Accounting Conventions and Concepts | Financial Accounting

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Let's learn all about basic accounting conventions and concepts! We'll get into the four accounting assumptions — monetary unit, economic entity, going concern, and time period — and clear up some common misconceptions about accounting conventions. We'll also cover the four main accounting concepts: revenue recognition, matching principle, full disclosure, and historical cost.

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00:00 Intro
01:00 What is accounting?
01:30 Four accounting assumptions
03:31 Common mistakes
04:42 Four accounting concepts
06:21 Recap
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