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Accounting Concepts and Principles: Accounting Basics and Fundamentals
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- Опубликовано: 15 авг 2024
- Get more in-depth lessons via Axel's Accofina books:
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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 RUclips Channel.
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Thumbnail Portrait: Photo by Bruce Mars from Pexels
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Play in 1.25 speed. Youre welcome
Yes! I agree completely.
This was my first ever RUclips Video and thus I was a complete beginner. I listened back to this tutorial in full about two months ago when adding Closed Captions ...and I cringed the whole time listening to myself fumble through my first recording.
A 1.25x or 1.5x speed should gloss over a bit of the 'rookie quality' and make it more palatable for learning :-)
Cheers,
Axel
lol, l was about to say that
More like 1.75x. But it sounds like you have had a lot of caffeine 😂
You sound confident at 1.25x
Thankyou so much
wow !thanks sir...you made accounting concepts and principles so simple ... this is great
Thanks, Joseph, much appreciated! Glad I could help
Thanks a lot for putting this video out here. I am in school learning the business side of my farm/labor company and this is a great supplement to what I'm doing. Thanks for taking the time to do this.
+Alex Murray Thanks for the positive comment, Alex. Comments like these give me immense satisfaction, I'm glad I could help. Best of success with your farm/labor company!
+accofina.com Merci beaucoup.
very simple way to break the complex concept of accounting, many thanks!
Cheers Rajan, I'm very glad you liked it.
Thanks so much I'm studying these right now and this helps so much thanks
Glad I could help, Tesfay. Getting positive feedback makes my day, so thank you 🙏
thx soo much for this video im starting my accounting class from next month and im really glad this vid can giv me a headstart
Hi Crystal, I'm glad I could help! Thanks for the comment and best wishes for your upcoming course, I hope you enjoy it!
Hi Crystal hope you graduated already, I'm yet to start my classes by mid next year
Thank it's help with the exam I'm having tomorrow
Hope you ended up passing, and that the video helped.
the video consist of helpful fundamental a/cing principles... thanks very much, it really helped
Hi Eugene, thanks very much for your comment! I'm glad I could help :-)
Hi! Thanku for this video! Helped me much! Good luck to me for tomorrow's exam :)✊
Thanks for the positive feedback. Best of Success in Your Exam!!!
Thankyou! It was a very helpful video with the perfect amount of information given. Only recommendation would be to add times in the description box at which each concept or principle starts.
Emma Wright hey emma;)
Emma Wright 😁
Thanks Emma! (1) Hearing a positive learning experience makes my day. And (2) Your suggestion for improvement will help me do this RUclips stuff for many more days to come; your idea is great!
Well it took me 2 years :-/ ....but I did finally update the video description to have time markers for each concept. Thanks for your advice, and apologies for taking so long to implement it. Best wishes, Axel
Bahut aacha laga sir
this is k]just like my lecture, no fun just straight to the point without and small tricks to grasp quicker
Thanks for the concepts you have discussed here.
No problems, mate! Glad you enjoyed the video :-)
Is very helpfull video
Thanks Shamal, I’m glad I could help 😁 Feel free to ask any further questions if anything needs clarification.
Best of success,
Axel
Very clear explanation.
Thanks for this video brother .... It's been helpful for me 😊
I'm glad it was helpful ...positive comments is a big reason why I do this, so thanks for yours.
Shameless self-promotion: feel free to check out some of my newer videos via my Channel ruclips.net/user/accofina ...the newer videos have better production and recording quality :-)
Great, but too slow I dont need the introduction Since Idecited to watch it, I know what I need :)
Thanks sooo muchh.....it helped a lot sir..🙂🙂...I am studying this and it helped a lot....😍😍
Most welcome 😊
Thanks for this very helpful video :)
Thanks mate, glad you liked it.
Hello my friend watching from Philippines
Thanks
Cheers, Beyan
Thanks alot for your answer for the previous and!
No worries, Clara :-)
thanks for the explanation
Why is it important for economists to study accounts?
Thanks for the video, it was very helpful. I just want to ask if these 7 accounting principles are the most important ones? because I think there are other principles that are not being discuss in your video. Also, do you have other accounting principles video? :)
thanks for this helpful video
Thanks for the positive feedback!
We learned about the prudence concept too. Is it another principle or is it another name for the principles u covered in this video?
Hi, the 'Prudence' concept would be another name for the 'Conservatism' concept. Hope this helps! Cheers, Axel
@@accofina Yes! Thanku!
No problems :-)
Easy to understand, thanks sir
Thanks, mate. Simplicity and clarity is what I'm aiming for across all my videos. Cheers, Axel
Thanks for the video :)
No worries, mate. Let me know if I can be of any further help or if you need anything clarified. Cheers.
thank you sir
No problems, morv. I'm glad I could help
number 6 - not sure it's applicable when you work for a business that wants to bring investors, get a new credit line, get better terms with suppliers, and basically survive. if it's not your business, than it's easy.
It may not be as helpful in those situation, but it should always apply. You are not part of the advertising department, you are not a shill, instead you are the accountant, one of the oldest organised professions in the world that still thrives today. You are meant to put your reputation and the integrity of the profession ahead of any other short term pressures. If this principle doesn't apply, where do you draw the line between recording the economic substance of a transaction, to 'creative accounting', to outright fraud?
In reality, often the accounting methods and processes are (very often) affected by business pressures (eg. inside a prospectus for a soon to be re-listed private equity business, a business in protracted wage negotiations, or even other more nuanced earnings management techniques carried out to benefit senior management bonuses). But ideally, the accountant should always follow this principle, and resist external pressures.
It shouldn't be a simple Yes/No 'choice' as to whether the principle applies.
But yes, you're right in that it is always easier resisting these pressures when you're an employee and it's not your own business (with other financial consequences) at risk.
I apologise if I sound firm in this reply, it's just that most of this video's viewers are accounting students, and they shouldn't be learning that their role is to just present 'whatever picture management wants' to the outside world.
In my own reality, I appreciate your in-depth and critical comment.
Best wishes,
Axel
Just want to add one more thing, as I think I was being a little bit rough to you last time I'm sorry. It's not about being pessimistic or negative ...you don't deny reality if things are going well. It's more about being objective and straight down the line, as the accountant, when many other colleagues have the 'optimistic spin' in their job descriptions. It's about a well-balanced complimentary management team, and the CFO is meant to be the realistic & objective ...not someone's who too optimistic NOR pessimistic and emotionally swayed. The reason '6' is about being conservative is because most of the management team is inherently aggressively positive :-)
resourceful
happy
thanks sir
No problems, Manel!
22:20 love the line... sounded like you checked it :D
LOL :-D I can't remember if I specifically checked it, although I never use scripts & instead just work off my own bullet points but I just re-listened to this then and I appear to be seriously struggling to pull together sentences! :-) [So the bullet points are obviously easy to read, but my improv from them was a struggle] This video was literally the first ever RUclips video I produced so I was a complete beginner & lacked stage confidence back then ...as you can probably tell in the audio, with my sentence structure & as stated via your original comment. Thanks for the comment though, and the positive outlook to my lack of professionalism at the time. Best wishes, Axel
thanks for the amazing video though!
why is it important for economics students to study accounts? Plz reply immeddiately
Aggregation of all accounting data from the whole nation like retail sales , Gross domestic production (GDP), interest rates. All these affect national economy. So economics and accounting are closely related,
And one can not survive by itself and alone.
Why is the knowledge of accounting terms and concepts useful to other persons other than accountants? Plz reply immediate
Hi Clara, I hope I've answered fast enough :-)
This knowledge can be helpful to (1) New accounting students who need a refresher (2) Small business owners and other managers who must deal with accountants in their careers, and might find this knowledge beneficial when communicating with their finance staff (3) Investors who want to use fundamental analysis and study financial statements might find it useful to get an understanding of accounting theory.
I hope this answer will suffice.
Best wishes,
Axel
Explain IFRS
I don't get why this is important at school
Hi,thanks for the video :) however, I hope you can make it a little shorter next time for those on the go hehehehe :D
Hi Rachelle, thanks for the comment & the feedback. To be honest, I understand your point regarding the length of the video...this video was the very first I ever produced and I didn't have much practice (and it also took AGES to produce, edit & upload, hehe!). If you go to my channel, you should find my other videos are much shorter. Note: I personally prefer my RUclips watching to be only about 5-7 mins each, but often this is not enough time to cover a complete accounting lesson. But if you still find my other videos are too long, then let me know that too. Thanks again for the comment & feedback. Cheers, Axel
Hi Haer, I really appreciate your point of view. And your right that core principles shouldn't be rushed. The difficulty is trying to balance the need to spend adequate time on important ideas vs the reality that many RUclips viewers won't watch a video (in one sit down) longer than 10-15 mins or so (My RUclips analytics tell my my average view time is just over two a half minutes, for example). But thanks for speaking up and adding your point of view in the matter, I'll keep listening to feedback to try and work out 'ideal' tutorial lengths for the RUclips medium. Cheers mate, Axel
Rachelle Jeremy pihnpei
cool
Thanks ;-)
5. Is Also accrual principle
Thank me later
Comments are always welcome!
If you need any clarification or help in regards to this lesson, get in touch!
You can comment, visit the accofina RUclips Channel (ruclips.net/user/accofina) or visit www.accofina.com direct
Language hi samjh na ri
Hi Prachi, I'm sorry I don't speak Hindi. But, I am starting a project to improve the closed captions on all videos. This is coming soon. GOOGLE TRANSLATE: "haay praachee, mujhe khed hai ki main hindee nahin bolata. lekin, main sabhee veediyo par band kaipshan ko behatar banaane ke lie ek projekt shuroo kar raha hoon. yah jald hee aa raha hai."
Hi Prachi. I have now added Closed Captions to this video. You should now be able to autotranslate the captions into Hindi. And you can contribute to a Hindi translation via this link (ruclips.net/user/timedtext_video?ref=share&v=IggY48vEe2w), if you wish. Sorry for the long delay. Cheers, Axel.
GOOGLE TRANSLATE: haay praachee mainne ab is veediyo mein band kaipshan jode hain. ab aap hindee mein kaipshan ko svat: traansaletar karane mein saksham hona chaahie. aur yadi aap chaahen to is link ke maadhyam se aap hindee anuvaad mein yogadaan de sakate hain. lambee deree ke lie kshama karen. cheeyars, Axel.
That is so sweet!
Useful, very but man take a breather from sentence to sentence, dont wanna hear you dying while explaining to us man D;
Lol, thanks. I'll try to remember that :-D
nice accent
+Berhe Hadgu Thanks, mate!
The Way you say "ahhh" when trying to explain, makes it hard to listn to you. (((((((
Sorry about this. This video was the first I ever uploaded to RUclips, so I was very inexperienced and nervous. But I'm sorry you found it hard.
Bruhh u talk so sloww
Sorry about that, mate. You could try playing it at 1.25x or 1.5x speed if the speech speed is too frustrating 👍
Sale hindi me speak do
Sorry mate, I can't help with Hindi as it's a language I don't speak
Hi deekshant. I have now added Closed Captions to this video. You should now be able to autotranslate the captions into Hindi. And you can contribute to a Hindi translation via this link (ruclips.net/user/timedtext_video?ref=share&v=IggY48vEe2w), if you wish. Sorry for the long delay. Cheers, Axel.
GOOGLE TRANSLATE: haay dekashent mainne ab is veediyo mein band kaipshan jode hain. ab aap hindee mein kaipshan ko svat: traansaletar karane mein saksham hona chaahie. aur yadi aap chaahen to is link ke maadhyam se aap hindee anuvaad mein yogadaan de sakate hain. lambee deree ke lie kshama karen. cheeyars, Axel.
Pramod gautam can't you be nicer?!
Thanks so much I'm studying these right now and this helps so much thanks
+Abigail Mackay Thanks very much Abigail, I'm glad you got value. Get in touch anytime if you have suggestions for further videos that relate to your studies. Cheers, Axel
Hey Abigail i m aso learning accounting if u would like to dicuss some topics with me
Thank you! Very helpful! :)
Cheers! Thanks for the positive feedback, it always makes me feel good!