GAAP || Accounting and Finance || B.com, M.com, BBA, MBA and BS Accounting

🔥 *Cost Principle vs Conservatism Principle under GAAP* — Recording vs Reporting clash solved by *DMK Sir* in 6 mins for CA, ACCA, http://B.Com.

📌 *In this video by DMK Sir for http://D.Com, http://I.Com, http://B.Com, http://M.Com, BBA, MBA, BS Accounting & Finance, BS Commerce, CA, ACCA, CMA students:*
✅ GAAP recap: Why principles sometimes conflict
✅ *Cost Principle:* Record assets at Historical Cost - Not market value
✅ *Conservatism Principle/Prudence:* Anticipate losses, not gains
✅ Key Clash: Cost says ignore market rise, Prudence says record fall
✅ Examples: Land bought 10 years ago, Inventory NRV rule
✅ IAS 2 & IFRS 13 link: Lower of Cost or NRV application
✅ Impact on Balance Sheet valuation + Profit
✅ Exam tip: Which principle overrides when both apply?

⏱️ *Timestamps:*
00:00 Intro - When GAAP principles contradict
00:40 GAAP Quick Recap by DMK Sir
01:20 Cost Principle/Historical Cost Explained with Example
02:40 Conservatism/Prudence Principle Explained with Example
04:00 Cost vs Conservatism - Conflict + Resolution
05:00 Lower of Cost or NRV Rule for Inventory
05:40 Quick Revision Chart + Memory Trick
06:00 Next: Going Concern & Money Measurement Principle

📚 *Download PDF Notes + GAAP Principles Comparison by DMK Sir:* [Paste your link]
📝 *GAAP & Accounting Concepts MCQs:* [Paste your link]
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👍 *If DMK Sir made principles easy, LIKE + SUBSCRIBE* for complete Financial Accounting & Reporting syllabus. New lecture every Sunday 6:30 PM PKT / 7:00 PM IST.

💬 *Comment “PRUDENCE”* and tell me: Should we record unrealized gains? *DMK Sir* replies to every http://D.Com to CA student!

*Watch Next by DMK Sir:*
1. Going Concern Principle Explained
2. Matching Principle vs Realisation Principle
3. Introduction to IFRS vs US GAAP[Link]

#GAAP #CostPrinciple #ConservatismPrinciple #PrudenceConcept #HistoricalCost #DMKSir #FinancialAccounting #BCom #MBA #CA #ACCA #BSAccountingAndFinance #AccountingPrinciples #CommerceStudents #DMK Sir #GAAP by DMK Sir

⚠️ *Disclaimer:* Concepts taught by *DMK Sir* for students and it's the work of original writer DMK sir.

Видео GAAP || Accounting and Finance || B.com, M.com, BBA, MBA and BS Accounting канала DMK Sir