Whenever I look up US GAAP principles such as Accruals and conservatism, I often find Cold Hard definitions that lack context.
But how do these US GAAP principles relate to the accounts on the financial statements? for example, what does the principle of accrual mean for the balance of accounts receivable? And what does the principle of conservatism mean for the inventory account?
Videos Mentioned:
My video on Cash Accounting vs. Accrual Accounting: https://youtu.be/eApsfjccm7s
My video on Revenue Recognition: https://youtu.be/CnlKAvu6qdI
My video on GAAP Principles for Income Statement: https://youtu.be/Yy2y_tfqKdc
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