Double entry accounting explained the finance storyteller

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What is double entry accounting? Double entry accounting or double entry bookkeeping can be explained in several ways. Perhaps the easiest way to explain double entry accounting is to say that every debit needs a credit. ️TIMESTAMPS⏱️ 0:00 What is double entry accounting 0:33 Double entry accounting example 0:56 Complex journal entries 1:52 Double entry accounting and the accounting equation 2:36 Accounting equation example 3:16 Double entry accounting income statement balance sheet When making accounting journal entries, the debits go on the left and the credits go on the right. Another way of describing double entry accounting is: both sides of the journal entry need to be recorded. As a lot of journal entries simply have one debit and one credit, in most cases this is a correct statement. Technically speaking, “The sum of the debit entries needs to equal the sum of the credit entries” would be a better way of describing double entry accounting. Here are some more ways of describing double entry accounting. There are always two (or more) entries for every transaction. Every business transaction will involve two accounts (or more). Always comply with the accounting equation: Assets = Liabilities + Equity. Philip de Vroe (The Finance Storyteller) aims to make strategy, finance and leadership enjoyable and easier to understand. Learn the business and #accounting vocabulary to join the conversation with your CEO at your company. Understand how financial statements work in order to make better stock market investment decisions. Philip delivers #financetraining in various formats: YouTube videos, classroom sessions, webinars, and business simulations. Connect with me through Linked In! ,

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Double entry accounting explained

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आप यहां बहुत सारी उपयोगी जानकारी देख सकते हैं।: यहाँ और देखें
आप यहां बहुत सारी उपयोगी जानकारी देख सकते हैं।: यहाँ और देखें

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20 comments

Anthony Girdler 10/03/2022 - 7:24 Chiều

I don't understand why what we owe has to equal what we own.
Why can't we own heaps and owe nothing ?
Or we could owe trillions and own nothing.
Doesn't make sense.

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Carlos Caparas 10/03/2022 - 7:24 Chiều

Taking an Accounting In Healthcare Class right now and your videos have been amazing, helping me understand these concepts. Thank you so much!

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ABM- Boter, Mae Arian 10/03/2022 - 7:24 Chiều

Thank you!

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Tapio Mäkinen 10/03/2022 - 7:24 Chiều

I have often wondered why blockchain technology is considered so disruptive and game changing ledger keeping, while we have this 700+ years old, ingenious method, which could accomplish almost the same with a fraction of fossile fuel consumption (in terms of recording transactions). Am I missing something here?

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il signiore 10/03/2022 - 7:24 Chiều

i've taken AS accounting with no previous knowledge and this is kind of helping.

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Accounting for beginners 10/03/2022 - 7:24 Chiều

You know how to teach,well done

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jacabobhappylife766 10/03/2022 - 7:24 Chiều

What is "journal" exactly?

Some sources say:
1) "daybooks" come first, which is where you post prime entries i.e. follow single-entry accounting
2) "journals" are next which groups the transactions into accounts, posting journal entries i.e. following double-entry accounting

Other sources say:
1) "journals" come first, which is where you post journal entries i.e. follow single-entry accounting
2) "ledgers" are next which groups the transactions into accounts, posting entries that follow double-entry accounting

So I know daybooks are 1st with single-entry, and ledgers come after with double-entry……but journals…different people seem to use this word very differently. Why???

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Lesi Chyre 10/03/2022 - 7:24 Chiều

Is there a textbook that complements this information? If you have not written one, then is there a recommended one that someone else has published?

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God Jay Gaming 10/03/2022 - 7:24 Chiều

Thanks for the amazing video. I was clearly able to understand what you said. Helps a lot!

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Mohamed Ashjau Aslam 10/03/2022 - 7:24 Chiều

me who has a test tomorrow

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MrMorin 10/03/2022 - 7:24 Chiều

very helpful thank you.

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Samuel Manalili 10/03/2022 - 7:24 Chiều

The black backdrop of the subtitles obstruct the tutorials' script

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HIDlarissaTERRY 10/03/2022 - 7:24 Chiều

thank you 😉

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Oliver Pinkard 10/03/2022 - 7:24 Chiều

why are you subtracting cash if it is an asset?

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SpiderWick12 10/03/2022 - 7:24 Chiều

Anyone here from The Pale King? Trying to understand Slyvanshine?
No? …okay…

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DaisyCake 110 10/03/2022 - 7:24 Chiều

This just explained the same thing my teacher took an hour to explain and put it into 4 minutes

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kayla Jay 10/03/2022 - 7:24 Chiều

Thanks for helping me

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Favian 10/03/2022 - 7:24 Chiều

thanks!

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The Finance Storyteller 10/03/2022 - 7:24 Chiều

Enjoyed this explanation of double entry accounting? Then subscribe to my channel, and watch the related video on the accounting equation https://www.youtube.com/watch?v=OYql7Y9NnBg and the video on debits and credits explained by using DC ADE LER https://www.youtube.com/watch?v=b93KBmcXanI

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التعليم سهل 10/03/2022 - 7:24 Chiều

Good

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