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Assets, Liabilities & Equity: Made Easy!

🙌 Accounting Cheat Sheets → https://accountingstuff.com/shop 🖊 Accounting Practice Questions → https://accountingstuff.com/practice-... In this video, you'll discover everything you need to know about Assets, Liabilities and Equity in Accounting. Assets, Liabilities & Equity are the three main components of the Accounting Equation. The Accounting Equation says that a business's Assets must always be equal to its Liabilities plus Equity. Essentially, Assets represent the stuff that a business owns, and Liabilities & Equity represent the stuff that a business owes. Liabilities are owed to third party creditors, whereas Equity is owed to the owners of the business. Well, that's the gist of it... Now let's take a closer look at each of these terms to see what we can learn about them. Assets are probable future economic benefits obtained or controlled by a particular entity as the result of past transactions or events. They're divided into two main groups: Current Assets and Non-Current Assets. Liabilities are probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future, as a result of past transactions or events. There are three main types of Liability: Current Liabilities, Non-Current Liabilities & Contingent Liabilities. Equity is the residual value of an entity's Assets after deducting all its Liabilities. It represents the Net Funds invested into a business by its owners. Equity is made up of a few different components: Capital Contributions, Retained Earnings & Withdrawals. 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 - Intro 00:14 - What are Assets, Liabilities & Equity? 01:00 - What are Assets? (Definition) 05:27 - Current Assets 06:46 - Non-Current Assets 09:08 - What are Liabilities? (Definition) 11:34 - Current Liabilities 16:11 - Non-Current Liabilities 17:12 - Contingent Liabilities 18:15 - What is Equity? (First Definition) 19:31 - What is Equity? (Second Definition) 20:53 - Equity Example 21:28 - Business Structures 22:22 - Capital Contributions 23:56 - Retained Earnings 25:41 - Withdrawals 26:34 - Expanded Accounting Equation 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🔝 CLOUD ACCOUNTING SOFTWARE ▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mf... ▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa ▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada 🚶FOLLOW ME ON ▪ Instagram →   / accountingstuff   ▪ TikTok →   / accounting_stuff   ▪ Facebook →   / 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