Accounting Basics in Under a Minute

“POA students — here’s EVERYTHING you need to pass, in under a minute. Let’s go!”

“Accounting is basically record-keeping. Why? To track money, measure profit,

and help businesses make good decisions.” “Remember this: A = L + OE Assets = Liabilities

+ Owner’s Equity. If this balances, your books are 🔥.” “Assets = what you OWN.

Liabilities = what you OWE. Owner’s Equity = the difference.” “Every transaction

hits TWO accounts. Debit = receiving. Credit = giving. Buy an asset? Dr Asset,

Cr Cash. Pay an expense? Dr Expense, Cr Cash.” “Quick cycle:

Source Document → Journal → Ledger → Trial Balance → Financial Statements → Close.”