CPA Strength Lecture Notes

Introduction

• Presenter: Jonathan Dorn, Licensed CPA in Florida
• Topic: Fundamental accounting equation
• Key concept: DCAIDLUR

DCAIDLUR

• DCAIDLUR is an acronym for remembering the fundamental accounting equation components:
  • D: Debit
  • C: Credit
  • AID on Debit side
    • A: Assets
    • I: Draw
    • D: Expenses
  • LUR on Credit side
    • L: Liabilities
    • U: Equity
    • R: Revenue

Key Points

• Debits and Credits
  • Always equal each other in accounting.
  • Essential for understanding balance in accounting.
• Importance of Memorization
  • Memorize the DCAIDLUR for application in accounting tasks.
  • Useful throughout accounting career, even for experienced professionals.

Practical Usage

• DCAIDLUR simplifies understanding and applying accounting principles.
• Continuously applicable from day one of accounting education to professional practice.

Conclusion

• Jonathan emphasizes the importance of learning and using DCAIDLUR.
• Encouragement to subscribe for more learning on income statements, balance sheets, and other accounting topics.
• Aspiration to become the strongest CPA in Florida and eventually America.