Single Entry Accounting Concept Important in CPA exams


Passing CPA exam is always tough because the up-to-date accountancy terms are slightly changing. The modern accountancy job is 500+ years old; we are using almost the same methods. However, there is lot of new tools and applications available everyday for general public usage. Sometimes we generate more sales from these tools, because this software helps us to maintain all our company records in the uniform format.  For example if you take the accountancy software like tally, it used most of small business to large-scale industries for maintaining accounts. Recently I started a dedicated website completely for financial students. I passed CPA exam 3 years before with some well-written articles based blogs. If you are preparing CPA exam feel free to visit my site and give me your suggestions to improve.   In my blog I’m covering the CPA, CMA and CSIA departments and its popular questions asked on interviews.

Single Entry Bookkeeping in Accounting

Mostly CPA exam and CPA interview questions are based on the real time environment happens on the accounting industry. It requires multiple types of financial concepts used on various accounting industries. The two types of accounting systems mostly used by financial institutions are single entry system and double entry system. These are basic systems used by all accountants. If you own a small departmental store and willing to purchase goods for your business, you may use the single entry system. This system describes the reason of the expense you made for your company. You can entry it in bill book or excel file that does not matter. Managing single entry bookkeeping is easy to mange for all small business owners. My recent single entry accounting article in my blog helps you understand this concept very well.  Accountancy is combining of profit and loss between the transactions, so you must learn the basic concepts very well. Then only you can survive on your field. If you makes something conflict in accounting, it forces you to make your company growth down.