The Accounting Principles and Assumptions Master Class!
Your Comprehensive Guide to the Accounting best practices and stopping Creative Accountancy!
Ratings 4.45 / 5.00
What You Will Learn!
- Gain a thorough understanding of the fundamental accounting principles that underpin financial reporting.
- Understand the criteria for recognizing and measuring assets, liabilities, revenues, and expenses in financial statements.
- Understand the basic accounting equation (Assets = Liabilities + Equity) and its implications for recording transactions and preparing financial statements.
- Gain knowledge of the principles and methods used to recognize revenue in financial statements, including the revenue recognition principle.
- Understand the principles and methods used to recognize expenses in financial statements, including matching expenses with revenues.
- Learn about the underlying assumptions that guide financial reporting, including the monetary unit assumption, time period assumption, and going concern.
- xplore ethical issues and considerations in accounting, such as integrity, objectivity, confidentiality, and professional skepticism.
- Understand the regulatory framework governing financial reporting of the concept of creative accounting, including its definition and techniques.
- Develop skills in forensic accounting techniques used to detect and investigate instances of financial fraud, including data analysis.
Description
What are the Accounting Principles?
Accounting principles are the rules and guidelines that companies and other agencies must abide by when reposting their financial data and results. These principles and rules make it a bit easier to standardize financial data by setting the standards and rules that Accountants must use.
The main purpose of Accounting principles is to establish the framework for how financial Accounting is recorded and reported on financial statements to be reliable for decision makers.
It’s important to have a basic understanding of these main Accounting principles as you learn Accounting.
Generally accepted Accounting principles are important because they set the rules for financial reporting and bookkeeping as well. These rules or guides are often called the GAAPs framework and they maintain consistency in financial reporting from company to company across all industries.
And here are some of the topics that you will learn along the course:
The Accrual principle
The Conservatism principle
The Consistency principle
The historic cost principle
The full disclosure principle
The going concern principle
The matching principle
The monetary unit principle
The reliability principle
The revenue recognition principle
The time period principle
Creative Accounting
Corporate Social Responsibility CSR
Forensic Accounting Knowledge
The Sarbanes Oxley Act of 2002
Consequences of violation of The Accounting principles – Enron scandal case
Consequences of violation of The Accounting principles – WorldCom case
Who Should Attend!
- Accounting students
- Accountants
- Finance Officers
- Finance students
- Auditing students
- Internal Control Officers
- Accounting Aspirants
- Any one who needs to get knowledge about Accounting
