Expenses Accounting Under USA GAAP I US CPA EXPENSES JOURNAL ENTRIES

Welcome to our comprehensive guide on expense accounting according to United States Generally Accepted Accounting Principles (GAAP). In this video, we will break down the key concepts, principles, and practices that govern how businesses in the USA must record and report their expenses.
What You'll Learn:
Introduction to GAAP:
Overview of GAAP and its importance.
The role of the Financial Accounting Standards Board (FASB).
Types of Expenses:
Operating expenses vs. non-operating expenses.
Fixed and variable expenses.
Direct and indirect expenses.
Expense Recognition Principles:
The matching principle and its application.
Accrual basis vs. cash basis accounting.
Common Expense Categories:
Cost of Goods Sold (COGS)
Selling, General, and Administrative Expenses (SG&A)
Depreciation and Amortization
Interest and Taxes
Recording Expenses:
Proper documentation and recording practices.
Journal entries and ledgers.
Reporting Expenses:
Presentation on the Income Statement.
Disclosure requirements in financial statements.
Compliance and Best Practices:
Ensuring compliance with GAAP standards.
Tips for accurate and efficient expense accounting.
Who Should Watch:
Accountants and financial professionals seeking a refresher on GAAP expense accounting.
Small business owners wanting to understand their financial statements better.
Students and individuals new to accounting.
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