Accounting entries are an important part of the CPA exam and an essential skill in the real world. In order to help you better prepare for the exam, this article will prepare a summary of CPA accounting entries for you and share some practical memorization methods.
1. Summary of accounting entries of certified public accountants
Asset class accounting entries.
1) Cash. Borrow: cash on hand.
Credit: Bank deposits.
2) Bank deposits.
Borrow: Bank deposit.
Credit: cash in hand, accounts receivable, etc.
3) Accounts receivable.
Debit: Accounts receivable.
Credit: main business income, other business income, etc.
Tax Payable – VAT payable (output tax).
Liabilities accounting entries.
1) Short-term borrowing.
Borrow: Bank deposit.
Credit: Short-term borrowing.
2) Accounts payable.
Borrow: raw materials, inventory goods, etc.
Credit: Accounts payable.
Accounting entries for owners' equity.
1) Paid-up capital.
Borrow: bank deposits, etc.
Credit: paid-up capital.
2) Capital reserve.
Borrow: Capital reserve.
Credit: share capital, surplus reserve, etc.
Profit and loss accounting entries.
1) Main business income.
Debit: bank deposits, accounts receivable, etc.
Credit: main business income.
Tax Payable – VAT payable (output tax).
2) Non-operating income.
Borrow: bank deposits, disposal of fixed assets, etc.
Credit: Non-operating income - gains on disposal of non-current assets, etc.
2. CPA accounting entry memorization method
1.Comprehension notesMemorization: For the memorization of accounting entries, it is necessary to first understand their meaning and purpose, and then to memorize them. For example, for the "Fixed Assets" account, we need to understand that it represents the original value of fixed assets held by the enterprise, and when remembering, we can associate it with its definition and characteristics to make it easier to remember.
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2.Categorical mnemonics:Similar accounting entries can be classified and summarized for easy memorization. For example, you can group all accounting entries related to the Bank Deposits account and all accounting entries related to the Accounts Receivable account into one group, which allows for a more systematic memory.
3.Formula mnemonics: Complex accounting entries can be compiled into formulas or ballads for easy memorization. For example, "there must be a loan, and the loan must be equal" can help us quickly judge the correctness of an accounting entry.
4.Chart mnemonics:The relationship between accounting entries can be displayed in the form of charts to help us understand the relationship between accounts more clearly. 5.Practical operation memory method can help us understand the meaning and purpose of accounting entries more deeply through the actual operation of some typical accounting cases, so that it is easier to remember.
The above is a summary of the accounting entries of the CPA for you. In short, there are many ways to memorize accounting entries, and candidates can choose the method that suits them according to their actual situation. At the same time, candidates also need to pay attention to doing more practice questions to deepen their understanding and memory of accounting entries through practical operations. Finally, I wish all candidates excellent results in the CPA exam!CPA ashore