VCE · Accounting · Double Entry Recordinglive from the app
DEAD CLIC Classification System
DEAD stands for Drawings, Expenses, Assets, and Dividends which all have debit balances and increase when debited. CLIC represents Capital, Liabilities, Income, and Contributed Equity which have credit balances and increase when credited.
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the one idea
why this one carries the topic.
Every transaction hits two accounts and the two always balance. Everything else in accounting is that one rule applied consistently for a year.
DEAD CLIC is a memory device grouping accounts by their normal balance, where DEAD accounts naturally have debit balances and CLIC accounts naturally have credit balances.
what examiners catch — Examiners test whether students can correctly identify which side increases an account, particularly confusing drawings (debit, not credit despite being equity-related) or dividends declared.
what you leave with
three things, not forty.
Asset accounts like Cash, Inventory, and Accounts Receivable increase with debits and decrease with credits
Liability accounts like Accounts Payable and Loans increase with credits and decrease with debits
Income and Expense accounts follow the same rules to eventually affect equity through the profit calculation
what's underneath
nothing here is a standalone fact.
knowhere maps every concept to what it rests on and what rests on it — 0 underneath this one, 1 built on top. Each one says why, in a sentence, not as an arrow on a diagram.
this conceptdead clic classification systemDEAD CLIC is a memory device grouping accounts by their normal balance, where DEAD accounts naturally have debit balances and CLIC accounts naturally have credit balances.
built on itdebit and credit rulesbecause you debit what you can classify
the rest of double entry recording
7 more, same treatment.
Each one is its own knowscape in the app — built for how a particular student takes things in, not one explanation handed to everybody.
journal entries and ledger postingin the apprecording gstin the appthe accounting assumptionsin the appthe accounting equationin the appthe dual aspect principlein the appdebit and credit rulesin the appdebits and creditsin the app
this is one of 865
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