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!

Accounts Receivable: Statement of Financial Position / Balance Sheet

Accounts Receivable is a current asset account (remember that “current” means they are due within 1 year) shown on the Statement of...

Allowance for Doubtful Accounts: Statement of Financial Position/Balance Sheet

It is rare for an entity to be able to collect all of their Accounts Receivable (A/R). This means that in order to present an accurate...

Notes Receivable: Statement of Financial Position/Balance Sheet

The Notes Receivable account is an asset account shown on the Statement of Financial Position (IFRS)/ Balance Sheet (ASPE). Notes...

Notes Receivable Calculations and Journal Entries

In our last article (found here), we reviewed how Notes Receivable are measured. In this article we dive into an example of how to do a...

Inventory: Statement of Financial Position/Balance Sheet

Both the IFRS (IAS 2) and ASPE (ASPE 3031) accounting frameworks define, measure and classify Inventory using more or less the same...

Inventory Costing Approaches: FIFO and Weighted Average

In our last article, we reviewed Inventory, how it is defined and how it is measured. In this article, we explain how to account for...

Inventory: Common Journal Entries

Throughout the year, we will have created journal entries showing the purchase of Raw Materials, the transition of Raw Materials into...

Property Plant and Equipment: Statement of Financial Position/Balance Sheet

The Property, Plant and Equipment (PPE) classification is shown on the Statement of Financial Position/Balance Sheet under Non-Current...

Property Plant and Equipment: Subsequent Measurement, Revaluation and Disposals

In our previous article, we reviewed the basics of PPE: how we define PPE, what is included in the costs of PPE, how we eventually...

1 2

4 5