US CPA FAR Lecture I US CPA CMA Basic Accounting Concepts

Welcome to our channel! In this video, we cover the foundational accounting concepts crucial for anyone preparing for the US CPA (Certified Public Accountant) FAR (Financial Accounting and Reporting) exam or the CMA (Certified Management Accountant) exam. Our comprehensive lecture breaks down complex topics into easy-to-understand segments, ensuring you grasp the basics needed for your professional accounting certification journey.
📌 Topics Covered:
Introduction to Accounting Principles
➡Generally Accepted Accounting Principles (GAAP)
➡Financial Statements Overview
Accounting Cycle
➡Journal Entries
➡Ledger Accounts
➡Trial Balance
➡Adjusting Entries
Key Financial Statements
➡Balance Sheet
➡Income Statement
➡Statement of Cash Flows
➡Statement of Changes in Equity
Revenue Recognition and Expenses
➡Revenue Recognition Criteria
➡Matching Principle
Assets and Liabilities
➡Classification and Measurement
➡Depreciation and Amortization
Equity Accounting
➡Common and Preferred Stock
➡Dividends
Basic Cost Accounting Concepts for CMA
➡Cost Classification
➡Cost Behavior Analysis
➡Budgeting and Variance Analysis
🔍 Why This Lecture Matters:
Understanding these basic accounting concepts is crucial for passing the FAR section of the CPA exam and for excelling in the CMA exam. This lecture provides a solid foundation that will support your advanced studies and professional development.
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