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: 167337 AccoFina
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: 95010 PRATHAM SINGH
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: 1410274 Executive Finance
This is only a demo class. classes are available for CA/CMA/CS/B.COM( All universities), 11th, 12th. My all classes are available in Download link /Pen drive mode. You can also buy my classes on per chapter basis at conceptonlineclasses.com. for any query, please contact us on 01204225003/4/5 Mail us on [email protected]
Views: 533255 santosh kumar
In this video iam explaining about concepts of accounting Link for accounting conventions video: https://youtu.be/53AQ3sFbQp0 #accountingconcepts #accountingprinciplesinenglish #principlesofaccounting #basicsofaccounting #accountancyclass11 #class11accounts #introductiontoaccounting #conceptsofaccounting
Views: 15916 easyCBSE commerce lectures
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: 2009533 CPA Strength
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: 68013 JOLLY Coaching
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: 386374 Krassimir Petrov
Simple example of accrual accounting. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/accounting-and-financial-stateme/cash-accrual-accounting/v/comparing-accrual-and-cash-accounting?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/accounting-and-financial-stateme/cash-accrual-accounting/v/cash-accounting?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: In exchange for being treated as a person-like-legal entity (and the limited liability this gives for its owners), most corporations pay taxes. This tutorial focuses on what corporations are, "double taxation" and a few ways that multinationals might try to get out of paying taxes. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 469475 Khan Academy
Copyright by Brian R. Lazarus. 2011. Check out this website: http://www.lazarusbusinesssolutions.com for other related video lectures
Views: 50018 profblazarus
Accounting Principles | Class 11 Accountancy Bases of Accounting by Anjali Scholarslearning.com is an online education portal that provides interactive study material for students of classes 6th to 12th for CBSE. Complete with elaborate live classes, multimedia tutorials, interactive exercises, practice tests and expert help, we endeavor to make school easy for students and help them score more. We also provide free NCERT solutions, subject-wise synopses and chapter-wise revision notes for classes 6th to 12th for a thorough understanding of concepts right from a basic to an advanced level of difficulty. Download scholarslearning app from android and ios .
Views: 297 Scholarslearning Classes
basic accounting concepts and conventions Going Concern assumption consistency assumption accrual assumption class 11 chapter 3 accountancy basic Accounting Principles accounts Adda video 8 #commerce #class11 #accounts
Views: 13926 Accounts Adda
This session will help you to understand the basic accounting terminology/ basic accounting terms in a very easy language. This session is useful for anyone who wants to understand the basics of accounting. By watching this session you will be able to understand various basic accounting terms like what is a capital, what is a proprietor, what are fixed assets, what are goods, purchases, sales, creditor, debtor, etc. We have attached a PDF where one can get a quick glance of the whole chapter in few minutes. It will help you to understand what are the different objectives of accounting, it's importance, application, different terms used, etc. Also, there are objective type questions on the same. Link:- https://goo.gl/GP6FS6 You can buy our entire course on Accountancy : Amazon : https://goo.gl/c7Gq3m Udemy : https://bit.ly/2JwpfGJ Subscribe Us For More Updates: Link : https://goo.gl/pH6rtu Website : http://www.letstute.com/ To Get Regular Content Updates- Like Us On Facebook : https://www.facebook.com/letstutepage Follow Us On Twitter : https://twitter.com/letstute Add Us On Google+ for updates on our upcoming Videos https://plus.google.com/+Letstute Email us @ [email protected] WhatsApp your Queries on +91 7506363600 Visit our other channels LetsTute - Math / Sciecne / EVS http://bit.ly/1Q85cNP LetsTute Cbse Math https://goo.gl/kMGY4X LetsTute in Hindi https://www.youtube.com/channel/UCz17OJWV27c5FZKKBlLDXEw? Values to Lead (Value Education) http://bit.ly/1poLX8j
Views: 90133 Letstute Accountancy
Basic Accounting Principles Accounting has been defined as, by Professor of Accounting at the University of Michigan William A Paton as having one basic function: "facilitating the administration of economic activity. This function has two closely related phases: 1) measuring and arraying economic data; and 2) communicating the results of this process to interested parties." As an example, a company's accountants periodically measure the profit and loss for a month, a quarter or a fiscal year and publish these results in a statement of profit and loss that's called an income statement. These statements include elements such as accounts receivable (what's owed to the company) and accounts payable (what the company owes). It can also get pretty complicated with subjects like retained earnings and accelerated depreciation. This at the higher levels of accounting and in the organization. Much of accounting though, is also concerned with basic bookkeeping. This is the process that records every transaction; every bill paid, every dime owed, every dollar and cent spent and accumulated. But the owners of the company, which can be individual owners or millions of shareholders are most concerned with the summaries of these transactions, contained in the financial statement. The financial statement summarizes a company's assets. A value of an asset is what it cost when it was first acquired. The financial statement also records what the sources of the assets were. Some assets are in the form of loans that have to be paid back. Profits are also an asset of the business. In what's called double-entry bookkeeping, the liabilities are also summarized. Obviously, a company wants to show a higher amount of assets to offset the liabilities and show a profit. The management of these two elements is the essence of accounting. There is a system for doing this; not every company or individual can devise their own systems for accounting; the result would be chaos! Keyword : accounting articles,accounting assistant,accounting assistant job description,accounting aid society,accounting apps,accounting analyst,accounting associations,accounting assumptions,accounting abbreviations,accounting accrual,accounting basics,accounting books,accounting big 4,accounting balance sheet,accounting bls,accounting blogs,accounting basics pdf,accounting busy season,accounting business for sale,accounting basis,accounting coach,accounting cycle,accounting careers,accounting certifications,accounting clerk job description,accounting courses,accounting calculator,accounting clerk,accounting connect,accounting career path,accounting degree,accounting degree online,accounting dictionary,accounting definition,accounting debits and credits,accounting degree jobs,accounting description
Views: 3049 Mas Rohman
accounting 101, accounting overview, basics, and best practices. learn about external financial statements, internal managerial accounting reports, income tax systems and how they interact in business decision-making. in this course, we review the accounting equation, the three primary financial statements, how to use accounting basics to aid decision making, and how income taxes figure into business and personal decisions. this video tutorial includes: what is accounting? working with balance sheets and income statements, determining the costs of products, performing a break-even analysis, determining average and marginal tax rates, and understanding tax deductions and credits.
Generally accepted accounting Principles Introduction: Basic Accounting Principles And Guidelines. The general rules and conceptions that govern the subject of accounting are known as basic accounting principles and guidelines. The complicated, legalistic and detailed accounting rules are based on these basic accounting principles and guidelines. For instance, the FASB (Financial Accounting Standards Board) uses these basic accounting principles and guidelines as a basis for their own thorough and broad set of accounting rules and procedures. Generally accepted accounting Principles consists of the flowing three important sets of rules: (1) the basic accounting guidelines and principles, (2) the thorough rules and principles issued by FASB and its ancestor the APB (Accounting Principles Board) (3) The commonly acknowledged industry practices. Basic Accounting Principles and Guidelines Since GAAP is founded on the basic accounting principles and guidelines, we can better understand GAAP if we understand those accounting principles. The following is a list of the ten main accounting principles and guidelines together with a highly condensed explanation of each. 1. Economic Entity Assumption 2. Monetary Unit Assumption 3. Time Period Assumption 4. Cost Principle 5. Full Disclosure Principle 6. Going Concern Principle 7. Matching Principle 8. Revenue Recognition Principle 9. Materiality 10. Conservatism
Views: 305 Knowledge Zone
Basic Accounting Principles and Guidelines The following is a list of the ten main accounting principles and guidelines together with a highly condensed explanation of each. 1. Historical Cost Principle From an accountant's point of view, the term "cost" refers to the amount spent (cash or the cash equivalent) when an item was originally obtained, whether that purchase happened last year or thirty years ago. For this reason, the amounts shown on financial statements are referred to as historical cost amounts. Because of this accounting principle asset amounts are not adjusted upward for inflation. In fact, as a general rule, asset amounts are not adjusted to reflect any type of increase in value. Hence, an asset amount does not reflect the amount of money a company would receive if it were to sell the asset at today's market value. (An exception is certain investments in stocks and bonds that are actively traded on a stock exchange.) If you want to know the current value of a company's long-term assets, you will not get this information from a company's financial statements–you need to look elsewhere, perhaps to a third-party appraiser. 2. Revenue Recognition Principle Under the accrual basis of accounting (as opposed to the cash basis of accounting), revenues are recognized as soon as a product has been sold or a service has been performed, regardless of when the money is actually received. Under this basic accounting principle, a company could earn and report $20,000 of revenue in its first month of operation but receive $0 in actual cash in that month. 3. Matching Principle This accounting principle requires companies to use the accrual basis of accounting. The matching principle requires that expenses be matched with revenues. For example, sales commissions expense should be reported in the period when the sales were made (and not reported in the period when the commissions were paid). Wages to employees are reported as an expense in the week when the employees worked and not in the week when the employees are paid. If a company agrees to give its employees 1% of its 2017 revenues as a bonus on January 15, 2018, the company should report the bonus as an expense in 2017 and the amount unpaid at December 31, 2017 as a liability. (The expense is occurring as the sales are occurring.) Because we cannot measure the future economic benefit of things such as advertisements (and thereby we cannot match the ad expense with related future revenues), the accountant charges the ad amount to expense in the period that the ad is run. 4. Materiality Because of this basic accounting principle or guideline, an accountant might be allowed to violate another accounting principle if an amount is insignificant. Professional judgement is needed to decide whether an amount is insignificant or immaterial. An example of an obviously immaterial item is the purchase of a $150 printer by a highly profitable multi-million dollar company. Because the printer will be used for five years, the matching principle directs the accountant to expense the cost over the five-year period. The materiality guideline allows this company to violate the matching principle and to expense the entire cost of $150 in the year it is purchased. The justification is that no one would consider it misleading if $150 is expensed in the first year instead of $30 being expensed in each of the five years that it is used. Because of materiality, financial statements usually show amounts rounded to the nearest dollar, to the nearest thousand, or to the nearest million dollars depending on the size of the company. 5. Conservatism If a situation arises where there are two acceptable alternatives for reporting an item, conservatism directs the accountant to choose the alternative that will result in less net income and/or less asset amount. Conservatism helps the accountant to "break a tie." It does not direct accountants to be conservative. Accountants are expected to be unbiased and objective. 6. Full Disclosure Principle If certain information is important to an investor or lender using the financial statements, that information should be disclosed within the statement or in the notes to the statement. It is because of this basic accounting principle that numerous pages of "footnotes" are often attached to financial statements. As an example, let's say a company is named in a lawsuit that demands a significant amount of money. When the financial statements are prepared it is not clear whether the company will be able to defend itself or whether it might lose the lawsuit. As a result of these conditions and because of the full disclosure principle the lawsuit will be described in the notes to the financial statements. A company usually lists its significant accounting policies as the first note to its financial statements.
Views: 1272 Presentations Buddy
PRESENTING YOU A DEMO VIDEO ON BASIC ACCOUNTIG COCEPTS OF CLASS 11, I KNOW VIDEO QUALITY OF THIS VIDEO IS NOT GOOD BUT STILL IT IS PROPERLY UNDERSTANDABLE. LECTURE FOR STUDENTS OF CLASS 11, BCOM FIRST YEAR, MBA FIRST YEAR, CA-CPT STUDENTS, CA-FOUNDATION STUDENTS,CS-FOUNDATION STUDENTS, CMA- FOUNDATION STUDENTS, BANK JIB EXAMS. LECTURE GIVEN BY: MAYANK GOUR ( GOUR BABA) FROM PERPETUAL COMMERCE CLASSES , JABALPUR. FOR COACHING CONTACT: 8889920033 (ONLY IN JABALPUR) LANGUAGE USED: HINDI CONTACT FOR ANY BUSINESS ENQUIRY : [email protected]
Views: 91906 Mayank Gour
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.
Views: 20292 Farhat's Accounting Lectures
EXPLANATION OF MATCHING AND ACCRUAL CONCEPT OF ACCOUNTING WITH THE HELP OF AN EXAMPLE To support you can donate via PAYTM by following this link http://p-y.tm/PdIMBe8d7 OR via upi at [email protected] 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: 29230 The Commerce Tutor
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: 10800 CXOLearningAcademy
Register StudyKhazana and Get 200Rs. Use REFERRAL CODE:- JRUUD A basis of accounting can be defined as the time various financial transactions are recorded. The cash basis (EU VAT vocabulary Cash accounting) and the accrual basis are the two primary methods of tracking income and expenses in accounting. As per the syllabus, you will learn the following: 1) Fundamental Accounting Assumptions: Going concern, consistency and accrual. 2) Accounting principles: Accounting entity, money measurement, accounting period, full disclosure, materiality, prudence, cost concept, matching concept and dual aspects. 3) Base Accounting: Cash Basis and accrual basis. 4) Accounting Standards and IFRS: Concepts and Objectives In this video, you will learn: 1) Types of Bases accounting 2) Meaning of Bases Accounting 3) Meaning of Accrual and cash bases 4) Discuss Problems 5) Learn 3 Golden Rules To watch more tutorials visit: https://www.youtube.com/c/StudyKhazana * Corporate accounts * Financial Accounts * Operations Research * Cost and Management accounts ** Stay Connected with Us ** https://www.facebook.com/studykhazana https://twitter.com/studykhazanaa https://www.instagram.com/study_khazana/ Full Course and Lecture Videos now available on (Study Khazana) login at http://studykhazana.com/ Contact Us : +91 8527697924 Mail Us: [email protected]
Views: 31449 Study Khazana
Basic fundamental accounting principles and concepts in hindi.
Views: 29227 Mahender kumar prajapati
"Install our android app CARAJACLASSES to view lectures direct in your mobile - https://bit.ly/2S1oPM6 " Join my Whatsapp Broadcast / Group to receive daily lectures on similar topics through this Whatsapp direct link https://wa.me/917736022001 by simply messaging YOUTUBE LECTURES Did you liked this video lecture? Then please check out the complete course related to this lecture, ACCOUNTING BASICS A COMPLETE STUDY with 300+ Lectures, 28+ hours content available at discounted price (10% off)with life time validity and certificate of completion. Enrollment Link For Students Outside India: https://bit.ly/2wgezFU Enrollment Link For Students From India: https://www.instamojo.com/caraja/accounting-basics-a-complete-study/?discount=inytabas9 Our website link : https://www.carajaclasses.com ---------------------------------------------------------------------------------------------------------------- Welcome to one of the comprehensive ever course on Accounting Basics. This course starts from “What is Accounting”, “Need for Accounting” to various Practical aspects in Accounting. Enjoy lectures for each and every concept in accounting presented in digital hand written format followed by Solved Case Studies Video. New videos are being added at frequent intervals and this course will be the longest one in Accounting soon. ---------------------------------------------------------------------------------------------------------------- Welcome to Accounting Basics - A Complete Study Course! This is one of the comprehensive course in Fundamentals of Accounting covering theory as well as practice. In this course, you will learn Fundamentals of Accounting, step by step covering the following: Section 1: a) Introduction to Accounting; b) Book Keeping; c) Accounting – Objectives and Process; d) Accounting Cycle; e) Accountancy, Accounting and Book Keeping; f) Users of Accounting Information; g) Branches of Accounting; h) Basic Accounting Terms; i) Basic Assumptions in Accounting; j) Basic Concepts in Accounting; k) Modifying Principles of Accounting; l) Accounting Standards; Section 2: m) Double Entry System in Accounting; n) Accounting Equation; o) Golden Rules of Accounting; Section 3: p) Source Documents; q) Cash Memo; r) Invoice; s) Receipt; t) Debit Note; u) Credit Note; v) Pay in Slip; w) Cheque; x) Vouchers; Section 4: y) Books of Original Entry; z) Journal and Format aa) Steps in Journalising; bb) Journal Illustrations; cc) Compound Journal Entry; Section 5: dd) Ledger; ee) Utility of Ledger; ff) Format of Ledger; gg) Posting; hh) Procedure for Posting; ii) Posting of Compound Journal Entry; jj) Posting the Opening Entry; kk) Balancing an Account; ll) Significance of Balancing; mm) Balancing of Different Accounts; nn) Procedure for Balancing; Section 6 - covering Trial Balance and Final Accounts. This course is structured in self paced learning style. Video lectures are used for delivering the course content. Take this course to create strong foundation in fundamentals of accountancy. • Category: Business What's in the Course? 1. Over 206 lectures and 20 hours of content! 2. Understand need and importance of Accounting 3. Understand Book Keeping, Objectives and Advantages 4. Understand Accounting Process, Accounting Cycle, 5. Understand Users of Accounting Information 6. Understand Branches of Accounting 7. Understand Basic Accounting Terms 8. Understand Accounting Assumptions, Concepts and Principles 9. Understand Rules of Accounting 10. Understand Journal, Ledger, Trial Balance and Final Accounts Preparation Course Requirements: 1. No basic knowledge is required 2. Students can approach this course with fresh mind Who Should Attend? 1. Any one interested in Learning Accountancy 2. Accounting / Finance / Science Students 3. Entrepreneurs
Views: 12513 CARAJACLASSES
Explanation of three fundamental accounting assumptions and all the accounting principles along with examples. Please Like | Share | Comment Follow us on : https://www.facebook.com/caparagguptasir/ Visit : https://www.caparaggupta.com/
Views: 80302 CA. Parag Gupta
Basics Concepts of Accounts Class 11th Accounts Accounts Basic Concepts This Lecture Include - Notes Website : http://www.iamtopper.com ►Like Us on Facebook https://www.facebook.com/iatclasses ►Follow us on Twitter https://twitter.com/iatClasses ►Follow us on Instagram. https://www.instagram/.comiatclasses ►Education News : https://www.indianeducationinfo.com/ ►Hire Tutors: https://www.suggestmeteacher.com/ For Notes go to http://www.iamtopper.com/ For Exam Questions go to http://www.ravikashyapsir.com/ For Education News go to http://www.mysteacher.com/ 1. How to identify and journalise business Transaction 2. What is Account. 3. How to pass Entries in the books of account. 4. Rules of Debit and Credit 5. Golden Rule of Accounting 6. How to use Golden rule of Accounting to pass journal Entries 7. What is entity concept 8. What is Assets 9. What is Liability 10. What is Capital 11. How we record transactions in the books of business 12. Business is different from its owners
Views: 85779 IAT CLASSES : Run By Ravi Kashyap Sir
Exclusively for night before exam preparation... Book link for practice: https://1drv.ms/b/s!AhwY8ri4iWC5gqgXFGw2KCTpTtCqlg -------------------------------------------------------- to catch me on other platforms... -------------------------------------------------------- Like on Facebook: http://goo.gl/BwVpj1 Follow on Facebook: http://goo.gl/JM7Mbb Follow on Twitter: http://goo.gl/DBjYqA Visit on Wordpress: http://goo.gl/Mt1nPY
Views: 43539 Ofi Khan
This is only a demo class. classes are available for CA/CMA/CS/B.COM( All universities), 11th, 12th. Classes are available in Returnable Pen drive mode. for any query, please contact us on 8448322142
Views: 271931 santosh kumar
"Install our android app CARAJACLASSES to view lectures direct in your mobile - https://bit.ly/2S1oPM6 " join my Whatsapp Broadcast / Group to receive daily lectures on similar topics through this Whatsapp direct link https://wa.me/917736022001 by simply messaging YOUTUBE LECTURES Did you liked this video lecture? Then please check out the complete course related to this lecture,available at discounted (10% off ) price with life time validity and certificate of completion. Enrollment Link For Students Outside India: https://bit.ly/2Ld4XRQ Enrollment Link For Students From India: https://www.instamojo.com/caraja/basics-of-accounting/?discount=inyboait4 Our website link : https://www.carajaclasses.com Welcome to this course Basics of Accounting (தமிழ்மொழியில்கணக்கியல்அடிப்படைகள்) This course starts from “What is Accounting”, “Need for Accounting” to various Practical aspects in Accounting. It's just a beginning and more lectures will be added in the coming days. Enjoy lectures for each and every concept in accounting presented in casual language (as we speak tamil at home) and excel based presentation followed by Solved Case Studies Video. New videos will be added over next three months. In this course, you will learn Fundamentals of Accounting, step by step covering the following: Section 1: Introduction to Accounting; Section 2: Book Keeping; Section 3: Accounting – Objectives and Process; Section 4: Accountancy, Accounting and Book Keeping; Section 5: Technical Terms in Accounting Another 22 sections will be added in due course. Course description will be updated as when lectures are added. This course is structured in self paced learning style. Video lectures are used for delivering the course content. Take this course to create strong foundation in fundamentals of accountancy.
Views: 9294 CARAJACLASSES
Introduction to Financial Accounting Professor Alexander Sannella Lecture 6 0:31 Comprehensive Problem 18:25 General Ledger 21:48 Trial Balance 24:50 Income Statement 26:33 Retained Earnings 30:37 Balance Sheet Chapter 3 Learning Objective 1 40:19 Cash Basis vs Accrual 43:12 Summary Questions and Explanations 44:34 Question 1 47:10 Question 2 47:25 Question 3 50:18 Question 4 Learning Objective 2 57:15 Time Period Concept 59:51 Example 1:05:18 Companies Year end 1:05:43 Accrual Basis Accounting 1:06:25 Revenue Recognition Principle 1:08:44 Summary 1:10:36 The Matching Concept Questions and Explanations 1:13:05 Question 1 There are two approaches to accounting for entities - the cash basis and the accrual basis. A cash basis approach focuses on actual cash collections and payments. Under the cash basis, revenues are recorded when the cash is collected, and expenses are recorded when cash payments are made. An accrual basis approach recognizes that the recognition of revenues and expenses should not be affected by the timing of cash collections and disbursements. Rather, revenues and expenses should be recognized when the underlying economic activities actually take place. Revenue is recorded when it is earned, even if the collection of the cash takes place at a later date. Expenses are recorded when they are incurred, even if cash collection takes place at a later date. The accrual basis measures economic activity rather than cash collections and disbursements. The need for accounting adjustments results from the time period assumption (periodicity concept). It should be noted that the profit or loss of a particular business venture cannot be determined until the business is terminated and all assets are liquidated. However, due to the fact that the business community, investors, creditors, and the government cannot wait for the business to end for financial information to be supplied, the environment in which accounting operates demands information on a timely basis. Accounting information is only useful if it is capable of making a difference in a decision. Thus, it must be presented on a timely basis. For example, the Internal Revenue Service (IRS) will not wait for tax information until a business liquidates. The Securities and Exchange Commission requires quarterly (10Q) and annual reports (10k) from filers. To satisfy user needs, accountants must truncate the life of the business into artificial reporting periods of equal length; a fiscal year or calendar year, quarters, months, etc. This is the basis of the time period assumption. The time period concept assumes that the life of an economic entity can be divided into artificial time periods of equal length for the purpose of providing periodic reports on the economic activities of the entity. Application of the time period concept requires that we used accrual basis accounting. A business's activities are separated into small segments, and the financial statements can be prepared for specific time periods, such as a month, quarter, or year. Any twelve month period is referred to as a fiscal year (not necessarily a full calendar year). The time period concept simply states that it is appropriate to report a company's information periodically at a predefined time interval. The application of the time period concept in practice requires the use of the accrual basis of accounting. The fundamental principles of accrual accounting are the revenue recognition principle and the matching principle (also known as the expense recognition principle). Under the revenue realization principle, revenue is recognized when an exchange has taken place and the earning process is essentially completed. The earning process is complete when there are no material uncertainties as to future costs to be incurred and as to collection. The earnings process is also deemed "complete" when the seller has either delivered a product or performed a service. Revenue is recognized when it is earned, regardless of the timing of cash collection. The matching principle states that expenses (also known as costs before they are matched to revenues) are to be recognized only in the period in which the related revenues (benefits) are received. Expenses must be recognized when incurred, regardless of when cash is actually paid. Expensing sales commissions earned in the same period as a sale is made, even if the sale is not collected, is an application of the matching principle. At times, expenses are not easily related to revenues and here, we can recognize expense based on the passage of time (e.g. insurance policies expire as each month of coverage passes). As insurance coverage is used, it represents an expense. However, it is not possible to relate or match this expense to specific revenues earning over the same period.
Views: 9040 Rutgers Accounting Web
In this Video we would enable to understand in Easy Concepts – 1) Business Transactions 2) Capital 3) Drawing 4) Liabilities (Current and Non Current Liabilities) 5) Assets (Current and Non Current Assets) 6) Account 7) Capital Receipts 8) Revenue Receipts 9) Capital Expenditure 10) Revenue Expenditure 11) Expense 12) Income 13) Profit 14) Gains 15) Losses 16) Purchase 17) Purchase Returns 18) Sales 19) Sales Returns 20) Goods 21) Stock or Inventory 22) Trade Receivables (Debtors and Bills Receivables) 23) Trade Payables (Creditors and Bills Payables) 24) Cost 25) Vouchers 26) Discount (Trade and Cash) 27) Books of Accounts 28) Entry 29) Debit 30) Credit 31) Proprietor 32) Depreciation 33) Cost of Goods Sold 34) Bad Debts 35) Insolvent 36) Solvent 37) Balance Sheet 38) Book Value To View Full Video Lectures Visit - https://bit.ly/2PEEnUC ★ ACCOUNTS VIDEOS ★ https://www.youtube.com/channel/UCAXbiqmSkp9Sse4guGRMqDw?view_as=subscriber ★ COST ACCOUNTING VIDEOS ★ https://www.youtube.com/channel/UCAXbiqmSkp9Sse4guGRMqDw?view_as=subscriber ★ FINANCIAL MANAGEMENT VIDEOS ★ https://www.youtube.com/channel/UCAXbiqmSkp9Sse4guGRMqDw?view_as=subscriber ★ ECONOMICS VIDEOS ★ https://www.youtube.com/channel/UCK5RB8xNW_iOXz-rcGJZyTw?view_as=subscriber ★ INCOME TAX VIDEOS ★ https://www.youtube.com/channel/UCRRFVa1axTUdwZzc4Ta42XQ?view_as=subscriber ★ MATHS VIDEOS ★ https://www.youtube.com/channel/UCaIY3jMl7QDUWN6P6kSUYWw?view_as=subscriber STUDY TIPS ऐसे पढोगे तो हमेशा TOPPER बनोगे | Study Tips https://bit.ly/2QUXaew ENGLISH – Fatafat (Easy Way to Learn English) अंग्रेजी सीखें - फटाफट https://bit.ly/2PoAF4H ★ ExpertMotivation Channel https://bit.ly/2EsPBKC ★ For Any Information Video classes & Face To Face Batches Call +91 9268373738 E-mail: [email protected] (We Prefer emails rather than calls) Call timings Monday to Friday - Morning 10 to Evening 7 FACEBOOK: https://www.facebook.com/VijayAdarshIndia WEBSITE: http://www.vijayadarsh.com
Views: 394312 StayLearning
What is Accrual concept , Learn Basics of Accounting Introduction. We have covered Meaning & Scope of Accounting, Accounting Concepts, Principles & Conventions, brief of accounting standards, Accounting Policies and Measurement Discipline. For Details Visit http://www.meraskill.com/ca-cpt/accounts/introduction-to-accounting WhatsApp Now: 8692900017 http://www.meraskill.com/ Our other chapters in this series Accounts by Sheela Madam http://bit.ly/AcctsIntro http://bit.ly/AcctJournaltoCB http://bit.ly/CR_ROE http://bit.ly/BankRecoS http://bit.ly/MSInventory http://bit.ly/MSDep http://bit.ly/MSFinalAc http://bit.ly/MSConsignment http://bit.ly/MSJointV http://bit.ly/MSBillsOfExchg http://bit.ly/MSSalesReturn http://bit.ly/MSPartnership1 http://bit.ly/MSPartnership2 http://bit.ly/MSCompanyActs1 http://bit.ly/MSCompanyActs2 Law by Bharat Sir http://bit.ly/MSNatureofContract http://bit.ly/MSConsideration http://bit.ly/MSEssentialElements http://bit.ly/MSPerformanceOfContract http://bit.ly/MSBreachOfContract http://bit.ly/MSContingent_Quasi http://bit.ly/MSFormationContractOfSale http://bit.ly/MSCondition_Wattanties http://bit.ly/MSTransferOfOwnership http://bit.ly/MSUnpaidSeller http://bit.ly/MSNatureOfPartnership http://bit.ly/MSRelationshipOfPartners http://bit.ly/MSRegistration_Dissolution Micro by Bharat Sir http://bit.ly/MSIntroMicroEconomics http://bit.ly/MSDemand http://bit.ly/MSTheoryofCB http://bit.ly/MSSupply http://bit.ly/MSTheoryOfProd http://bit.ly/MSTheoryOfCost http://bit.ly/MSMarket http://bit.ly/MSPriceDetermination Macro by Jaya Madam http://bit.ly/MSNatureOfIndianEconomy http://bit.ly/MSRoleOfDiffSectors http://bit.ly/MSNationalIncome_Tax http://bit.ly/MSPopulation_Poverty_Unemployment http://bit.ly/MSInfrastuctureChallnges http://bit.ly/MSBudget_Money_Banking http://bit.ly/MSEconomicsReforms Maths by Anand Sir http://bit.ly/MSRatio_Propr http://bit.ly/MSIndices_Log http://bit.ly/MSEquations http://bit.ly/MSInequalities http://bit.ly/MSInterest http://bit.ly/MSPermutaion_Combination http://bit.ly/MSAP_GP http://bit.ly/MSSets_Function http://bit.ly/MSLimits http://bit.ly/MSDifferentiation http://bit.ly/MSIntegration
Views: 51366 Mera Skill
Views: 9832 Wiley
this video contains basic accounting terms and introduction for a new student to come and enjoy learning it contains the following terms such as business account capital drawing assets liabilities and so on don't forget to visit our business and economics channel #accountsadda #class11 #basicaccountingterms
Views: 30097 Accounts Adda
#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: 218565 CA. Naresh Aggarwal
Views: 43874 Wiley
This is just shorter explanation of basic terms. If you get any doubt you can ask me in comments section. Most important for class 11 https://youtu.be/jK6LWxVRsVY For notes and important questions join our telegram channel : Telegram : Rajat Arora - divine classes https://t.me/rajataroraclasses Connect with me on all other social networks Facebook : Rajat arora Instagram : Rajat_aroraofficial Twitter : Rajatarora16166 Snapchat : Rajat_arora1616 Telegram : Rajat arora - divine classes
Views: 21863 Rajat Arora
GAAP for AAO in CAG through SSC CGL Paper 4 (AAO CAG). Finance and Economics paper Tier 2 . very important topic for concepts and numericals. This forms the basis of accountancy.
Views: 11072 Exambay
Lean Basic Accounting in Hindi - हिंदी में सीखें Accounting, Accounting Golden Rules with Examples. ................. Subscribe our Channel, It's FREE: https://www.youtube.com/user/7starmedia?sub_confirmation=1 ------------------------------ Download Basic Accounting App (Debit Credit knowledge in Hindi): https://play.google.com/store/apps/details?id=com.basic.accounting --------Ye v jarur dekho, Others Parts in Hindi-------- Basic Accounting Part-2 (Questions and Answers with Ledger Name, Voucher Types and Entries) https://youtu.be/OgLP0SyB1vk ........ Basic Accounting Part-3 (Account Payable and Account Receivable): " Search on YouTube: 7 star media basic accounting part 3" ............. Download amazing All in One Services App Link: https://play.google.com/store/apps/details?id=com.govtdigital ------- What we covered in this App. Types of Accounts Ledger Names and Groups Use of Voucher Types Payment, Contra etc. with example Problems and its solutions Accounting Video Tutorials in Hindi --- #7StarMedia #Accounting
Views: 532511 7 Star Media
https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! I go over the Calculating Depreciation Expense, using Straight Line Depreciation technique, in this Basic Accounting Tutorial 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. 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: 117522 CPA Strength