New GAAP

New GAAP


The Revenue Recognition Convention:
Revenue must be recorded in the accounts at the time the transaction is complete


The Time Period Concept:
It states that accounting will take place over specific time periods known as fiscal periods


The Matching Principle:
Each expense item related to revenue earned must be recorded in the same period as the revenue it helped earn

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Topics 1) What is Accounting? 2) Financial Position 3) Balance Sheet 4) GAAP 5) Equation Analysis Sheet 6) Analyzing a Transaction 7) Ledger Account 8) Trial Balance 9) Expanded Ledger 10) Income Statement 11) New GAAP 12) Report Form Balance Sheet 13) The Journal 14) Source Documents 15) GAAP for Journal 16) Sales Tax 17) Posting 18) Comparative Income Statement 19) Classified Balance Sheet 20) Adjustments 21) Closing Procedures 22) Depreciation 23) Merchandise Business
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