Introduction to GAAP (Generally Accepted Accounting Principles)
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- Опубліковано 28 лип 2024
- This video discusses Generally Accepted Accounting Principles (GAAP). GAAP refers to the common set of rules companies must follow when preparing financial reports for external parties (investors and creditors). Not all countries use the same GAAP. A country may adopt International Financial Reporting Standards or it may create its own local GAAP.-
Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world.
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I have watched Edspira videos on various topics for quite some time now. I have now come to a point where I can tell everyone that if it is Edsipra, you can trust with closed eyes. So, thank you, EDSPIRA.
I will be listening to your videos daily as I sit at my desk 8 hours a day. This will help me prepare for the CPA exam. :) I'm sure that your lectures will echo in my mind when I am sitting in on those exams and it will pay off listening to you. Thank you for what you do!
Did you pass?
DID YOU PASS? Im studying accounting too
For me it is the fundamental analysis of trading.
I am the investor.
I think your example where two entities have inconsistent accounting rules is excellent and really captures the goal of GAAP. Although GAAP is supposed to communicate economic activities, the most important thing it should do is present it in a way that is useful to investors and creditors.
You are the best. Saved my college life!
YOU...your videos single-handedly helped me pass my Principles of Accounting class at WGU. For that I THANK YOU more than you know! Now its onto Managerial Accounting and then Principals of Finance thereafter. Yay me ahahH
Danielle,
I'm so glad to hear that these videos helped you out! We hope you come back and view the managerial accounting (edspira.com/courses/managerial-accounting) and finance (edspira.com/courses/corporate-finance) courses next semester. Enjoy your winter break!
Edspira OH I already beat you to it:) I am seriously beyond grateful for you sharing your story and making these videos. I cant thank you enough! Happy Holidays!
Hi there, would you please tell me if you have also a video on Suspense accounts and Accounting errors? It would be super helpful if you could explain that to me in this amazingly understandable way you explain it all! I don’t seem to be able to find it in this playlist. Thanks
studying for CFA level 1 no accounting background... Thanks for vids!!!
and . . . how did it end up ?
@@joshuavickers9820prob didn’t end well.
Outstanding introduction, thanks!
Hi Mr. Edspira, I find your videos excellent and easy to understand. I'm wondering what resources you can recommend for making the leap to preparing corporate tax returns.
THANK YOU for your wonderful and easy to follow videos! These are helping me greatly as I'm taking online classes with eCornell! I have even passed your channel over to co-workers!
You are the best teacher thanks for sharing your knowledge with us :)
Robert,
Thank you for this compliment, and good luck with financial accounting!
Tanks alot God bless you with ur family
can you explain IFRS like this
Thank you for these videos. Do you by chance have a video related to FASB, the units within FASB, the importance and/or how powerful a technical bulletin is compared to a standards update etc? I keep getting those questions wrong for my accounting exams because it seems complicated and can't find that in textbooks or CPA reviews
Hi, Thanks for the us cpa video. Plz make videos for Government accounting
where should I find gross sale from the financial statement of the company
I’m planning on getting a CPA and a CMA certification so these videos are really helpful!
Boring and mundane. I'd never get a CPA.
Hi, first thank you for producing such good videos. I would like to ask whether the Financial Accounting (entire playlist) coves much of the basics for CPA FAR portions. I tried studying with Becker without much accounting knowledge and have great difficulty understanding the concepts as my background knowledge is very limited. Are these videos made for GAAP or IFRS? Should I watch these videos in the order as shown on the playlist?
My videos are made for U.S. GAAP unless they have IFRS in the video title. My financial accounting playlist covers most of FAR, but I need to add some topics (nonprofit/governmental and business consolidations). I hope to add those topics this summer
did you add governmental accounting yet?
studying for Diploma in Supply Chain Management module 3 from Kenya. Thanks
Hey Edspira, what kind of whiteboard are you using for the videos? Is it something that hooks up via usb to your computer or is it like a program on a tablet?
so not all accountants can work in any country?
Currently in accounting course. And I'm creating my classes. Should I take the regular 3 month course or can I learn this is a 1 month course. I'm taking the first part of principles in accounting.
The lecture seems to cut off abruptly?
This is one of my earlier videos. When I stop the software, it cuts off the last 5 seconds. You didn't miss anything. This is a problem that I've corrected in future videos. Thanks for watching!
Thank you
Economics BUE following you from Egypt
are principles and concepts like this needed for audit positions?
If you're trying to become an external auditor, then yes, you need to know accounting principles and concepts very well
How much studying do you do before putting together these videos? Surely you need to revisit the topic; before you so eloquently describe it.
Also, I hope you are making a decent living by providing this content, it just seems so gimmick free; I am afraid you are getting nothing out of it financially.
These are the best videos around.
What happens to the company if it doesnt follow gaap and the profession finds out about it?
Hello. If I may answer your question, any public corporation that does not follow GAAP will be punished by the SEC (Securities and Exchange Commision) and may even be sued by its own investors for releasing misleading financial information. In other words, the company would be penalized for breaking the law. They would usually be punished financially by having to pay a large fine.
Why is this first on the playlist
You sound like John from Food Wishes 🤔
Your voice isn't that audible as it should be, else the video is great. Keep it up, dear!
Sorry for that
Sir, could u use a better background next time please. I can barely see ;-;
Check out my accounting tutorial vids if ya need more help: ua-cam.com/video/YegNNTBweQ4/v-deo.html
Still lost
Gihiii