Accounting Principles & Assumptions Explained | GAAP & IFRS Basics for Beginners

Understand the core principles of accounting with this easy-to-follow tutorial, where we discuss the going concern concept and the matching principle. Learn why gaap principles are essential for accurate financial reporting and how these accounting principles and concepts affect your business. Grasp financial accounting fundamentals to make informed decisions.

Accounting Principles and Assumptions are the foundation of all financial reporting — whether you’re following GAAP in the U.S. or IFRS internationally.
In this video, we break them down in simple, clear terms — with examples — so you can understand how they work in the real world.

What you’ll learn in this video:
– Intro: Why accounting needs rules
– The 10 Core Accounting Principles (with examples)
– The 5 Key Accounting Assumptions
– Why These Rules Matter in Real Life
– Common Mistakes Students Make
– How They Show Up in the Real World
– Recap & Next Steps

You’ll discover:
✅ The difference between accounting principles and assumptions
✅ How GAAP & IFRS apply worldwide
✅ Examples of each principle and assumption in action
✅ Common student mistakes (and how to avoid them)
✅ Why these rules make financial reports trustworthy

Whether you’re an accounting student, small business owner, or aspiring CPA, this video will give you a clear, practical understanding of the rules that keep accounting consistent, reliable, and audit-ready.

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