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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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Accounting Basics

Accounting Basics | Basic Accounting Concepts | Scoop.it

Explaining the purpose and content of the following financial statements
1. Income Statement
2. Balance Sheet
3. Statement of Cash Flows
4. Double Entry System of Accouting

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Anurag Jain's comment, October 16, 3:09 PM
Thank you .. :-)
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Free Glossary of Accounting Terms and Definitions

Free Glossary of Accounting Terms and Definitions | Basic Accounting Concepts | Scoop.it
Need to understand something? Check out this expansive glossary that includes hundreds of accounting terms, and easy-to-understand definitions.
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Accounting Terms, Accounting Principles and the Accounting Equation

Accounting Terms, Accounting Principles and the Accounting Equation | Basic Accounting Concepts | Scoop.it

Introduction to - Accounting Terms, Accounting Principles and the Accounting Equation 

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Basic Accounting Concepts 2 - Debits and Credits

Basic Accounting Concepts 2 - Debits and Credits | Basic Accounting Concepts | Scoop.it

Most people don’t find the math of Accounting as difficult as understanding the concepts of accounting, and for many there is no more difficult concept to grasp than that of Debits and Credits. Now the concept of Debits and Credits is actually more than 500 years old, being used extensively by the Venetian merchants of Italy in the 15th century Renaissance period. The concepts were first documented in Latin in the 1400’s and were later translated into English in the 16th century. Is it any wonder then, with the passage 500 years, that we may have become a little confused about the original meaning and concepts, particularly with the English language adopting new legal and everyday meanings for these age old words. So it may be beneficial then, as we try to understand the concept of Debits and Credits, to go back to where it all begun … but first some background.

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Free Accounting Course at Udemy

Free Accounting Course at Udemy | Basic Accounting Concepts | Scoop.it
Free course taught by a Certified Public Accountant with a Bachelors in Accounting from USC, Masters in Business Taxation from USC and a Tax Consultant at one of the Big 4 Accounting Firms
Peter John Baskerville's insight:

This course seeks to teach you basic accounting principles through a business lense. By the end of this course, you will understand key accounting concepts that are universally applicable to all businesses. In turn, you will be able to apply these concepts to:

  • Streamline your Small Business
  • Improve Investing/Analytical Skills
  • Manage Personal Finances
  • Develop Bookkeeping Principles
  • Understand Business Operations
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Test your accounting knowledge on this Free Test Bank for Fundamental Financial Accounting Concepts

Test your accounting knowledge on this Free Test Bank for Fundamental Financial Accounting Concepts | Basic Accounting Concepts | Scoop.it
Course: Fundamental Financial Accounting Concepts 8th Edition by Edmonds/McNair/Olds is ideal for the undergraduate introductory financial accounting course, specifically for those wanting to focus on the relationships ...
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The Business Owner's Guide to Accounting and Bookkeeping

The Business Owner's Guide to Accounting and Bookkeeping | Basic Accounting Concepts | Scoop.it

If you are a small business owner, you either have to set up your own accounting system or you have to hire someone to set it up for you. If you are self-employed and it is a one-person business, you will do it yourself. If you are hiring staff and anticipate a lot of growth, you may hire a controller to handle your financial management and accounting. If your business is going to grow but you anticipate slow growth, you may simply hire an accountant or bookkeeper to handle the accounting system.

Peter John Baskerville's insight:

Article covering:

  • Bookkeeping and Accounting
  • Should you use Single or Double Entry Bookkeeping?
  • Should you use Cash or Accrual Accounting?
  • The Basics - Understanding Assets, Liabilities, and Equity
  • Income Statement Basics - Revenue, Expenses, Costs
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Free Principles of Managerial Accounting course - Audio

Free Principles of Managerial Accounting course - Audio | Basic Accounting Concepts | Scoop.it
Preview and download the podcast Principles of Managerial Accounting - Audio on iTunes. Read episode descriptions and customer reviews.
Peter John Baskerville's insight:

This section holds the course content for a class taught at Villanova University. Visitors will find audio or video or both of class lectures. When available this section will also offer the syllabus other course materials. Course: Principles of Managerial Accounting: Instructors: Dr. Anthony Catanach and Dr. Noah Barsky To successfully compete in today’s dynamic business environment, one must appreciate the role that information plays in business decision making. This ten lecture series: • Introduces strategy and its impact on process and performance. • Provides an understanding of basic business processes and their inherent risks. • Emphasizes the role of managerial accounting information in making decisions about strategy, process, and performance. These materials also encourage one to think about business problems in a structured and organized manner, and promote the development of the skills needed to compete in 21st Century markets.

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Free Accounting Principles Course - iTunes

Free Accounting Principles Course - iTunes | Basic Accounting Concepts | Scoop.it

Preview and download the course Accounting Principles I on iTunes U by the Saylor Foundation.

The goal of this course is to provide you with a solid foundation of accounting principles so that you can apply this knowledge to real-world accounting examples and be able to comfortably decipher a company’s financial statements and viability.

Peter John Baskerville's insight:

By the end of this course, you will able to create accurate and appropriate financial statements to convey a company’s financial health. This course begins with an introduction to financial accounting and the various ways in which financial statements allow companies to make intelligent economic decisions. Later in the course, you will be immersed in the details of accounts receivables, inventory, and liabilities. 

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27 YouTube podcasts to help learn Accounting

27 YouTube podcasts to help learn Accounting | Basic Accounting Concepts | Scoop.it
Video podcasts with tips, approaches and essential content in learning Accounting.
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Basic Accounting Concepts explained

Accounting 1: Program #1 "Introduction to Class" dkrug@jccc.edu
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Accounting 1: 39 Lectures by David Krug from the Johnson County Community College on Basic Accounting Concepts. 

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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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Accounting Basics by Robert J Rutledge, CA

Accounting Basics by Robert J Rutledge, CA | Basic Accounting Concepts | Scoop.it

Robert J Rutledge is a Canadian Chartered Accountant and business advisor practicing from Winnipeg, Manitoba, Canada. His blog includes articles on basic accounting concepts.

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Download Accounting Principles eBook for free

Peter John Baskerville's insight:

This eBook explains all of the basic accounting concepts and terminology you will need to understand the three primary financial statements. i.e. Income statement, Balance Sheet and Cash flow statement. 

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Over 300 instructional Accounting videos - Academic faculty approved

Over 300 instructional Accounting videos - Academic faculty approved | Basic Accounting Concepts | Scoop.it

Academy Bridge is a FREE curated video service designed to: explore, discover, qualify & share the highest quality business education videos. All videos have been viewed and approved by a qualified business school academic.

Peter John Baskerville's insight:

The Internet has far too much information (100+ hours of video uploaded to YouTube every minute). As a result, it takes too much time to search for quality videos. Academy Bridge was created to solve this challenge. 

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Introduction to Financial Accounting - Free Accounting Course

Introduction to Financial Accounting - Free Accounting Course | Basic Accounting Concepts | Scoop.it
Whether you're looking for financial or managerial accounting at basic or expert levels, Learn Accounting free has the lessons you need to succeed.
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Learn Accounting in 60 Minutes - Accounting Basics

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

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.

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The Interactive Periodic Table of Accounting Elements

The Interactive Periodic Table of Accounting Elements | Basic Accounting Concepts | Scoop.it
The Periodic Table of Accounting Elements is your go-to reference and cheat sheet for basic to more advanced accounting and finance terms.
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Learn Accounting in 1 HOUR

Four lessons covering the entire process of accounting taught by a Canadian CPA Blair Cook.

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A one hour 4 lesson playlist on YouTube to help you understand accounting. Covering - Debits & Credits, Journal entries, From General Ledger to Trial Balance  and Financial statements.

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Billy Minamin's curator insight, August 7, 6:22 PM

ACCOUNTING!!!!!!!!!!!!!!!!!!!

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Free Accounting Course

Free Accounting Course | Basic Accounting Concepts | Scoop.it

Quick Tour of the free/pro versions of an accounting course by Accounting Coach.

Peter John Baskerville's insight:

A list of the 34 major accounting topics covered on AccountingCoach.

Each topic will have the following free Core Materials:

  • Explanation
  • Quiz
  • Questions and Answers (Q&A)
  • Crossword Puzzles
  • Word Scrambles

The list of topics can be filtered or sorted into popular categories such as "Bookkeeping", "Financial", or "Managerial".

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Articles explaining 35 basic accounting concepts.

Articles explaining 35 basic accounting concepts. | Basic Accounting Concepts | Scoop.it

35 free articles covering topics that include: What is Accounting/ Bookkeeping/Management Accounting?  TYPE OF ACCOUNTS, BOOKKEEPING, COST ACCOUNTING, ACCOUNTING STATEMENTS.


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MBA Accounting Study Notes

MBA Accounting Study Notes | Basic Accounting Concepts | Scoop.it

A diary by Chappelleof of his MBA (Masters of Buisness Admistration) Study Notes - 30 basic Accounting concept topics covered in detail.

Peter John Baskerville's insight:

Here are some of the Newer accounting posts

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Yogesh Kumar's curator insight, June 1, 6:11 AM

Get MBA Accounting Study Notes

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Should everyone learn double-entry accounting? History says yes!

Should everyone learn double-entry accounting? History says yes! | Basic Accounting Concepts | Scoop.it
Learn accounting. http://t.co/jZKa418qlF
Peter John Baskerville's insight:

The German economic thinker Max Weber believed that for capitalism to work, average people needed to know how to do double-entry bookkeeping. This is not simply because this type of accounting makes it possible to calculate profit and capital by balancing debits and credits in parallel columns; it is also because good books are “balanced” in a moral sense. They are the very source of accountability, a word that in fact derives its origin from the word “accounting.”

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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.

Peter John Baskerville's insight:

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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