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Bookkeeping • Advisory • Training
Accounting Fundamentals
The Intro to Accounting lesson is designed to give you a basic understanding of the "why" behind the accounting profession as a whole. It provides a brief overview of the accounting industry, reviews what the purpose of accounting is, and introduces the concept of accounting rules or standards.
What is Accounting?
Branches, Roles, and Job Titles of Accounting
What is the Purpose of Accounting?
What is an Economic Entity?
Who are the Users of Financial Information?
Who Makes the Rules for Accounting?
A Short History Lesson
What is GAAP?
Why are Financial Reports Needed?
The term "Accounting Concepts" represents the basic underlying ideas that form the foundation of accounting as a whole. These concepts include The Conceptual Framework that guides financial reporting, as well as The Accounting Equation and The Debit & Credit System that provide the mathematical backbone to the process of accounting.
Objective
Elements & Qualitative Characteristics
Principles, Assumptions, and Constraints
The Accounting Equation
**Coming Soon!
Rights vs. Obligations (owns vs. owes)
The Debit & Credit System
**Coming Soon!
Staying Balanced
Financial Reporting
**Coming Soon!
Business Basics
**Coming Soon!
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