What are your Accounting Hacks?? 🔗USEFUL LINKS ▪Debits and Credits Free Quiz → accountingstuff.com/blog/debits-credits-quiz ▪Debits and Credits Cheat Sheet → accountingstuff.com/shop/debits-credits-cheat-sheet ▪Debits and Credits Practice Questions → accountingstuff.com/practice-questions/debit-credit-question-pack-1
I always find it hard to wrap my head around the fact that expenses go on the same side as assets. After all, expenses don't sound like something good, like assets. But I think of it that way: If you have more expenses then this means your operations are also going up. If you provide online services, for example, and your electricity bill goes up, that means the probably it was due to more clients and more services provided. So your expenses went up but your revenue also went up. So bottom line, expenses are a good thing (of course if they provide you with some benefit and are not just a waste of money). Not sure if it is exactly a hack but that's how I think about it.
I seriously made this poster before a job interview. I had "passed" a job interview with the CEO of a company and then he had his CPA firm interview me via phone call. I had pinned this up on my wall before my phone interview. Every question had something to do with how I would put something on the balance sheet. "If you took out a loan on a new car, how would you record it." This hack literally got me a job!!! Thanks!!
The DEALER hack worked. I had my First Accounting Exam and I got a 99 out of 100. I had 4 problems with Journal Entries, T Accounts, Trial Balances, Balance Sheets, Income Statements, Statement of Retaining Earnings, and Statement of Cash Flows. Once I remembered it then everything fell into place.
This video is the best! I am a little embarrassed to say I finished my degree years ago but this topic has always been fuzzy for me. Thank you for the simplicity and clarity.
I am going to watch this video 100 times until I get it. I'm transitioning into accounting and I feel like I'm learning a new way of thinking entirely. Your videos explain things so well and I'm finding them very helpful.
White hackers at Master Hack have strong technical knowledge which includes and is not limited to the latest security trends, advanced persistent threats, complex attack scenarios, the risks associated with different security breaches, information security management frameworks, and standards. I was assigned to anon@mastershack.net they help me in less than 2 weeks to get back my lost backup phrase when I lost my wallet with oover 5 btc. I was a miracle.
I've taken several accounting classes and I, too, just learned something in 3 minutes that I could not understand after a year and a half of business school. Amazing!
I am taking a basic accounting class and I have really struggled with grasping the concept. Your videos are so good and you explain things that didn't make any sense to me seem so clear. I really hope that this will help me to complete this course as I want to get my certification. THANK YOU!! Any tips or advice is welcomed but I really wanted to express my gratitude.
Hey Emily! Glad to hear that things are starting to click. There are really only a few concepts to understand in Accounting. Once you get you're head around those, it'll all start to make sense. Best of luck with your class!
Thank you my brother. I'm taking an accounting class in my first semester in college and to say I was confused is an understatement. Your a life saver!
Thank you so much for this. Most books and videos just tells me where to put the accounts when they increase and decrease and memorize a cheat sheet but doesn't give me a reason or explain why I have to put it there. Because of your simple explanation, my questions have been answered. I learned a lot because of your videos.
mind was just blown!!! I am just starting out on my accounting journey and I rewatched this video and it just clicked THANK YOU!!!! Please keep posting videos you are such a help!
Amazing -- I've watched a number of videos trying to understand why dividends and expenses are considered sources (including some of your other videos). I simply couldn't figure it out. And now, voila -- in 3 simple minutes I now get it. Thanks.
The credits as the three sources of where the monies can come from and the debit as the three destinations of where the monies can go to was absolutely brilliant. Mind blown again. 🤯 Thank you. 😎🤟
There it is! How you explained it at the end connected everything. The whole Credit vs Debit concept seemed entirely counter intuitive until you broke it down each letter and demonstrated DEA as destinations & LER as sources.
Thank you so much. I struggled to decide if I want to go to college, and which career would suit me best. I stumbled upon your channel BEFORE I enrolled in college and accounting classes. These videos have helped a lot!
This is awesome! I have learnt so much in this video. I have been frustrated with learning accounting, this video destroyed that frustration. Thank you!!!
Thank you so much for making these videos. I just started my first Accounting class and your videos have helped so much explaining everything on a beginners level.
I think this particular video should be recommended in links for your other videos, as this is the basic of basics... Great great videos as always James
Thanks a lot. This 4 video playlist has been so valuable to me. You explained such hard concepts in such easy to understand way. I can now easily visualise all the concepts. Top quality videos.
Honestly I'm so confused the way my instructor teach us about Debit and credit🥴.. that why i thought accounting is so hard to understand..but the help of your videos i finally understand now thanks for this hack i can finally use this for our upcoming prelim exam🥰
Great work James! Compliments from a long-time video professional and now arts administrator expanding my bookkeeping skills. I picked up "Credit the giver--Debit the receiver" from Daniel, another on-line tutor, and find it helps too.
Very well explained. Keep posting videos because it is of great help. Plus, your speaking voice and appearance is pleasing and lovely..that makes it less confusing because you are interesting 😊
I just picked up on accounting after having an interest for years when I was in college for another career, everyone's comments make me feel so lucky to have found your channel.
Your description of the concept of economic flow from source to destination is interesting and I’m ALMOST there with you but I have a hard time with one part. I understand how Dividends, Expenses and Assets can be considered ‘destinations’ and I understand how Liabilities and Equity can be considered ‘sources’ but I don’t quite understand why Revenue can be considered a ‘source’ - I think of it more like a destination. (As is I did all this work in my business, making, marketing, selling, whatever and eventually I received Revenue). Can you say anything to tweak my thinking here?
What are your Accounting Hacks??
🔗USEFUL LINKS
▪Debits and Credits Free Quiz → accountingstuff.com/blog/debits-credits-quiz
▪Debits and Credits Cheat Sheet → accountingstuff.com/shop/debits-credits-cheat-sheet
▪Debits and Credits Practice Questions → accountingstuff.com/practice-questions/debit-credit-question-pack-1
My accounting hack is the "Accounting Stuff" channel. (And I love this short and sweet format...)
@@ikekeonwu Haha, that is kind of you to say!!
I always find it hard to wrap my head around the fact that expenses go on the same side as assets. After all, expenses don't sound like something good, like assets. But I think of it that way: If you have more expenses then this means your operations are also going up. If you provide online services, for example, and your electricity bill goes up, that means the probably it was due to more clients and more services provided. So your expenses went up but your revenue also went up. So bottom line, expenses are a good thing (of course if they provide you with some benefit and are not just a waste of money). Not sure if it is exactly a hack but that's how I think about it.
@@zamf Thanks mate, it's good to hear a fresh perspective on the subject. Cheers!
Could you please do a separate video on COGS
I seriously made this poster before a job interview. I had "passed" a job interview with the CEO of a company and then he had his CPA firm interview me via phone call. I had pinned this up on my wall before my phone interview. Every question had something to do with how I would put something on the balance sheet. "If you took out a loan on a new car, how would you record it." This hack literally got me a job!!! Thanks!!
Congratulations 🎉
I learned more in 3 minutes than I did in my whole intro accounting course! Thanks so much!
No worries! Glad to hear that the video helped
Same!
Right!?
I'm an accountant and I still learn from you. Thanks !
Cheers Gamal, happy to hear that the vids are helping you out!
I'm scared for your clients then 0_0
Hopefully your clients do not see this xDDDD
BRO THIS IS THE VIDEO I NEEDED 3 YEARS AGO *crying*
The DEALER hack worked. I had my First Accounting Exam and I got a 99 out of 100. I had 4 problems with Journal Entries, T Accounts, Trial Balances, Balance Sheets, Income Statements, Statement of Retaining Earnings, and Statement of Cash Flows. Once I remembered it then everything fell into place.
Congrats! You nailed it :)
This video is the best! I am a little embarrassed to say I finished my degree years ago but this topic has always been fuzzy for me. Thank you for the simplicity and clarity.
No problem :)
I am going to watch this video 100 times until I get it. I'm transitioning into accounting and I feel like I'm learning a new way of thinking entirely. Your videos explain things so well and I'm finding them very helpful.
Best of luck with the career change! I hope it works out for you
How did it work out?
3:11 That really was my reaction after understanding DEBITS and CREDITS
Haha, glad they're making sense!
White hackers at Master Hack have strong technical knowledge which includes and is not limited to the latest security trends, advanced persistent threats, complex attack scenarios, the risks associated with different security breaches, information security management frameworks, and standards. I was assigned to anon@mastershack.net they help me in less than 2 weeks to get back my lost backup phrase when I lost my wallet with oover 5 btc. I was a miracle.
@@AccountingStuff thnk u sir
Same, dude! I was making "mind blown" gestures moments before the screen exploded.
Honestly you provide more insight than books and training companies combined with a video. Kudos!
I've taken several accounting classes and I, too, just learned something in 3 minutes that I could not understand after a year and a half of business school. Amazing!
I am taking a basic accounting class and I have really struggled with grasping the concept. Your videos are so good and you explain things that didn't make any sense to me seem so clear. I really hope that this will help me to complete this course as I want to get my certification. THANK YOU!! Any tips or advice is welcomed but I really wanted to express my gratitude.
Hey Emily! Glad to hear that things are starting to click. There are really only a few concepts to understand in Accounting. Once you get you're head around those, it'll all start to make sense. Best of luck with your class!
Thank you my brother. I'm taking an accounting class in my first semester in college and to say I was confused is an understatement. Your a life saver!
this has been the easiest way anybody have explain DEBIT and CREDITS to me
Hey Fathia, hope it's making sense for you :)
Thank you so much for this. Most books and videos just tells me where to put the accounts when they increase and decrease and memorize a cheat sheet but doesn't give me a reason or explain why I have to put it there. Because of your simple explanation, my questions have been answered. I learned a lot because of your videos.
This was brilliant! I now understood why DEA are debits (destination) and LER are credits (source). It all makes sense now :) Thanks!
No worries Lena, great to hear it's making sense :)
mind was just blown!!! I am just starting out on my accounting journey and I rewatched this video and it just clicked THANK YOU!!!! Please keep posting videos you are such a help!
No worries Jen! I don't plan on stopping any time soon
its insane how much you can learn from your short videos!!! super helpful!
Glad you found it useful :)
That is absolutely a fantastic explanation. Finally, after 5 years in Business, I started understanding accounting staff. Thank you so much!
Brilliant how you can communicate so much value in 3 minutes. Great work!
Cheers Hector!
bro saved my final grades 🙏🏻
Hope your exams went well!
So helpful in my teaching bookkeeping classes to non-accounting students.
Amazing -- I've watched a number of videos trying to understand why dividends and expenses are considered sources (including some of your other videos). I simply couldn't figure it out. And now, voila -- in 3 simple minutes I now get it. Thanks.
As an accounting graduate who works in big4 now, I still learn from you! thanks!!!
No worries Joanne, you are very welcome!
you are a genius bro, like its been half a month that I am struggling with yet couldn't get it
The credits as the three sources of where the monies can come from and the debit as the three destinations of where the monies can go to was absolutely brilliant. Mind blown again. 🤯 Thank you. 😎🤟
Great to hear it's clicking for you!
Seriously, thank you! I had such a hard time wrapping my head around these terms (debits and credits) and this totally cleared it up for me!
No problem, you're very welcome :)
D- Drawings
E- Expense
A- Assets
L- Loss
Dr. Increases Cr. Decreases
C- Capital
L- Liability
I- Income
P- Profit
Cr. Increases Dr. Decreases
Nice one, whatever works for you!
period this is my favorite video on the internet
Thanks!
I FINALLY understand this. Great job with the simple accurate explanation
That's great to hear!
I'm currently enrolled in college, for accounting. You're videos are a LIFESAVER! Thank you so much!
No worries, I hope your studies are going well :)
Honestly the best Accounting channel ever. Thank you so much!!!
There it is! How you explained it at the end connected everything. The whole Credit vs Debit concept seemed entirely counter intuitive until you broke it down each letter and demonstrated DEA as destinations & LER as sources.
Thanks, glad to hear it's clicking for you!
"Dealer" is a total game changer! Thank you!!!
No worries :)
My favorite accounting of all the time.
When fun and knowledge are besties.
Thanks
Cheers, glad you enjoyed it!
Thank you so much. I struggled to decide if I want to go to college, and which career would suit me best. I stumbled upon your channel BEFORE I enrolled in college and accounting classes. These videos have helped a lot!
This is awesome! I have learnt so much in this video. I have been frustrated with learning accounting, this video destroyed that frustration. Thank you!!!
Thanks! Great to hear you found it useful :)
Love it. I've been struggling for hours wrapping my head about the concept of credits and debits. Thanks for the enlightenment 🤩
No problem, great to hear it's clicking for you :)
You are a genius to explain Accounting!
Thanks Dori!
I’ve never subscribed so fast in my life! Great content:))
Wooo! Great to have you on board :)
I’m definitely sharing this with my entire acct class
Thanks Britt!
Thank you so much for making these videos. I just started my first Accounting class and your videos have helped so much explaining everything on a beginners level.
oh my god, this video helped me a lot. thank u so much, pls keep doing accounting videos as many as u can, i really love it
I think this particular video should be recommended in links for your other videos, as this is the basic of basics...
Great great videos as always James
Cheers Willy!
So grateful I came across your channel, James! 😅 This definitely will help me with my job.. ! Thank you!
No worries, hope it helps!
I am ERP Functional consultant for Finance modules. You are a Goddam angel for us !
Haha, glad to be of service!
@@AccountingStuff any good book for new accounting student . I am older student. Accounting for second career I want learn simply
@hot pepper I recommend this one -> ua-cam.com/video/oNw4guzrzG4/v-deo.html
You changed my whole accounting life!
this is one of the best things i've ever seen in my life :) finally feel like i actually get accounting! thank you so much for these videos!!!
Glad it helped!
This hack helped me nail my interviews and still helps me make impression on accounting debates during my internship. Thank you so much!
That's great! DEALER ftw
how did you uses DEALER in the interview? did they just ask you whats a debit/credit and stuff like that. ive used the DEALER hack and i love it
Thanks a lot. This 4 video playlist has been so valuable to me. You explained such hard concepts in such easy to understand way. I can now easily visualise all the concepts. Top quality videos.
Awesome thanks for the video. I was stumped on origins of what we consider DR/CR
Holy shit....this is gold!!! Thanks soo much man!
You're very welcome. Best of luck with your studies :)
Thanks this is som much better than a class. The source and destination bit helped massively
Nice one! Hope it's making sense :)
Honestly I'm so confused the way my instructor teach us about Debit and credit🥴.. that why i thought accounting is so hard to understand..but the help of your videos i finally understand now thanks for this hack i can finally use this for our upcoming prelim exam🥰
Great to hear it's clicking for you :)
wow he's good. I DEF went to click away and he said "but before you click away" lol he knows his people
Great work James! Compliments from a long-time video professional and now arts administrator expanding my bookkeeping skills. I picked up "Credit the giver--Debit the receiver" from Daniel, another on-line tutor, and find it helps too.
Cheers, I'm glad you enjoyed it! And thanks for sharing the tip
Very well explained. Keep posting videos because it is of great help. Plus, your speaking voice and appearance is pleasing and lovely..that makes it less confusing because you are interesting 😊
Cheers for your support :)
This guy is awesome and deserve more subs. Also the thumbnail will bring you to watch the entire video.
That's kind of you to say :)
James, you have made it very easy to understand
Glad to hear it :)
Well explained, James. God bless you.
Wow. You make this stuff so logical, as it should be. Thanks again!
Cheers mate, you are very welcome :)
Stand out from the crowd is Your Cool attitude and Awesome highclass editings !
Love from India ❤❣
Thanks for your kind words!
Love it, I had watched the other video and was still confused but this video just 🤯.
I just picked up on accounting after having an interest for years when I was in college for another career, everyone's comments make me feel so lucky to have found your channel.
Glad it's making sense!!
I start my Accounting course in September, your videos have helped me prepare so much, Thankyou!
Good luck in your course Ashley! I'm sure you'll crush it with all of this preparation work you've been doing
GOLD! Thanks for sharing the DEALER!
Cheers Michele!
I really appreciate you for sharing this, thank you.
Wow I’m great full for your videos please don’t stop!
Cheers Justin, I plan to release many more
Accounting Stuff can’t wait!
Learning a lot through your tutorial videos.
Thank you so much
Awesome!
You break down so good! I catch on so easily
Cheers, glad to hear it!
must watch the 3:09 50plus times! nice effects!
Haha, glad you enjoyed it 🔥
What a simple and a great video!!!
I FINALLY understand🙌🙌🙌thank you so much!!!!💛
Words just can't say enough for your efforts on educating the world.
Thank you.
Cheers Aaron!
Thank you so much James. Your videos are very helpful and easy to understand.
No worries Karen, I'm happy to help :)
Watched done 🙌🏼. This is insane 😍💕
I am having an exam on my accounting tomorrow. This really helps me to review!
Hey Hannah, apologies for my late reply. How did your exam go?
@@AccountingStuff i passed! Now I am preparing for my midterms. I am watching your videos again to help me review!
@@HannahMaambong Congrats, well done!
My god 🙏🏻
What an explanation 😱
Do this kind of short videos
It is very interesting to listen
Short & sweet
Glad you liked it Munesh, yes I will consider doing more of these
Accounting Stuff super like 😊
James do these more
@@HOMEFOODMANIACS Cheers, will do!
Accounting Stuff thanks
your videos helps me a lot , thankyou so much !!!
That's great to hear!
Your videos are so helpful, thank you so much
Cheers!
Not related to the topic... but sirrr, I am admiring u now🥺. Actually sir I'm gettin distracted by u🥺💗
Hope you make a book because I like the way you explain it's very clear and understandable ' '
.
Thanks! Perhaps someday I'll get onto it
Awesome and helpful!
Glad you're finding it useful :)
Thank you, sir, for these great videos!
No problem at all! Hope you find them useful :)
So much to learn.
So eay to absorb! Thank you James!
No worries Carolyn, you are very welcome
Perfect explanation!
I'm going to buy your all-in-one cheat sheet bundle!
Thanks Lauren and cheers for your support!
Eyyyy... I know that background song ;D
Love your videos! KEEP THEM COMING! Thanks
Will do, I'm on holiday atm so there will be a bit of a break but I have plenty more planned for the future!
Great video and explanation. Thank you! ✨
dude love your style so down to earth
cheers
Thanks Caleb!!
How could you be so smarter 👍👍👍👍👍👍
BLEW MY MIND!
Your description of the concept of economic flow from source to destination is interesting and I’m ALMOST there with you but I have a hard time with one part.
I understand how Dividends, Expenses and Assets can be considered ‘destinations’ and I understand how Liabilities and Equity can be considered ‘sources’ but I don’t quite understand why Revenue can be considered a ‘source’ - I think of it more like a destination. (As is I did all this work in my business, making, marketing, selling, whatever and eventually I received Revenue). Can you say anything to tweak my thinking here?
I try to think of it this way... revenue generates Economic Benefit internally. It's your reward for doing all of that work.
This was unbelievably helpful - thank you :) !
No worries Jovanna, great to hear your found it useful!
I appreciate the fact that he was prepared to know that his left and right side are the opposite to us so that it won't confuse us. lol
So grateful for this. Saving my life!
Cheers Shawnay!
THANK YOU THANK YOU THANK YOU! great way to teach and helps in retention!
No worries, hope it helps!
You make accounting subject a fun and exciting way to learn 😊
Thanks Bennelyn!
Best explanation ever❗Thank you so much❣️
Thanks Ilana, hope it helps
This is a fantastic video!! Great Job..
Thanks Albert!
So you useful 😭😭💓keep up the work. Your videos help a lot.
Thanks Oliver! Will do, there are plenty more videos coming soon.