Financial Accounting Principles
What financial accounting principles means
The accounting equation, accruals, and financial statements.
Worked example
One question from this skill's own question bank, shown with its full working.
The accounting equation is
- Assets = Liabilities + Equity
- Assets = Liabilities - Equity
- Equity = Assets + Liabilities
- Profit = Assets + Cash
Working: Every transaction keeps this equation in balance, which is the basis of double-entry.
Curriculum and exam alignment
Curriculum notes are a general guide to where this work normally sits. Always check the syllabus your school or examination body is currently using.
Related skills
Other University Accounting skills in Financial Accounting, at the same point in the course.
Other Financial Accounting topics
Related study guides
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Exams that assess financial accounting principles
University work on this skill feeds directly into these exam papers. Each page lists the Financial Accounting topics that appear on it.
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Practise financial accounting principles
6 questions with a worked answer after every attempt, and a SmartScore that tracks how close you are to mastery.