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

👉 Confused by accounting? Download this free cheat sheet: https://accountingstuff.com In this video, I’ll explain the Expanded Accounting Equation in under two minutes. We’ll start with the Basic Accounting Equation: Assets = Liabilities + Equity and explore how it always stays in balance. Next, we’ll break down Equity into Capital Contributions and Retained Earnings, showing how a business’s profits and dividends affect its financial position. We’ll also connect the Income Statement and Balance Sheet by examining how Revenue and Expenses flow into Retained Earnings. To wrap things up, I’ll introduce the six main types of accounts in accounting and explain whether they are normal debit or credit accounts and why: ▪ Assets ▪ Liabilities ▪ Equity ▪ Revenue ▪ Expenses ▪ Dividends By the end of this tutorial, you’ll have a clear understanding of how financial statements link together and how businesses track their financial health using the Expanded Accounting Equation. 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 - Intro 00:10 - The Basic Accounting Equation 01:13 - The Expanded Accounting Equation 02:19 - Link between Income Statement & Balance Sheet 02:48 - Six main types of account 🔗OTHER RESOURCES ▪ My Website → https://accountingstuff.com/accounting-basics/accounting-equation 🔎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/accountingstuff/ ________________________ 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