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Review of Financial Accounting - Principles, Assumptions, & Constraints
 
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For more videos like this go to www.patrickleemsa.com. Join Robinhood and we'll both get a share of stock like Apple, Ford, or Sprint for free. To do so, make sure you click on this link: https://share.robinhood.com/patrickl803 ___________________________________ NETWORK WITH ME! PATRICKLEECPA Twitter - https://twitter.com/patrickleecpa Website – https://www.patrickleecmsa.com ___________________________________________ Send a letter or send something cool about how you’re using these videos. Patrick Lee, MSA PO Box 936 Winfield, Kansas 67156 ___________________________________________ WORK WITH ME! CONTACT US: [email protected]
Views: 14957 Patrick Lee
Chapter 1 Principles of Accounting
 
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Animated PowerPoint for chapter one
Views: 46256 Marc Christofferson
Learn Accounting in 1 HOUR  First Lesson: Debits and Credits
 
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The ultimate video for new accounting students to learn basic accounting principles and accounting mechanics. This video assumes you know NOTHING and by the end of it, has you reading fortune 500 company financial statements. Learn more and become student at EF University for FREE - http://executivefinance.teachable.com/ Like us Facebook- https://www.facebook.com/exfinance/ Linkedin- https://www.linkedin.com/company/executive-finance Twitter- https://twitter.com/exfinance
Views: 1529340 Executive Finance
Accounting principle in hindi
 
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Thank you friends to support me Plz share subscribe and comment on my channel and Connect me through Instagram:- Chanchalb1996 Gmail:- [email protected] Facebook page :- https://m.facebook.com/Only-for-commerce-student-366734273750227/ Unaccademy download link :- https://unacademy.app.link/bfElTw3WcS Unaccademy profile link :- https://unacademy.com/user/chanchalb1996 Telegram link :- https://t.me/joinchat/AAAAAEu9rP9ahCScbT_mMA
Views: 44636 study with chanchal
Accounting Principles, concepts and conventions, GAAP class 11
 
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1. Business Entity Principle This principle assumes that, business and businessman are two separate entities.  All transactions are recorded from the point of view of business and not from the point of view of businessman.  Businessman is treated as creditor of business. 2. Money measurment Principle  Only those transactions are recorded in the books of accounts which can be measured in terms of Money.  Non – monetary transactions are not recorded in the books of accounts.  Strike, efficiency of management , quality of product, loyal employee., affects the business but cannot be measured in terms of money, that’s why they are not recorded in books of accounts. 3. Accounting Period Principle/Periodicity Principle  Life of business is indefinite, so Indefinite life is divided into periodic intervals, each intervals is known as accounting period(normally one year/12 months).  At the end of each accounting period an financial statements (P&L A/c and Balance sheet) are prepared to know the profitability and financial position of the business. 4. Cost concept or Historical cost concept  All business transaction are recorded at their cost price.  All business assets are recorded in books at cost i.e., the price paid to acquire it.  Any increase or decrease in the market price is not considered.  If nothing is paid to acquire an assets the same will not be recorded as an assets. For example : self generated goodwill, favourable location, managerial skills, moral of employee etc. 5. Matching principle  This concept is based on Accounting period concept.  In order to determined profit earned or loss suffered by a business duiring an accounting period, revenue of that period should be match with expenses incurred in that period.  Matching means association of Revenue with Related expenses.  Due to this concept adjustment should be made for like write off, outstanding expenses, prepaid expenses etc. 6. Dual Aspect Principle:  Every business transaction has double effect one is debited and other is credited.  If transaction is debited, the same should be credited with an equal amount.  Assets are always equal to liabilities.  Hence, Accounting Equation according to this principle is:  Assets = Capital + liabilities 7. Realisation principle or Revenue Recognition Principle  Revenue is considered as being earned on the date when goods are sold, wheather money is received or not. For example sales on approval not recorded as revenue until approved by customer. 8. Materiality  Only those transactions should be recorded which are material or relevant for the determination of income of the business. All immaterial or unimportant items should not be recorded.  For example: purchase of stationary is recorded as an expense even if the stationary purchased is an assets. 9. Conservatism  Anticipate no profits but provide for all possible losses.  Be ready to protect the possible losses, but don’t predict the profits.  For example: provision for bad debts.  Provision for depreciation. 10. Going concern concept/continuity concept  Business will continue for a long time.  There is neither the intention nor the necessity to liquidate the business.  Business activities will continue and transactions will be recorded accordingly. 11. consistency  one policy is used year by year, do not change the policy.  If we change the policy, accounts will not clear the financial statements.  If some proved and better method of accounting is made available it can be adopted by business, but not again and again. 12. Full disclosure  all material information should be disclosed. It means nothing should be hidden.  The concept say, “all information of A/c should show to the public not hide anything.” 13. Timliness  Provide all information to the mgmt. in time.  Record the information/transaction According to Date & time.  If information is not supplied in time it will obstruct the quick decision making.
Views: 113392 PRATHAM SINGH
Accounting Concepts and Principles: Accounting Basics and Fundamentals
 
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This lesson will teach you 7 Accounting Concepts and Principles that underly all accounting studies and practice. To add relevance, reliability and comparability throughout the behaviour of all accountants globally, accountants follow these 7 accounting concepts in all their activities. This lesson should be the first topic you study in your Introduction to Accounting knowledge journey as it lays the fundamentals for all future accounting study. You will learn about: * The Entity Concept 2:07 * The Accounting Period Concept 5:08 * The Cost Principle 8:02 * The Matching Concept 11:34 * The Profit Recognition Principle 13:49 * The Conservatism Principle 16:50 * The Going Concern Principle 20:15 Each concept is explained both with the theory and an example or two. If you apply all these concepts & principles throughout your activity as a student, bookkeeper or accountant then you will be a successful accounting professional. So whether you are a accounting student, bookkeeper or MBA candidate with a finance subject, you should find value in this lesson. You can also get in touch anytime if you need any further help or clarification beyond the lesson. Just check out the contact details in our YouTube Channel. --------------------- Thumbnail Portrait: Photo by Bruce Mars from Pexels --------------------- This video was brought to you by AccoFina. Subscribe to the Channel: https://goo.gl/84Sfeg Or just check out the Channel Page: https://goo.gl/yTj9Bs Here’s AccoFina’s Most Popular YouTube Video: https://goo.gl/Jbv685 And here’s AccoFina’s Latest YouTube Upload: https://goo.gl/wDM83Y AccoFina Website, Product Pages and Social Networking: 1) Website (includes Free Spreadsheets, Free Books and Free Calculators) http://www.accofina.com 2) Amazon Author Page: http://www.amazon.com/author/axeltracy 3) Udemy Instructor Page https://www.udemy.com/u/axeltracy/ 4) Facebook http://www.facebook.com/accofinaDotCom 5) Twitter http://www.twitter.com/accofina 6) Google+ http://plus.google.com/+accofina
Views: 176329 AccoFina
Principles of Accounting - Lecture 01a
 
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Principles of Accounting; deifition; identify; record; communicate; organization, interested users; financial statements; stakeholders; internal users; external users; management; human resources; finance; customers; SEC; creditors; labor unions; investors; pay raise; dividend; ethics; financial scandals; Sarbanes-Oxley; balance sheet; income statement; GAAP; FASB; IASB; cost principle; historical cost; purchase price; verifiability; fair value;
Views: 392939 Krassimir Petrov
Accounting for Beginners #1 / Debits and Credits / Assets = Liabilities + Equity
 
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https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! This is a great Accounting tutorial for the Basics of Accounting for beginners. The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Help Support the channel by using one of my links. The Amazon link is my favorite, it is the same experience and same price for you, and i get a small kickback for purchasing goods from my amazon link. THANK YOU FOR YOUR SUPPORT. Amazon Affiliate Link: https://amzn.to/2MS2OMg CHANNEL OPTIMIZATION https://www.tubebuddy.com/CPASTRENGTH NEED PAYROLL FOR YOUR COMPANY https://gusto.com/r/SAtdL Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics #Accounting #Exercise #CPA #Accounting #Exercise #CPA
Views: 2180491 CPA Strength
The Difference between GAAP and IFRS
 
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ZACH DE GREGORIO, CPA www.WolvesAndFinance.com First you need to understand what these things are. GAAP and IFRS are accounting standards. GAAP stands for Generally Accepted Accounting Principles which is the accounting framework used in the United States. IFRS stands for International Financial Reporting Standards which is the accounting framework used in the rest of the world. What is an accounting standard? They are basically a set of guidelines you need to follow for accounting in your business. It is not laws, but it is really self-regulation where accountants have gotten together and agreed on the methods to use. When we talk about GAAP and IFRS, we are describing two different accounting standards. In general, GAAP and IFRS are very similar already. The fundamentals of accounting are the same anywhere in the world. You still have the same financial statements and basic processes. However, there are still some significant differences. The biggest difference between GAAP and IFRS is that GAAP is rules based, whereas IFRS is principles based. GAAP actually writes out all these different rules that US companies are required to follow, which does not leave much room for interpretation. IFRS focuses on the principles. This means that GAAP is much longer and more detailed than IFRS. The reason that GAAP is so detailed, is there have been some pretty big accounting scandals in the US. Every time a business has a major accounting scandal, more rules get added to the list, to make sure there are no misunderstandings in the future. One of the biggest differences that has not yet been resolved is LIFO. LIFO means Last-In First-Out which is a method of valuing your inventory. US companies are allowed to use LIFO. International companies are not. A lot of US companies use LIFO, because most of the time it reduces your reported profit, which reduces your taxes. We are talking about a lot of money. No one knows for sure what the estimated tax savings is, but it is estimated at over $100 Billion in the US over 10 years. To give you an idea of how complicated this is, for treatment of LIFO to change, the US would have to change that part of the IRS tax code, which would require the US legislature to pass a law increasing corporate taxes by $100 Billion. This presents a real challenge. LIFO is just one example, but there are many more differences between GAAP and IFRS. Neither Zach De Gregorio or Wolves and Finance Inc. shall be liable for any damages related to information in this video. It is recommended you contact a CPA in your area for business advice.
Views: 21550 WolvesAndFinance
Accounting Equation - Ch. 1 Video 1
 
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Accounting Principles - The Accounting Equation
Views: 418584 mattfisher64
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) | Meaning and Need
 
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To support you can donate via PAYTM by following this link http://p-y.tm/PdIMBe8d7 OR via upi at [email protected] In this video I have tried to provide a basic idea of what GAAP is and why is it required. Hope this proves useful to anyone who watches it. Please let me know your comments on the video and if you like it please hit the like button. Do not forget to subscribe for more such videos in future. Thanks for watching my videos. Support, Share and Subscribe! Gear I use: For writing on screen: http://amzn.to/2wSA955 Microphone : http://amzn.to/2w8ktKk Laptop: http://amzn.to/2wJo8jd Link for my facebook page: https://facebook.com/thecommercetutor Website: http://www.thecommercetutor.com
Views: 84616 The Commerce Tutor
Generally Accepted Accounting Principles(GAAP): Financeera
 
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A video explains the concept of Accounting Principles in detail. Highly recommended and useful for beginners in accounting or non- accounting and finance professional
Views: 16271 Gaurav sharma
Financial Accounting Chapter 1 Lecture - Part 1
 
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Financial Accounting Chapter 1 Lecture - Part 1
Views: 178820 MsNshoe
GAAP Generally Accepted Accounting Principles | Financial Accounting | CPA Exam FAR
 
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Website: www.farhatlectures.com Like us on Facebook: https://www.facebook.com/accountinglectures Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In: https://www.linkedin.com/in/mansour-farhat-cpa-cia-cfe-macc-2453423a/
Accounting Concepts and Accounting Principles with Examples - Financial Accounting Video
 
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Accounting Concepts and Accounting Principles with Examples - Financial Accounting video is a discussion on what financial accounting is with a few more basic accounting concepts and accounting principles that help to form the foundational accounting conceptual knowledge. Accounting Concepts and Accounting Principles with Examples - Video by TheAccountingDr: http://youtu.be/BotMSWO6aj4 -- Accounting lecture notes: http://tiny.cc/nw1enw Thank you all for your wonderful support. Because of your support we have been able to reach and help numerous accounting students. Please continue to be a part of our mission to help other accounting students be successful by giving our videos thumbs up, giving comments and adding our videos to your favorites. Subscribe: http://www.youtube.com/subscription_center?add_user=routhwsuedu Friend me on Facebook: http://www.facebook.com/TheAccountingDoctor -- Find the Accounting Concepts and Accounting Principles video with complete transcript of lecture notes at http://theaccountingdr.hubpages.com/hub/Accounting-Equation For more on accounting concepts and accounting principles, accounting/how to eLectures (and accompanying lecture notes), eBooks, FAQs and blog visit http://www.TheAccountingDr.com. Please note that videos may require Flash media and may not play on devices without Flash capabilities (i.e. iPad). If you are having difficulty viewing this video on YouTube, these videos may also be viewed without Flash on my website at http://www.TheAccountingDr.com.
Accounting Concepts and Principles Easy Learn Guide
 
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This video is the perfect description of accounting concepts, assumptions and principles. It contains the following assumptions: 1. Accounting Entity Assumption 2. Money Measurement Assumption 3. Going Concern Assumption 4. Accounting Period Assumption Accounting concepts which are included in the video are: 1. Dual Aspect Concept 2. Revenue Recognition Concept 3. Historical Cost Concept 4. Matching Concept 5. Full Disclosure Concept 6. Verifiable and Objective Evidence Concept It also includes following modifying principles: 1. Cost Benefit Principle 2. Materiality Principle 3. Consistency Principle 4. Prudence Principle Thank you for watching. Please subscribe for more accounting videos. Also please follow on our Facebook page Feel free to post your doubts below and suggestions for more videos YouTube Subscribe link: https://www.youtube.com/subscription_center?add_user=q77PpKa5faZMe2ic2yc5xQ Facebook link: https://facebook.com/Wings-Add-wings-to-your-knowledge-1059913524027756/
Views: 33732 Wings Education
#1 Basic Introduction of Financial Accounting
 
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#FinancialAccounting #DoubleEntrySystem Explained Modern System of Accounting and its Assumptions. Need and Advantages of Financial Accounting and Accounting Equation i.e. 'Double Entry System' of Accounting. Student can also watch following lectures of Accounting : 1. Bank Reconciliation Statement (BRS) https://www.youtube.com/watch?v=Ms3gFDeS-tE 2. Single Entry System of Accounting (Concept & Procedure) Statement of Profit and Loss : https://www.youtube.com/watch?v=XaQGJVvNNwQ 3. Rectification of Errors ~ Introduction and Concept : https://www.youtube.com/watch?v=gJL-GcupCz4 4. Bills of Exchange : https://www.youtube.com/watch?v=kRowni3g2gw Dwonload Assignments: https://drive.google.com/drive/folders/0BzfDYffb228JNW9WdVJyQlQ2eHc?usp=sharing
Views: 262258 CA. Naresh Aggarwal
Financial Accounting - Chapter 6: Inventories
 
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A video summary of chapter 6 in Perdisco's Financial Accounting 360Textbook. To find out more, visit www.perdisco.com/finacc
Views: 47102 perdiscotv
Financial Accounting: GAAP Principles and Concepts
 
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For best viewing, switch settings to 1080p Help us caption & translate this video! http://amara.org/v/FgKs/
Views: 31972 ProfAlldredge
Accounting Terms and Accounting Principles - Financial Accounting video
 
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Accounting Terms and Accounting Principles - Financial Accounting video introduces the foundational terminology necessary in accounting and business. Accounting Terms and Accounting Principles introduces the distinction between financial accounting and managerial accounting. Accounting Terms and Accounting Principles briefly introduces accounting concepts, accounting terms and accounting principles with examples. Accounting lecture notes: http://theaccountingdr.blogspot.com/p/lecture-notes.html -- Accounting Terms and Accounting Principles video by TheAccountingDr at http://youtu.be/PDDGzBZlqy0 Find this video with complete transcript of lecture notes at http://theaccountingdr.hubpages.com/hub/Accounting-Equation Other videos in this series: Part 2 - The Accounting Equation Part 3 - The Revenue Recognition and Matching Principles Part 4 - The Financial Statements -- Thank you all for your wonderful support. Because of your support we have been able to reach and help numerous accounting students. Please continue to be a part of our mission to help other accounting students be successful by giving our videos thumbs up and adding our videos to your favorites. -- For more accounting/how to eLectures (and accompanying lecture notes), blog, FAQs and eBooks visit www.TheAccountingDr.com Please note that videos may require Flash media and may not play on devices without Flash capabilities (i.e. iPad) - If the video doesn't play on YouTube you can view it at www.TheAccountingDr.com
Welcome to Financial Accounting Principles
 
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Course intro for fall 2018, MGMT e-1000 at Harvard Extension
Views: 107 Gregory Sabin
Accounting Principles - GAAP Principles Tutorial 9 of 10
 
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The 9th tutorial video on financial accounting continues to explain the GAAP. In this video Principles are covered. The cash and accrual basis of accounting is explained and so are the different methods of revenue recognition. Other concepts covered in this video are Matching concept, full disclosure and cost basis of accounting. Videos 7, 8 9 and 10 together cover details of financial accouting generally accepted Accounting Principles or GAAP.
Views: 10975 CXOLearningAcademy
Accounting Assumptions and Principles | Intermediate Accounting | CPA Exam FAR | Chp 2 p 3
 
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Conceptual framework for financial reporting, statement of financial accounting concepts, Conceptual framework, elements of financial statements, recognition and measurements, qualitative characteristics of accounting information, GAAP, SEC, FASB, CPA exam, he Entity Concept, The Accounting Period Concept, The Cost Principle, The Matching Concept, The revenue Recognition Principle, The Conservatism Principle, The Going Concern Principle. In the practice of financial accounting, certain basic assumptions are important to an understanding of the manner in which data are presented. The following four basic assumptions underlie the financial accounting structure: Economic Entity Assumption.  Economic activity can be identified with a particular unit of accountability in a manner that assumes the company is separate and distinct from its owners or other business units. Going Concern Assumption. In the absence of contrary information, a company is assumed to have a long life. The current relevance of the historical cost principle is dependent on the going-concern assumption. Monetary Unit Assumption. Money is the common denominator of economic activity and provides an appropriate basis for accounting measurement and analysis. The monetary unit is assumed to remain relatively stable over the years in terms of purchasing power. In essence, this assumption disregards any inflation or deflation in the economy in which the company operates. Periodicity Assumption. The economic activities of a company can be divided into artificial time periods for the purpose of providing the company’s periodic reports. Basic Principles 10. (L.O. 7) Certain basic principles are followed by accountants in recording and reporting the transactions of a business entity. These principles relate to how assets, liabilities, revenues, and expenses are to be identified, measured, and reported. Measurement Principle. A ‘mixed-attribute’ system permits the use of various measurement bases. Historical Cost Principle. Acquisition cost is considered a reliable basis upon which to account for assets and liabilities of a company. Historical cost has an advantage over other valuations, as it is thought to be verifiable. Fair Value Principle. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in on orderly transaction between market participants at the measurement date. Recently, GAAP has increasingly called for the use of fair value measurements in the financial statements. Revenue Recognition Principle. Revenue is recognized at the time in which the performance obligation is satisfied. Expense Recognition Principle. Recognition of expenses is related to net changes in assets and earning revenues. The expense recognition principle is implemented in accordance with the definition of expense by matching efforts (expenses) with accom-plishment (revenues). Product costs, such as material, labor, and overhead, attach to the product, and are recognized in the same period the products are sold. Period costs, such as officers’ salaries and other administrative expenses, attach to the period, and are recognized in the period incurred. Full Disclosure Principle. In the preparation of financial statements, the accountant should include sufficient information to influence the judgment and decision of an informed user. A series of judgmental tradeoffs must occur. Cost Constraint 11. (L.O. 8) Although accounting theory is based upon certain assumptions and the application of basic principles, there are some exceptions to these assumptions. One exception is often called a constraint, and sometimes justifies departures from basic accounting theory. Cost Constraint. The cost constraint (or cost-benefit relationship) relates to the notion that the benefits to be derived from providing certain accounting information should exceed the costs of providing that information. The difficulty in cost-benefit analysis is that the costs and especially the benefits are not always evident or measurable.
Expected/Important Accounting Theory Questions with Accounting Principles in Hindi By JOLLY Coaching
 
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Expected theory question of accounting for 11th class. This are the most asked and expected question which have highest probability to asked in the paper of accounting. Though the theory question carry only 10 to 15 marks but these 10 marks are very important to score a good marks, So this video will provide you the most expected questions of accounting. After watching this video you are able to answer these questions if asked in the paper. The questions covered in this video are : 1. Basic accounting Principles 2. Accounts 3. Accounting 4. Book Keeping 5. Book Keeping Vs Accounting 6. GAAP 7. Accounting Standards 8. Basic Accounting Terms 9. Accounting System etc... I hope this video will help you to understand the theory questions. Thanks JOLLY Coaching accounting principles accounting concept accounting conventions accounting principles in hindi accounting in hindi accounting principles in urdu theory questions for accounting expected theory questions of accounting 11th class accounting for 11th class theory in hindi theory questions in hindi accounting theory question in hindi theory of accounts accounting theory theory of accounitng theory concept of accounting going concern principle matching principle conservatism principle separate legal entity economic entity assumption matching concept dual aspect comparability principle basic principle accrual principle materiality principle full disclosure principle all accounting principle generally accepted accounting principle accounting principle in hindi how to theory questions of accounting accounting standards in hindi what is accounting need of accounting reason for doing accountung objective of accounting users of accounting accounting purpose Theory of accounting in hindi accounting yheory question for 11th class theory question in accounting theory question in accounting in hindi theory question of accounting by jolly theory question of accounting by kauserwise theory question of accounting by kauser wise kauserwise kauser wise jolly coaching jolly theory question of accounting by jolly coaching accounting principles class 11 in hindi separate legal entity in hindi
Views: 90949 JOLLY Coaching
Changes in Accounting Principles | Intermediate Accounting | CPA Exam FAR | Chp 22 p 1
 
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changes in accounting principle, changes in accounting estimated, prior period adjustment, retained earnings, retrospective, prospective, comprehensive income, changes in reporting entity, CPA exam, intermediate accounting, consistency, comparability, restate financial statement, recast financial statement
Financial Accounting Principles - Principles of Advanced Accounting Equity Investments Part 1
 
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http://accountingcorner.org - FREE downloads In this video learn financial accounting principles, including how to account for acquisition of equity investment at the date of acquisition. Principles of advanced accounting area FREE downloads for all level of knowledge, including basic accounting, intermediate accounting and advanced accounting http://youtu.be/y7j3OYoKbOs Part 2 video here: http://www.youtube.com/watch?v=-QHBtQkvsr8
Views: 7775 FreeAccountingTutor
Accounting Concepts & Conventions for Beginners By Dr.Devika Bhatnagar
 
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Dear Students, Accounting Concepts & Conventions are very important basics of Financial Accounting. This topic is quite common in every Commerce & Management courses and also in B.Tech, MCA etc.. Stay Connected for more Commerce & Management topics. Don't forget to subscribe to my channel. Study well & Good Luck. Dear Friends, Follow the given Subjects & Chapters related to Commerce & Management Subjects: 1. Financial Accountancy https://www.youtube.com/watch?v=SUQMUc3Z3vs&list=PLLhSIFfDZcUUwKluDIB2exPUYc75Va37x 2. MEFA (Managerial Economics & Financial Analysis) https://www.youtube.com/watch?v=SUQMUc3Z3vs&list=PLLhSIFfDZcUVOc4-bhQI8kytZJyFwuw6Y 3. Business Law https://www.youtube.com/watch?v=ol2BXgF-P48&list=PLLhSIFfDZcUXbaSuijo00gIh4pj5If0iX 4. Statistics https://www.youtube.com/watch?v=NDO9SzxR3Vg&list=PLLhSIFfDZcUUj3w40cJgOm6WGAPjTp-iQ 5. BCRW (Business Communication & Report Writing) https://www.youtube.com/watch?v=G-8SzY9IT5o&list=PLLhSIFfDZcUXwAIY8ITJ7TzBnzP1EtmO0 6. Business Economics/ Managerial Economics https://www.youtube.com/watch?v=356_pioFiss&list=PLLhSIFfDZcUW8eZFwPrZjj_TBdelHfHho 7. Basic Introduction Chapter of Financial Accountancy https://www.youtube.com/watch?v=SUQMUc3Z3vs&list=PLLhSIFfDZcUUvnG9KstuhDOIZXo9FZBla 8. Bank Reconciliation Statement https://www.youtube.com/watch?v=m8ahJ25e4Lk&list=PLLhSIFfDZcUUc_ioAFpwYVHHkQJ5w7mlC 9. Final Accounts https://www.youtube.com/watch?v=wtNWOuLsUJk&list=PLLhSIFfDZcUUQtGFWu2-eURWKCSX6dWLX 10. Depreciation https://www.youtube.com/watch?v=cRjMDvzOdWg&list=PLLhSIFfDZcUWUyUW8WUrUn9RWEZOSS8Vw 11. Rectification of Errors https://www.youtube.com/watch?v=zCZoqINp5P0&list=PLLhSIFfDZcUVSIpZN8VZCu5AY1stxMMJ_ Do Subscribe to this channel & Don’t forget to share these videos. Sharing Is Caring…. Stay Blessed & Good Luck 😊 Follow my other Channels 1. Devika Bhatnagar (Soft Skills & Motivational Channel) https://www.youtube.com/user/devikabhatnagar 2. Carnatic Veena Classes by Devika Bhatnagar https://www.youtube.com/channel/UCz_bakiknBBUiqIVLjI3GnQ 3. Cook N Serve With Devika Bhatnagar https://www.youtube.com/channel/UC3kCzZNCe2FYvFl8pR3C4fg Follow my other talks in the given video links: 1. Inspirational Talks https://www.youtube.com/watch?v=MI9JxMJDZKE&list=PLJethYXgtvJR1QaJzobdkCtzzuExalI0i 2. Study Techniques https://www.youtube.com/watch?v=2By3t0M5CKA&list=PLJethYXgtvJRKeTqEuJq9nzGMuAX1hj2a 3. Job Skills https://www.youtube.com/watch?v=E_9EyONXLkI&list=PLJethYXgtvJTolzAYHZkCME9I4WTq5vFF 4. Group Discussion Tips https://www.youtube.com/watch?v=Hsv4_qN1tkE&list=PLJethYXgtvJQ12suBGNlBdjg9xYYzgO9a 5. Interview Skills https://www.youtube.com/watch?v=37emWxIi8qY&list=PLJethYXgtvJTtyEs9cf28XPj5bHoo1Wk3 6. Personality Development Talks https://www.youtube.com/watch?v=46uANV_a0WI&list=PLJethYXgtvJT-mcC8jGmpUtgwirUfBrpN 7. Communication Skills & Body Language https://www.youtube.com/watch?v=Hsv4_qN1tkE&list=PLJethYXgtvJQaZ8VmqpoWlOWXywU4dhRr 8. Inspirational Talks in Hindi https://www.youtube.com/watch?v=VOzuupbxOKA&list=PLJethYXgtvJSHkMHeX1Uo4kp88dUqIHuj 9. Telugu PD & Soft Skills https://www.youtube.com/watch?v=sYrvZ41JqfA&list=PLJethYXgtvJRkZO90kb5WP5y509KeEqs0 10. Healthy Cookery Recipes https://www.youtube.com/watch?v=Qez_mk83T70&list=PLJethYXgtvJR_lQ8vcAs9_q9qlWik-Va2 11. G.K & IQ Quiz https://www.youtube.com/watch?v=RZyptrjAKSs&list=PLJethYXgtvJQWgmvVtTdtq5lzBRGzQ64R 12. Health Talks https://www.youtube.com/watch?v=dG0hkRLpJnA&list=PLJethYXgtvJS7ze-h-YJRdLfyB99YoDvH 13. Most Watched English Talks https://www.youtube.com/watch?v=VxUawaJBXOM&list=PLJethYXgtvJTatyja4LX_Qn6UwrQu1C4r 14. Most Watched Telugu Talks https://www.youtube.com/watch?v=3c3KM1XjvPw&list=PLJethYXgtvJSGtu3R9z2Wzd9IxdpXXojU 15. English Grammar Classes https://www.youtube.com/watch?v=8W89YBhnUdg&list=PLJethYXgtvJSZVoOVyV56ALJA6OF0rDCM 16. Personality Development Books https://www.youtube.com/watch?v=ppd_4OGjvKU&list=PLJethYXgtvJSrkQeCn1eWRQKcQxYLVxbl
Intro to Financial Accounting: Adjusting Inventory and Accounting Principles
 
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Introduction to Financial Accounting Professor Alexander Sannella Lecture 11 Questions and Explanations 0:10 Question 1 3:29 Question 2 6:06 Question 3 14:18 Question 4 Learning Objective 4 18:35 Adjusting Merchandise Inventory 19:34 Example 21:11 Closing the Accounts of a merchandiser Learning Objective 5 25:20 Income Statement Format 25:59 Single-Step Income Statement 27:41 Multi-Step Income Statement 38:03 EBIT 40:27 Summary Questions and Explanations 43:48 Question 1 Chapter 6 Learning Objective 1 51:50 Consistency Principle 57:55 Summary 59:24 Disclosure Principle 59:40 Sample Footnote 1:02:43 Materiality Concept 1:07:11 Conservatism Questions and Explanations 1:10:21 Question 1 1:12:25 Question 2 1:14:12 Question 3 There are two income statement formats used in practice (simple step and multi-step income statement, the latter being more popular). The income statement is referred to as a single-step income statement when all data are classified under two categories: revenues and expenses. Only one step is required in determining net income or net loss. A multiple step income statement shows numerous steps in determining net income. It shows two key steps: (1) cost of goods sold is subtracted from net sales for determining gross profit, and (2) operating expenses are deducted from gross profit to determine net income. In addition to the operating income section, there may be a non-operating section for revenues and expenses that result from secondary or peripheral operations, and gains and losses that are unrelated to the company's operations. Non-operating sections are reported in the income statement after income from operations and are classified as: (a) other revenues and gains (such as interest income) and (b) other expenses and losses (such as interest expense). A multiple-step income statement may also subdivide operating expenses into two function classifications or groupings: (a) selling expenses, and (b) administrative expenses. EBIT (earnings before income tax) is a key financial measure of performance for three reasons: (1) it reflects the results of the core operations of the business, (2) it assists a user of the financial statements in comparing firms, regardless of their capital structure (debt or equity financed), and (3) it provides a measure of income available to all outside stakeholders (both providers of capital, i.e. debt and equity holders, and the government). If a company changes its accounting principles or methods, they should communicate the change to their stakeholders. The change in accounting principle or method, and its effect on net income or loss is communicated in the footnotes to the financial statements. Businesses should use the same accounting methods and procedures from period to period (to reduce investor confusion). Consistency helps users of financial statement information to compare financial statements from one period to the next. A change in the accounting methods must be reported to the investors and creditors in the footnotes to the financial statements. A company should report enough information to allow users to make knowledgeable decisions about the company. Information should be relevant and have faithful representation. The disclosure principle states that a company should disclose sufficient information to their stockholders and creditors to allow them to make informed decisions about resource allocation. Regarding materiality concept, a company must follow strictly proper accounting only for significant items. Information is significant when it would cause someone to change their decision. Materiality is best described as an event or transaction that is significant enough to influence the judgment (and decision making) of a reasonably informed user of financial statements. Conservatism is a principle that states that when a company has a choice between different accounting treatments, the company should choose the accounting treatment that is least likely to overstate assets or net income. Conservatism does not mean that a company should purposely understate assets and net income. To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
Managerial versus Financial Accounting; Accounting Equation; Accounting Principles - video
 
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Very brief review of financial accounting: accounting equation, matching principle, and revenue recognition principle; with a short discussion on the differences in financial and managerial accounting. Other Videos in this series: Part 2 - Service Company Part 3 - Merchandising Company Part 4 - Manufacturing Company Part 5 - Manufacturing Company Costs For more accounting/how to eLectures (and accompanying lecture notes), blog and a discount text-bookstore visit www.TheAccountingDr.com Please note that videos may require Flash media and may not play on devices without Flash capabilities (i.e. iPad)
AC201 Chapter 1 Excel Demo for Principles of Financial Accounting
 
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Creating financial statements using Excel for Chapter 1 of Accounting -Tools for Business Decision Making
Views: 12206 Linda Bell
Accounting Principles for bba, mba
 
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Basic Accounting/ Principles Of accounting/ Financial Accounting: Chapter: The Accounting Process Discussion Topic: Accounting Equation
Views: 3128 johny4590
Introduction to Accounting Principles
 
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This video introduces the main accounting principles of GAAP. These principles are usually defined in Into to Financial Accounting, but never explained. I think a good understanding of the principles will help students learn and retain the many accounting rules associated with US GAAP.
Views: 10348 MM
Principles of financial accounting BCOm 1st semester
 
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#all concepts#detail#with examples#topic1
Views: 257 BCOM MASTER
FINANCIAL ACCOUNTING | Accounting Principles - Part 1 | MCOM | NET JRF | DU
 
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The goal of this video is to discuss the Accounting Principles keeping in mind the syllabus of MCOM & NET JRF.
Financial Accounting - Chapter 7: Special journals and subsidiary ledgers
 
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A video summary of chapter 7 in Perdisco's Financial Accounting 360Textbook. To find out more, visit www.perdisco.com/finacc
Views: 43041 perdiscotv
Introduction to GAAP (Generally Accepted Accounting Principles)
 
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This video discusses Generally Accepted Accounting Principles (GAAP). GAAP refers to the common set of rules companies must follow when preparing financial reports for external parties (investors and creditors). Not all countries use the same GAAP. A country may adopt International Financial Reporting Standards or it may create its own local GAAP. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 73054 Edspira
Financial Accounting - GAAP Constraints Tutorial 10 of 10
 
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The 10th tutorial video on financial accounting explains the contraints of GAAP viz- materiality and conservatism in recording transactions. The constraints are concepts that relax the GAAP principles for e.g. materiality and conservatism. The assumption of materiality states that insgnificant amounts may be aggregated and treated as expense as it does not justify the full application of GAAP principles. Consevatism is the important concept pertaining to full and immediate recognition of all losses while recognizing revenues only when they are 100 percent assured. Sadly, many companies play to the stock markets and exagerrate revenues when they are not fully certain to realize and also understate costs sometime by depreciating it over years i.e. not fully writing off expenses and losses.
Views: 2978 CXOLearningAcademy
FASB's Conceptual Framework for Accounting
 
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This video provides an overview of the conceptual framework created by the Financial Accounting Standards Board (FASB) to guide the development of Generally Accepted Accounting Principles (GAAP) in the United States. The conceptual framework includes the objective of financial reporting, the elements of financial reports (assets, liabilities, etc.), and the qualitative characteristics of accounting information. The conceptual framework also highlights assumptions that are made when preparing financial reports, as well as several principles and constraints that affect financial accounting. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 14018 Edspira
Financial Accounting Standards Board (FASB)
 
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This video describes the structure and role of the Financial Accounting Standards Board (FASB). The FASB is a nonprofit organization that creates accounting standards for companies in the United States. The FASB has seven board members that are appointed by the Financial Accounting Foundation, which oversees the FASB's activities. FASB board members serve a 5-year term and work for the FASB full-time (they must sever ties with their former employer). The FASB board members periodically issue a new accounting standard, which is referred to as an Accounting Standard Update (ASU) because it amends the Accounting Standard Codification (ASC). Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 11292 Edspira
Revenue Recognition Principle and Matching Principle - Accounting video
 
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"What is Financial Accounting and Bookkeeping" - eBook JUST RELEASED! ONLY $.99 @ http://tiny.cc/m7slmw (FREE Sample - see details below) "What is Financial Accounting and Bookkeeping" is available in multiple formats including Kindle, iPad/iBooks, Kobo, Sony Reader, Nook, and PDF! "What is Financial Accounting and Bookkeeping" introduces integral accounting vocabulary, concepts and principles to give a foundation for learning accounting. Using conversational style language, the discussion on the differences in financial and managerial accounting give the reader a clear understanding of what financial accounting is. "What is Financial Accounting and Bookkeeping" provides step-by-step guidance through the accounting equation: (1) how to use the accounting equation in analyzing business transactions, and (2) using the accounting equation and transactional data information to later prepare financial statements and how those financial statements are linked together. "What is Financial Accounting and Bookkeeping" contains an accounting quiz and example accounting exam questions, with solutions, and a glossary of terms. -- The Revenue Recognition Principle and Matching Principle video by TheAccountingDr at http://youtu.be/0mY5Vypn624 is an in-depth discussion on when revenue is recognized: revenue is recognized when earned and not necessarily when cash is received. The Matching Principle states that expense are recorded when incurred and not necessarily when case is paid to ensure that expenses are matched appropriately with the revenues those expenses created. Find the Revenue Recognition Principle and Matching Principle video with complete transcript of lecture notes at http://theaccountingdr.hubpages.com/hub/Accounting-Equation Other videos in this series: Part 1 - Accounting Terms and Principles Part 2 - The Accounting Equation Part 4 - The Financial Statements -- Thank you all for your wonderful support. Because of your support we have been able to reach and help numerous accounting students. Please continue to be a part of our mission to help other accounting students be successful by giving our videos thumbs up and adding our videos to your favorites. -- For more accounting/how to eLectures (and accompanying lecture notes), blog, FAQs and ebooks visit www.TheAccountingDr.com Please note that videos may require Flash media and may not play on devices without Flash capabilities (i.e. iPad). Visit www.TheAccountingDr.com to view the videos on non-Flash devices.
The Importance of GAAP
 
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A look at why financial statement users need Generally Accepted Accounting Principles (GAAP) to make better-informed decisions about whether to provide capital, lend or donate money, or whether or not to support a voter referendum.
Basic Accounting: IFRS Financial Reporting Principles
 
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Watch 1000s of finance videos for free and advance your career. https://bluebookacademy.com
Views: 3106 BlueBookAcademy.com
Financial Accounting: Add'l GAAP Concepts & Principles
 
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Help us caption & translate this video! http://amara.org/v/GHlc/
Views: 2453 ProfAlldredge
101 Ethics, profession, and Generally Excepted Accounting Principles-Accounting instructions
 
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Financial Accounting Video http://bit.ly/2ItkbUV Financial Accounting Playlists http://bit.ly/2ItYPGV Discussion of what ethics is with regard to a profession and how internal controls can be used to reduce the likelihood of fraud. Why Learn Accounting - Financial Accounting / Managerial Accounting https://youtu.be/uaWDB1YdA1k?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Double Entry Accounting System Explained - Accounting Equation https://youtu.be/66e9QbrkE4g?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Cash vs Accrual - Cash Method / Accrual method differenc https://youtu.be/i2O0cexCrqc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Revenue Recognition Principle https://youtu.be/M_pauBGz5Jc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI Double Entry Accounting System Explained - Balance Sheet https://youtu.be/kOItl8E3fNA?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Income Statement Introduction https://youtu.be/1k11H8icQxc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Accounting Objectives - Relevance Reliability Comparability https://youtu.be/mO8tPzFmN8o?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Rules - Accounting Equation https://youtu.be/0vy6W_WTO2I?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Throught Process / Steps - Accounting Equation https://youtu.be/SlTo3EXDuqU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Owner Deposits Cash Transaction Accounting Equation https://youtu.be/lPZoImc88eU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Work Completed for Cash Transaction Accounting Equation https://youtu.be/ll5xIHVdrVs?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 100.110 Pay Employee with Cash Transaction Accounting Equati https://youtu.be/bSa3NuVpkwc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits Normal Balance - Double Entry Accounting Sy https://youtu.be/alSWKuWPlxU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits - One Rule to Rule Them All https://youtu.be/RL3BFjL1eyE?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
Introduction to Financial Accounting: Accounting Principles - Professiona Development 201
 
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This video is part of PRDV201 as part of our Professional Development area of study on http://www.saylor.org This work is licensed under a Creative Commons Attribution 3.0 Unported License. ( http://creativecommons.org/licenses/b... )
Views: 979 Saylor Academy

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