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When I think of entry level accounting jobs these three main roles come to mind. And although there are a bunch of other entry-level jobs In the accounting field such as audit tax etc. usually these three jobs that we will talk about today are the ones that are often compared to each other for someone who is looking to break into the world of accounting.So in this video I want to talk about 6 main differences that separate these three jobs from each other. As well as let you in on a couple of strategic points such as how to land a job that requires experience even though you have non.This is especially helpful if you or someone close to you is planning to have a career in accounting.——————————-Get 30% off my Online Course on “Learn how to design and build KPIs and Financial Metrics for 2 example businesses”https://thefincontroller.com/p/learn-financial-metrics-kpis?coupon_code=LEARNKPIS30🔥Take 30% off when you enroll in my online course “Night Before the Accounting Interview Guide” including All Levels Q&A🔥:https://thefincontroller.com/p/the-night-before-your-accounting-interview-course-for-all-levels?coupon_code=30OFFCOURSE📈Get My “Controller KPI Dashboard” (Excel + Course) with the most important P&L and Balance Sheet KPIs:​https://thefincontroller.com/p/controller-kpi-dashboard-one-kpi-dashboard-to-run-a-business​———————————————————————Hang Out with me on social media:📸 https://www.instagram.com/the_financial_controller/📱https://www.tiktok.com/@thefinancialcontroller🙋🏼‍♂️https://www.facebook.com/groups/780732429036886/?source_id=101273467885666DISCLAIMER: 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

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GAAP Generally Accepted Accounting Principles.Learn while sleeping. Use the loop feature of YouTube to play the video all night. To loop a video, right-click it or click settings and select loop.Videos on this channel use a monotonous voice to help you fall asleep while learning valuable facts and information about our beautiful world. Black screen with no disturbing sounds. Use the loop feature of YouTube to play the video all night. To loop the video, right-click it or click settings and select loop.Accounting Concepts and Principles.GAAP stands for the Generally Accepted Accounting Principles. These are the rules, guidelines, and principles that entities (businesses/firms/companies/organizations/systems/hospitals) follow in the US to guide the preparation and reporting of their financial statements.1. Entity Concept. A company is treated as an entity that is separate and distinct from its owners. Owner and company are two different entities having different liabilities.The assumption here is that a company has its own identity distinct from the owners, creditors, debtors, managers, and others.2. Revenue Recognition (Realisation Concept). Recognizing the revenue means recording the income in the income statement, prepared for a particular period. Recognition of revenue should be on the accrual basis of accounting; events and conditions are recorded in the books of accounts as and when they occur, rather than in the period of their receipt of payment. Accrual basis is a method of recording accounting transactions for revenue when earned and expenses when incurred.3. Prudence (Conservatism) Principle. The rule of playing it safe. A cautious approach in ascertaining the income of the entity. If a situation arises where there are 2 acceptable options for reporting an item, accountants go for the less favorable option.All anticipated profits should be ignored but all anticipated losses should be accounted for. Profits in anticipation should not be recorded but losses in anticipation should immediately be recorded even if there is a very remote possibility of occurrence of such losses.4. Money Measurement (Monetary Unit Concept). A fact or a transaction is recorded in the accounting books only if the effect of this situation or transaction can be computed in monetary terms.For instance, adverse impact on revenue due to lack of coordination between the front office team and operating room team cannot be recorded in the books of accounts, however, the loss of supplies due to fire or flood can be recorded in the books.5. Accounting Period Principle.The accounting period is usually a period of one year and that year can be a financial year, a calendar year, or any year of 12 months. For tax purposes, the accounting period should be a financial year i.e., a year starting from 1st April to 31st March. The accounting period helps in maintaining accounting records, showing actual profit or loss, establishing the true and fair view of the financial position of the company, and communicating the company information to the intended users.6. Full Disclosure Principle.The entity is required to disclose the full, fair, and sufficient information; no information of substance should be concealed in the financial statements. This principle ensures effective communication with the intended users, internal and external.7. Materiality Concept.8. Cost Concept.9. Matching Principle. 10. Dual Aspect Concept (Duality principle or Accounting Equation Concept).11. Objectivity Principle (Verifiability & Objectivity Evidence Concept).12. Timeliness principle. 13. Substance over Form Principle.

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