Basic Concepts of Financial Accounting for CPA Exam - Online Syllabus Topics for Financial Accounting Course

Inventory of Goods

Inventory of goods, for trading businesses, holds a key place in accounting analysis as it is mainly responsible for generating profits which is one of…
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Trial Balance

Definition: As the business grows, the number of entries increases and it is therefore rightly desired by the businesses to carry out periodic checks on…
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Balancing of an Account

Definition of Balance, Debit Balance and Credit Balance: The difference between the sum of the two sides of an account is called the balance. This…
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Accounts in Accounting

Definition: Instead of using a plus or minus sign to indicate increase or decrease of an item, an account is prepared to show summarized record…
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Rules for Debit and Credit

Accounting as language of business has its own vocabulary. There are certain rules for recording increase or decrease in assets, liabilities and capital in the…
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Balance Sheet

Balance Sheet or Statement of Financial Position – Definition: The balance sheet (statement of financial position) is a statement (not an account) which shows financial…
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Business Transaction

We should know that accounting equation is only affected when business enters into a transaction. The term transaction is defined below: Definition: Business transaction is…
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Accounting Equation

The whole system of accounting has developed from the same basic tenet of a single equation. As a business does not own any thing at…
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Branches of Accounting

There are following three main branches of accounting: (1) Bookkeeping. (2) Financial accounting. (3) Managerial accounting. Definition and Evolution of Bookkeeping: Firstly accounting is related…
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Explains financial and managerial accounting. Exercises, problems, calculators and more.

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