Debits and Credits

In this video, you will learn the true significance of Debits and Credits in the field of Accounting. This particular episode is a continuation of my Accounting Basics series where we delve into the fundamentals of accounting. The terms 'Debit and Credit' form the foundation of Double Entry Bookkeeping and embody the dual nature of all financial transactions. Understanding this concept is vital for beginners because every transaction involves both Credit and Debit entries. Make sure you watch until the end of the video as I will reveal the secret to comprehending Debits and Credits which will make it extremely easy to remember which side of the Accounting Equation they belong to.

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Timeline ⌚
00:00 - Intro
01:18 - Debits and Credits Misconceptions
01:56 - What are Debits and Credits in Accounting?
02:40 - Which Accounts are Debits or Credits?
03:23 - Is Equity a Debit or Credit?
04:41 - How to Remember Debits and Credits
05:00 - Recap

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[KountinKoins]

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