Accounting Concepts and Principles: Accounting Basics and Fundamentals

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This lesson will teach you 7 Accounting Concepts and Principles that underly all accounting studies and practice.

To add relevance, reliability and comparability throughout the behaviour of all accountants globally, accountants follow these 7 accounting concepts in all their activities.

This lesson should be the first topic you study in your Introduction to Accounting knowledge journey as it lays the fundamentals for all future accounting study.

You will learn about:
* The Entity Concept 2:07
* The Accounting Period Concept 5:08
* The Cost Principle 8:02
* The Matching Concept 11:34
* The Profit Recognition Principle 13:49
* The Conservatism Principle 16:50
* The Going Concern Principle 20:15
Each concept is explained both with the theory and an example or two.

If you apply all these concepts & principles throughout your activity as a student, bookkeeper or accountant then you will be a successful accounting professional.

So whether you are a accounting student, bookkeeper or MBA candidate with a finance subject, you should find value in this lesson.

You can also get in touch anytime if you need any further help or clarification beyond the lesson. Just check out the contact details in our YouTube Channel.

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[josephtiaronyoi]

wow !thanks sir...you made accounting concepts and principles so simple ... this is great

[alexmurray]

Thanks a lot for putting this video out here. I am in school learning the business side of my farm/labor company and this is a great supplement to what I'm doing. Thanks for taking the time to do this.

[Awakening_galaxy]

very simple way to break the complex concept of accounting, many thanks!

[eugeneaddai]

the video consist of helpful fundamental a/cing principles... thanks very much, it really helped

[crystallall]

thx soo much for this video im starting my accounting class from next month and im really glad this vid can giv me a headstart

[tesfayweldu]

Thanks so much I'm studying these right now and this helps so much thanks

[emmyemmy]

Thankyou! It was a very helpful video with the perfect amount of information given. Only recommendation would be to add times in the description box at which each concept or principle starts.

[imari]

Hi! Thanku for this video! Helped me much! Good luck to me for tomorrow's exam :)✊

[electriciandallastx]

Thanks for the concepts you have discussed here.

[emperoraslan]

Thanks for this video brother .... It's been helpful for me 😊

[riomdoyle]

Thanks for the video, it was very helpful. I just want to ask if these 7 accounting principles are the most important ones? because I think there are other principles that are not being discuss in your video. Also, do you have other accounting principles video? :)

[sacrletxwanda]

Thanks sooo helped a lot sir..🙂🙂...I am studying this and it helped a lot....😍😍

[claralyamuya]

Thanks alot for your answer for the previous and!

[imicca]

22:20 love the line... sounded like you checked it :D

[Badd.G]

this is k]just like my lecture, no fun just straight to the point without and small tricks to grasp quicker

[imari]

We learned about the prudence concept too. Is it another principle or is it another name for the principles u covered in this video?

[ifoundmemes]

Thank it's help with the exam I'm having tomorrow

[yolandasalvador]

Hello my friend watching from Philippines

[agata]

Great, but too slow I dont need the introduction Since Idecited to watch it, I know what I need :)

[ireneishael]

Why is it important for economists to study accounts?