The Nature of the Five Account Types – Accounting Basics – Part 2

If you want to know how to decide whether an entry you make into a general ledger account should be made on the debit or credit side, check out the second video of our Accounting Basics series.

This video explains clearly the nature of the five main account types:

  1. Assets
  2. Liabilities
  3. Owner’s equity
  4. Revenues
  5. Expenses

And will teach you and easy way to figure out which entries into your accounts should be debits and which entries should be credits.

This video expands on the first video of the series, Debits vs Credits – Accounting Basics – Part 1, which focused on a golden principle that governs debits and credits.

In the third video, T-Accounts Explained – Accounting Basics – Part 3, you will see how to map out your debits and credits using a key visual bookkeeping method called T-Accounts.

The final video of the series, Double-Entry Bookkeeping Explained – Accountings Basics – Part 4, will pull together all you have learned to crystalise how it all relates to double-entry accounting.

So, go ahead and start learning about the fundamental building blocks of accounting and bookkeeping by watching all the videos in this series.

Disclaimer: Our articles and videos are here to inform you and the information provided does not constitute financial, taxation, legal, business or other professional advice and should not be relied upon as such. See our full disclaimer here.