the key phrase alright a final one this is that the going concern principle and this is the idea that you assume the business is going to be continuity for the foreseeable future if you make that assumption it is the reliability of the data and by using the going concern principle the values remain … Read moreThe Accounting System and Accounting Basics
anticipate all losses and keep that at heart and that’s the sort of attitude you have to take so you wait you have to be a hundred percent certain that you’ve earned a profit before you record it and if you think you’re likely to experience a loss then recognize it early as an example … Read moreAccounting for Beginners – Learn Basic Accounting Concept
is the cost principle and this is based on that the idea that accounting value is based on transaction costs now these may be historic costs which is an important concept or fair value costs or fair value which is another point of accounting concept and both of these whether its historic cost or fair … Read moreFinancial Accounting Basics | Examples | Explanations
this allows our decisions to be made with more certainty when we had this objectivity as to the reliability of our accounting information and with that reliability and certainty then ideally add a decisional bit better all right an example an example where it talks about historic costs our example could be aware of a … Read moreBasic Accounting Course | Learn Beginner Accounting for FREE Online!
Every other organization and separate from individuals themselves what you do is you draw a strict boundary around the particular entity and you only do the accounting for your particular for your particular accounting entity what this means is that when you present your accounting information. you don’t have your data and resulting reports mixed … Read moreAccounting Concepts and Principles: Accounting Basics and Fundamentals Part 2
hi welcome to a quick lesson on the counting concepts and principles and the accounting concepts and principles will form part of any introduction to accounting course. Okay in the next few minutes we’re going to learn seven accounting concepts every student bookkeeper accountant MBA candidate must know and understand these concepts and principles if … Read moreAccounting Concepts and Principles: Accounting Basics and Fundamentals
that invoice so it may be um it may be more than 45 days from when you perform the service as to when you receive the cash for the payment now the profit recognition principle says you recognize the the income or the profit when you perform the bookkeeping service so you would recognize that … Read more30 Basic Accounting Terms, Acronyms and Abbreviations Students
today so to get value out of our accounting information reports we have to have some sort of set time period where we can make sort of comparison between report and report there will be no it’s an extreme example but if you will the chief financial officer of the Ford company and this company … Read moreLearn Basic Accounting in Less than 1 Hour!
150 dollars to stock so we pay our supplier 150 dollars we put them in our shelves and then we sell them for $200 we want that 150 dollars of the inventory to be recognized as a in which cost of goods sold I’m at the same time that we saw the wages for $200 … Read moreBasic Accounting Concepts – Accounting Basics for Students