US GAAP Principles Mapped To The Balance Sheet Accounts. Fully Explained!

Whenever I look up US GAAP principles such as Accruals and conservatism, I often find Cold Hard definitions that lack context.
But how do these US GAAP principles relate to the accounts on the financial statements? for example, what does the principle of accrual mean for the balance of accounts receivable? And what does the principle of conservatism mean for the inventory account?
Videos Mentioned:
My video on Cash Accounting vs. Accrual Accounting: • Why Cash Accounting is...
My video on Revenue Recognition: • CPA Explains Revenue R...
My video on GAAP Principles for Income Statement: • GAAP Explained With Ex...
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All views expressed on my channel are mine alone. Not intended as financial or professional advice

[@patience123]

You are amazing! This is the way accounting should be tought.

[@TheFinancialController]

Thanks!

[@dulcem.hernandezg.4449]

I'm so glad, I came across your channel. Thank you for such great context and mentoring! ♥

[@vanessaruelas1524]

Literally learning this in class this week and you made a video! Awesome!!

[@TheFinancialController]

Talk about timing ⏱! Nice!

[@waboxter]

Really thorough explanation of all of the gaap principles, thank you!!

[@albertrodriguez2712]

Great Video! First time I see someone explaining accounting the way it should be from a principles and theorical perspective!

[@TheFinancialController]

Thanks Albert!

[@diananolasco7475]

I use to watch your videos even way before going back to college and now that I have to complete an accounting course you surely will be my best friend. The business world needs more people like you that shares their knowledge to make a difference in the world.

[@arunprassath497]

Your way of explaining the concepts is amazing which even the fresher will excel in it

[@mariamendiola7439]

🎉 I love the music 🎶 it builds and the excitement for your valuable content (future CMA/CPA)

[@LuzFraterno]

I am loving your videos. These are great for those who are taking a professional exam (CPA, CMA, LPA, ABA).

[@TheFinancialController]

Thanks!

[@daianaseltzer8998]

This is amazing and so clear! Thank you so much for sharing!!

[@evansjuma3831]

Many thanks Bill for this very useful and insightful content.

[@TheFinancialController]

Thanks!

[@user-sk2nc1wm8i]

Perfect! Thank you for the video! It's so helpful!

[@iobtax]

Appreciate the video, very well thought out and right on the money

[@aruva8995]

Not only your professor, but no one might have taught like you. I love all your videos, all are in-depth which any book can teach .

[@TheFinancialController]

Haha thank you!

[@Gmmannn]

@@TheFinancialController Yes, you should write a book. I never reached this depth of understanding after graduating with an accounting degree.

[@aaroacademy]

Keep up this great work! Well explained.

[@1La2La3La4La]

Love your videos , supported with examples. Thank you!!!

[@TheFinancialController]

Glad you like them!

[@jasonhoward279]

Trying to teach myself accounting before I go back to college for it. Thank you for what you do

[@MrAbousy]

It's crystal clear, thanks.

[@JC-zb7mr]

Excellent video - thank you

[@aarons7307]

I just watched two videos and I'm already convinced, that I will understand accounting much sooner than I thought. Great job on making it simple. 👏

[@manuelmedina7969]

Great explanations.

[@amsiekam]

Sir, You are an asset to anyone in the Accounting community. Thank you for sharing your wonderful knowledge!

[@TheFinancialController]

It's my pleasure

[@esperanzapadilla6314]

You’ve been very helpful with all your contents. Please discuss the US GAAP on long term construction contract

[@giorgilobjanidze8297]

Very good. Like other ones. A lot of thanks

[@manuelmedina7969]

I am an accountant with more than 15 years of experience, the way you confirm the balance of each account in the balance is accuratly what in any audit by internal or external requieres by issue an fiscal dictamen.

[@yinyin7614]

Good as always.👍

[@danielcarrasco300]

Great video!, thanks 😁

[@emidiorocha6026]

Great explanation!

[@TheFinancialController]

Thanks brother

[@mrfortunately3290]

appreciate this man 👍

[@ShawnBourne]

Great video and nice accounting information.

[@TheFinancialController]

Thanks!

[@VinodVerma-mm4rj]

thank you so much, its really an informative video. the way you summarized the topic is very easy to understand. request you to please make videos on balance sheet reconciliation in real scenarios, means how we reconcile the balance sheet . methods and the approach in real working environment. will wait for your response. really will be great if you can provide knowledge on this topic. thanks

[@TheFinancialController]

Coming soon

[@raidenx3x]

Thank you so much! You are the best! Would you please make a video on supporting schedules in accordance with GAAP and IFRS?

[@TheFinancialController]

Sure

[@blackamericanlesbianprofes4357]

Thank you so much for sharing your explanations. Helpful! And thank you for the suggestions and links in the description. Date Stamp: 19may22

[@tiamosobbir2150]

I just discovered your videos and you are a literal godsend. Would you be able to do a video on fund accounting by any chance? Like what it is, how to do it. Thanks so much.

[@TheFinancialController]

Thanks! I will think about the topic for future videos

[@siddhartharora2472]

I m from India in class 12th right now And understood everything you explained ( please continue making these videos) Please make video on similarities and differences between ACCA and CPA.

[@TheFinancialController]

Ok thanks

[@maxsuelpereira4140]

Greetings from Brazil!!!

[@osamakhan2749]

East and west you are the best

[@oscarvicente6090]

Hi Bill! I am hoping you have time to discuss the kinds of depreciation of fixed assets. If possible to discuss until disposal or write off of FA

[@charlesoparah3178]

Hi Bill, Excellent presentation. Please let me know if you provide a video on "how to identify accounting and audit risk using GAAP, GAAS,IFRS, & PCAOB. This will be highly appreciated.

[@lovetrump1088]

Thanks again, great to see the principles mapped to the B/S numbers like this. Also, just an observation for you, but at that 2:11 mark of video...when we talk about 19,008 and are talking "in millions"..that is actually 19 BILLION. In either case, old Crabcake's is doing great this year, must be lots of LockDown Take out for Crabcakes.....whether they sold either 19 MILLION or 19 BILLION! Thanks for all your vids...gonna have to visit your Courses next.

[@TheFinancialController]

Haha those crab cakes are super expensive. Thanks!

[@vakilchirayu]

clear and concise.. great insight

[@TheFinancialController]

Thanks!

[@abdumamo3114]

I love ur videos❤️❤️ you are good man Ur accent is good it is like my Egyptian friend ❤️

[@TheFinancialController]

Haha mashi Abdu!

[@abdumamo3114]

@@TheFinancialController ♥️♥️🌹

[@nelson6553]

Fantastic Content Bill - Hey if accounting for private co is being prepared using GAAP; how much flexibility is there when it comes to disclosure support?

[@raidenx3x]

Thanks! Would you do a video on cash flow as well?

[@aarons7307]

I would like to learn best practices on company financial statements, when looking out for stock picking for value investments. Can you recommend one of your videos? Thanks!

[@mjkhalaf2452]

You hit the 🐂 eye !!!

[@jessiele521]

So great and meaningful. Coul you please send to me that excel file to research more about GAAP US? I really interested in GAAP US and want to know more this standard. One thing wanna ask. If I want to research full GAAP US, I should research which link to get full this standard. Kindly help and many thanks to you as well as your channel. It’s very helpful.

[@shaileshmodi827]

👌Kindly make a video for R2R/Fpna From the practical prospective as well. Thanks

[@TheFinancialController]

Ok

[@pradeepbhadana]

Great video.. Absolute joy.. One quick observation... All figures are in 000's and not in millions...Else you are reading them wrong... It would be read as billions..

[@TheFinancialController]

Good catch! Though the focus is not the numbers

[@pradeepbhadana]

@@TheFinancialController couldn't agree more. Would like to thank you again for such great presentation and content. Good luck for future vids ☺️

[@rajeevranjan64041]

Nice

[@benderbendingrofriguez3300]

Could you do a video explaining how they did accounting before computers? Like using the Books of account such as General Ledge, Payroll Ledge, Columnar book, and so on?

[@TheFinancialController]

Interesting idea!! Ok

[@janeh5949]

we used the green columnar pad and a good calculator, that's how! : ) Blessings!!

[@user-sm1fh1iy4p]

Lord🙏🙏🙏🙏 I self taught most accounting concepts to me. And, that is SO motivating! College and tuitions were worth sh**.

[@alfredoramirez3730]

Could you do a quick video of any account books you have ?

[@abdelhadiredouane4973]

I graduated from the university finally with a good Mark 15.55/20 😁

[@TheFinancialController]

Congrats my friend!

[@samseervanhattum5561]

Great video, would it possible to receive the file as a cheat sheet?

[@jgomeza]

i have a question about what you said in 6:10 about receivable... in the Column "accrual" says "recording revenue when cash is received". So, where do we must register the credit of the journal entry? We know debit part will be registered as Accounts Receivable but the other part in my opinion should be register as an accrual income. Under IFRS we must recognise an income provision up to we proof that the assets were transfered to the purchasing part, and only there we change the register up to revenue. Can you explain that part detaily? By the way.. thanks a lot for the video. You earn a new follower. 👍

[@erinbsullivan444]

Hi Bill, What should I do if the auditor put to much in accrued liabilities for 2021? I can’t reverse the JE or it will significantly reduce one of our expense accounts. Another accountant told me that I can never touch owners equity?!? Wouldn’t I put the over accrued amount to the equity account called prior period adjustments?

[@TheFinancialController]

I think both options are valid (equity or credit to current year expenses) so just confirm with your auditors which one they find suitable for current year audit

[@erinbsullivan444]

@@TheFinancialController Ok. Thank you!

[@kaushaljha2373]

Please make a video on deferred rent

[@ktthoa1303]

It's very usefull, and appreciate that if you can speak slow down a little bit 😅😅😅

[@TheFinancialController]

Ok

[@MyDanikaka]

Nice Informative Viedo !!! Please Do make a viedo on IFRS VS US GAAP highlighting's Key important points for Interview purpose like valuations,principle,recongnition,accrual etc. #tcw786 #BT

[@TheFinancialController]

Ok

[@Joe-g1t]

But i dont think we can write down inventory valuation on gaap

[@salahuddinahmed246]

. If someone is asking me about my experience and knowledge of generally accepted accounting principles and practices (GAAP) for use in the development of budgets and spending plans- what should be my reply?

[@abhinavpandey3022]

Is there job opportunity in USA for foreigners(from Asia) after completing US CMA ?

[@TheFinancialController]

It’s not about the certificate as much is about the experience. Get some good relevant experience that teaches you the actual work

[@michaelnguyen7081]

What a dramatic intro :))

[@TheFinancialController]

Yesss!

[@selunrad1276]

Please share your website. Thank you

[@TheFinancialController]

Thefincontroller

[@abdulhamiddankwara3594]

Hello sir, I need your assistance, i want to buy accounting books that will guide me in my accounting career. can you please itemize it for me.

[@404TRUCKERTV]

Take notes, if you're taking intermediate, this is all on your test. lol

[@myklelape2494]

Your view on conservatism is wrong

[@majd9956]

Great video! and btw, is there any social media account or email where i could reach out to you for an advice ?

[@TheFinancialController]

My email is in my About section on KZbin

[@majd9956]

@@TheFinancialController I didn't see it, I have sent you a message on Instagram since i follow you there, hope you don't mind. 🤗