Mastering Accounting-Address critical questions topic wise
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Acquire a deep and comprehensive understanding of fundamental accounting principles and practices that form the foundation of financial reporting and analysis.
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Explore practical insights into real-world accounting scenarios, allowing you to apply your knowledge to practical situations and make informed decisions.
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Benefit from expert answers to common accounting questions, providing you with valuable insights and guidance from experienced professionals.
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Develop the skills and knowledge necessary to confidently tackle accounting exams, ensuring you are well-prepared and capable of achieving excellent results.
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Gain insights and strategies on how to excel in accounting interviews, including tips on presenting your skills, knowledge, and experience effectively.
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Develop the necessary skills and competencies to succeed in accounting careers, whether you are pursuing roles in public accounting, corporate finance, or financial management.
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Enhance your critical thinking and problem-solving abilities in the context of accounting, enabling you to analyze complex financial data and make informed decisions.
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Learn to interpret financial statements and reports with precision and accuracy, understanding their implications for business performance and financial health.
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Receive comprehensive guidance on navigating the challenges of accounting exams and interviews, ensuring you are well-prepared and confident in your abilities.
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Obtain the confidence, knowledge, and skills needed to excel in your accounting career, setting you on a path toward professional growth and success.
Introduction to Accounting
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1
OverviewThis interactive Q&A-based course covers the fundamentals of accounting.
The course outlines
The course objectives and goals
Who is this Course For?
The main structure and format of the course
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2
Q&A-Double Entry System
In this lesson, the double entry system of accounting has been discussed with the help of case studies.
Accounting Concepts & Principles
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3
Q&A-Accounting Introduction
Discuss the accounting basics.
Discuss accounting as a business language.
Case study on how the accounting system works.
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4
Q&A-Accounting vs Accounting
Difference between Financial Accounting & Management Accounting
Difference between Tax Accounting & Forensic Accounting
Difference between Government Accounting & Non-Profit Accounting
Difference between Fiduciary Accounting & International Accounting
Difference between Accounting & Finance?
Difference between Annual Report & Audit Report
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5
Q&A-Accounting Equation
In this lesson, the accounting equation has been discussed with the help of case studies.
#Accountingequation#Accountingconcepts#Accounting
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6
Time to Quiz
Accounting for Assets, Liabilities & Equity
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7
Time to Quiz
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8
Q&A-Accounting basic concepts
This lesson covered the following questions:
What are the basic accounting concepts?
Discussed the case study on the Accrual basis of Accounting.
Discussed the case study on the dual aspect concept.
Discussed the case study on the business entity concept.
Discussed the case study on the going concern concept.
Discussed the case study on the accounting period concept.
Discussed the case study on the cost concept.
Discussed the case study on the money measurement concept
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9
Time to Quiz
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10
Q&A-Accruals & Prepayments
In this lesson accrual and prepayment-related case study-based questions and answers have been discussed.
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11
Q&A-Depreciation & Inventory
In this lesson depreciation and inventory-related case study-based questions and answers have been discussed.
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12
Q&A-Journal, Ledger & Errors
In this lesson journal, ledger & Errors-related case study-based questions and answers have been discussed.
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13
Q&A-Trial Balance
In this lesson, Trial Balance-related case study-based questions and answers have been discussed.
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14
Title: Critical Analysis of Accounting Principles
Financial Reporting & Accounting Standards
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15
Q&A-Assets
In this lesson, Assets-related case study-based questions and answers have been discussed.
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16
Q&A-Liabilities
In this lesson, Liabilities-related case study-based questions and answers have been discussed.
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17
Q&A-Equity
In this lesson, Equity-related case study-based questions and answers have been discussed.
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18
The Implication of Assets in the Financial Statements
You are working as an intern in the finance department of a small manufacturing company called TechPro Inc. The company recently hired a new accountant, Sarah, who has been assigned the task of preparing the financial statements for the year-end. Sarah is reviewing the company's balance sheet and is puzzled by the classification of certain items as assets. She approaches you for assistance in understanding the definition of assets.
Sarah provides you with the following information:
Cash on hand: $20,000
Inventory of finished goods: $50,000
Accounts receivable: $30,000
Land held for investment purposes: $100,000
Equipment: $80,000
Goodwill: $10,000
Prepaid insurance: $5,000
Trademark: $15,000
Conceptual Framework for Financial Reporting
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19
Q&A-The Essential Characteristics of Accounting
The Essential Characteristics of Accounting.
What is Economic entities?
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20
Q&A-Objectives of Financial Reporting
What is the objective (or purpose) of financial reporting?
Understanding the General-purpose financial statements
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21
Q&A-Accounting Standards
Understand the Internation Accounting Standards/IFRS.
Convergence of GAAP and IFRS.
Most common IASs/IFRSs in practice
Income Statement and Related Information
Balance Sheet and Statement of Cash Flows
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24
Q&A-Income Statement and Related Information
Understand the usefulness of the Income Statement.
Elements of the Income Statement.
Sections of the Income Statement.
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25
Q&A-Understand the reporting of accounting changes and errors
Reporting Changes in Accounting Policies.
Reporting Changes in Accounting Estimates
Reporting Correction of Accounting Errors.
Accounts Receivable & Accounts Payable
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26
Q&A-Balance Sheet
Understanding Balance Sheet.
Problem-solving questions and answers related to Balance Sheet.
#BalanceSheet#Accountingconcepts#Accounting
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27
Q&A-Statement of Cash Flows
Review the format of the Statement of Cash Flows
Problem-solving Q & A of the Statement of Cash Flows.
#Statementofcashflows#accounting#Operatingactivies#financingactivities#investingactivities
