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Understanding Accounting Conservatism [Video]

Understanding Accounting Conservatism

Explain : Accounting Conservatism

Accounting conservatism is a set of bookkeeping guidelines that call for a high degree of verification before a company can make a legal claim to any profit. The general concept is to factor in the worst-case scenario of a firm’s financial future. Uncertain liabilities are to be recognized as soon as they are discovered. In contrast, revenues can only be recorded when they are assured of being received.

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Categories
Resources for Accountants

How to Start an Online Business 2021 | Step-By-Step Guide and Dozens of Free Online Business Tools [Video]

Discover How to Start an Online Business in 2021. Step-By-Step Guide and Free Tools for Starting an Online Business. You get access to dozens of books, guides, worksheets, tools, software programs, videos, downloadable business plans, templates, checklists, spreadsheets, and much more. All free of charge and no strings attached.----------------------------------------------Small Business Freebies for Starting an Online Business:---------------------------------------------- Free Business Books From Amazon, Covering Various Business Management Topics.https://www.bizmove.com/free-books-online/business-free-amazon-books.htm Free Books for Starting and Marketing an Online Business:https://www.bizmove.com/books/internet-marketing-books.htm A Huge Collection of Free Small Business Tools. Including: Business Plans, Worksheets, Spreadsheets, Checklists, Templates, Software, and More. Covering All Aspects of Starting and Managing a Small Business:https://www.bizmove.com/tools/ Video Guides To Improve Your Management Skills:https://www.bizmove.com/business-management-course/ 300 Free Business and Management Guides:https://www.bizmove.com/small-business-encyclopedia/ Free Books to Improve your Management Skills:https://www.bizmove.com/books/management-skills-books.htm Free Downloadable Business Plan Template, and Business Management Software:https://www.bizmove.com/business-gifts.htm Free Books for Starting a Business:https://www.bizmove.com/books/starting-a-business-books.htm A Comprehensive Resource of Free Management And Business Related Stuff:https://www.bizmove.com/******************Don't forget to subscribe so you don't miss any of our videos, we upload regularly.******************

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Resources for Accountants

Aggressive Revenue Recognition Techniques, Part 1 [Video]

Aggressive revenue recognition occurs when companies (a) prematurely recognize revenue or (b) recognize bogus sales. Here are some ways companies have prematurely recognized revenue:(1) channel stuffing(2) changing the dat of the fiscal year-end(3) holding the fiscal year open(4) recording revenue before shipment(5) shipping uncompleted products and assembling them elsewhere(6) recording revenue for a full shipment when only a partial shipment was made(7) announce a forthcoming price increase(8) recognizing all the revenue upfront for a long-term contract— 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