ACCOUNTING BASICS for Beginners (Whole Playlist) - DOUBLE-ENTRY ACCOUNTING: Explained in (Almost) 2 Minutes!

👉 Confused by accounting? Download this free cheat sheet: https://accountingstuff.com In this video I attempt to explain Double-Entry Accounting in less than two minutes. Double-Entry Accounting is a Bookkeeping system. It says every accounting entry must have an opposite corresponding entry in a different account. Debits & Credits are the words we use to reflect each side. This idea is more than 500 years old. It was first documented by an Italian mathematician called Luca Pacioli, in his book "Summa de Arithmetica". The concepts in this book helped spark the rise of modern capitalism, and earned Luca a new name... the "Father of Accounting". 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 - Intro 00:07 - What is Double-Entry Accounting? 00:25 - Who invented Double-Entry Accounting? 00:45 - Single-Entry Accounting 02:21 - How do Debits and Credit work? 02:54 - Why is Double-Entry Accounting important? 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🔝 CLOUD ACCOUNTING SOFTWARE ▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mfchsgfw8z ▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa ▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada 🚶FOLLOW ME ON ▪ Instagram → https://www.instagram.com/accountingstuff ▪ TikTok → https://www.tiktok.com/@accounting_stuff ▪ Facebook → https://www.facebook.com/thisisaccountingstuff/ ________________________ DISCLAIMER Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you! ________________________ #accounting #accountingbasics #accountingstuff