Simplifying accounting fundamentals

CPA Solved is a community for (aspiring) financial professionals. The platform provides free simplified accounting/finance-related review material, and community forums to help solve your questions. Join, comment and start a conversation!

Please share us with your friends and colleagues to help build this community.

We're regularly adding new articles!

Analyzing Financial Issues

When analyzing financial case studies, always break them down into smaller issues, which can then be addressed individually. If you are...

Statement of Financial Position / Balance Sheet Elements

The Statement of Financial Position (a.k.a Balance Sheet using Canadian ASPE accounting standards) presents the company's total assets,...

Statement of Profit or Loss / Income Statement Elements

The Statement of Profit or Loss (a.k.a. Income Statement using Canadian ASPE) shows the company's earnings and expenses. Different...

Statement of Retained Earnings (ASPE)

Entities that report under the Canadian ASPE guidelines do not report a Statement of Changes in Equity. This is primarily because the...

Revenue: APSE 3400 Income Statement

TIP: For those who are writing the Canadian CPA board exams (CFE exams), Revenue recognition is an extremely important topic and is...

Revenue: Bundled Deliverables

When several goods and/or services are sold together as a bundle, it is called a bundled deliverable. If you recall, both IFRS and ASPE...

Revenue: Accounting for Discounts

Both IFRS and ASPE account for discounts in a similar manner: discounts should be netted from Revenue amounts. They are not considered...

Non-Monetary Transactions: Exchanges and Swaps

This article describes how to recognize transactions that include non-cash components. TIP: Non-Monetary transactions are frequently...

Concept of Control

Over the next couple of articles, we will review how certain types of transactions are recorded for financial reporting purposes. How we...

2 3 4