yo yo yo CPA strength here back again
with another video my best accounting
for beginners video ever and that's
saying something because this is
accounting for beginners number 95 this
is my 95th one so I'm trying a little
bit better every time I have a whole
complete playlist please click this card
you go to the playlist all the
accounting videos I have you can look at
them as your leisure I'm telling you it
will help you I appreciate all the
comments all the likes all that
everything I've been great on this hard
for like three years how to take off
some months but we are back now and I
love doing these videos I love helping
people and we're gonna try to make new
improvements to our new studio and the
YouTube quality as we go I just want to
give some information in this one
thoroughly have a name so much for this
this video except it's 95 I got a
comment thank you for leaving the
comment comments your questions get read
all the time quite quite frankly if you
leave it if you leave a question if you
leave a question I could possibly make a
video out of it at least I know it'll
help one person and if one person has a
question about it then I'm sure a whole
bunch of other people have questions
about it there anyways thank you for
watching let's just get into this
question very good question etcetera I
like to see if I actually understood
everything this mnemonic tells us okay
and he has six this person has six
different things and I have two more to
add so I have eight things that need
that the eight letters DC a blur will
tell you if you don't know about DC
aylor please click the link to the
playlist or go to my channel and watch
some of my other videos or type in DC a
blur in this in the youtube search bar
you find a bunch of my videos DC 8 ler
is then and that's the demonic he's
talking about DC 8 there is debit/credit
DC Democratic aid asset draw expense ler
liability equity revenue and just as
I've been doing this and teaching this
system for the past three years I wish I
would have started with this withdraw I
wish I would have started teaching with
withdraw cuz draw I think of like
drawing something that doesn't really
make sense to me it's more of a personal
width draw from a business account is
this so what are the six things of this
this commenter thank you very much for
in the comment I thought hey what's you
know I like to see if your doctor if I
actually understood everything this
demonic
tells us number one it tells us that
debits and credits are positive or
negative by themselves simply that
debits go on the Left credits go on the
right absolutely correct absolutely
correct
all debit is is left well there's more
if I mean that's what it means I think
it's the Latin root word and credit is
right so you learn that going through
the whole process so this person was
absolutely correct on that what else
does this tell you number two you want
to know it tells us the big six types of
accounts drawers withdrawals expenses
assets liabilities equity in quotes
owner stock and revenue so yeah the
tells you the big six types of accounts
he has drawers withdrawal
yep there's one
second one expenses expense expenses yes
third one he has asset yes we have
liability liabilities yes there's our
fourth one then we have where equity
owner's equity and our owner's equity or
stocks stock in the company yes that's
the fifth one six one revenue so yeah
absolutely number two it tells you the
six big the six big types of how does he
put it six types of accounts yes it does
number three it tells us the accounting
equation whereby assets and liability
over equity for I'm not sure where he
was going with his accounting equation
but it does tell you the accounting
equation assets in the accounting
equation is assets equal liabilities
plus plus equity now let me just tell
you that the seventh one of my own
things that this person does not have is
that debits equal credits always always
always equal credits debits equal
credits debits equal credits okay
debit and your journal entries debits
always equal credits so he wants to know
it shows you he asked if you know debit
so is equal credits deficit left credits
in the right
what's the accounting equation assets
hold on here use a different marker he's
saying that the assets equal liabilities
plus equity which it definitely
definitely does sorry about the lighting
everybody I don't know where my other
light is right now so I only have one
and I know this is kind of weird
but I'm sorry I just want to get some
content out get back in the groove and
you know rome wasn't built in a day if I
just waited til everything was perfect
I'd have no videos on my channel instead
of 310 videos so absolutely it shows you
the accounting equation assets equal
liabilities plus equity
what's the next one he says it tells us
that each of the accounts is placed on
the side where they are increased DEA
are increased by debits while le and AR
are increased by credits yes it shows
you the it starts off to the side that
that it increases so if an asset if a
withdraw or an expense is increasing in
value it would be a debit if a liability
equity or revenue is increasing in value
it would be a credit number five it
tells us the opposite of the above de AR
decreased by credits right if asset
withdraw or expense are decreasing in
credit if L if liability equity and
revenue are debits they're going down
number six it tells us the normal
balance for each of the big six accounts
yeah normal balance if it's a positive
balance so the seventh one I said it
shows that they equal each other
d CA blur and the eighth it also has the
income statement on here which is
revenue minus expenses anyways thank you
for watching I have a lot to go I have a
lot to get back to to get back to my
groove I hope I hope this helped people
we are in the new new cement
for school so I'm trying to go back and
I'm trying to put on a lot of content
and I'm really gonna make it go of this
YouTube thing this time I've been going
hard for a while but anyways until next
video I really appreciate you watching
and deuces