Categories
Resources for Accountants

Basic Accounting Principles: GAAP, Business Entity, Money Measurement | Commerce [Video]

Basic Accounting Principles: GAAP, Business Entity, Money Measurement | Commerce

NTA NET Commerce- https://www.doorsteptutor.com/Exams/UGC/Commerce/

IAS Mains Commerce- https://www.doorsteptutor.com/Exams/IAS/Mains/Optional/Commerce/

NTA NET Paper 1 Online Crash Course – https://www.doorsteptutor.com/Exams/UGC/Paper-1/Online-Crash-Course/

NTA NET Paper 1 Mock papers – https://www.doorsteptutor.com/Exams/UGC/Paper-1/Online-Test-Series/

NTA NET Paper 1 Practice questions – https://www.doorsteptutor.com/Exams/UGC/Paper-1/Questions/

NTA NET Paper 1 Postal Course – https://www.examrace.com/NTA-UGC-NET/NTA-UGC-NET-FlexiPrep-Program/Postal-Courses/Examrace-NTA-UGC-NET-Paper-I-Series.htm

NCERT, Yojana, Kurukshetra, Down to Earth, Science, Social Studies and More interesting topics subscribe at Examrace: https://www.youtube.com/c/Examrace

NCERT, Yojana, Kurukshetra, Down to Earth, Science, Social Studies and More interesting topics subscribe at ExamraceHindi: https://www.youtube.com/c/ExamraceHindi

For classes nursery to class 5 videos subscribe to FunProf: https://www.youtube.com/c/FunProf

For Science Class 11-12 and important topics subscribe to DoorStepTutor: https://www.youtube.com/c/DoorstepTutor

Generally accepted accounting principles refers to the standards or guidelines that are used to record and report business activities in order to ensure consistency in the preparation and presentation of financial statements.
Different phases such as principles, postulates, conventions modifying principles, assumptions and so on have been used interchangeably and are referred to as basic accounting ideas.
GAAP is a set of authoritative rules (established by policy boards) and widely accepted methods for recording and reporting financial data. The goal of GAAP is to increase the clarity, uniformity and comparability of financial information communication.

The basic accounting concepts are broad working rules of accounting operations and are referred to as the fundamental principles or basic assumptions underlying the theory and practice of financial accounting.
Basic accounting concepts are a set of general rules that can be utilized as a guide while dealing with accounting issues. There should be no biases in accounting data. Accounting data should accurately reflect the underlying company transactions.
The underlying rules, assumptions add conditions that establish the para meters and restrictions within which accounting operates are known as accounting concepts.
Only those transactions and events in an organization that can be expressed in terms of money should be documented in the books of accounts, according to the idea of money measurement. Furthermore, transaction records must be stored in monetary units rather than physical units.

Watch/Read More
  • Tags

Most Popular Posts Today

Most Popular This Week

IFRS 16 Lessor Accounting Example 1 | Finance Lease [Video]
►
Categories
Resources for Accountants

IFRS 16 Lessor Accounting Example 1 | Finance Lease [Video]

When a lessor accounts for a finance lease under IFRS 16, the lessor must derecognize the asset from its statement of financial position and record a lease receivable upon commencement of the lease. If the lessor is a manufacturer or dealer, then the lessor must also record sales revenue and cost of goods sold upon commencement of the lease. The lessor will then recognize interest revenue throughout the lease term. At the end of the lease, the lessor will restore the asset to its statement of financial position. If the actual residual value turns out to be less than the guaranteed residual value, the lessor will receive cash from the lessee to cover the shortfall. — Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people.— SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS* http://eepurl.com/dIaa5z— LISTEN TO THE SCHEME PODCAST* Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725* Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc* Website: https://www.edspira.com/podcast-2/ — CONNECT WITH EDSPIRA* Website: https://www.edspira.com* Blog: https://www.edspira.com/blog/ * Facebook page: https://www.facebook.com/Edspira* Facebook group: https://www.facebook.com/groups/561316587899818//* Reddit: https://www.reddit.com/r/edspira* LinkedIn: https://www.linkedin.com/company/edspira— CONNECT WITH MICHAEL* Website: http://www.MichaelMcLaughlin.com* LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin * Twitter: https://www.twitter.com/Prof_McLaughlin* Facebook: https://www.facebook.com/prof.michael.mclaughlin* Snapchat: https://www.snapchat.com/add/prof_mclaughlin*Twitch: https://twitch.tv/prof_mclaughlin * Instagram: https://www.instagram.com/prof_mclaughlin*TikTok: https://www.tiktok.com/@prof_mclaughlin

  • Tags
From Lawyer in Bolivia to Successful US Accountant: 3 Steps to Make It Happen [Video]
►
Categories
Resources for Accountants

From Lawyer in Bolivia to Successful US Accountant: 3 Steps to Make It Happen [Video]

Ever wondered if you can switch careers and build a successful accounting career in the USA as an immigrant? 🌎 Meet Monica, a former lawyer from Bolivia who followed 3 key steps to transition into accounting in the U.S.! In this interview, we cover: ✅ The biggest challenges of switching careers as an immigrant ✅ The exact 3 steps that helped Monica become a successful accountant ✅ How YOU can start your journey—even with no U.S. experience! Join the EXACT course Monica enrolled in: https://controller-academy.com/courses/controller-academy Time Stamps: 00:00 Intro 00:47 Monica's Background 01:47 Monica's Job Responsibilities 02:56 Monica's Goal in 5 Years 04:47 Monica's Learned This From My Course 06:08 Monica's fav TV Show & Music 08:42 Monica's Journey To the US ----------------------------------- Hang Out with me on social media: 📸 https://www.instagram.com/the_financial_controller/ 📱https://www.tiktok.com/@thefinancialcontroller https://www.linkedin.com/in/bill-hanna-cpa-7653a851/ DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! All views expressed on my channel are mine alone. Not intended as financial or professional advice