what I put up put up CPA strength strongest CPA in Florida back again this is
the classic series man you know what it is a FB account for beginners number 28
veinte Y Ocho you know what it is come on let's go let's get it in assets
what are assets I know I just did a whole bunch of videos as increase assets
CPA strings you should have put these before the other ones I know but my mind
too jumbled mess and I'm not perfect and I'd rather just show out and put videos
out instead of trying to be perfect not have enough videos out let's go what is
an asset so first I know you've been studying look if this is your first one
welcome I'm going to put a Oh up here my playlist best accounting playlist on the
interwebs just saying a low bias but you know what it is I know you have your DC
aid ler I know you already have that what is d saidler
debit credit asset drug expense liability equity revenue and you know
all these are the normal balances so if you notice we have 6 1 2 3 3 debits 1 2
3 3 credits in the normal balance the positive balance I have done I think
accounting for beginners number 18 we will put a card up here was on draw
today we're doing what is an asset we're concentrating on one of the six boxes
that a transaction could be in it is asset today great assets very important
as you can see assets assets equal liabilities plus equity so I'm starting
with assets right now it's number 28 next video we're going to do liabilities
and the next one after that it's going to be what is equity
now assets equal liabilities plus equity that is the balance sheet assets equal
liabilities plus equity is the balance sheet
so that's why we're doing we're going to take these on first and then we're going
to have the balance sheet which is also see look this DCA learn and you know
this always you always owe is equals so there's the balance sheet in dc-8 ler
but and also assets equal liabilities plus equity it's also called the basic
account equation now if you're taking this in school you're going to see
what's the basic an equation what's the basic an equation and to be honest I
don't even know why that matters really after school because like assets equal
liabilities and equity it is the base account equation but I don't tell like
my clients or around on QuickBooks going to is the basic account equation I say
oh it's the balance sheet then the balance sheet is in my opinion the most
important financial statement I need a balance sheet and I need an
income state and rated every year to do a tax returns so what's it all about
anyways right making money and paying them taxes so and balance sheet is on
the top because that is reused every single year updated every single year
every single year the income statement is just for that period of time just for
that one year and whatever happens on that goes over to the balance sheet but
some balance sheet is super important super important in accounting it's the
basic kind of equation is assets equal liabilities plus equity so all three of
these are super super super important but let's think about this now if I once
if they equal it's a balance so it balances a balance sheet right one half
of its the assets so and on the other half there's two things liabilities and
equity liabilities and equity so this must be pretty important it seems to be
the basis of everything assets okay the definition of the book says assets
what is an asset so resources owned by a business
thanks a lot all right so resources owned business I would say almost
instead of you know resources owned by a business Oh should I'm blinking I'm
almost out of battery I want to finish up so those resources owned by a
business what did businesses do businesses want
to make money now we're just going to go through common assets that would be in
here on a journal entry common assets cash cash or checking account all right
so now we're going to go Mike now cash it's like okay
cash is like tippers like Scrooge McDuck ish or your checking account now you
have some you have some money or money a checking account can I make more money
with it because businesses want to make money that's going to help me make more
money yes it is make more money make more money make money make them shippers
get the money yes this is going to help me make money equipment
I got equipment I got a laptop I got a printer is that going to help me make
more chippers yes it's an asset it's a resources out I'm getting more chippers
accounts receivable someone owes me chippers so I can go make more chippers
with them shippers you so yes accounts receivable asset loaned and mister never
pay me back I loaned somebody he says he's gonna pay me back he ain't never
going to pay me back but if he did I would have more chippers so I can make
more chippers I got cash so I can make more cash so loan to somebody who ain't
never going to paying back the no never fucking paid no never pays you back
that's an asset inventory I got products man I got products I got
widgets out - I got widgets out the door so I'm going to sell these widgets to
get more money so I can go make more money so that's an asset it's a resource
yeah inventory yeah land building I got a building I own a building on
some land and with this building I got all my stuff going on I'm gonna make
more money I'm gonna get more money so I can go spend it make
money yeah buddy thank you so much for watching if you liked it hit a light
because it helps me more than you would know to have the video reach a wider
audience leave a comment for future questions
anyways I can't believe it I am at right now almost 18,000 subscribers which is
crazy I think this is the first time I might have talked about subscribers on
my on my YouTube page it's growing rapidly I could have never imagined how
many people that I would be helping throughout the whole world and I think
when I get when I get to 20,000 I might do a but thank you or I just just talk
about 20,000