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Basic Accounting Concepts
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FAQ Basic Accounting Concepts

This e-book is a guide and reference resource for students of accounting (and its subsidiary, bookkeeping). In simple language, it explains the basic accounting concepts and why they are important in the process and application of accounting and bookkeeping.

Basically, the mechanics of accounting is little more than adding and subtracting figures, and sometimes applying a percentage. So, it is not usually the maths of accounting that students find difficult to grasp. Rather, it is the WHY of accounting.

This book compiles answers provided by Peter Baskerville to questions about the WHY of basic accounting. It is designed as a learning resource that users can ‘dip in and out of’ as they seek answers to specific questions, rather than as a book to be read sequentially from cover to cover. As a result, there is some necessary repetition to ensure answers to all questions are contained and comprehensive.

Peter has taught bookkeeping and accounting for many years at a technical college, and has first-hand experience in helping students to understand basic accounting concepts. 

Peter explains the background and first principles that underpin each concept. The answers are grouped and ordered according to the standard learning process in accounting, but their focus is on the WHY: why accounting and bookkeeping operate as they do. 

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WNCBusiness's curator insight, August 7, 2013 10:19 AM

Worth a look! Although all content should be covered in our core textbook.

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Basic accounting principles everybody should know.

Basic accounting principles everybody should know. | Basic Accounting Concepts | Scoop.it
Most people think accounting is boring, hard to understand or not important. We show you step by step in simple English how basic accounting works.
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Free resources and links to help you understand the basic Accounting Concepts.

Free resources and links to help you understand the basic Accounting Concepts. | Basic Accounting Concepts | Scoop.it

Links to FREE resources curated by Hector Garcia of Intuit that will help you to read and understand Financial Statements. 

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Learn Business Accounting for Free.

Learn Business Accounting for Free. | Basic Accounting Concepts | Scoop.it

You can learn Accounting and Financial reporting by reading this free book “Business Accounting” online. It is a good book, written by Joe Hoyle, an associate professor of accounting at the Robins School of Business, University of Richmond and C. J. Skender, University of North Carolina at Chapel Hill.

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17 chapters are available onlineand  covering the accounting you need to operate a business. The ebook contains opening and closing videos for each chapter, Socratic questioning, embedded multiple-choice questions, expert discussions and a “research assignment” to help students explore further information.

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Explaining accounting videos

Explaining accounting videos | Basic Accounting Concepts | Scoop.it
A Basic insight into the world of Accounting, Types, Principles and Costing Techniques.
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16 videos covering a Basic insight into the world of Accounting, Types, Principles and Costing Techniques.

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Debits and Credits in Accounting - Introduction

This is the first section in a course designed to help accounting students fully understand the concept of debits and credits in Accounting. Ebook: http://ww...
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Generally Accepted Accounting Principles (GAAP)

Generally Accepted Accounting Principles (GAAP) | Basic Accounting Concepts | Scoop.it

Generally accepted accounting principles (GAAP) is a term that refers to a set of basic guidelines, detailed rules and standards and generally accepted practices used throughout the accounting industry in preparing and standardizing financial statements, such as balance sheets, income statements and cashflow statements.

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Introduction to Financial Accounting - Free articles

Introduction to Financial Accounting - Free articles | Basic Accounting Concepts | Scoop.it

Covering topics such as :Users of Accounting Information, Types of Accounting, Types of Financial Statements, Statement of Financial Position, Income Statement, Statement of Cash Flow, Statement of Changes in Equity, Relationship between Financial Statements, Purpose of Financial Statements, Limitation of Accounting & Financial Reporting,
Accounting Concepts and Principles, Elements of Financial Statements,
Double Entry Accounting, Accounting for Sales, Accounting for Cash Transactions, Accounting for Inventory, Accounting for Fixed Assets,
Accruals and Prepayments, Receivables and Payables, Bank Reconciliation, Trial balance, Ratio Analysis,

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whatproduct.com.au's curator insight, October 13, 2013 6:20 AM

Introduction to Financial Accounting

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10 free video tutorials on Basic Accounting Concepts

10 free video tutorials on Basic Accounting Concepts | Basic Accounting Concepts | Scoop.it

A series of 19 tutorial videos by CXO Learning Academy covering topics such as: 

GAAP Constraints, Assumptions GAAP, GAAP Principles, Generally Accepted Accounting Principles, Revenue and Expenses, An Overview Tutorial, Accounting Concepts - Assets, Accounting Concepts- Owners Equity - Accounting Concepts - Liabilities.

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Free course in Management Accounting

Free course in Management Accounting | Basic Accounting Concepts | Scoop.it

By Dr. Asokan Anandarajan Initially giving students an insight into key financial accounting concepts needed for effective decision-making. The course then builds on traditional concepts of managerial accounting followed by strategic cost reduction and waste/inefficiency reducing techniques such as Value Chain Management and Activity Based Management. The focus of the course,helps students understand and use managerial accounting data in executive planning and control.

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Free Accounting Lectures, Tutorials and Articles

Free Accounting Lectures, Tutorials and Articles | Basic Accounting Concepts | Scoop.it

Accounting tutorials and online accounting lessons, tutorials, articles, questions and exercises with solutions. Great accounting study material for students and accounting refresher for accountants, managers and business owners.

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Accounting and financial statements by Khan Academy

Accounting and financial statements by Khan Academy | Basic Accounting Concepts | Scoop.it

A series of 11 videos that cover the three broad areas of (1) Cash versus accrual accounting (2) Three core financial statements and (3)Depreciation and amortization.

With a library of over 3,000 videos covering everything from arithmetic to physics, finance, and history and hundreds of skills to practice, Kahn Academy is on a mission to help you learn what you want, when you want, at your own pace.

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Accounting Articles, Guides and Short Answers.

Accounting Articles, Guides and Short Answers. | Basic Accounting Concepts | Scoop.it
Accounting articles include guides and answers. Accounting guides explain application of accounting principles in practice. Great assistance if you are looking for real-life accounting situations.
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Double Entry Bookkeeping

Double Entry Bookkeeping | Basic Accounting Concepts | Scoop.it
Double Entry Bookkeeping provides a wide variety of tutorials, examples, references, and no-nonsense advice on bookkeeping and accounting online for free.
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The Principles Of Accounting

The Principles Of Accounting | Basic Accounting Concepts | Scoop.it

FASB is powerful indeed, but as I quietly mentioned in the first paragraph, it is not responsible for what is known as the “generally accepted accounting principles” (GAAP). FASB hashes out the more detailed rules for the increasingly complex world and standards of business accounting. This article is primarily concerned with the GAAP, but it’s difficult to talk about accounting without mentioning FASB.

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A comprehensive article on the key components of accounting including an explanation of:

  1. Economic Entity Assumption
  2. Time Period Assumption
  3. Monetary Unit Assumption
  4. Full Disclosure Principle
  5. Matching Principle
  6. Accrual Basis Accounting
  7. Revenue Recognition Principle
  8. Principle of Conservatism
  9. Principle of Materiality
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23 FREE Financial Accounting lectures

23 FREE Financial Accounting lectures | Basic Accounting Concepts | Scoop.it

Financial Accounting 2013 video playlist - by Professor Victoria Chiu from the Rutgers Business School 

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Video lectures include the following topics:

  • Basic Accounting Concepts
  • Journalizing Transactions, Debits, & Credits
  • The Adjusting Process
  • The Adjusting Process (Part II)
  • Adjusting Entries & The Accounting Cycle
  • Completing the Accounting Cycle (Closing Entries)
  • Merchandising Operations
  • Merchandising Operations (Part II)
  • Adjusting & Closing the Accounts of a Merchandising Business
  • Merchandise Inventory
  • Merchandise Inventory & Receivables
  • Receivables
  • Plant Assets & Intangibles
  • Plant Assets & Intangibles [Part 2]
  • Plant Assets & Intangibles [Part 3]
  • Current Liabilities & Payroll
  • LT Liabilities, Bonds Payable & Classification of Liabilities on Balance Sheet
  • Bond Prices (Maturity / Par, Discount, Premium)
  • Bond Prices (Premiums) & Corporations (Paid-in Capital & the Balance Sheet)
  • Paid-in Capital & the Balance Sheet
  • Paid-in Capital & Balance Sheet AND Effects on Retained Earnings and I/S
  • Effects on Retained Earnings & Income Statement AND Statement of Cash Flows
  • Statement of Cash Flows
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Learn Accounting for FREE - in 60 Minutes.

Learn Accounting for FREE - in 60 Minutes. | Basic Accounting Concepts | Scoop.it

This is not your typical accounting course!

Professor Turner has taught thousands of students basic accounting.  He has developed shortcuts and analogies to make learning accounting easy.  If you want to understand this subject in a simple, fun way then this brief introductory course is for you.

This course will show you the very basics of accounting.  You can complete it inabout an hour.  The course includes videos of the instructor at the whiteboard.  You will complete simple quizzes to reinforce what you have learned.  This course is intended for business owners, business students, managers or anyone who wants to understand basic accounting.  It presents the information in anunderstandable format.  Even if you have taken an accounting course you will find the material insightful.

The course introduces

The Accounting Equation (One you can understand!)Balance SheetsIncome StatementsDebits and Credits (And how to know which is which!)Why Profit Does Not Equal Cash!

If you have dreaded the thought of learning accounting, this is exactly the introduction you will welcome!

Why should take this course?

You are a business owner.  You want your business to succeed and you know that you need a better understanding of how the numbers are put together.

You are a manager.  You deal with accounting staff, bookkeepers, owners and subordinates.  You hear accounting terms daily but you want to know more about what accounting means.

You are a business student.  You dread taking your first accounting course.  Or maybe you are in an introductory class right now.  It all sounds so complicated.  You want to find a simple explanation of what you are trying to learn.

You are an accounting student.  You feel that you really did not get a firm grasp of the basics.  You would like to start from scratch in an easy to learn format.

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Debits and Credits in Accounting - History and definition

This animated video will help you understand the history and definitions of the terms Debit and Credit as they are used in Accounting. http://www.scribd.com/...
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Test your Managerial Accounting knowledge for free

Test your Managerial Accounting knowledge for free | Basic Accounting Concepts | Scoop.it

Fundamental Managerial Accounting Concepts 6th edition is intended for the managerial accounting course taken primarily by sophomores at both two and four year schools. Adopters of Edmonds’ Fundamental Financial Accounting Concepts may be interested in this text for their managerial courses. This book is also a fit for schools moving away from Principles of Accounting texts to splits and/or schools that find their current text to be too encyclopedic and would like a text integrating a more user-oriented perspective. 

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Free Test Banks for Fundamental Accounting Principles

Free Test Banks for Fundamental Accounting Principles | Basic Accounting Concepts | Scoop.it

Test banks to see if you understand the basic accounting concepts.

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Articles about Basic Accounting Concepts required for CBSE

The Central Board of Secondary Education (abbreviated as CBSE) is a Board of Education for public and private schools, under the Union Government of India. These accounting articles help students prepare for the CBSE exams.

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Free course - Introduction to Financial and Managerial Accounting

Free course - Introduction to Financial and Managerial Accounting | Basic Accounting Concepts | Scoop.it

A free course by Massachusetts Institute of Technology OpenCourseWare.This course studies basic concepts of financial and managerial reporting. The viewpoint is that of readers of financial and managerial reports rather than the accountants who prepare them.

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Introduction to Accounting 101: The Fundamentals

Introduction to Accounting 101: The Fundamentals | Basic Accounting Concepts | Scoop.it

Small Biz U is an informative website hosted by the Kutztown University of Pennsylvania. It contails easy-to-learn accounting lessons using attractive Powerpoint slides. Small Biz U talks about the fundamentals of accountancy. At the end of the slides you can test your knowledge by taking quizzes which cover the different subjects in the lecture.

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Learn accounting for free

Learn accounting for free | Basic Accounting Concepts | Scoop.it

A web site with lots of lectures and videos about accounting. Accounting World provides you with all the information that you need to know about accounting. After browsing through the lessons, you can test your proficiency by taking Accounting World’s exams. The website also offers job openings for qualified applicants.

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Articles and live tutor help for Financial Accounting

Articles and live tutor help for Financial Accounting | Basic Accounting Concepts | Scoop.it

Financial accounting is the field of accountancy basically concerned with the preparation of financial statements for the use of decision makers, such as stockholders, banks, suppliers, government agencies, employees, owners and other stakeholders. It is the reporting of the financial performance and position of a company through financial statements issued to external users such as investors, banks etc. on regular intervals.

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