Although CA, CPA, and ACCA are all related to accounting and finance and have high recognition worldwide, there are significant differences in global recognition, course length, practical experience, educational requirements, specialization, and cost. CPA is highly recognized in the U.S. and globally, focusing on U.S. standards, while ACCA has broad international recognition and is designed …
Closing entries Closing entries are made at the end of the accounting period to close all the temporary accounts by transferring their balance to permanent accounts. Temporary accounts are all the income statement accounts along with dividends. Permanent accounts are balance sheet accounts. First, all the income statement accounts are transferred to the income summary …
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Adjusting Entries Adjusting entries are made in the book at the end of the accounting period to reflect the correct balance of assets and liabilities. The main purpose of making adjusting entries is to record all the assets and liabilities at their true and fair value. For example, equipment is initially recorded at the original …
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Journal Entries The first step of the accounting cycle is identifying the financial transactions of a business. Once the financial transactions are identified, they are recorded in the accounting books by making journal entries. Therefore, journal entries can be defined as a process of recording financial transactions in the accounting books. The process of journal …
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The basic idea of the accounting equation remains the same which states that a firm’s total assets will always be equal to the sum of total liabilities and shareholders’ equity. The expanded accounting equation breaks down the shareholders’ equity into further sub-items. Shareholders’ equity = Owners’ capital + Retained earnings Retained earnings will further be …
The accounting equation is used in financial accounting, which defines the relationship between a firm’s assets, liabilities, and shareholders’ equity. As per the accounting equation, the relationship between these terms can be represented as follows: Assets = Liabilities + Shareholders’ equity It means that a firm’s total assets will always be equal to the sum …
In simple terms, cryptocurrency is like digital money. Instead of using coins or bills, it exists only in electronic form. Imagine it as virtual coins or tokens that you can send and receive online. It can further be explained as follows: Digital Money Cryptocurrency can be defined as a money which is used in digital …
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