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How To Pass Your First Accounting Class / Write This Down Every Day / Accounting For Beginners #99

10/30/2018

Summary

Short video that gives a very simple and clever acronym to understand the basics of accounting principles such as Debits and Credits. The acronym is DC ADE LER. (Only watch from 2:33-7:28 )

Key Points

  • Presenter says the acronym DC ADE LER to help remember basic accounting principles of Debits and Credits.
  • DC ADE LER stands for the following:
    • Debits
    • Credits
    • Assets
    • Draws
    • Expenses
    • Liabilities
    • Equity
    • Revenue

Discussion Questions

  1. What are some principles from the video that are still confusing?
  2. What does DC ADE LER stand for?

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