Difference between Managerial and Financial Accounting
The overall objective in managerial accounting, which is often referred to as “cost accounting” is to provide useful information for internal decision makers to use. This is different from the overall objective of financial reporting as the general objective is to provide information for external users. In addition, managerial accounting is used for projections and […]More
Which adjusting journal entries from FAR should I know for AUD?
There is a correlation between the risks that are relevant for a particular transaction cycle and the adjusting entries that you should be familiar with. For example, in the revenue cycle, the risk is that revenue is overstated, right? So you should be familiar with how to propose an adjusting entry to reverse the recognition […]More
Tips for Studying for the CPA Exam During Busy Season
If you want to study for the CPA exam during busy season, then the most important thing you can do is create a plan that you can realistically stick to. If the plan is to crazy or aggressive, then it won’t take long for you to completely abandon the plan! Busy season is different for […]More
SQL Commands tested on the CPA exam
The BEC section of the CPA exam will test whether a candidate understands the basic commands used in SQL. These SQL commands must use the correct syntax. Syntax is the way the command must be structured by itself or with other commands to properly retrieve the data. There are four categories of SQL commands: 1) […]More
How to calculate working capital turnover ratio?
The working capital turnover ratio is used by a company’s management team, investors, and/or creditors to determine how efficiently and effectively the company uses its assets. This is a topic that is often tested on the BEC section of the CPA exam. Candidates should understand how to calculate and interpret the working capital turnover ratio. […]More
Working Capital Turnover Ratios
The BEC section of the CPA exam will test a candidate on the calculation and interpretation of working capital turnover ratios such us the inventory turnover ratio, accounts receivable turnover ratio, and accounts payable turnover ratio. Turnover ratios are used to indicate the efficiency and/or effectiveness of a company’s management team. Turnover ratios use information […]More
CPA Review with virtual reality?
Universal CPA Review is using virtual reality to teach complex accounting and auditing topics to students sitting for the CPA exam and majoring in accounting. The CPA exam is full of complex and difficult topics that students must learn to apply for the exam. However, if they haven’t performed this task in their day job, […]More
How to calculate the cash conversion cycle?
The cash conversion cycle is considered a metric that expresses the length of time, in days, that is takes for a company to convert inputs into cash flows. The cash conversion cycle is computed as follow: To calculate the cash conversion cycle, you will need to calculate days in inventory (DIO), days sales in accounts […]More