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Revenue Recognition Principle
 
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Accounting A Screencast
Views: 56096 Theresa Duong
Revenue Recognition Principle and Matching Principle - Accounting video
 
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"What is Financial Accounting and Bookkeeping" - eBook JUST RELEASED! ONLY $.99 @ http://tiny.cc/m7slmw (FREE Sample - see details below) "What is Financial Accounting and Bookkeeping" is available in multiple formats including Kindle, iPad/iBooks, Kobo, Sony Reader, Nook, and PDF! "What is Financial Accounting and Bookkeeping" introduces integral accounting vocabulary, concepts and principles to give a foundation for learning accounting. Using conversational style language, the discussion on the differences in financial and managerial accounting give the reader a clear understanding of what financial accounting is. "What is Financial Accounting and Bookkeeping" provides step-by-step guidance through the accounting equation: (1) how to use the accounting equation in analyzing business transactions, and (2) using the accounting equation and transactional data information to later prepare financial statements and how those financial statements are linked together. "What is Financial Accounting and Bookkeeping" contains an accounting quiz and example accounting exam questions, with solutions, and a glossary of terms. -- The Revenue Recognition Principle and Matching Principle video by TheAccountingDr at http://youtu.be/0mY5Vypn624 is an in-depth discussion on when revenue is recognized: revenue is recognized when earned and not necessarily when cash is received. The Matching Principle states that expense are recorded when incurred and not necessarily when case is paid to ensure that expenses are matched appropriately with the revenues those expenses created. Find the Revenue Recognition Principle and Matching Principle video with complete transcript of lecture notes at http://theaccountingdr.hubpages.com/hub/Accounting-Equation Other videos in this series: Part 1 - Accounting Terms and Principles Part 2 - The Accounting Equation Part 4 - The Financial Statements -- Thank you all for your wonderful support. Because of your support we have been able to reach and help numerous accounting students. Please continue to be a part of our mission to help other accounting students be successful by giving our videos thumbs up and adding our videos to your favorites. -- For more accounting/how to eLectures (and accompanying lecture notes), blog, FAQs and ebooks visit www.TheAccountingDr.com Please note that videos may require Flash media and may not play on devices without Flash capabilities (i.e. iPad). Visit www.TheAccountingDr.com to view the videos on non-Flash devices.
101 Matching principle - Accounting 101
 
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Matching principle is one of the two most fundamental accrual principles, accrual principles having to do with timing, having to do with when revenue and expenses are recognized. The revenue recognition principle is the accrual principle governing revenue recognition. The matching principle, expense recognition principle, governs the time period that expenses should be recognized. Matching principle can seem more confusing than the revenue recognition principle because revenue recognition is the goal or objective of the business, expense generation not being the goal of the business. The reason for expenses are to help achieve the business goal, helping generate revenue. This is where we often refer to accrual expense recognition as the matching principle, the goal being to match expenses to the same time period they are used to achieve the goal of generating revenue. Expenses do not equal cash outflow but, according to the matching principle, represent assets used or liabilities incurred in order to generate revenue in the same time period. Why Learn Accounting - Financial Accounting / Managerial Accounting https://youtu.be/uaWDB1YdA1k?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Double Entry Accounting System Explained - Accounting Equation https://youtu.be/66e9QbrkE4g?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Cash vs Accrual - Cash Method / Accrual method differenc https://youtu.be/i2O0cexCrqc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Revenue Recognition Principle https://youtu.be/M_pauBGz5Jc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI Double Entry Accounting System Explained - Balance Sheet https://youtu.be/kOItl8E3fNA?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Income Statement Introduction https://youtu.be/1k11H8icQxc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Accounting Objectives - Relevance Reliability Comparability https://youtu.be/mO8tPzFmN8o?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Rules - Accounting Equation https://youtu.be/0vy6W_WTO2I?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Throught Process / Steps - Accounting Equation https://youtu.be/SlTo3EXDuqU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Owner Deposits Cash Transaction Accounting Equation https://youtu.be/lPZoImc88eU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Work Completed for Cash Transaction Accounting Equation https://youtu.be/ll5xIHVdrVs?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 100.110 Pay Employee with Cash Transaction Accounting Equati https://youtu.be/bSa3NuVpkwc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits Normal Balance - Double Entry Accounting Sy https://youtu.be/alSWKuWPlxU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits - One Rule to Rule Them All https://youtu.be/RL3BFjL1eyE?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
Revenue Recognition: Identify Contract (New FASB)| Intermediate Accounting | CPA Exam FAR | Chp18 p1
 
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Revenue  recognition  practices  are  currently  the  most  prevalent  reason  for  accounting  restatements.  In  response  to  fraudulent  activities—and  the  increasing  attention  investors  have  focused  on  revenue  numbers—the  FASB  and  IASB  issued  a  new  standard  on  revenue  recognition. This new standard provides a set of guidelines to follow in determining when revenue  should be reported and how it should be measured. Most revenue transactions pose few problems because the transaction is initiated and completed at the same time. However, not all transactions are that simple. The new standard adopts an asset­liability approach as the basis for revenue recognition. The asset­liability approach recognizes and measures revenue based on changes in assets and liabilities arising from contracts with customers. The new standard first identifies the key objective of revenue recognition, followed by a five­step process that companies should use to ensure that revenue is measured and reported correctly, with the culmination of the process being the revenue recognition principle. Key Objective for Revenue Recognition 3. Revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration that the company receives, or expects to receive, in exchange for these goods or services. The Five­Step Revenue Recognition Process 4. (L.O. 2) The five­step revenue recognition model is as follows: 1. Identifying the Contract with Customers 2. Identifying Separate Performance Obligations 3. Determining the Transaction Price 4. Allocating the Transaction Price to Separate Performance Obligations 5. Recognizing Revenue When (or as) Each Performance Obligation is Satisfied
Recognition criteria for the elements of financial statements
 
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The recognition criteria for elements of general purpose financial reports in terms of the Conceptual Framework for Financial Reporting
Views: 11942 Tabaldi Education
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.
3 - Basic Elements of Revenue Recognition
 
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An overview of basic elements of revenue recognition, to accompany http://www.principlesofaccounting.com Chapter 3, Income Measurement *Check out the Classroom page to find out how to take this course for credit: http://www.principlesofaccounting.com/classroom.html
Views: 49425 Larry Walther
Accounting Principles - GAAP Principles Tutorial 9 of 10
 
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The 9th tutorial video on financial accounting continues to explain the GAAP. In this video Principles are covered. The cash and accrual basis of accounting is explained and so are the different methods of revenue recognition. Other concepts covered in this video are Matching concept, full disclosure and cost basis of accounting. Videos 7, 8 9 and 10 together cover details of financial accouting generally accepted Accounting Principles or GAAP.
Views: 10677 CXOLearningAcademy
Revenue Recognition - Introduction
 
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Did you liked this video lecture? Then please check out the complete course related to this lecture, Advanced Accounting A Complete Studywith 450+ Lectures, 60+ hours content available at discounted price(10% off) with life time validity and certificate of completion. Enrollment Link For Students Outside India: https://bit.ly/2weNR0h Enrollment Link For Students From India: https://www.instamojo.com/caraja/advanced-accounting-a-complete-study-for-ca-/?discount=inyaacs4 Our website link : https://www.carajaclasses.com Course Description Welcome to this course Advanced Accounting A Complete Study for CA / CMA / CFA / CS Students. As the name says, this course is structured keeping in mind academic curriculum of Advanced Accounting Paper meant for CA IPCC / CMA Inter / CS / CFA Students. In this course, you will learn advanced Accounting topics like a) Branch Accounts b) Departmental Accounts c) Accounting for Royalties d) Accounting for Hire Purchase Transactions e) Self Balancing Ledgers f) Sectional Balancing Ledgers g) Accounting for Service Sectors, Project Accounting, etc. h) Accounting for Service Sectors like Software, ITES, Telecommunication, Entertainment, Hospital, Educational Institutions. i) Accounting for Special Transactions - Bill of Exchange j) Accounting for Special Transactions - Consignment k) Accounting for Special Transactions - Joint Venture l) Accounting for Special Transactions - Sale of goods on Approval or Return Basis m) Accounting for Special Transactions - Account Current n) Accounting for Special Transactions - Investment Accounts o) Accounting for Special Transactions - Insurance Claim (Loss of Stock and Loss of Profit) p) Accounting for Banking, Electricity and Insurance Companies. This course is structured in self paced learning style. Theoretical back ground for each and every topic will be explained followed by numerous case studies and most of them will be past examination tested problems. Take this course and gain complete understanding of Advanced Concepts in Accounting and prepare confident-ally for Professional Course Examinations.
Views: 10436 CARAJACLASSES
Accrual Accounting:  Revenue Recognition And The Matching Principle - Slides 1-15
 
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This is the full video on the topic "Accrual Accounting: Revenue Recognition And The Matching Principle". If you would rather watch this video in small bites, you can go to my playlist titled "Accrual Accounting: Revenue Recognition And The Matching Principle" where you will see all the slide-specific videos that make up this full video. These videos are part of a free online course in accounting created by Kevin Kimball of Brigham Young University -- Hawaii using the Canvas Network's Learning Management System (LMS). The actual course will first become available for enrollment a couple months prior to the start of Winter Semester 2014 (which starts in January) at learn.canvas.net. Aside from that, all of the videos in this course will be freely available in YouTube with no registration requirement, you just won't have access to the outcome assessment features (i.e. quizzes) and the interaction with the professor and fellow students that will be available in the full course at learn.canvas.net. The reason I broke the full presentation into multiple individual video slides was twofold 1) it was easier to edit and 2) so that the students taking my online course could jump to each individual slide's video so that they could watch just the video segments they needed most. I put it in one full video to save you time in that you will only need to press play once. Brought to you by the Debits and Credits Trainer Android App on the Google Play Store.
Views: 5417 Kevin Kimball
Conceptual Framework of Accounting or IFRS Framework--OBJECTIVE QUALITATIVE CHARACTERISTICS ELEMENT
 
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This video includes: What is Conceptual Framework? Objective of financial reporting Qualitative characteristics of useful financial information 1. Fundamental qualities A. Relevance (1) predictive value (2) confirmatory value B. Faithful representation (1) completeness (2) neutrality (3) free from error 2. Enhancing qualities: (1) comparability (2) verifiability (3) timeliness (4) understandability Definition, recognition and measurement of the elements from which financial The elements directly related to financial position (balance sheet) are: Assets Liabilities Equity The elements directly related to performance (income statement) are: Income Expenses Recognition, Measurement, and Disclosure Concepts ASSUMPTIONS 1. Economic Entity 2. Going Concern 3. Monetary Unit 4. Periodicity 5. Accrual PRINCIPLES 1. Measurement 2. Revenue Recognition 3. Expense Recognition 4. Full Disclosure CONSTRAINTS 1. Cost 2. Materiality
Views: 11459 Md. Azim
Adjusting Account Balances: Matching and Revenue Recognition Principles
 
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http://freefinancialaccountingtextbook.blogspot.com/2011/06/chapter-4-accrual-accounting_11.html Learn how to use this handy accounting tool in Chapter Four of the Free Financial Accounting Textbook.
Views: 1280 etramway
Accountancy - Class 11 - Introduction to Accounting - Part 19 - Revenue Recognition Concept
 
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Download notes from here: https://drive.google.com/open?id=0B5k4D24gelFXZlN0d2JuUlBvMWs
Views: 2521 Nishant Kumar Classes
Five Step Process To Revenue Recognition
 
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In this Focus on Learning video, McKonly & Asbury Partner Janice Snyder discusses the five step process to Revenue Recognition. This process, which is outlined by the Financial Accounting Standards board, can help contractors, construction companies, and other organizations understand how to recognize revenue.
Views: 13128 McKonly & Asbury
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: 153187 AccoFina
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: 29269 Wings Education
3 - Basic Elements of Expense Recognition
 
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An overview of basic elements of expense recognition, to accompany chapter 3 of http://www.principlesofaccounting.com. *Check out the Classroom page to find out how to take this course for credit: http://www.principlesofaccounting.com/classroom.html
Views: 26694 Larry Walther
Review of Financial Accounting - Principles, Assumptions, & Constraints
 
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For more videos like this go to www.patrickleemsa.com. Join Robinhood and we'll both get a share of stock like Apple, Ford, or Sprint for free. To do so, make sure you click on this link: https://share.robinhood.com/patrickl803 ___________________________________ NETWORK WITH ME! PATRICKLEECPA Twitter - https://twitter.com/patrickleecpa Website – https://www.patrickleecmsa.com ___________________________________________ Send a letter or send something cool about how you’re using these videos. Patrick Lee, MSA PO Box 936 Winfield, Kansas 67156 ___________________________________________ WORK WITH ME! CONTACT US: [email protected]
Views: 11407 Patrick Lee
1083. Revenue Recognition Concept
 
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Visit our website www.arinjayacademy.com for Hindi,  Maths, Accounts, CA Final International Tax, Direct Tax at following links  Hindi Class 6 Notes, click -  https://www.arinjayacademy.com/hindi-vyakaran-हिंदी-व्याकरण-class-6/ Hindi Class 7 Notes, click -  https://www.arinjayacademy.com/hindi-vyakaran-class-7/  Hindi Class 8 Notes, click -  https://www.arinjayacademy.com/hindi-vyakaran-class-8/ Hindi Class 9 and Class 10 Notes, click -  https://www.arinjayacademy.com/hindi-vyakaran-class-10/ Maths Class 3 Notes, click -  https://www.arinjayacademy.com/practice-maths-grade-3/ Maths Class 4 Notes, click -  https://www.arinjayacademy.com/maths-class-4/ Maths Class 5 Notes, click -  https://www.arinjayacademy.com/practice-maths-grade-5/  Maths Class 6 Notes, click -  https://www.arinjayacademy.com/practice-maths-grade-6/  Maths Class 7 Notes, click -  https://www.arinjayacademy.com/practice-maths-grade-7/  Maths Class 8 Notes, click -  https://www.arinjayacademy.com/practice-maths-grade-8/ Accounts Class 11 Notes, click - https://www.arinjayacademy.com/accounts_class-xi/ Accounts Class 12 Notes, click  -  https://www.arinjayacademy.com/accountancy-class-12/  CA Final International Tax Notes, click -  https://www.arinjayacademy.com/ca-final-elective-paper-6c-international-tax/ Transfer Pricing Notes, click -  https://www.arinjayacademy.com/transfer-pricing/ International Tax Article by Article Notes, Click -  https://www.arinjayacademy.com/international-tax-interpreting-tax-treaty/ Download Arinjay Academy app at : - https://play.google.com/store/apps/details?id=com.arinjayacademy You can access our content at https://www.arinjayacademy.com/learn Practice Accounts Exercise Class XII at - https://www.arinjayacademy.com/learn/Accounts-Class-XII?tab=3 Practice Maths Exercise Class VI at - https://www.arinjayacademy.com/learn/MathsClassVI?tab=3 Practice Maths Exercise Class VII at - https://www.arinjayacademy.com/learn/Maths--Class---7-?tab=3 Practice Hindi Exercise Class VI at - https://www.arinjayacademy.com/learn/Hindi---Class-6--?tab=3 Practice Economics Exercise Class XII at - https://www.arinjayacademy.com/learn/Economics---Class-12?tab=3 According to the revenue recognition concept, in order to recognize revenue from a transaction, there are two things which should have occured, namely : - • Transaction should have been entered into; • Right to receive the payment must be established. The revenue recognition event need not necessarily occur with the event of collection of cash. Once the above two factors are established, even if the cash is received at a later point in time, it does not make any difference to the recognition of revenue. The undermentioned video explains the concept of revenue recognition in detail.
Views: 13482 Arinjay Academy
Revenue Recognition New Standards You Need to Know
 
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Proposed changes to revenue recognition standards may affect how you are doing business today. The Financial Accounting Standard Board (FASB) and International Accounting Standards Board (IASB) are jointly working to develop a common revenue recognition standard which would replace all current U.S. GAAP and IFRS revenue recognition standards. Our experts will review proposed changes to the standards and how they might affect business processes today.
Views: 2404 Armanino LLP
Intro to Financial Accounting: Cash vs Accrual Basis and Revenue Recognition Principle
 
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Introduction to Financial Accounting Professor Alexander Sannella Lecture 6 0:31 Comprehensive Problem 18:25 General Ledger 21:48 Trial Balance 24:50 Income Statement 26:33 Retained Earnings 30:37 Balance Sheet Chapter 3 Learning Objective 1 40:19 Cash Basis vs Accrual 43:12 Summary Questions and Explanations 44:34 Question 1 47:10 Question 2 47:25 Question 3 50:18 Question 4 Learning Objective 2 57:15 Time Period Concept 59:51 Example 1:05:18 Companies Year end 1:05:43 Accrual Basis Accounting 1:06:25 Revenue Recognition Principle 1:08:44 Summary 1:10:36 The Matching Concept Questions and Explanations 1:13:05 Question 1 There are two approaches to accounting for entities - the cash basis and the accrual basis. A cash basis approach focuses on actual cash collections and payments. Under the cash basis, revenues are recorded when the cash is collected, and expenses are recorded when cash payments are made. An accrual basis approach recognizes that the recognition of revenues and expenses should not be affected by the timing of cash collections and disbursements. Rather, revenues and expenses should be recognized when the underlying economic activities actually take place. Revenue is recorded when it is earned, even if the collection of the cash takes place at a later date. Expenses are recorded when they are incurred, even if cash collection takes place at a later date. The accrual basis measures economic activity rather than cash collections and disbursements. The need for accounting adjustments results from the time period assumption (periodicity concept). It should be noted that the profit or loss of a particular business venture cannot be determined until the business is terminated and all assets are liquidated. However, due to the fact that the business community, investors, creditors, and the government cannot wait for the business to end for financial information to be supplied, the environment in which accounting operates demands information on a timely basis. Accounting information is only useful if it is capable of making a difference in a decision. Thus, it must be presented on a timely basis. For example, the Internal Revenue Service (IRS) will not wait for tax information until a business liquidates. The Securities and Exchange Commission requires quarterly (10Q) and annual reports (10k) from filers. To satisfy user needs, accountants must truncate the life of the business into artificial reporting periods of equal length; a fiscal year or calendar year, quarters, months, etc. This is the basis of the time period assumption. The time period concept assumes that the life of an economic entity can be divided into artificial time periods of equal length for the purpose of providing periodic reports on the economic activities of the entity. Application of the time period concept requires that we used accrual basis accounting. A business's activities are separated into small segments, and the financial statements can be prepared for specific time periods, such as a month, quarter, or year. Any twelve month period is referred to as a fiscal year (not necessarily a full calendar year). The time period concept simply states that it is appropriate to report a company's information periodically at a predefined time interval. The application of the time period concept in practice requires the use of the accrual basis of accounting. The fundamental principles of accrual accounting are the revenue recognition principle and the matching principle (also known as the expense recognition principle). Under the revenue realization principle, revenue is recognized when an exchange has taken place and the earning process is essentially completed. The earning process is complete when there are no material uncertainties as to future costs to be incurred and as to collection. The earnings process is also deemed "complete" when the seller has either delivered a product or performed a service. Revenue is recognized when it is earned, regardless of the timing of cash collection. The matching principle states that expenses (also known as costs before they are matched to revenues) are to be recognized only in the period in which the related revenues (benefits) are received. Expenses must be recognized when incurred, regardless of when cash is actually paid. Expensing sales commissions earned in the same period as a sale is made, even if the sale is not collected, is an application of the matching principle. At times, expenses are not easily related to revenues and here, we can recognize expense based on the passage of time (e.g. insurance policies expire as each month of coverage passes). As insurance coverage is used, it represents an expense. However, it is not possible to relate or match this expense to specific revenues earning over the same period.
Introduction to the New Revenue Recognition Standards
 
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An explainer video introducing the new revenue recognition standards under U.S. GAAP and IFRS (ASC 606/IFRS 15).
Views: 21144 GAAP Dynamics
Crash Course Accounting: The Revenue Recognition Principle
 
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Accounting for Business Decisions A
Views: 742 Sam Allan
Principles of Accounting - Lecture 08
 
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adjusting accounts, adjustments, time-period assumption, annual report, semi-annual report, quarterly report, natural business year, calendar year, tax year, tax basis, accrual basis, earned revenue, the matching principle, GAAP, non-GAAP, prepaid insurance, insurance expense, revenue recognition principle, delivery, service delivery, matching principle, expense-recognition principle, equipment, depreciation, depreciation expense, adjusting entry, prepaid expense, unearned revenue, accrued expense, accrued revenue, unadjusted balance, adjusted balance,
Views: 23613 Krassimir Petrov
Revenue Recognition
 
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A video that discusses when to record revenue. Also reviews two journal entries involving revenue. Accounts receivable, cash and unearned revenue are also discussed. For more help with accounting, please visit my website http://AccountingInFocus.com.
Views: 6294 Kristin Ingram
Revenue Recognition Principle- Accounting 22107
 
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UTS Screencast Assignment-- Created using PowToon -- Free sign up at http://www.powtoon.com/youtube/ -- Create animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video. PowToon's animation templates help you create animated presentations and animated explainer videos from scratch. Anyone can produce awesome animations quickly with PowToon, without the cost or hassle other professional animation services require.
Views: 62 Georgina McCrohon
Accounting Screencast- The Revenue Recognition Principle by Patrick Kramer
 
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A screencast on The Revenue Recognition Principle for 'Accounting for Business Decisions A' at the University of Technology Sydney.
Views: 1119 Patrick Kramer
Accounting : Revenue Recognition Principle - Jessica Whyte - UTS 11715911
 
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Revenue Recognition Principle by Jessica Whyte (UTS-11715911)-- Created using PowToon -- Free sign up at http://www.powtoon.com/ . Make your own animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video. PowToon's animation templates help you create animated presentations and animated explainer videos from scratch. Anyone can produce awesome animations quickly with PowToon, without the cost or hassle other professional animation services require.
Views: 155 Jessica Whyte
101 Ethics, profession, and Generally Excepted Accounting Principles-Accounting instructions
 
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Discussion of what ethics is with regard to a profession and how internal controls can be used to reduce the likelihood of fraud. Why Learn Accounting - Financial Accounting / Managerial Accounting https://youtu.be/uaWDB1YdA1k?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Double Entry Accounting System Explained - Accounting Equation https://youtu.be/66e9QbrkE4g?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Cash vs Accrual - Cash Method / Accrual method differenc https://youtu.be/i2O0cexCrqc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Revenue Recognition Principle https://youtu.be/M_pauBGz5Jc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI Double Entry Accounting System Explained - Balance Sheet https://youtu.be/kOItl8E3fNA?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Income Statement Introduction https://youtu.be/1k11H8icQxc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Accounting Objectives - Relevance Reliability Comparability https://youtu.be/mO8tPzFmN8o?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Rules - Accounting Equation https://youtu.be/0vy6W_WTO2I?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Throught Process / Steps - Accounting Equation https://youtu.be/SlTo3EXDuqU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Owner Deposits Cash Transaction Accounting Equation https://youtu.be/lPZoImc88eU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Work Completed for Cash Transaction Accounting Equation https://youtu.be/ll5xIHVdrVs?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 100.110 Pay Employee with Cash Transaction Accounting Equati https://youtu.be/bSa3NuVpkwc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits Normal Balance - Double Entry Accounting Sy https://youtu.be/alSWKuWPlxU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits - One Rule to Rule Them All https://youtu.be/RL3BFjL1eyE?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
Accounting Terms and Accounting Principles - Financial Accounting video
 
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Accounting Terms and Accounting Principles - Financial Accounting video introduces the foundational terminology necessary in accounting and business. Accounting Terms and Accounting Principles introduces the distinction between financial accounting and managerial accounting. Accounting Terms and Accounting Principles briefly introduces accounting concepts, accounting terms and accounting principles with examples. Accounting lecture notes: http://theaccountingdr.blogspot.com/p/lecture-notes.html -- Accounting Terms and Accounting Principles video by TheAccountingDr at http://youtu.be/PDDGzBZlqy0 Find this video with complete transcript of lecture notes at http://theaccountingdr.hubpages.com/hub/Accounting-Equation Other videos in this series: Part 2 - The Accounting Equation Part 3 - The Revenue Recognition and Matching Principles Part 4 - The Financial Statements -- Thank you all for your wonderful support. Because of your support we have been able to reach and help numerous accounting students. Please continue to be a part of our mission to help other accounting students be successful by giving our videos thumbs up and adding our videos to your favorites. -- For more accounting/how to eLectures (and accompanying lecture notes), blog, FAQs and eBooks visit www.TheAccountingDr.com Please note that videos may require Flash media and may not play on devices without Flash capabilities (i.e. iPad) - If the video doesn't play on YouTube you can view it at www.TheAccountingDr.com
Accounting A Revenue Recognition Principle Screencast
 
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Accounting for Business Decisions A- Revenue Recognition Principle
Views: 48 E.H Hanna
Revenue recognition principle Accounting-A screencast
 
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A screencast for Accounting-A about the revenue recognition principle. Hope it helps.
Views: 80 Yan Chen
Revenue recognition principle
 
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UTS screen cast task
Views: 12 张巨豪
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: 26371 The Commerce Tutor
Revenue Recognition Principle
 
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Accounting for Business Decisions A Screencast. An educational video for Revenue Recognition Principle.
Views: 232 AlWatzee
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: 1940 Letstute Accountancy
Insurance Accounting Essentials
 
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In this presentation, I provide a high-level walk-through to the following Insurance Accounting fundamental topics: 1. Development of Specialized Accounting Rules 2. Insurance Basics 3. Financial Statements 4. Asset Valuation 5. Liabilities and Reserves 6. Revenues, Expenses, and Profits
Views: 16553 Nazim C. Toksavul
Accounting Equation; Retained Earnings; Net Income; Dividends - video
 
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"What is Financial Accounting and Bookkeeping" - eBook JUST RELEASED! ONLY $.99 @ http://tiny.cc/m7slmw (FREE Sample - see details below) "What is Financial Accounting and Bookkeeping" is available in multiple formats including Kindle, iPad/iBooks, Kobo, Sony Reader, Nook, and PDF! "What is Financial Accounting and Bookkeeping" introduces integral accounting vocabulary, concepts and principles to give a foundation for learning accounting. Using conversational style language, the discussion on the differences in financial and managerial accounting give the reader a clear understanding of what financial accounting is. "What is Financial Accounting and Bookkeeping" provides step-by-step guidance through the accounting equation: (1) how to use the accounting equation in analyzing business transactions, and (2) using the accounting equation and transactional data information to later prepare financial statements and how those financial statements are linked together. "What is Financial Accounting and Bookkeeping" contains an accounting quiz and example accounting exam questions, with solutions, and a glossary of terms. -- The Accounting Equation by TheAccountingDr covers what the accounting equation is and how we use the accounting equation to solve for unknown amounts (i.e. assets, liabilities, owners' equity). In addition, there is a short description of retained earnings and how it is affected by net income and dividends. Find this the accounting equation video with complete transcript of lecture notes at http://theaccountingdr.hubpages.com/hub/Accounting-Equation The Accounting Equation video by TheAccountingDr @ http://youtu.be/x1fHKYRQdRk Other videos in this series: Part 1 - Accounting Terms and Accounting Principles Part 3 - Revenue Recognition Principle and Matching Principle Part 4 - Financial Statements -- Thank you all for your wonderful support. Because of your support we have been able to reach and help numerous accounting students. Please continue to be a part of our mission to help other accounting students be successful by giving our videos thumbs up and adding our videos to your favorites. -- For more accounting/how to eLectures (and accompanying lecture notes), blog, FAQs and ebooks visit www.TheAccountingDr.com Please note that videos may require Flash media and may not play on devices without Flash capabilities (i.e. iPad). Visit www.TheAccountingDr.com to watch the videos on non-Flash enabled devices.
Accounting Principle - Revenue Recognition
 
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Accounting for Business Decision A AUTUMN 2016 Semester Screencast Assignment
Views: 102 Jenny Tran
ASU 2014-09 (Accounting Standards Update for Revenue Recognition)
 
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This video summarizes the 5 steps to recognizing revenue under ASU 2014-09. An example is presented to show how revenue would be recognized in an actual setting. The video also discusses how ASU 2014-09 changes the practice of recognizing revenue, particularly for firms that used to rely on the percentage-of-completion method for revenue recognition. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin This video was funded by a Civic Engagement Fund grant from the Gephardt Institute for Civic and Community Engagement at Washington University in St. Louis.
Views: 2147 Edspira
101 What are Accounting Objectives & Revenue Recognition - Accounting basics
 
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Short lecture on accounting objectives and the revenue recognition principle. Longer more detailed lectures in another channel.
Revenue Recognition Principal
 
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Screencast Assignment - Revenue Recognition Principle.
Views: 90 Ashish Sanjel
AS 9 - Revenue Recognition
 
01:17:49
CA Final - Old Syllabus Students You can download my notes from my facebook about page - CA Final - OLD Syllabus Links Accounting Standards Material https://www.dropbox.com/s/xdf0c7n1zcjw4oo/Accounting%20Standards%20Full%20INCLUSING%20ANSWERS.pdf?dl=0 Financial Reporting Material https://www.dropbox.com/s/szcfu5xpla5mty4/CA%20Final%20Old%20Syllabus.pdf?dl=0 Changes in Financial Reporting https://www.dropbox.com/s/2nzjbfknqkh1gbk/Changes%20in%20FR.pdf?dl=0 Comparisons between IND AS vs AS https://www.dropbox.com/s/gh3qh9pjxe9zdw2/IND%20AS%20vs%20AS%20Comparison.pdf?dl=0 Watch all the videos free of cost on my Youtube Channel Follow the Link - https://www.youtube.com/knvsantoshmehra CA Santosh Mehra is a Diploma in IFRS from ACCA – UK subsequent to which he attained CERTIFICATION IN IND-AS / IFRS by ICAI in 2015. He is known for his skill in implementation of IFRS and IND AS with various enterprises in India and outside India. He is a certified trainer by ICAI for qualified CAs in various centres of ICAI. https://www.facebook.com/casantoshmehra/
Views: 23748 Santosh Mehra
Financial Accounting: GAAP Principles and Concepts
 
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For best viewing, switch settings to 1080p Help us caption & translate this video! http://amara.org/v/FgKs/
Views: 28866 ProfAlldredge
CPA exam Questions FAR | Recognition and Measurements Concepts | Intermediate Accounting
 
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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

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