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243
Sub Topics
699
MCQs
317
MCOs
556
True/False
275
Fill Blanks
113
Rearrange
266
Matching
131
Comprehensions
247
Flashcard Decks
Curriculum
What You'll Learn
01 Introduction to Financial Accounting 4 topics
1 The Accounting Environment
- Role of Accounting in Business
- Users of Accounting Information
- Accounting as an Information System
2 Fundamental Accounting Concepts
- The Accounting Equation
- Business Entity Concept
- Going Concern Concept
- Monetary Unit Concept
- Time Period Concept
3 Regulatory Framework
- Generally Accepted Accounting Principles (GAAP)
- International Financial Reporting Standards (IFRS)
- Standard Setting Bodies
4 Ethics in Accounting
- Code of Professional Conduct
- Ethical Dilemmas in Accounting
- Corporate Governance
02 The Accounting Cycle 6 topics
1 Accounting Transactions
- Types of Business Transactions
- Source Documents
- Transaction Analysis
2 The Recording Process
- Double-Entry Accounting System
- Debit and Credit Rules
- Journalizing Transactions
- The General Journal
3 The Ledger System
- Posting to Ledger Accounts
- Trial Balance Preparation
- Identifying and Correcting Trial Balance Errors
4 Adjusting Entries
- Accruals (Revenues and Expenses)
- Deferrals (Prepaid Expenses and Unearned Revenues)
- Depreciation
- Inventory Adjustments
5 Financial Statement Preparation
- Income Statement
- Statement of Changes in Equity
- Balance Sheet
- Cash Flow Statement
6 Closing Process
- Temporary and Permanent Accounts
- Closing Entries
- Post-Closing Trial Balance
- Accounting Cycle Summary
03 Financial Statement Analysis 4 topics
1 Purpose and Methods of Financial Analysis
- Horizontal Analysis
- Vertical Analysis
- Trend Analysis
2 Ratio Analysis
- Liquidity Ratios
- Profitability Ratios
- Activity Ratios
- Solvency Ratios
- Market Prospect Ratios
3 Comprehensive Analysis
- DuPont Analysis
- Limitations of Ratio Analysis
- Industry Comparisons
4 Financial Statement Quality Assessment
- Red Flags in Financial Reporting
- Earnings Management
- Quality of Earnings Analysis
04 Current Assets 6 topics
1 Cash and Cash Equivalents
- Cash Management
- Bank Reconciliations
- Cash Controls
2 Short-term Investments
- Classification and Valuation
- Recognition of Investment Income
- Disclosures
3 Accounts Receivable
- Recognition and Valuation
- Allowance for Doubtful Accounts
- Aging of Receivables
- Write-offs and Recoveries
4 Notes Receivable
- Initial Recognition
- Interest Calculations
- Discounting Notes Receivable
5 Inventory
- Inventory Cost Flow Assumptions (FIFO, LIFO, Weighted Average)
- Inventory Valuation Methods
- Lower of Cost or Market (Net Realizable Value)
- Inventory Estimation Methods
6 Prepaid Expenses
- Recognition and Amortization
- Types of Prepaid Expenses
05 Long-term Assets 6 topics
1 Property, Plant and Equipment
- Initial Recognition and Cost Components
- Capital vs. Revenue Expenditures
- Subsequent Costs
2 Depreciation
- Straight-Line Method
- Declining Balance Method
- Units of Production Method
- Partial Year Depreciation
3 Asset Impairment
- Indicators of Impairment
- Impairment Testing
- Recording Impairment Losses
4 Asset Disposals
- Sale of Assets
- Trade-ins
- Retirement of Assets
- Calculation of Gain or Loss
5 Intangible Assets
- Types of Intangible Assets
- Initial Recognition
- Amortization
- Impairment Testing
6 Natural Resources
- Depletion Methods
- Environmental Considerations
06 Current Liabilities 6 topics
1 Accounts Payable
- Recognition and Measurement
- Managing Accounts Payable
2 Short-term Notes Payable
- Interest Calculations
- Discounting
3 Unearned Revenue
- Recognition and Adjustments
- Revenue Recognition Principles
4 Accrued Liabilities
- Accrued Salaries and Wages
- Accrued Interest
- Other Accruals
5 Current Portion of Long-term Debt
- Classification
- Measurement
6 Provisions and Contingencies
- Recognition Criteria
- Measurement
- Disclosure Requirements
07 Long-term Liabilities 5 topics
1 Bonds Payable
- Types of Bonds
- Bond Issuance at Par, Premium, and Discount
- Effective Interest Method
- Straight-Line Amortization
- Bond Retirement
2 Long-term Notes Payable
- Initial Recognition
- Interest Calculations
- Installment Payments
3 Leases
- Classification (Finance vs. Operating)
- Lessee Accounting
- Lessor Accounting
- Right-of-Use Assets
- Lease Liabilities
4 Pension and Post-Employment Benefits
- Defined Contribution Plans
- Defined Benefit Plans
- Actuarial Assumptions
- Pension Expense Components
5 Deferred Tax Liabilities
- Temporary Differences
- Permanent Differences
- Calculation and Recognition
08 Stockholders' Equity 7 topics
1 Corporate Form of Organization
- Corporate Characteristics
- Formation of a Corporation
- Corporate Governance Structure
2 Share Capital
- Common Stock
- Preferred Stock
- Treasury Stock
- Stock Issuance
3 Dividends
- Cash Dividends
- Stock Dividends
- Stock Splits
- Dividend Policies
4 Retained Earnings
- Appropriations of Retained Earnings
- Restrictions on Retained Earnings
5 Additional Paid-in Capital
- Sources of Additional Paid-in Capital
- Accounting Treatment
6 Comprehensive Income
- Other Comprehensive Income Items
- Accumulated Other Comprehensive Income
7 Statement of Stockholders' Equity
- Format and Components
- Analysis of Changes
09 Revenue Recognition 3 topics
1 Revenue Recognition Principles
- Five-Step Model under IFRS 15/ASC 606
- Contract Identification
- Performance Obligations
- Transaction Price Determination
2 Special Revenue Recognition Issues
- Multiple-Element Arrangements
- Principal vs. Agent Considerations
- Bill and Hold Arrangements
- Consignment Sales
- Warranties and Product Returns
- Contract Modifications
3 Revenue Disclosures
- Disaggregation of Revenue
- Contract Balances
- Performance Obligations
- Significant Judgments
10 Income and Expenses 5 topics
1 Income Measurement
- Accrual vs. Cash Basis
- Recognition Criteria
2 Expense Recognition
- Matching Principle
- Period Costs vs. Product Costs
3 Income Statement Formats
- Single-Step Income Statement
- Multiple-Step Income Statement
- Comprehensive Income Statement
4 Special Income Statement Items
- Discontinued Operations
- Extraordinary Items
- Changes in Accounting Principles
- Prior Period Adjustments
5 Earnings Per Share
- Basic EPS
- Diluted EPS
- Weighted Average Shares Outstanding
11 Statement of Cash Flows 5 topics
1 Purpose and Importance
- Cash Flow Information Users
- Relationship to Other Financial Statements
2 Cash Flow Classifications
- Operating Activities
- Investing Activities
- Financing Activities
- Non-cash Transactions
3 Preparation Methods
- Direct Method
- Indirect Method
- Working Capital Changes Analysis
4 Special Cash Flow Issues
- Foreign Currency Cash Flows
- Interest and Dividends Classification
- Income Taxes Classification
5 Free Cash Flow Analysis
- Calculation Methods
- Interpretation
- Limitations
12 Accounting for Partnerships 4 topics
1 Partnership Formation
- Partnership Agreement
- Initial Capital Contributions
2 Partnership Operations
- Allocation of Profit and Loss
- Drawings and Salaries
- Financial Statement Preparation
3 Changes in Partnership
- Admission of a New Partner
- Withdrawal of a Partner
- Death of a Partner
4 Partnership Liquidation
- Realization of Assets
- Payment of Liabilities
- Distribution of Remaining Cash
13 Accounting Information Systems 4 topics
1 Manual vs. Computerized Systems
- Components of AIS
- System Documentation
2 Special Journals and Subsidiary Ledgers
- Sales Journal
- Purchases Journal
- Cash Receipts Journal
- Cash Disbursements Journal
- Subsidiary Ledgers for Accounts Receivable and Payable
3 Internal Controls
- Control Environment
- Risk Assessment
- Control Activities
- Information and Communication
- Monitoring Activities
4 Accounting Software
- Selection Criteria
- Implementation Considerations
- Cloud Accounting
14 Accounting for Branches and Departments 3 topics
1 Branch Accounting
- Independent Branch Accounting
- Dependent Branch Accounting
- Inter-branch Transactions
2 Departmental Accounting
- Departmental Income Statements
- Allocation of Common Costs
- Transfer Pricing
3 Segment Reporting
- Operating Segments
- Reportable Segments
- Disclosure Requirements
15 International Financial Reporting 4 topics
1 Comparison of IFRS and GAAP
- Major Differences
- Convergence Efforts
2 Foreign Currency Transactions
- Initial Recognition
- Subsequent Reporting
- Exchange Gains and Losses
3 Translation of Foreign Financial Statements
- Current Rate Method
- Temporal Method
- Translation Adjustments
4 International Financial Statement Analysis
- Country Differences
- Cultural Influences
- Economic Factors
16 Current Developments in Financial Accounting 4 topics
1 Digital Accounting and Blockchain
- Distributed Ledger Technology
- Smart Contracts
- Cryptocurrency Accounting
2 Sustainability Accounting
- Environmental, Social, and Governance (ESG) Reporting
- Integrated Reporting
- Carbon Accounting
3 Big Data and Analytics in Accounting
- Data Visualization
- Predictive Analytics
- Real-time Reporting
4 Artificial Intelligence in Accounting
- Machine Learning Applications
- Automated Data Extraction
- Audit Analytics
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