Accounting Basics and How to Remember Them

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The rhythmic accounting rap song Debit Credit Theory by Colin Dodds (n.d.) is an excellent way to remember that debit’s location is the left side of the account, and credit’s location is the right one. This unusual song also explains the meaning of these two terms. This fun but an educational source has enabled me to remember the material and not get confused in the concepts.

Mr. Colin Dodds. Debit credit theory: Accounting rap song. YouTube.

The mnemonic offered by Heather McNellis (2020) also contributes to better understanding and remembering the essence of debit and credit and the account balances. The DEAL/CLIP mnemonic contains the explanation of debit’s and credit’s parts. Due to this engaging technic, it is pretty easy to understand that while debit includes Drawings, Expenses, Assets, and Losses, credit consists of Capital, Liabilities, Income, as well as Profits.

McNellis, H. Financial accounting: What’s the DEAL/CLIP with debits and credits? ICAS.

I have chosen these two sources since they make it easy to remember accounting basics. They are pretty bright, fun, and engaging: due to the song chorus, it is impossible to forget where debit and credit are located, and mnemonics help remember all their constituents. I think other students will also like them since they are suitable for people with different types of information perception.

How Would You Define Ethics?

Ethics is a set of norms of behavior adopted in society or any social group.

What are Three Factors that Might Affect Good Ethical Conduct?

The factors influencing ethical conduct are divided into three levels: individual, involving the personal values, social, or organizational, including norms of the organization, and opportunity ones that are situations requiring ethical or unethical decisions.

An Explanation of Why the Sarbanes-Oxley Act Was Created

The Sarbanes-Oxley Act was created to make it impossible for managers and accountants to misuse funds. It resulted from high-profile scandals with corporate reporting, due to which investors began to doubt the reliability of the data provided by companies. This Act also relates to ethics since it contains the set of norms and principles of fair leading a business.

What Are the Legal Liabilities of an Accountant?

The accountant is responsible for maintaining all financial calculations of the company, as well as the reliability of data, and they are liable for misstatements and mistakes made by them. However, the Generally Accepted Accounting Principles claim the employee is not responsible for misstatements if they work in good faith.

References

McNellis, H. (2020). Financial accounting: What’s the DEAL/CLIP with debits and credits? ICAS. Web.

Mr. Colin Dodds. (n.d.). Debit credit theory: Accounting rap song [Video]. YouTube.

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Accounting Basics and How to Remember Them

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