Required Topics for Accounting Exam
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Fundamentals of Accounting
Definition and purpose of accounting, types of accounting (financial, managerial, cost), users of accounting information, basic accounting concepts and assumptions, introduction to accounting standards (GAAP and IFRS basics) -
Bookkeeping & Accounting Cycle
Double-entry accounting system, chart of accounts, journal entries, posting to ledger, trial balance, adjusting entries, closing entries, accounting cycle overview -
Financial Statements
Income Statement, Balance Sheet, Cash Flow Statement, Statement of Changes in Equity, notes to financial statements, purpose and importance of financial statements -
Assets Accounting
Cash and bank reconciliation, accounts receivable, inventory accounting, inventory valuation methods (FIFO, LIFO, Weighted Average), fixed assets, depreciation methods (basic), intangible assets -
Liabilities & Equity
Accounts payable, accrued expenses, loans and notes payable, owner’s equity, capital accounts, drawings and dividends -
Cost & Management Accounting
Cost classification, job order costing, process costing, break-even analysis, budgeting, forecasting, cost-volume-profit (CVP) analysis -
Payroll & Labor Accounting
Payroll systems, salaries and wages, payroll deductions, social security contributions, payroll taxes, end-of-service benefits -
Taxation (Basic Level)
Income tax fundamentals, VAT / sales tax basics, tax calculations, tax reporting and filing, tax compliance overview -
Accounting Software
Manual vs computerized accounting, introduction to accounting software (QuickBooks, Sage, Excel), basic data entry, financial reporting -
Internal Control & Auditing Basics
Internal control systems, segregation of duties, fraud prevention, basic audit process, ethics and professional conduct in accounting -
Financial Analysis
Financial ratio analysis, liquidity ratios, profitability ratios, solvency ratios, trend analysis, basic interpretation of financial results -
Business & Commercial Law (Introductory)
Types of business entities, basic contract concepts, legal responsibilities of accountants, financial and legal compliance
