馃攳
ASSETS = LIABILITIES + EQUITY / THE BASIC ACCOUNTING EQUATION / ACCOUNTING FOR BEGINNERS #100 - YouTube
Channel: CPA Strength
[0]
yo yo yo CPA strength here back with his
[5]
100th Accounting for beginners video
[9]
that's the confetti yo thanks for being
[14]
here thanks for everybody supporting
[16]
we're gonna have more fun in this one
[19]
you might do it possible another video
[21]
about about 100 ridiculous of accounting
[24]
for beginners I just want to say you
[26]
know when I made my first accounting
[28]
video accounting for a beginning video
[31]
I'm going to have like five or ten
[32]
subscribers and when I started with one
[34]
just like everybody else now up to about
[39]
sixty seven thousand subscribers but
[42]
anyways check this playlist out that's
[44]
where I have 99 other videos another
[49]
accounting for beginners videos please
[52]
like the video that's how you can
[54]
support me that's really all I ask
[57]
comment that helps the channel grow to
[59]
like and comment you could share on
[61]
social medias if this helps you also
[64]
check out my live streams I'd be doing
[67]
live streams I'm doing a 30-day push-up
[69]
challenge I had some people actually do
[72]
push-ups with me today in the live
[73]
stream so I do that a noon Eastern
[75]
anyways let's get into it
[77]
let go 100 y'all can we believe it we're
[82]
just sticking we're going to the basics
[84]
there's a lot of new people taking
[86]
accounting for the first time maybe
[89]
you've been taking accounting for a
[91]
while
[91]
and you know what we're just gonna we're
[93]
just gonna pick we're just gonna pick
[94]
this bone right now I'm just gonna we're
[97]
gonna pick this bone almost shake a
[99]
stick at this
[104]
okay that's like that's like an
[109]
accounting textbook the reason you're
[110]
here is because your accounting textbook
[112]
is so dry and you're not getting any
[114]
value from it because it's just a plus B
[117]
equals C ba ba ba one plus two equals
[120]
three bum bum ba and there's nothing no
[124]
contacts no humor no nothing about it so
[127]
I understand I I elaborate and I make
[130]
something small you know I could do this
[135]
whole video in a minute it might be five
[137]
or six seven minutes I don't know
[140]
now conversely you know you go really
[144]
fed you go really really fast in your
[146]
textbook it's like just give me the
[147]
answer like okay I got the answer Chrome
[150]
and then guess what you don't really
[152]
know it you might have been oh well this
[154]
said you don't really know it so you so
[158]
you got to relearn it so you're going
[160]
fast all the time and not really
[162]
learning anything okay maybe if you just
[166]
relax
[167]
take six seven minutes so this is like
[169]
for all of my accounting for beginners
[170]
videos pretty much I do do some fast
[172]
ones like five-minute ones but um yeah I
[177]
mean I hope you can just relax a little
[179]
bit yeah it's gonna take four or five
[181]
six seven minutes it's gonna take a lot
[184]
of extra time you know what's five six
[186]
minutes I mean come and then maybe I'll
[190]
I'll tell a story or so the way I say
[193]
something and it'll stick in your head
[195]
and then you don't have to remember this
[197]
again you don't have to relearn it you
[199]
don't have to watch the video again so
[202]
that's my little rant and anyways let's
[205]
get into this all right this one is look
[209]
this one is number 100 of course I
[212]
already mentioned the boy let's get a
[214]
bicep shot in there boy white anyways
[219]
logical liabilities equal 18,000 equity
[223]
equals 32,000 what are the assets what
[230]
are the assets hold on a second
[235]
not inconvenient or oh no I still don't
[238]
have the lighting down for this I still
[240]
don't have the lighting down I don't
[242]
like it when I'm over here really yeah
[245]
one take one take Timothy oh that's way
[250]
better brother than that way before his
[253]
big improvements right boy these
[255]
liabilities 18k equity 32k assets I'm
[259]
sorry I like to abbreviate 18,000
[262]
liabilities equity 32,000 what are the
[265]
assets and you're like you might see
[268]
your first quizzes are coming up your
[270]
first tests are coming up you're like I
[271]
have no idea about it but you have been
[279]
writing dc8 ler on your paper every day
[282]
from the from accounting for beginners
[284]
99 so you have been doing this debit
[288]
credit acent and I put withdraw that's
[293]
my new thing I wish I were to start with
[294]
that and then the expenses so and then
[297]
and then liability equity our owner's
[300]
equity in revenue so you've been d DC a
[304]
blur so you already have this now this
[308]
is mainly for journal entries but I'm
[309]
going to show you just playing a
[310]
question about this D Sailor also does
[313]
apply and it's also like a t-account too
[317]
but anyways this does apply
[321]
I'll show you look it look it has
[324]
liabilities and that's right here
[325]
equities and the question that's where
[327]
here and assets it wants to know how
[329]
much assets and assets is right here so
[331]
you have those three here you have been
[334]
knowing assets equal life oh let me say
[338]
debits equals credits always always
[341]
always so you're probably gonna have an
[342]
equal sign here okay you know I know
[346]
we're not doing that but you're like hmm
[349]
and you're just gonna it'll make I put
[353]
this is my little house right here or
[355]
this is my a building warehouse this is
[357]
a bit
[358]
office building warehouse type thing
[360]
that a business owns that's the asset I
[363]
don't want to say like what assets
[364]
assets right let's go let's go over here
[367]
so so anyways you have you have a house
[372]
and that's an asset I think you have an
[375]
office building and that's your asset
[377]
right
[384]
now I think this will over the door the
[389]
dormant window move the transposed a but
[393]
now that is your asset of office
[395]
building a house you've been writing
[396]
down different kind of assets so you can
[398]
try to think of an asset okay now
[402]
because it wants to know what are the
[404]
assets out of this equation they're like
[406]
I don't know bro I don't know bro we'll
[408]
just chill think about you you haven't
[411]
you have an office building what is
[413]
normal what is normal on an asset like
[416]
an office building you you buy a
[419]
mortgage sometimes you don't have a
[422]
mortgage if you would if you would pay
[424]
for cash for the whole business or for
[427]
the whole for the whole building right
[429]
when you started so you either
[431]
oh right you have a house you either owe
[435]
somebody either Oh a bank money or you
[438]
own it yourself right
[441]
so NASA you either oh oh somebody right
[453]
or or the biz or the building the owner
[462]
the owners of the corporation own the
[466]
building
[467]
so either you also or so either you have
[473]
you have a building either you owe
[475]
somebody a third party or or or the
[481]
owners own it
[490]
okay and now I'll say the office
[494]
building is an asset right like what's
[496]
an asset oh man he's an asset to the
[498]
team he goes fast he goes hard you know
[501]
is is a is a building an asset yeah it's
[504]
it's it's an asset it's gonna help you
[506]
it's gonna it's gonna help you make
[508]
money over the long term you know you're
[512]
gonna store stuff in there you're gonna
[513]
go there to work you're gonna transport
[515]
stuff so we can all agree on a building
[518]
as an asset what is it what is it when
[522]
you owe somebody in accounting terms you
[528]
know it'd be a liability think about a
[531]
liabilities if you can think about it
[534]
like sports terms like he is a liability
[537]
he can't he can't catch the ball you
[540]
know he's slow he's a liability for the
[542]
team now would you think now in
[546]
accounting terms and business and money
[548]
you'd be like hmm if I owe somebody some
[554]
money that's a liability for me
[556]
so owing somebody money is a liability
[560]
owing money is a liability and now if
[569]
the owners owners own it you always
[573]
think of you always hear of you know
[575]
equity in a house you know oh oh I'm
[579]
mostly equity I don't know much of a
[581]
mortgage you know mortgage would be a
[584]
liability and equity equity in the house
[588]
owner's equity that's what you have in
[591]
it but in a business that's what the
[595]
owners owned that's how much the owners
[597]
own out of the Hat out of the building
[599]
so owners of the owners own it its
[604]
equity and I need to start 20 owners
[606]
equities that makes more sense to me now
[608]
I know right after a hundred I started
[611]
putting owner's equity after
[613]
hundred okay
[620]
so you have an asset and who owns the
[628]
asset do the owners or just a third
[631]
party I guess is how you can think about
[633]
it so the basic accounting equation and
[641]
the balance sheet are both alright we're
[647]
gonna get rid of this uh he did her the
[650]
nice house
[656]
balance balance sheet and the basic
[660]
accounting equation are both just of
[662]
both the same things and its assets
[665]
equal liabilities plus owner's equity or
[669]
equity so they're its indc abler in
[673]
front of you and you can just start
[674]
circling that as well like if you want
[676]
to start writing down your DC everyday
[679]
some assets liabilities some equity I
[681]
believe I should have showed you that in
[683]
the previous video but maybe that's too
[685]
much or I forgot at the time but you can
[689]
you can circle this put an equals and a
[692]
plus so you know that's your balance
[694]
sheet well you know you need to say oh a
[696]
balance sheet well I don't want to I
[700]
don't want to abbreviate because you're
[703]
like what BS that's for that bullshit no
[705]
it's for the balance sheet okay so
[708]
assets equal liabilities plus owner's
[709]
equity assets equal liabilities plus
[720]
owner's
[726]
equity we are going to worry about
[731]
running out of time sorry for all that
[733]
so your assets is your building
[744]
liabilities
[750]
18,000 owners equity 32,000 assets equal
[759]
liabilities plus owner's equity so the
[762]
house is worth 50,000 does that does
[770]
that make sense so assets equal 50,000
[773]
and does that make sense you have a
[776]
$50,000 house you have liabilities you
[779]
owe the bank 18,000 on it and the owners
[783]
of the owners of the company own 32,000
[786]
of it so anyways I hope that helped that
[790]
was a pretty long actually and anyways
[795]
until next time I'll see you later and
[799]
this is CPA strength deuces
Most Recent Videos:
You can go back to the homepage right here: Homepage