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 …

source YouTube

42 Comments

  1. I use wave accounting too… but I am currently busy with an MBA degree and this is clearly the best explanation I have come across. Its been bothering me all my life and now the mist is clearing. Thanks a stack.

    Your EF university is free to join but every course costs money. Sorry.. I'm a student. I cannot pay for courses.
    Back to Youtube..

  2. Ok, i get the way the balance sheet represents the assets(total debits) and liabilities and equity (total credits), but what i don't understand is, why is a negative equity a debit? If you have 10,000 total assets (debits) and 11,000 total liabilities (credits) that you give you a negative equity of -1,000. That would then become money your company or business would then not be able to pay with it's assets making it a debt. Why is that classified as a debit and not a credit? In my mind i'm defining credit as any sort of loss or negative and a debit as any sort of asset or gain. Help xD

  3. well! I have no idea of what I'm getting into this fall, I start my accounting class. plz, expect questions from me as my class goes on because I know NOTHING ABOUT ACCOUNTING THIS FALL I'LL BE TAKING, Principles of Financial Accounting 2301 AND Principles of Macroeconomics 2301. SO I'M looking forward tobe in tach for extra explanation.

  4. I have no experience in Accounting whatsoever. I've spent a ridiculous amount of hours on YouTube, 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!

  5. So I barely passed my 11th in Accountancy by cramming and not understanding a thing. Now in 12th every accounting question and problem is related to previous year so I hope this helps me out.

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