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Accounting, Explained

Guides, practice tips, and IFRS/GAAP insights from the Accountely team.

October 31, 2026

FIFO, LIFO & Weighted Average Practice

FIFO, LIFO and weighted average practice problems under periodic and perpetual systems, with the LIFO reserve, LIFO conformity rule and full answers.

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October 28, 2026

Merchandising Journal Entries (Examples)

Merchandising journal entries under perpetual and periodic inventory: purchases, returns, 2/10 n/30 discounts, freight terms and cost of goods sold.

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October 25, 2026

Closing Entries: 4 Steps, Income Summary and Examples

Closing entries in 4 steps: close revenues, expenses, Income Summary and dividends. Worked example, net-loss case and the post-closing trial balance.

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October 22, 2026

Bank Reconciliation: Example and Practice

Bank reconciliation step by step: why the cash book and bank statement differ, which items need journal entries, and a practice problem with answers.

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IAS 20 Government Grants: Deferred Income vs Netting, Worked Both Ways - accountely.com
September 20, 2026

IAS 20 Government Grants Explained

IAS 20 government grants explained: deferred income vs netting against the asset, both worked in full, plus below-market loans and grant repayment.

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IFRS 9 Expected Credit Losses: The Provision Matrix Explained - accountely.com
September 16, 2026

IFRS 9 Expected Credit Loss (ECL) Model

IFRS 9 expected credit losses explained: the three-stage ECL model, the simplified approach for trade receivables and a worked provision matrix.

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IAS 33 Earnings Per Share: Weighted Average Shares, Bonus Issues and Dilution - accountely.com
September 14, 2026

IAS 33 Earnings Per Share: Basic and Diluted EPS Examples

IAS 33 explained with worked examples: basic EPS, weighted average shares, bonus and rights issues, and diluted EPS calculated step by step.

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IAS 21 The Effects of Changes in Foreign Exchange Rates, With Journal Entries- accountely.com
September 11, 2026

IAS 21 Foreign Exchange: Journal Entries

IAS 21 foreign exchange explained: which rate to use, monetary vs non-monetary items, and a worked foreign purchase with journal entries to settlement.

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IAS 23 Borrowing Costs: When Interest Becomes Part of the Asset - accountely.com
September 7, 2026

IAS 23 Borrowing Costs Explained

IAS 23 borrowing costs: what counts as a qualifying asset, specific vs general borrowings, worked capitalisation examples and the timing rules.

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IFRS 5 Held for Sale and Discontinued Operations: Two Tests, Not One- accountely.com
September 5, 2026

IFRS 5 Held for Sale Assets Explained

IFRS 5 explained: the held for sale and discontinued operations tests, why depreciation stops, and how comparatives are presented, with examples.

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IAS 36 impairment of assets: recoverable amount vs carrying amount explained
September 2, 2026

IAS 36 Impairment of Assets With Examples

IAS 36 impairment of assets explained: recoverable amount, value in use, CGUs and reversals, with worked journal entry examples.

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IAS 38 Intangible Assets: When Can You Capitalise Development Costs - accountely.com
August 29, 2026

IAS 38 Intangible Assets: Research vs Development Costs

IAS 38 explained: recognition criteria, research vs development, the six capitalisation criteria, amortisation, and a worked development-cost example.

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IAS 12 Income Taxes: Deferred Tax Explained With Worked Examples - accountely.com
August 27, 2026

IAS 12 Deferred Tax Explained (Examples)

IAS 12 deferred tax explained: tax base, taxable vs deductible temporary differences, and worked examples of accelerated depreciation and warranties.

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IAS 10 events after the reporting period: adjusting vs non-adjusting events infographic with examples and disclosure requirements — learn IFRS online
August 24, 2026

IAS 10 Events After the Reporting Period

IAS 10 events after the reporting period: adjusting vs non-adjusting events, the dividend trap and the going concern exception, with examples.

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IAS 8 comparison table of accounting policy changes, accounting estimate changes, and prior period errors, with retrospective vs prospective treatment.
August 20, 2026

IAS 8: Policies, Estimates and Errors

IAS 8 explained: how to tell a change in accounting policy, a change in estimate and a prior period error apart, with worked examples of each.

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IAS 7 statement of cash flows infographic showing operating, investing, and financing activities with a worked indirect method reconciliation.
August 18, 2026

IAS 7 Statement of Cash Flows Explained

IAS 7 statement of cash flows explained: operating, investing and financing sections, cash equivalents and a full indirect method reconciliation.

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IAS 1 infographic showing the five components of a complete set of financial statements and what goes where.
August 15, 2026

IAS 1 Presentation of Financial Statements

IAS 1 presentation of financial statements: the five statements, current vs non-current split, profit or loss vs OCI, and common exam mistakes.

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IFRS 15 five-step revenue recognition model infographic: identify contract, performance obligations, transaction price, allocation, and revenue recognition.
August 10, 2026

IFRS 15 Revenue Recognition: 5-Step Model

IFRS 15 revenue recognition explained step by step: the 5-step model for every contract, plus a worked example allocating a bundled contract price.

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IAS 37 provisions and contingent liabilities: three-question recognition test with examples and disclosure requirements
August 9, 2026

IAS 37 Provisions & Contingent Liabilities

IAS 37 explained: when to recognise a provision, disclose a contingent liability or do nothing, with the three-question test and a warranty example.

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IAS 16 property, plant and equipment: initial cost, depreciation methods, and revaluation model explained — IFRS accounting guide
August 8, 2026

IAS 16 Property, Plant and Equipment

IAS 16 property, plant and equipment: what goes into initial cost, how depreciation works, and the revaluation model, with a worked example of each.

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IAS 2 Inventories infographic showing FIFO, LIFO, and weighted average costing methods plus a worked net realisable value (NRV) write-down and reversal example.
August 7, 2026

IAS 2 Inventories: NRV and Cost Formulas

IAS 2 inventories explained: the lower of cost and NRV rule, FIFO vs weighted average cost, and a worked inventory write-down with the journal entry.

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Comparison chart of 7 key differences between IFRS and US GAAP including inventory valuation, PPE, revenue recognition, and leases.
August 6, 2026

IFRS vs US GAAP: 7 Key Differences

IFRS and US GAAP diverge on inventory costing, leases, development costs, and more. Here are the seven differences accounting students hit most often.

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Comparison infographic of the direct method vs indirect method for preparing the cash flow statement under IAS 7, with worked examples of both.
August 5, 2026

Direct vs Indirect Cash Flow Method

IAS 7 allows two ways to present operating cash flows. Here is exactly how the direct and indirect methods differ, with a worked comparison.

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Infographic showing how to find and fix trial balance errors including omission, commission, principle, and compensating errors.
August 4, 2026

Trial Balance Not Balancing? 5 Steps to Find the Error

Trial balance won't balance? Check the difference, re-add the columns, verify copied balances and find half-posted entries with this 5-step checklist.

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Accounting equation infographic: Assets = Liabilities + Equity, with a worked example and five sample transactions.
August 3, 2026

Accounting Equation Explained (Examples)

The accounting equation is the foundation of double-entry bookkeeping. Learn what it means, why it always balances, and see it in action.

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Side-by-side comparison of the income statement and balance sheet showing purpose, time focus, and components.
August 2, 2026

Income Statement vs Balance Sheet

Income statement and balance sheet look similar at first glance but answer completely different questions. Here's exactly how they differ.

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T-accounts infographic showing debit and credit sides and the process of posting journal entries to the general ledger.
August 1, 2026

T-Accounts Explained: Examples and Ledger Posting

How to post journal entries to T-accounts, find each account balance, and follow a worked example from journal to ledger. Then try free ledger practice.

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Straight-line depreciation method infographic with formula, step-by-step calculation, and a worked delivery truck example.
July 31, 2026

Straight-Line Depreciation With Examples

The straight-line method is the most common way to depreciate a fixed asset. Here is the formula, a full worked example, and the journal entry.

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"IAS 24 related party disclosures explained — who is a related party, required disclosures, and transaction examples under IFRS"
July 30, 2026

IAS 24 Related Party Disclosures Explained

IAS 24 related party disclosures explained: who counts as a related party, what must be disclosed even with no transactions, and a worked scenario.

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IFRS 16 leases infographic showing lessee and lessor accounting models with right-of-use asset and lease liability journal entries.
July 29, 2026

IFRS 16 Lease Journal Entries Explained

IFRS 16 lease accounting for lessees: measure the right-of-use asset and lease liability, with a worked example, journal entries and the two exemptions.

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Infographic explaining the 5 types of adjusting entries in accounting: accrued revenues, accrued expenses, deferred revenues, prepaid expenses, and depreciation.
July 27, 2026

Adjusting Entries: 5 Types With Examples

Learn the 5 types of adjusting entries with journal entries, a combined worked example, reversing entries and the mistakes students make most often.

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Beginner-friendly infographic explaining debits and credits, the golden rule, and how they affect assets, liabilities, and equity.
July 21, 2026

Debits and Credits Explained for Beginners

Learn the one rule behind debits and credits, see it applied to every account type, and use the DEALER mnemonic to remember which side increases.

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Comparison infographic of the income statement and cash flow statement showing purpose, focus, and measurement basis differences.
July 21, 2026

Income Statement vs Cash Flow Statement

Profit is not cash. See what the income statement and cash flow statement each measure, why profitable firms run out of cash, and how they reconcile.

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Seven-step infographic on how to prepare a balance sheet, from listing accounts to checking that it balances.
July 21, 2026

How to Prepare a Balance Sheet (Example)

How to prepare a balance sheet step by step: order assets and liabilities, split current and non-current items, and make it balance, with an example.

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10 worked journal entry practice problems with solutions covering supplies, equipment, revenue, salaries, and accruals.
July 21, 2026

Journal Entry Practice Problems & Answers

Journal entry practice problems with solutions: ten core entries from owner investment to accrued expenses, five harder ones, and the logic behind each.

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