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\nReal World Money: 12 Fundamental Concepts\n

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\nReal World of Money: 12 Fundamental Concepts In this dynamic program students will learn that despite the variety of organizations and their differences, they all use GAAP, Generally Accepted Accounting Principles to record and analyze...\nReal World of Money: 12 Fundamental Concepts In this dynamic program students will learn that despite the variety of organizations and their differences, they all use GAAP, Generally Accepted Accounting Principles to record and analyze their financial status. Viewers will learn about the benefits and limitations of different types of business entitles, sole proprietorships, LLCs and corporations. Students will follow the story of young entrepreneurs as they make important financial and managerial decisions launching their businesses. The program introduces the concept of money measurement and how only business transactions that can be measured in terms of money are included in accounting records and recognized on financial statements. Through scenarios, examples and animated graphics students will come to understand the meaning of the fundamental concepts of going concern, cost, dual aspect, objectivity, time period, conservatism, realization, matching, consistency, and materiality. Students will learn that accurate financial data enables business owners and managers to read, prepare and compare an organization’s finances, enabling informed business decisions. Hence, accounting is the basis of any successful business. Objectives: • Learn about Generally Accepted Accounting Principles (GAAP) • Understand the difference between different business entities • Learn 12 fundamental concepts of accounting • How to record and analyze business transactions\n
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Resource Details

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Curator Rating
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Educator Rating
Not yet Rated
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Media Length
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14:46
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Grade
K - 8th
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Subjects
Career & Technical Education
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Media Type
Instructional Videos
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Source:
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\nMazz Media STEM\n\n
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Date
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2017
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Concepts

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cost, accounting, balance sheet, business, assets, objectivity, conservatism
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Additional Tags

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gaap, generally accepted accounting principles, entity, money-measurement, going concern, dual aspect, time period, realization, matching, consistency, materiality, transaction, financial statement, check stubs, bank statements, electronic format, materiality principle, historical cost, business entity, cost principle, step transaction, fundamental concepts, entity type, accounting principle, business transaction, monetary terms, business records, principle, revenues, records, transactions, monetary, prepare, concepts, expense, type
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Classroom Considerations

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Best For: Explaining a topic
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