Generally Accepted Accounting Principles (GAAP) Explained Simply for Bookkeepers

Generally accepted accounting principles (GAAP) seem confusing, but in this video I break them down and let you know how they relate to your bookkeeping business.

Many of these GAAP you likely already know and understand (like, the fact that business finances should be reported separately from personal).

If you've ever been confused about the complexities of these concepts, this video should help you out!

Generally Accepted Accounting Principles

1. Business entitiy

2. Going concern

3. Monetary unity principle

4. Time-period principle

5. Historical cost principle

6. Revenue recognition

7. Matching principle

8. Full disclosure principle

9. Principle of materiality

10. Conservatism principle

RESOURCES MENTIONED IN VIDEO:

• Video: Working with difficult clients

• Article: GAAP definition