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Accounting Concepts and Principles: Accounting Basics and Fundamentals
 
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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: 161512 AccoFina
Accounting Principles, concepts and conventions, GAAP class 11
 
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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: 80709 PRATHAM SINGH
Accounting Concepts and Principles Easy Learn Guide
 
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This video is the perfect description of accounting concepts, assumptions and principles. It contains the following assumptions: 1. Accounting Entity Assumption 2. Money Measurement Assumption 3. Going Concern Assumption 4. Accounting Period Assumption Accounting concepts which are included in the video are: 1. Dual Aspect Concept 2. Revenue Recognition Concept 3. Historical Cost Concept 4. Matching Concept 5. Full Disclosure Concept 6. Verifiable and Objective Evidence Concept It also includes following modifying principles: 1. Cost Benefit Principle 2. Materiality Principle 3. Consistency Principle 4. Prudence Principle Thank you for watching. Please subscribe for more accounting videos. Also please follow on our Facebook page Feel free to post your doubts below and suggestions for more videos YouTube Subscribe link: https://www.youtube.com/subscription_center?add_user=q77PpKa5faZMe2ic2yc5xQ Facebook link: https://facebook.com/Wings-Add-wings-to-your-knowledge-1059913524027756/
Views: 31166 Wings Education
Accounting concepts(english)| Accounting principles| class 11
 
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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
Accounting Concepts, Conventions and Principles - CA-CPT, CA Foundation  By CA Harish Miglani
 
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CA CPT Accounitng Concepts, Conventions and Principles
Views: 46236 ICAC, Rohtak
Accounting  Principles & Concepts | Accounting Concepts | 11th | CA-CPT - By CA Pardeep Jha
 
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Accounting Principles & Concepts, Basic Accountancy by CA. Pardeep Jha, for XIth C.B.S.E. I've explained all the Basic Accounting Concepts and Principles of Double entry Book Keeping. Accrual Concept is discussed in detail in a separate video, Here is the link - https://youtu.be/R2kyJLau5_g This video covers - What is - 1. Prudence /Conservatism Concept 2. Money Measurement Concept 3. Full Disclosure 4. Materiality Concept 5. Cost Concept 6. Matching Concept 7. Realization concept 8. Accrual Concept 9. Consistency Concept 10. Entity Concept 11. Dual Aspect Concept 12. Going Concern Concept 13. Periodicity Concept You can Ask your Queries here or on our Facebook Page www.facebook.com/winningquest Prudence /Conservatism Concept Money Measurement Concept Full Disclosure Materiality Concept Cost Concept Matching Concept Realization concept Accrual Concept Consistency Concept Entity Concept Dual Aspect Concept Going Concern Concept Periodicity Concept What is Prudence /Conservatism Concept What is Money Measurement Concept What is Full Disclosure What is Materiality Concept What is Cost Concept What is Matching Concept What is Realization concept What is Accrual Concept What is Consistency Concept What is Entity Concept What is Dual Aspect Concept What is Going Concern Concept What is Periodicity Concept
Views: 2612 Winning Quest
Accounting Concepts and Principles
 
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Video project for our Accounting 1 assignment (using powtoon)
Chapter 1 Principles of Accounting
 
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Animated PowerPoint for chapter one
Views: 34207 Marc Christofferson
FUNDAMENTAL ACCOUNTING CONCEPTS
 
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Views: 374531 k pavan sandeep
Accounting 1: Program #2 - "Basic Accounting Concepts"
 
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Accounting 1 Program #2 Chapter 1 "Basic Accounting Concepts" [email protected]
Views: 765024 JCCCvideo
Basic Accounting Concepts
 
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Learn the Basic Concepts of Accounting and finance in this video lecture of Basic Accounting Concepts : http://bit.ly/16o0OSy In basic Financial Accounting, certain rules/principles are classified as concepts and conventions. Explained in this video is the introduction and significance of various basic Accounting Concepts. This explanation of accounting basics will introduce you to some basic accounting principles, accounting concepts, and accounting terminology Join us on Facebook: http://www.facebook.com/welearnindia Read our latest blog at: http://welearnindia.wordpress.com Subscribe to our Slideshare Channel: http://www.slideshare.net/welingkarDLP Tgas : accounting basics, accounting concepts, basic accounting
basic fundamentals accounting concepts and conventions class 11  cs foundation ca foundation cma
 
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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: 86821 Mayank Gour
Accounting Principles | Entity | Going Concern Concept | GAAP | LetsTute Accountancy
 
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Check out our new video on Accounting Principles | Entity | Going Concern Concept | GAAP This video explains the need for accounting principles / GAAP & what is the entity and going concern concept with an example. We have attached a PDF where one can get a quick glance of the whole chapter in few minutes. You will understand need and importance of all the accounting principles and conventions. Also, entity concept, going concern concept, money measurement, cost principle, revenue recognition, objective evidence, dual aspect, matching principle, accrual concept, materiality, consistency, conservatism, full disclosure, etc explained in detail. There are objective type questions on accounting principles and conventions. Link:- https://goo.gl/p17wRU 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: 79285 Letstute Accountancy
ACCOUNTING CONCEPTS | GOING CONCERN
 
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To support you can donate via PAYTM by following this link http://p-y.tm/PdIMBe8d7 OR via upi at [email protected] In this video I have tried to explain the Going concern concept or the going concern assumption used for preparing books of accounts and financial statements. 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: 31083 The Commerce Tutor
basic accounting concept
 
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basic accounting concept. This explanation of accounting basics will introduce you to some basic accounting principles, accounting concepts, and accounting terminology. Once you become familiar with some of these terms and concepts, you will feel comfortable navigating through the explanations, quizzes, puzzles, and other features of AccountingCoach.com. (In AccountingCoach PRO you will also find videos, visual tutorials, exam questions, and forms to assist you.) Some of the basic accounting terms that you will learn include revenues, expenses, assets, liabilities, income statement, balance sheet, and statement of cash flows. You will become familiar with accounting debits and credits as we show you how to record transactions. You will also see why two basic accounting principles, the revenue recognition principle and the matching principle, assure that a company's income statement reports a company's profitability. In this explanation of accounting basics, and throughout all of the free materials and the PRO materials—we will often omit some accounting details and complexities in order to present clear and concise explanations. This means that you should always seek professional advice for your specific circumstances.
Views: 254091 be ngo
What is the Prudence Concept?
 
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Do you know what the prudence concept means? LEARN MORE https://www.youtube.com/theaccountingstudent?sub_confirmation=1 ENJOYED WATCHING? MORE CONTENT LIKE THIS BELOW PLAYLISTS The Accounting Concepts | https://www.youtube.com/playlist?list=PL3cdk_SU0v30CeJsBoQpDWUvyzZrq-Vcu The Financial Statements | https://www.youtube.com/playlist?list=PL3cdk_SU0v30pyxj0-2TeSn9svk2YstV9 Introduction to Accounting and Bookkeeping | https://www.youtube.com/playlist?list=PL3cdk_SU0v31dP04X3WF6feHpZgS1rKPA The Accounting Equation | https://www.youtube.com/playlist?list=PL3cdk_SU0v322HgQ6FqYnUC-ilGgpDYpd VIDEOS What is the Business Entity Concept | https://youtu.be/ZMQeISu7wdE What is the Materiality Concept | https://youtu.be/X_4PsfDqYAs What is the Going Concern Concept | https://youtu.be/n0A6H-4Y0x4 What is the Accruals and Matching Concept | https://youtu.be/e71V1rx4IIU What is the Consistency Concept | https://youtu.be/isQezc5-KtY What is the Money Measurement Concept | https://youtu.be/SAHeRevhtYw What is the Cost Concept | https://youtu.be/Cbx4gPu8bCc What is the Dual Aspect Concept | https://youtu.be/kqzrGxRKKSo What is the Realisation Concept | https://youtu.be/PZXiqtzSQLI CONNECT WITH US ON SOCIAL MEDIA Like us on Facebook | https://www.facebook.com/theaccountingstudent Tweet us on Twitter | https://twitter.com/theaccostudent Follow us on Google Plus | https://plus.google.com/u/0/105440586533082327728 CREDIT FOR BACKGROUND MUSIC Ben Fry Drums | https://www.youtube.com/channel/UCQfjnpDLuAzr0cnNgKTnhXwe
Lecture 1-Basic Accounting Concepts
 
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Basic Accounting Concepts lecture for Financial Accounting by Rob Smolin
Views: 4041 AccountingBytes
Accounting Principles - Money Measurement | Accounting Concepts | LetsTute Accountancy
 
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Check out our video on "Accounting Principles - Money Measurement | Accounting Concepts” I hope you enjoy this online lecture on "Accounting Principles - Money measurement concept | Gaap | LetsTute Accountancy" by LetsTute. #accountancy #accounting generally accepted accounting principles #gaap #ifrs You can buy our course for Accounts which includes video lectures, Assessments and Quiz from, Udemy: http://bit.ly/2Dk7c2D To Get Regular Content Updates- Facebook : https://www.facebook.com/letstutepage Twitter : https://twitter.com/letstute Google+: https://plus.google.com/+Letstute For Queries: Email: [email protected] Call / WhatsApp: +91 7506363600 Visit our other channels: LetsTute : http://bit.ly/1Q85cNP LetsTute CBSE Math: http://bit.ly/2h1B2lP Values to Lead (Value Education): http://bit.ly/1poLX8j
Accounting Concepts | Dr. Shuchi Singhal
 
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An EMPC VMOU Production Dr. Shuchi Singhal Associate Professor ISIM Jaipur Rajasthan
Views: 65469 vmouonline
Accounting Concepts, Conventions and Golden rules- Explained
 
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Hello people, here is the second video from scholars club...there will be flow of videos in the channel about various topics...Please like the video and subscribe the channel.
Views: 15519 Scholars Club
Accounting Principles - What is Cost Concept | Accounting Concepts | LetsTute Accountancy
 
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Check out our video on "Accounting Principles - What is Cost Concepts | Accounting Concepts” We have attached a PDF where one can get a quick glance of the whole chapter in few minutes. You will understand need & importance of accounting principles and conventions. Also, entity concept, going concern concept, money measurement, cost principle, revenue recognition, objective evidence, dual aspect, matching principle, accrual concept, materiality, consistency, conservatism & full disclosure are explained in detail. Link :-https://goo.gl/nT4fqj I hope you enjoy this online lecture on "Accounting Principles - Cost Concept | Gaap | LetsTute Accountancy" by LetsTute. #accountancy #accounting #generally accepted accounting principles #gaap #ifrs #concepts You can buy our course for Accounts which includes video lectures, Assessments and Quiz in the form of: Online Courses: Udemy: http://bit.ly/2Dk7c2D To Get Regular Content Updates- Facebook : https://www.facebook.com/letstutepage Twitter : https://twitter.com/letstute Google+: https://plus.google.com/+Letstute For Queries: Email: [email protected] Call / WhatsApp: +91 7506363600 Visit our other channels: LetsTute : http://bit.ly/1Q85cNP LetsTute CBSE Math: http://bit.ly/2h1B2lP Values to Lead (Value Education): http://bit.ly/1poLX8j
Views: 2869 Letstute Accountancy
#9, Accounting Principles ( part 1)
 
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chapter 4 Accounting principles accounting entity Principle Money measurement principle Accounting period principle full disclosure principle Accounts Adda video 9 #commerce #accounts #class11
Views: 13223 Accounts Adda
Accounting Concepts & Conventions for Beginners
 
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Dear Students, Accounting Concepts & Conventions are very important basics of Financial Accounting. This topic is quite common in every Commerce & Management courses and also in B.Tech, MCA etc.. Stay Connected for more Commerce & Management topics. Don't forget to subscribe to my channel. Study well & Good Luck.
Basic concept of accounting by Santosh kumar (CA/CMA)
 
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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: 490612 santosh kumar
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) | Meaning and Need
 
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To support you can donate via PAYTM by following this link http://p-y.tm/PdIMBe8d7 OR via upi at [email protected] In this video I have tried to provide a basic idea of what GAAP is and why is it required. Hope this proves useful to anyone who watches it. Please let me know your comments on the video and if you like it please hit the like button. Do not forget to subscribe for more such videos in future. 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: 75401 The Commerce Tutor
#8, Theory base of accounting - concept, conventions, assumptions(Part 1)
 
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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: 10071 Accounts Adda
ACCOUNTING CONCEPTS | MATCHING AND ACCRUAL CONCEPT
 
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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: 28268 The Commerce Tutor
Accounting Principles, concepts, conventions - Hindi
 
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This video series is aimed to give the intermediate students of telangana and AP syllabus a fast crash course in the subject. You will learn all about accounting principles, conventions and concepts in this video explained by a CMA. Mr. S.W. Ahmed is a qualified practicing CMA. He has been associated with Cognevo Institute of Excellence for over a decade now. He brings in a lot of value to our efforts with his expertise and experience. He works with various educational organisations like Chegg, Cengange & Coursehero etc.
Accounting principles, concepts and conventions
 
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Views: 1350 Michaela Jackman
Accounting Principles, Concepts, Conventions (Lec 1/2) | Class 11 Accounts | by Ankit Kansal
 
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This is 1st lecture on Accounting Principles, Concepts & Conventions recorded by Ankit Kansal (CA, Bcom (H), CFA L3 Candidate) as part of complete video series on Class 11 Accountancy. Follow us on Facebook: https://m.facebook.com/kansalconsulting/ https://www.facebook.com/kansalconsulting/ This lecture is also useful for SSC AAO exams, MBA, Bcom, BBA etc. People with zero knowledge of finance or accounts can start learning accounts from this lecture. This is the first step in direction of mastering complete understanding of accounting. This lecture contains following concepts under Accounting terms: 1. Why accounting principles are required to be studied. 2. Detailed discussion on A) Business Entity Principle, B) Money Measurement Principle, C) Accrual concept, D) Matching Principle, & E) Conservatism/ Prudence principle with examples. Please mail your queries at [email protected] Follow us on Facebook: https://m.facebook.com/kansalconsulting/ https://www.facebook.com/kansalconsulting/ For Basic GST understanding watch......... https://www.youtube.com/watch?v=3fXpYQpbcOM&t=389s For Cash Book watch........ https://www.youtube.com/watch?v=xQZLRWeTDAU&t=266s For Accounting Terms watch...... https://www.youtube.com/watch?v=11WZnkrA81g&t=66s
Views: 16316 Kansal Consulting
Accounting principle in hindi
 
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Thank you friends to support me Plz share subscribe and comment on my channel and Connect me through Instagram:- Chanchalb1996 Gmail:- [email protected] Facebook page :- https://m.facebook.com/Only-for-commerce-student-366734273750227/ Unaccademy download link :- https://unacademy.app.link/bfElTw3WcS Unaccademy profile link :- https://unacademy.com/user/chanchalb1996 Telegram link :- https://t.me/joinchat/AAAAAEu9rP9ahCScbT_mMA
Views: 36369 study with chanchal
Accounts : Basics : Lecture 3 : Accounting Concepts
 
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To Buy DVDs / Pen Drive contact at : @ Delhi : 011-45695551 @ Gorakhpur : +91-7052208065 @ Mobile : +91-9889004575 @ mail id : [email protected] @ website : www.badlaniclasses.online @ Delhi @ Gorakhpur @ Indore @ Pune @ Mumbai
Views: 47041 CA dilip badlani
Accounting Assumptions and Principles | Intermediate Accounting | CPA Exam FAR | Chp 2 p 3
 
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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.
Ch. 18 Managerial Accounting Concepts Part 1 Wild 22nd
 
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Accounting Financial accounting Excel General ledger Financial statement Debit Credit Bookkeeping Journal entries Journal Posting Post T account Balance sheet Income statement Equity Assets Liabilities Accounting equation Record Double entry Balance Transaction Account Reconcile Accounts receivable Cost of Goods Sold COGS Generally Accepted Accounting Principles GAAP Profit and Loss Accrual Trail balance Managerial Accounting Manage Manager Managerial Cost volume Fixed cost Variable cost Contribution margin Break even
Accounting Concepts and Principles explained in Malayalam
 
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Easy Explanation in Malayalam
Views: 11688 Koshy Thomas
Accounting concepts principle convension assumptions accounting standards ifrs class 11th in-hindi
 
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In this video we will discuss what is accounting concept accounting assumption accounting principle accounting standards in Hindi this video will be beneficial for the students of class 11th CA Foundation CPT CS Foundation IPCC and for beginners I hope you will like this video if you have any doubt please ask me in the comment box #accounting #principle #standards #assumption #concept ___________________________________________ Link for the PDF and notes : https://digeshshala.blogspot.com/2018/09/accounting-concept-principles-and.html?m=1 ___________________________________________ Playlist of all classes chapterwise in hindi Class 12th accounts lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdATlcwk5xxuL9MTNAL9rYYx Class 11th accounts lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdCyPUEqE9TN3SzIkiO_gJDJ Class 11th Business studies lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdDSZWPBpHY78okveJI4Bhrx GST all chapters playlist in Hindi : https://m.youtube.com/playlist?list=PLUsUBXYVOqdBIX5qqLF53derbjKsMGHW5 All Basic terms of accounting  https://m.youtube.com/playlist?list=PLUsUBXYVOqdAC3VKvwXWJr6X3oMZtbm-c class 10thmaths from ncert book/cbse in hindi chapterwise with solutions https://m.youtube.com/playlist?list=PLUsUBXYVOqdDs10r2RYPgYEfMYHZBCj-e    Learn all the generalentries in 5 minutes: https://youtu.be/bRxRM6a12sA What is Asset? Expense? Capital? Liability? Income?????:https://youtu.be/S1iBPIR6umY ___________________________________________ You can contact me on: Facebook page : https://www.facebook.com/Digeshshala.... WhatsApp no. 9039927843 Whatsapp group : https://chat.whatsapp.com/0gSogGmkWk2... Telegram group : https://t.me/joinchat/Jwr_IA7tbNG44-m... Facebook profile : https://m.facebook.com/Digesh.soni.31 instagram : https://www.instagram.com/digesh.soni/ twitter : https://twitter.com/soni_digesh
Views: 667 DIGESHSHALA
Accounting Concepts , Principles And Conventions
 
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Definition of Accounting Accounting as an art and Science 1. Going concern Assumption 2. Business entity / Separate Entity 3. Money Measurement 4. Historical Cost 5. Materiality 6. Matching 7. Revenue Recognition 8. Prudence / Conservatism 9. Verifiable Objective 10. Full Disclosure 11. Consistency 12. Accrual 13. Periodicity / Accounting Period 14. Duality / Dual Aspect / Double Entry
Basic concepts of accounting (தமிழ்)
 
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"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: 8284 CARAJACLASSES
What is Accrual concept  | Accounting Concepts | Principles & Conventions | CA CPT | CS & CMA
 
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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: 49775 Mera Skill
Accounting Concepts and Principles Quiz - MCQsLearn Free Videos
 
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Learn Accounting concepts and principles quiz on MCQsLearn, a free website http://mcqslearn.com for exam preparation. Practice MCQs with accounting concepts and principles quiz questions and answers for cost accounting practice tests. This free video contains 15 MCQs based tests on accounting concepts and principles in cost accounting for online competitive exam preparation.
Views: 1618 MCQsLearn
#10, Accounting Principles( Part 2)
 
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different types of accounting principles class 11th accounts materiality principle prudence principle cost concept of historical cost concept matching concept accounts Adda video 10 #commerce #accounts #class11
Views: 7921 Accounts Adda
Top 12 Accounting Concepts, Principles, Conventions for CPT, CA, CMA foundation By Prof.Ved(Hindi)
 
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For more details visit: https://www.cakart.in/best-ca-cpt-ca-foundation-online-classes-video-lectures-coaching?src=YT Crack CA Foundation | CA CPT in the 1st attempt. Get India's best faculty video classes for best study at home. Give missed call @9980100288. International students - visit https://www.cakart.in and chat. A smart decision today can save you a lot of time (years) in your career. Give missed call @9980100288 now.
Views: 306 CA KART
ACCOUNTING CONCEPTS | DOUBLE ENTRY SYSTEM PART 1
 
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To support you can donate via PAYTM by following this link http://p-y.tm/PdIMBe8d7 OR via upi at [email protected] In this video I have tried to explain the Double Entry System of recording transactions in Accounts and how a transaction can be decoded into 2 aspects which are the debit and the credit. LINK TO PART 2 https://youtu.be/9Xf2ecaN33A 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: 62033 The Commerce Tutor
What is Matching Concept | Accounting Concepts | Principles & Conventions | CA CPT | CS & CMA
 
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What is Matching 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: 19706 Mera Skill
FUNDAMENTAL ACCOUNTING ASSUMPTIONS AND PRINCIPLES IN HINDI
 
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Basic fundamental accounting principles and concepts in hindi.
Questions and Answers | Accounting Concepts | Principles & Conventions | CA CPT | CS & CMA | Class11
 
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Quiz on Meaning & Scope of Accounting, 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: 12841 Mera Skill

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