The averaged models of switch-mode DC-DC power converters are discussed. Two methods of averaged model derivation are considered - the first, based on statespace averaging and the second, on the switch averaging approach. The simplest converters: BUCK, BOOST and BUCK-BOOST working in CCM (continuous conduction mode) or DCM are taken as examples in detailed considerations. Apart from the ideal converters, the more realistic case of converters with parasitic resistances is analyzed. The switch averaging approach is used more frequently than the other and is believed to be more convenient in practical applications. It is shown however, that in the deriving the averaged models based on the switch-averaging approach, some informalities have been made, which may be the source of errors in the case of converters with parasitic resistances, or working in DCM mode.