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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 7:19 AM

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

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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.

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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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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.

Peter John Baskerville's insight:

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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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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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.

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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.

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Here are some of the Newer accounting posts

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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
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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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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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