Accounting–Financial Accounting Total-Beginners to Advanced

Including well over 100 hours of content, e-book (EPUB, MOBI, PDF), Excel worksheet, & PDF files, this is comprehensive

This course includes:

• 115.5 hours of on-demand video
• 63 articles
• 672 downloadable resources
• Full lifetime access
• Access on mobile and TV
• Assignments
• Certificate of completion

4.4

(3,014 ratings)

159,388 students

Created by Robert (Bob) Steele, Jane Clark

What you’ll learn

• An Introduction to Accounting, The Double Entry Accounting System, & Recording Transactions using Debits and Credits
• Analyze, use, and create from scratch financial statements including a balance sheet, income statement, statement of equity, and statement of cash flows
• Use the concepts of the double-entry accounting system
• Record financial transactions using the accounting equation
• Record financial transactions using debits and credits
• Learn when and how to use accounting methods such as the accrual method and cash method
• Apply the concepts related to the revenue recognition principle and the matching principle to recording transactions and reading financial statements
• Record period end adjusting entries and being able to explain why adjusting entries are necessary is a well-designed accounting system
• Record merchandising transactions. Record transactions involving inventory
• Track inventory using cost flow methods like FIFO, LIFO, and Weighted Average Methods
• Create and use subsidiary ledgers like accounts receivable by customer and accounts payable by vendor subsidiary ledgers
• Learn how to create and use special journals and how they can be part of an accounting system
• Construct and interpret a bank reconciliation, one of the most critical internal controls
• Be able to implement internal controls over cash
• Value account receivable and record bad debt expense using either the allowance method or direct write-off method
• Calculate depreciation using different depreciation methods including straight-line depreciation, double declining balance, & units of production depreciation
• Record payroll transactions and calculate net pay and income tax withholding
• Record transactions specific to partnerships including methods to allocate net income to the partners, adding a new partner, and a partner leaving or selling a partnership interest
• Record transactions specific to a corporation including selling capital stock, selling preferred stock, buying treasury stock, issuing cash dividends, and issuing stock dividends
• Record transactions related to the issuance of bonds
• Record transactions related to notes payable. Learn to create an amortization table.
• Construct a statement of cash flows using the direct method and indirect method. We go into more detail about best practices to construct a statement of cash flows than any other course we have seen

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Requirements

• This course is an excellent course for beginners as well as advanced learners. We start from the basics and move all the way through financial accounting topics in a systematic way. We will be using some Microsoft Excel worksheets, but we will start off slow as we learn Excel as well. If you do not have Excel, you may be able to open the files using Google Sheets, which is free. If you do not have either of these options, you can move forward without this component of the course. However, Excel worksheets are where learners get to really engage with the material and work through problems. Therefore, we do suggest getting access to Excel or Google Sheets at all possible.

Description

Recently updated with A LOT of added content.

Includes downloadable e-book in multiple formats so you can open it on your tablet or Kindle – Formats (EPUB, MOBI, PDF).

This course is an excellent supplement for students or anybody who wants to learn to account and also has something they can refer back to in the future. Udemy generally provides lifetime access to the course.

Many accounting students do not receive a physical book, they get to keep from their school, and even if they did, the information could become dated. Students who want a useful reference tool they can keep, and one that can be more easily updated than a textbook, will benefit from a resource such as this.

Financial accounting is a LARGE topic and is not something that can be done well in 5, 10, or 20, hours of content, as you may see claimed elsewhere. We will cover accounting theory because theory and concepts are what accounting is. We need to learn theory so we can make appropriate adjustments in the real world. Learning procedures without understanding the theory will make us inflexible and unable to adapt to the ever-changing environment. We will learn the theory while we apply them to procedures.

Financial accounting is relatively standardized in format. In other words, most accounting institutions will cover much the same topics, often in much the same order. We suggest looking up a standard accounting textbook, checking the index, and comparing the topics to the courses you are considering purchasing. We believe this course will line up well with anybody’s needs who want to learn financial accounting.

Below is a list of topics by section:

Section SEC 1 An Introduction to Accounting, The Double Entry Accounting System, & Recording Transactions using Debits and Credits

Section SEC 2 – Recording Period End Adjusting Entries

Section SEC 3 – Recording Closing Entries

Section SEC 4 – Merchandising Transactions – Transactions Involving Inventory

Section SEC 5 – Inventory Cost Flow Assumptions (FIFO, LIFO, Weighted Average Methods)

Section SEC 6 – Subsidiary Ledgers & Special Journals

Section SEC 7 – Bank Reconciliations & Cash Internal Controls

Section SEC 8 – Accounts Receivable – Allowance Method & Direct Write-Off Methods

Section SEC 9 – Depreciation Methods & Property Plant & Equipment

Section SEC 10 – Payroll Accounting

Section SEC 11 – Partnership Accounting

Section SEC 12 – Accounting for Corporations

Section SEC 13 – Bonds Payable, Notes Payable, & Long-Term Liabilities

Section SEC 14 – Statement of Cash Flows

The course will start off at the basics and work all the way through the financial accounting topics generally covered in an undergraduate program.

First, we will describe what financial accounting is and the objectives of financial accounting. We will learn how the double-entry accounting system works by applying it to the accounting equation. In other words, we will use an accounting equation to record financial transactions using a double-entry accounting system.

We will learn all topics by first having presentations and then applying the skills using Excel practice problems. If you are not familiar with how to navigate through Excel, it is OK. We will use preformatted worksheets, have step-by-step instructional videos, and will start off relatively slow.

The next step is to apply the double-entry accounting system using debits and credits. Debits and credits are a new concept to most people not familiar with accounting, or possibly worse, many people have misconceptions about the meaning of debit and credit due to their use in areas like bank statements, credit cards, and debit cards.

We will cover the rules related to debits and credits in a lot of detail. We will then record similar transactions we had done using the accounting equation, but now using debits and credits.

After we get good at recording transactions using debits and credits, we will learn period-end adjusting entries. Adjusting entries are used to adjust the books to represent an accrual basis at the period end better, and they are a great tool for enforcing the concepts of accrual accounting.

Next, we will use the data we have learned to put together by recording financial transactions into financial statements, including the balance sheet, income statement, and statement of equity. We will learn to construct a statement of cash flows much later in the course.

After completing the financial statements, we will learn how to journalize and post-closing entries. Closing entries are used to clean out temporary accounts and prepare for the transactions that will be recorded in the next period.

The steps we have just outlined are critically important to all accounting, and we will need a reasonably good understanding of them to move forward. In other words, the better we understand these concepts, the more natural learning the rest of financial accounting will be. We recommend spending a good deal of time on these concepts and reviewing them often. Think of these skills as a baseball player thinks of playing catch or a musician thinks of playing the basic scales. We should put in some practice with the basics every day.

Next, we will add inventory to the mix. All the skills we have learned will still apply, but we will now record transactions related to the purchase and sale of inventory.

We will also learn to track inventory using different methods. We can use specific identification. In other words, we can track the exact unit of inventory that was sold as a car dealership would do. However, companies generally use a cost flow assumption with smaller items that are the same in nature, assumptions like First In First Out (FIFO), or Last In Last Out (LIFO). A company may also use a weighted average method.

Next well will consider subsidiary ledger and special journals. Our main focus is on the subsidiary ledger related to accounts receivable and accounts payable. Accounts receivable represents money owed to the organization.

The general ledger will provide the transactions that make up the accounts receivable account balance by date. However, we will want to see this data reported by customers, so we know who owes the company money and how much, and this is the accounts receivable subsidiary ledger.

We have a similar situation with accounts payable. Accounts payable represent vendors to the company who owes money. We will want to sort this information by vendors, so we know which vendors we owe money to and how much.

Next, we will cover bank reconciliation and internal controls related to cash. Bank reconciliation is one of the most important internal controls outside of the double-entry accounting system itself. All businesses, large and small, should perform a bank reconciliation. The bank reconciliation will reconcile the cash balance on the company’s books to the cash balance reported by the bank as of a specific date, the date of the bank statement, typically the end of the month.

The bank statement balance will not agree with the book balance due to outstanding items, items recorded by the company, but which have not yet cleared the bank. The outstanding items will be the reconciling items in a bank reconciliation.

Next will learn how to value accounts receivable and deal with those accounts we will not be able to collect on. In other words, accounts receivable represent money owed to the business for work done in the past. However, some of those receivables may not ever be paid. How do we account for the customers we do not think will pay and how do we value the accounts receivable account if we believe some of the receivable wills may not be collected in the future, but we do not know which ones?

GAAP generally requires the use of what is called the allowance method to value accounts receivable. We will compare the allowance method to the direct write-off method, an easier method but one that does not conform to accrual accounting as well.

Next, we will cover the

property plant and equipment. The most difficult concept related to property plant and equipment is calculating and recording depreciation. Deprecation can be calculated using different methods, including the straight-line method, the double-declining balance method, and the units of production method. We will compare and contrast each method in detail.

We will also consider how to record the purchase and sale of property plants and equipment.

Next, we will discuss the tracking and reporting of payroll. Payroll is a very large topic because of the payroll laws included in it. We will discuss how to calculate payroll taxes, including federal income tax FIT, social security, and Medicare. We will record journal entries related to payroll. Payroll journal entries are some of the longest and most complex journal entries recorded in the standard accounting cycle.

Next, we will learn partnership accounting. The concepts we learned related to the double-entry accounting system will apply to partnerships. Our focus now will be on those transactions unique to a partnership form of entity. For example, we will discuss how to allocate net income to each partner’s capital account. A partnership type of entity is very flexible, and there are many different ways partners can agree to allocate income.

We will discuss how to record transactions when a new partner is added to a partnership or when an existing partner leaves a partnership.

We will also cover how to record the liquidation of a partnership. Much of the liquidation process will apply to the closing of other business entity types as well. However, the partnership type of entity has the added difficulty of allocating the final proceeds to the partners in accordance with their capital accounts.

Then we will consider transactions unique to the corporation format of the entity. Like the partnership form of entity, the corporation will use the same double-entry accounting system we learned at the beginning of the course. In this section, we will learn how to record the sale of capital stock and the sale of preferred stock. We will record transactions related to the purchase of treasury stock. We will discuss how to record cash dividends and stock dividends.

Then we will learn concepts related to bonds payable, notes payable, and long-term liabilities. Many people are familiar with bonds as a type of investment. We will consider bonds from the other side of the transaction with the issuance of bonds. Bonds are often used as a tool to understand the time-value of money concept and interest rates at a deeper level. Therefore, even if you do not plan on recording many transactions related to the issuance of bonds, it is a useful process to learn valuable concepts. Bonds are often issued at a premium or a discount. The premium or discount is then amortized over the life of the bond.

We will discuss how to record the initial sale of the bond. We will talk about how to amortize the bond discount and premium. We will record transactions related to bond interest, and we will discuss transactions for the dissolution of the bonds.

The course will also cover the recording of notes payable. One of the most complex components of notes payable is the breaking out of the interest and principal portion of the payment. For the task of breaking out interest and principal, we will need an amortization schedule. We will build amortization schedules from scratch, a useful skill to understand.

The second complication with notes payable is breaking out the current and long-term portions of the note. We will use the amortization schedule to perform the task of calculating the current and long-term portion of the notes payable.

Finally, we will discuss how to create a statement of cash flows. The statement of cash flows is one the of primary financial statements along with the balance sheet, income statement, and statement of equity, but the statement of cash flows can be more complicated to construct.

The statement of cash flows represents the flow of cash broken out into three categories, operating activities, investing activities, and financing activities. We have constructed the financial statements using an accrual basis rather than a cash basis. We can think of the statement of cash flows as converting the accrual basis to a cash basis.

We can use two methods when constructing the operating section of the statement of cash flows, the direct method, and the indirect method. The indirect method is more common and often required, even if we also add the direct method. The indirect method starts with net income in then backs into cash flow from operations.

Sample of the part to test in the book that comes with the course:

The first questions asked when introduced to any new topic are often:

• What is it?

• Why do I need to know it?

We will address the second question first: why do I need to know to account?

Answer: Because it’s fun. Because accounting is fun is likely not the first thing that popped into your mind, but we want to start off with this concept, the idea of thinking of accounting as a kind of game, a sort of puzzle, something we can figure out. Thinking of accounting as a game will make learning accounting much more enjoyable.

Accounting can be defined as an “information and measurement system that identifies, records, and communicates relevant information about a company’s business activities” (John J. Wild, 2015).

The process of accounting includes the accumulation of data in a relevant form, which can be used for practical decision-making.

Data is often identified using forms and documents such as bills, invoices, and timesheets. Once identified information is input into an accounting system, often an electronic one. The end goal of financial accounting is the creation of financial statements including a balance sheet, income statement, and statement of equity. The financial statements are used to make relevant decisions.

There are many reasons to learn accounting concepts, other than it is fun, although we always want to keep the fun factor in mind. Some of the most obvious reasons for learning accounting include:

· Accounting provides a format to understand business whether we are in the accounting department or not. Accounting is the language of business, a way of communicating business objectives and performance. All areas and departments benefit from understanding accounting because it provides a way to communicate between departments and communication is critical to business success.

· Accounting concepts apply to our personal finances. We all need to deal with our personal finances and learning basic accounting concepts and recording techniques helps ease our minds when dealing with our financial tasks.

Other reasons for learning accounting, which is not so obvious, include that accounting is a great tool to help develop critical thinking skills. Accounting requires reasoning to work through problems, and the practice of accounting will refine reasoning abilities and help us approach problems in a more systematic way, more efficient way.

Accounting can also provide the same sense of satisfaction we receive when completing a puzzle, when mastering a new musical pattern, or when playing a game skillfully. Accounting can provide the same shot of dopamine when we figure out a problem, discern how something works, and can claim that the double-entry accounting system is in balance.

Accounting can be compared to a game of checkers

For example, the game of checkers starts with setting up pieces on a board, or a spreadsheet, following a set of rules. To set up the board, we need to have memorized the rules for doing so. Memorizing rules is not a fun aspect of checkers but is a necessary one to receive the enjoyment of playing the game. Once the board is set up the game of checkers is played by moving pieces according to a set of rules to achieve a certain objective, the elimination of the opponent’s pieces.

Accounting is similar in that we will start off by learning how to set up the board, the accounting board being a T account or ledger. As with checkers, we will need to memorize where the pieces fit on the board, and which side of the T account pieces will line up on. Accounting pieces are the accounts and account types which have a normal balance lining up on the left or right side of the board, of the T account or ledger.

Once we know the normal balance of accounts, we will play the accounting game by applying debits and credits to the accounts following a set of rules which have a particular objective, the creation of relevant information, and the creation of financial statements.

The major obstacles to learning to account are the same as those to learning music.

The primary obstacle to learning accounting concepts is the memorization of rules, a simple task, but one most do not find very enjoyable.

Memorizing rules is the same obstacle holding people back from learning many fulfilling activities, activities as learning music, or a new language. Rules of some kind must be learned to play music. The idea of rules, structure, of constraints, seems counter-intuitive to the concept of creativity we associate with creating and playing music, but rules, structure, and limitations are often requirements for creativity. For example, writing and especially poetry requires adherence to strict rules and many great writers have done their best work while constrained by deadlines and editors.

Whether it be notes, chords, or songs rote memorization is required before these learned concepts can be used to create something new, to create or play music, the structure critically contributing to the creation process. Creating, of course, is the fun part, the fulfilling part, and the area to look forward to but memorization is a necessary part, a critical part, and a part well worth the effort.

Confidence in the system is required to learn to account

Education is all about asking questions, testing theories, and being skeptical of claims given without a convincing argument, without supporting facts. Accounting is no different. Questioning is essential to setting up an efficient accounting system, but the tradition of questioning can also be used as a crutch, as an excuse for not moving forward and finding our mistakes.

I recommend accounting students start out having faith that the double entry accounting system works, in a similar way that we have faith that a 1,000-piece puzzle will contain all the pieces required and can be constructed to match the picture on the box because without this confidence we will lose the motivation to move forward, to complete the task, and therefore miss out on the enjoyment of completing the project.

Confidence in the double-entry accounting system is necessary when first learning accounting concepts because doubting the system restricts us from moving forward to complete the necessary steps and looking for the mistakes we have made. It is much easier to claim that the system does not work than to look for the more likely problem, our own errors.

Having faith in a system does not mean we should not question a system. Questions are always encouraged, at all times, but it is best to give the concepts the benefit of the doubt and not allow our questioning of the system to be an excuse, a crutch, for not completing a task or figuring out a problem.

The double-entry accounting system has been around for a long time, at least since the Franciscan monk Luca Pacioli around 1494, and while this does not prove its correctness it does show that it has been a useful tool to many in the past, and will therefore likely be a useful tool to many in the future.

Accounting is divided into two major groups; Financial Accounting & Managerial Accounting.

Financial accounting has the end goal of generating financial statements, financial statements designed with external user needs in mind. The aim of financial accounting toward external users may seem strange at first because financial data is required and used for internal, managerial, and decision-making as well but external users have needs that require more reliance on financial statements in many ways.

External users are users outside the company and include investors, creditors, the internal revenues service, and customers. Companies need these external users for things such as investments, and loans, and to follow laws and regulations.

External users do not have intimate knowledge of the business and therefore need assurance to increase the level of trust, trust is a necessary component for business transactions to take place. To increase confidence levels, financial statements are required to follow a strict format of rules designed to standardize financial reporting. Standardization allows for the comparison of financial information across time and between different companies.

Managerial accounting has the goal of generating relevant information for internal decision-makers to make sound decisions, for management.

Managerial accounting does include the use of the same financial information generated in financial accounting, but the information is not required to be in a particular format, managerial accounting being less regulated. Management has intimate knowledge of the company, and therefore there is less need for regulations on the format of data and information. Management will determine the best format for managerial statements to assist in making the best decisions.

Because managerial accounting is less regulated, it is commonly thought that managerial accounting will differ greatly from organization to organization. While it is true that managerial accounting practices will vary from company to company, there are also best practices that are applied, practices that have stood the test of time, and those that have helped good companies be great. The study of managerial accounting is the study of best practices used to make good business decisions.

Financial accounting developed in much the same way, businesses looking for best practices to compile data for both themselves and external users. Over time financial accounting has solidified those best practices into a standardized form. Standardization often limits innovation but does provide a clear format for external users, this being one of the tradeoffs related to regulation. We will talk more about the need for standardization in a profession like accounting when we discuss what a profession is and the need for ethics and regulations within a profession.

Ethics plays a huge role in accounting as it does in most professions, in part, because ethics deals with trust, and trust is an essential component of any business transaction. The concept of ethics is very broad, has been studied intensely since ancient times, and is an area that still has many open questions, but ethics related to accounting can be narrowed from the broader discussion in some ways.

One way to think of ethics as it relates to a profession is by implementing a kind of categorical imperative, acting in a way that we would wish to be universal for the entire profession. For example, stealing could benefit an individual but if everyone steals everyone is worse off, and therefore stealing would be wrong.

Similarly acting in a way that is misleading could lead to gains for an individual but doing so harms the profession and is therefore wrong. Most professions can apply a concept like this. two of the oldest professions are law and medicine. The reason professions are needed in areas like law, medicine, and accounting is because they deal with specialized knowledge, knowledge most people do not have and that many are dependent on at some point in their lives. An uneven distribution of knowledge can cause incentives for individuals to seek short-term gains through deceit.

For example, somebody claiming to know medicine could administer medicine that is not effective and the patient would not know, a patient having no choice but to trust the expertise of the doctor. If a physician abuses trust by administering remedies that are not effective, they are profiting off the name of the profession, from the brand of the occupation, and if this practice is done enough, it will result in a lack of trust in medicine.

A similar scenario can be painted for many areas of accounting, accounting having advanced to a specialized field, one that most do not understand, but are forced to deal with at some point or another. The need for trust drives and incentivizes a profession to self-regulate, to build a brand. One way the accounting profession self-regulates is by requiring different certifications to practice in different areas, certifications like a certified public accountant CPA license. A certification process helps provide the public with a level of trust that an individual has some basic understanding of the concepts they are dealing with and provides ethical standards that must be met.

An example of the need for trust in accounting is when investors use financial statements to make investment decisions. Publicly traded stocks have an increased need for transparency in their financial reporting because their stock is being sold and traded by the public, a huge benefit to both companies and investors, providing capital to companies, and opportunities for gain to investors.

For an individual to invest, however, they need to analyze their options, and financial statements are the primary tool for this analysis. If investors do not have confidence in the numbers reported on the financial statements, do not understand how the numbers are reported, or cannot compare the numbers to related companies, investment transactions will decline due to a lack of information and trust.

The economy needs trust in the system as a major component that keeps interactions taking place, compelling people to take calculated risks, driving individuals to do business, and driving growth and innovation.

Fraud is one component in the discussion of ethics, fraud being the deliberate attempt to deceive for personal gain. Fraud can take many forms in business from theft to falsifying financial statements to drive up stock prices and increase bonus pay.

Most people believe fraud is all about employing the right people, honest people, and those with integrity. While the right people are a huge component, it is not the only one. Good people in a bad environment or culture can fall victim to the group mentality. Businesses can reduce the likelihood of fraud by recognizing conditions that foster a fraud and taking active steps in reducing them.

A criminologist has introduced the idea of a fraud triangle, consisting of three factors that increase the likelihood of fraud. Fraud factors include opportunity, pressure, and rationalization.

Opportunity means that the ability to commit fraud and not be caught is present, or at least perceived. For example, if a company had a policy of keeping their petty cash fund in a shoebox in the middle of the lunch room the opportunity for theft without detection would be greater than if the money was put into a more secure location.

Pressure or incentive means that a person is under the pressure of some kind, often financial. If money if tight the likelihood of an individual committing fraud is significantly increased.

Rationalization is when a person justifies an action. Our minds are excellent at rationalizing. We generally believe that we think before acting, but we often act and then justify the action through rationalization. Rationalization is one reason fraud tends to continue and even escalate over time.

For example, if a company left petty cash in the lunchroom an employee may rationalize theft by reasoning that it’s the company’s fault for not better safeguarding their assets. While it may be true that leaving cash in the middle of the lunchroom is not a good internal control for a company, it is not a justification for theft. Another common rationalization is that a company is vast and rich while an employee may feel small and poor and taking to from the rich to give to the poor is not bad. Again, there may be some truth to this statement, but it is not a reason justifying theft.

Companies can reduce the likelihood of fraud by recognizing these fraud factors and taking active steps to reduce them, steps including internal controls. For example, companies should safeguard assets and should create a culture of honesty, communication, and respect, a culture that needs to be demonstrated from the top down. If the culture is bad at the top good employees will not be able to pull up the culture from the bottom.

Objectivity – To provide information useful to investors creditors, and others. The concept of objectivity seems obvious, but we always need to keep the end goal in mind, the creation of useful information for external users. Financial accounting is aimed at producing useful information for external users like investors, creditors, and customers, the format of this information usually being financial statements. By anticipating the needs of external users, we can set rules and guidelines to provide the most value.

Qualitative Characteristics – To require information that is relevant, reliable, and comparable. The characteristics of relevance, reliability, and comparability are related to the objective of providing useful information because external users will value these features.

· Relevant means the information is relevant or necessary to the needs of the users. Relevant information could be information that influences the decision-making process. For example, a bank deciding whether to make a loan to a business may request financial statements to assess the likelihood of a business’s ability to pay the loan back in the future.

· Reliable means that the information must be trusted or must be believed that it is free of material errors and is presented in a fair way. For example, a bank deciding whether to make a loan to a business may request financial statements and want assurance that they can be trusted. Part of the assurance requirement may be that the financial statements are presented in a standardized form, following a standardized set of rules. A bank may also ask for a third-party review or audit to add to the level of reliability.

· Comparability means that financial information needs to be comparable to prior periods and other companies. Comparability requires standardization, a systematic way of compiling data from one time to the next. For example, a bank deciding whether to make a loan to a business may want to compare financial

statement performance with prior years to see if there has been an improvement and to compare financial statements to other businesses in the industry. For comparisons of financial statements to be relevant, there needs to be conformity in presentation.

Going-concern assumption – the presumption that the business will continue operating instead of being closed. We assume a business is in business to stay in business, and to have an objective of revenue generation and growth. If a business is planning on stopping business or is going bankrupt behavior is likely to be much different than if it planned on continuing business. A business that is not a going concern, one that plans on stopping operations, needs to disclose this information to the readers of their financial statements so that readers can change their default assumption that the business will remain in business.

Separate business entity assumption – means that the business accounting will be kept separate from personal accounting and that of other businesses. Separating business accounting and personal accounting is clear conceptually, the separation providing more relevant information for making business decisions, but can be difficult in practice. The driving concept for deciding whether an accounting transaction is a business or personal is the objective behind the transaction, and the reason for the transaction. Every transaction will have a reason and we need to determine if the reason is business or personal in nature.

The business objective is revenue generation. A business’s mission statement will define what a business does to generate revenue, but from an accounting standpoint, the objective of revenue generation will help guide business actions and help us categorize transactions as either business or personal.

Personal objectives may include a goal of being happy or living well. Personal objectives will vary from person to person, and for more detail, on personal objectives, we would need to consult the study of philosophy, a topic for another time, but the objective of living well will suit our needs. If the driving reason for a transaction is to be happy or to live well, rather than business accounting will be kept separate from personal accounting and that of other businesses. Separating business accounting and personal accounting is clear conceptually, the separation providing more relevant information for making business decisions, but can be difficult in practice. The driving concept for deciding whether an accounting transaction is a business or personal is the objective behind the transaction, and the reason for the transaction. Every transaction will have a reason and we need to determine if the reason is business or personal in nature.

The business objective is revenue generation. A business’s mission statement will define what a business does to generate revenue, but from an accounting standpoint, the objective of revenue generation will help guide business actions and help us categorize transactions as either business or personal.

Personal objectives may include a goal of being happy or living well. Personal objectives will vary from person to person, and for more detail, on personal objectives, we would need to consult the study of philosophy, a topic for another time, but the objective of living well will suit our needs. If the driving reason for a transaction is to be happy or to live well, rather than the more specific objective of revenue generation, the transaction is a personal one.

An example of separating business and personal objectives is the creation of a separate business checking account, a separate account allows us to track the business revenue and expenditures more quickly, with most deposits into the business checking account being revenue and most withdrawals being expenses.

The difference between a business expense and a personal expense is the objective for the expense. For example, if we went out to dinner the cost of the meal may be business or personal depending on the objective. If we took clients to dinner to pick up new business engagements, the meal would be a business expense and if we took our family out to dinner to have fun and live well it would be a personal expense.

In a similar way as expenses can be either business or personal, assets can also be either business or personal in nature. For example, if we purchase a building with the intention of making widgets for sale the building would be an asset rather than an expense because it will help generate revenue in the future and has not yet been consumed. On the other hand, if we purchase a building to live in as a home it would be a personal asset, the objective being to live well.

We can think of many areas where business and personal objectives overlap, and areas where categorizing the transaction is difficult. For example, we may take both family and clients to dinner or we may work from our home. As accountants, our job is to differentiate the business and personal portions as much as possible to better measure our performance.

Our business objectives can be thought of as fitting inside our larger personal objectives, the generation of revenue being part of our larger personal goals of living well.

As the business grows and achieves the business objective of revenue generation owners can begin taking money and resources out of the business to be used for their larger personal objectives of living well.

“Generally Accepted Accounting Principles (GAAP) are uniform minimum standards of, and guidelines to, financial accounting and reporting. The Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), and the Federal Accounting Standards Advisory Board (FASAB) are authorized to establish these principles.” (AICPA, n.d.)

Financial Accounting strives to generate financial information that is relevant, reliable, and comparable because these characteristics create value for users of financial reports, particularly for external users of financial reports.

Creating and implementing standard guidelines for the processing and reporting of financial statements makes financial statements more relevant, reliable, and comparable. Standards help to standardize financial reporting, making financial statements comparable across time and to other companies.

The Securities and Exchange Commission SEC has the authority to set Generally Accepted Accounting Principles GAAP and the SEC has delegated much of the responsibilities of setting GAAP to the Financial Accounting Standards Board FASB. The SEC is a governmental agency, and the FASB is a private sector group. The system of delegating authority to a private sector group makes sense because the accounting profession, like any profession, has the incentive to self-regulate and has a better understanding of the problems within the profession and how best to address them.

There are many useful ways to separate and categorize business entities, one being by business form, by type of business structure; another being by a business’s relation to inventory, whether the business is selling inventory, and whether they produce the inventory they are selling.

The three broad categories of business structure are sole proprietorship, partnership, and corporation.

A sole proprietorship is a business owned by one person and is the most common type of business in the United States. The benefits of a sole proprietorship are that they are easy and inexpensive to form. An individual who starts acting as a business, generating revenue, is a sole proprietor by default unless they create some other type of organization. The income from a sole proprietor is taxable but will be reported on the individual tax return, on Form 1040 supported by a supplemental Schedule C.

The disadvantages of a sole proprietor include limited personal liability protection and limited capital generation capability when compared to other types of organizations.

A partnership is similar to a sole proprietor except that the business now has two or more partners. A partnership has the same benefit of easy formation and the same drawbacks of liability exposure and limited capital generation.

A corporation is a separate legal entity. Corporations are less common than sole proprietorships but generate the largest percentage of total U.S. revenue. The benefits of a corporation include that they provide liability protection through being a separate legal entity, the theory being that the assets of the corporation are liable but personal assets are not, and personal assets have more protection when compared to other types of organizations. The disadvantages of a corporation include that they are more costly to form, more complicated to maintain, and can result in double taxation.

Much more can be said about types of entities, but this will provide a starting point. From an accounting perspective, we will start out with transactions related to a sole proprietorship and then move to a partnership and then a corporation. The reason for starting with the sole proprietorship is that it is a business form that most people can relate to and because many of the transactions found in a sole proprietorship will be the same for all entity types.

We will then move to a partnership, concentrating on the areas that are different from a sole proprietorship. Many of the transactions and processes will be the same, with both entities needing to record the paying of the rent, employees, and utilities, and both entities recording revenue. Transactions will differ, however, in the equity section because a partnership will have two or more owners, so the equity section is where we will spend much of our time.

We will then move to a corporation, concentrating on the areas that are different. Many transactions will remain the same, but the equity section is one area that will differ, the owners now being stockholders.

Another useful way to categorize businesses is by industry or by whether they use inventory and whether they produce inventory. A service company does not sell inventory, merchandising business purchases and sells inventory, and a manufacturing business produces inventory to sell.

A company’s relationship with inventory has a significant impact on many accounting transactions and reporting. We will start out with a service company, using similar logic as we did when starting out with a sole proprietorship. Service companies have many of the same transactions as companies that deal with inventory, but they do not need to track inventory. We will then move to merchandise companies, companies that buy and sell inventory, adding the items that are different, items related to inventory. We will then move to manufacture companies, companies that produce inventory, adding things that differ, the tracking of inventory from raw materials to work in process and then to finished goods.

Generally Accepted Accounting Principle GAAP will be based on accrual concepts. The accrual basis can be compared and contrasted to a cash basis, the cash basis being a simplified method, one which does not provide information as useful, as relevant, or as accurate as an accrual method.

Cash basis – Records revenue when cash is received and expenses when cash is paid. A cash basis is not the basis required by GAAP, GAAP rules follow an accrual basis, but understanding a cash basis helps in understanding both how an accrual basis works and the reasons for it. Cash and revenue are not the same things, as we will see when we record transactions, but a cash basis uses cash as an indicator of when revenue will be recorded. The concept of a cash basis is like a firefighter following the smoke to get to a fire, the smoke not pinpointing the exact location but being close enough. Cash collection does not always equal the exact location in time of revenue earnings but is often close enough.

In a similar way as revenue is recorded when cash is received on a cash basis, expenses are recorded when cash is paid on a cash basis. Cash and expenses are also not the same things, as we will see when we record transactions, but a cash basis uses cash as an indicator of when expenses will be recorded. The concept of a cash basis is like a firefighter following the smoke to get to a fire, the smoke not pinpointing the exact location but being close enough. Cash payment does not always equal the exact location in time expenses were incurred but is often close enough.

Very few businesses use a pure cash basis because there are times when the smoke is not close to the fire, times when revenue is not close to cash collection, and times when expense incursion is not close to cash payment. For example, almost any business would recognize a cash payment of $100,000 for a building as an asset of the building rather than an expense of the building expense even though cash is paid. The reason a building is recorded as an asset is that the asset has not yet been consumed, and has not yet been used to generate revenue.

The accrual basis – is driven by two main principles, the revenue recognition principle, and the matching principle. Revenue recognition deals with the time to recognize revenue and the matching principle deals with the time to record expenses.

The revenue recognition principle records revenue when the revenue is earned, a time which is not always the same as when revenue is paid. Finding the exact time that revenue has been earned is not always easy but is usually when the job has been completed. For example, the time when revenue has been earned for a service company is when the job has been completed, when the service is done, and the time when revenue has been earned for a merchandising company is when inventory is delivered to the customer. An accrual method is closer to a firefighter using a GPS system to pinpoint the exact location of a fire rather than just estimating the location by following the smoke.

For example, a food truck may have a policy of only accepting cash for food. The policy of accepting cash as the only form of payment means the time cash is received and the time work is done will be the same. Therefore, both a cash method and an accrual method will result in the same journal entry but for different reasons, the cash method being driven by the cash received, the accrual method being driven by the earnings of the income, by the delivery of the food.

A bookkeeping business, on the other hand, will often need to perform work, and invoice the client on completion of the work, expecting a check in the mail sometime in the future. The revenue recognition principle would require revenue to be recognized at the time the work was done, often when the invoice was generated and not when cash was received. We will cover the format of these transactions a little later but for now, recognize that revenue is the act of earning revenue which is different from receiving cash, cash usually being the form of payment for revenue earned. There are other forms of payment, including trade or barter, but cash is the most common form of payment. The revenue recognition principle is similar to how most of us think of our paychecks when working for a company. A business may pay employees every other week, but an employee has earned the revenue in the week the work was done. The company is expected to pay the employee for work done even if the employee leaves the company. For example, if an employee earned wages of $1,000 last week according to their employment agreement and employment is terminated this week the employee will still expect payment of $1,000 for the work performed last week, for revenue that was earned by the employee last week even though cash had not yet been received.

It is possible, but less common, to receive cash before work is performed, with revenue still being recorded at the time work is done on an accrual basis rather than the time payment is received. For example, a newspaper company will collect money before doing the work, before delivering newspapers. A newspaper company will often collect money for a year’s subscription and then earn revenue by delivering the newspapers in the future. Under an accrual method, the newspaper company will have to wait on recording revenue until they earn the revenue by doing work, by delivering the papers, even though they already have the cash in hand. Even though the company has the cash related to future sales they have not earned the revenue for those

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It is possible, but less common, to receive cash before work is performed, with revenue still being recorded at the time work is done on an accrual basis rather than the time payment is received. For example, a newspaper company will collect money before doing the work, before delivering newspapers. A newspaper company will often collect money for a year’s subscription and then earn revenue by delivering the newspapers in the future. Under an accrual method, the newspaper company will have to wait on recording revenue until they earn the revenue by doing work, by delivering the papers, even though they already have the cash in hand. Even though the company has the cash related to future sales they have not earned the revenue for those future sales and if they do not deliver the newspapers in the future it will owe the money back.

As mentioned earlier there are many ways the double-entry accounting system can be expressed including the use of an accounting equation, debits and credits, and a balance sheet. We will focus on the accounting equations in this section. The benefits of an accounting equation include the use of a simple formula and simple math that can be explained and understood. Transactions will be described using the symmetry of the accounting equation. The problem with using the accounting equation to record transactions and build financial statements is that it is not as efficient as the use of debits and credits. We will learn the balancing concept using the accounting equation, but as we do, keep in mind that the accounting equation is not the whole story, that we will need to understand new concepts, the concepts of debits and credits, to record data with which to generate financial statements well.

The accounting equation is:

Asset = Liabilities + Equity

The format above is the most common form of the accounting equation for financial accounting because the left side of the equation shows what the business owns and the right side shows who it is owed to, either a third-party liability or the owner. Recall our separate business entity assumption while considering the accounting equation. Thinking of the business as a separate entity helps to understand the accounting equation, the left side of the equal sign shows what the separate entity owns, and the right shows who has a claim to what the separate entity owns.

Because the accounting equation is a formula it can be expressed in at least two other ways. A second way to write the equation is:

Assets – Liabilities = Equity

The format of the accounting equation above is useful because it emphasizes that equity is the book value of the company, the amount left over after subtracting liabilities from assets, an amount which can also be called net assets. To understand the meaning of equity we can consider the liquidation of a company, the selling of assets for cash, the payment of liabilities owed, and the leftover cash which would then be available to the owner, this amount being equal to equity if assets were sold at book value. Note that all assets will not be sold for the exact amount reported when a business is sold. For example, an asset of equipment valued at $50,000 may not be sold for $50,000 in a free market, possibly being sold for something less like $40,000 or something more like $60,000. We will discuss this more at a later time. For now, remember that equity represents net assets on a book value basis, assets minus liabilities.

A third way to write the accounting equation is:

Assets – Equity = Liabilities

This format of the accounting equation is not as useful but is another way the accounting equation can be expressed algebraically.

Account types include assets, liabilities, equity, revenue, and expenses. Recognize that account types are not the same thing as actual accounts, each account type has multiple accounts falling into the category. Understanding account types and the accounts that fall into each account type category is essential to the accounting process.

Assets are resources owned by the business. The most common asset is cash, but assets also include accounts receivable, prepayments, land, building, and equipment. Assets are items that have not yet been consumed, resources planned to be used in the future to achieve business goals, and to help generate revenue.

Liabilities are claims by creditors. Liabilities come about from a transaction that happens in the past which obligates the company to some form of future payment. Purchasing something on a credit card is an example of how liability can be created, the transaction creating a future obligation to pay cash. Liability accounts include accounts payable, notes payable, and bonds payable.

Equity is the owner’s claim to assets. Equity is equal to assets minus liabilities. Equity is often the most confusing section of the accounting equation, in part, because different organization types will organize the equity section differently and because the equity section is involved in the closing process of temporary accounts.

The equity section represents what is owed to the owner on a book basis. This is best illustrated by imagining we liquidate or close a business, selling the assets for cash, and then paying off the liabilities. The money left over would be equal to the equity section if all sales were made on a book value basis.

The equity section for a sole proprietor will be called owner’s equity and consist of one capital account. The equity section of a partnership will be called partnership equity and consists of two or more owners and therefore two or more capital accounts. The equity section of a corporation will be called shareholder’s equity, shareholders being the owners of a corporation, and will include capital stock and retained earnings. Although the format changes the equity section taken as a whole can still be thought of as what is owed to the owner or owners in each case.

When thinking about the accounting equation, the equity section includes all temporary accounts, including revenue accounts and expense accounts.

Revenue – is income generated from performing work. Revenue is not the same thing as cash. Cash is a form of payment while revenue represents the creation of value and the earning of compensation. Revenue is a timing account, and needs to be measured over a time frame, a starting and ending point. For example, when somebody says they earn $100,000 the concept has no meaning unless we assign a time frame, most people naturally attribute a year as the time frame when hearing a number like $100,000. A different time frame would have a much different meaning. For example, the revenue of $100,000 a month is much different than the revenue of $100,000 a year.

We can contrast temporary accounts, like revenue and expense accounts, with permanent accounts like cash. Saying we have $100,000 cash does not require a time frame to define what we mean because cash is a permanent account, representing a position at a point in time.

Expense is the use of assets or incurrence of liabilities as part of operations to generate revenue. Expenses are what a business needs to consume to achieve the goal of revenue generation. Expenses are also temporary accounts needing a beginning and ending time.

There are usually many more expense accounts than revenue accounts, but we hope the revenue accounts add up to a greater dollar amount. The reason there are more expense accounts than revenue accounts is because of specialization, companies focus on earning money by doing what they do best and paying for their other needs.

Before we demonstrate common transactions and how they are analyzed using the accounting equating we will cover transaction rules. Applying a process for recording transactions will reduce the likelihood of making bad assumptions and learning rules that do not apply in all cases.

It is possible to learn rules that apply in only some cases, requiring the unlearning of these rules when we move to cases where they do not apply. Learning rules that do not apply in all cases should be avoided because unlearning rules in cases where a bad rule does not apply is tough.

Learning and applying the steps below for recording transactions helps avoid problems, eliminating the need to unlearn false concepts in the future. These same rules will apply when we move to learn debits and credits at which time we will build on these rules, applying more concepts to the balancing ideas developed here.

Transaction Rules:

· Every transaction will affect at least two accounts.

· Every transaction will keep the accounting equation in balance.

Transaction thought process

When first learning transactions we will repeat this thought process for each transaction, the thought process being designed to make the recording of transactions as easy as possible, and avoid learning rules that are not always applicable. This process will make more sense as we work through transactions. Working transactions is the only way to understand the double-entry accounting system fully.

We will now go through common financial transactions, and transactions needed by almost any business, and analyze them using the accounting equation and our set of rules and thought processes.

We will start off by looking at transactions involving cash, cash being the most common account affected. Understanding how cash is affected will act like an add, or crutch when considering the other account or accounts affected in the transaction.

First, imagine a situation where the cash goes up because the company received cash, and consider possibilities for the other account affected.

We know that at least one other account will be effective and that the accounting equation must remain in balance. If there is only one other account affected we are left with just three possibilities to keep the accounting equation in balance. Either the liabilities went up, equity went up, or another asset account also went down. Below are examples of each.

If cash went up because of a business receiving a bank loan, then liabilities would also go up, keeping the accounting equation in balance.

If cash went goes up due to collecting cash for work the company did then revenue or income would also go up, revenue being part of equity.

If cash went up because we are receiving money for work done in the past we would also reduce the accounts receivable account, an asset account representing money owed to the company for past work completed.

It is possible to use an expanded accounting equation, listing all accounts under each account type, and forming a kind of trial balance that can be used to create the financial statements. We will not be using this format here because it is not an efficient way to generate financial statements and gives the impression that debits and credits are not needed, which is not a good impression to give.

To understand double-entry accounting and how financial statements are created, the accounting equation is not sufficient, and debits and credit will be needed. We will introduce how debits and credits work later, but the concepts will build on the concepts we learn here working with the accounting equation.

Below are more common transactions and their effect on the accounting equation:

Owner invests cash into the business:

The asset account of cash goes up as well as equity, the amount owed to the owner. Equity goes up because the business basically owes the cash back to the owner. When investing cash into a business, an owner is hoping to receive a return on investment and be able to withdraw cash from the business in the future, to be used for personal use.

Purchase of supplies for cash:

The asset of cash goes down, but another asset of supplies goes up, the net result being no change in any account type of the account equation. The result of a transaction with no change to the accounting equation is one reason debits and credits are a more efficient way to record transactions than the use of the accounting equation. We will record much of the same transaction using debits and credits later.

The increase in supplies is an increase in an asset-type account rather than an expense-type account, expenses being part of equity, because of the accrual accounting principle of matching. When the supplies are purchased, they have not yet been used to help generate revenue but will help to generate revenue in the future. Supplies will be expensed in the time they are used or consumed to help generate revenue.

Supplies will be our introduction to an inventory system because supplies will be tracked in a similar way as inventory. The recording of supplies will start with reporting supplies as an asset, followed by the counting of supplies at end of a time period, like a month, to determine how much has been used, and then the recording of the decrease in the supplies asset account and recording of the supplies utilized in the supplies expense account.

Supplies may be expenses when purchased if the amount is not material, or not significant to decision-making, because expensing the supplies is an easier process than capitalizing as an asset when the amount is not significant to decision-making. For example, if we purchased two years’ worth of paper clips for $100 we may just expense the purchase because the cost of $100 is not significant to decision-making, $100 not being an amount that will impact financial statement user choices.

Purchase Supplies on Account – No Cash:

Because no cash is affected, we will first consider what is received, that being supplies in this case. The asset account of supplies will go up, and the liability account of accounts payable will go up. The accounts payable account is like a credit card account, going up when we purchase on account and going down when we pay off the balance owed.

Pay Cash for Telephone Service:

The asset account of cash will go down and the expense account of telephone expense will go up, bringing equity down. Expense accounts can be confusing when considering the effect on the accounting equation because expense accounts are temporary accounts and are part of the equity section of the accounting equation. Expenses represent the consumption of assets or the incursion of liabilities to help generate revenue. Assets consumed or liabilities incurred to help generate revenue will bring down equity, and equity is calculated as assets minus liabilities.

Completed Work on Account – No cash received:

If no cash is affected, we will consider what was received, that being an “I owe you” from a customer in this case. An asset of an “I owe you” from a customer seems strange at first, a promised payment not being tangible, but a promise to pay does have value even though there is a chance it will not ever be received. Accounts receivable is the account representing an “I owe you” from customers, an asset account showing value due for work done.

The asset of accounts receivable will go up, and revenue or income will go up, increasing the equity section of the accounting equation. Revenue is a temporary account representing income that has been earned, and temporary accounts are part of the equity section.

Payment for Amount Owed for Past Transaction:

Cash will go down, and liabilities will go down. Paying cash for a transaction that happened in the past, for value received in the past, means we are paying off a liability, like paying off a credit card. Accounts payable is the most common liability account for most companies, representing what is owed to third-party vendors. When we pay off a balance that is due the liability account of accounts payable will go down.

Financial statements are the end goal of financial accounting, the final product most useful to external users like investors, creditors, and customers. Financial statements include the balance sheet, the income statement, the statement of equity, and the statement of cash flows. We will concentrate on the first three statements here and move to the statement of cash flows later.

Who this course is for:

• Aspiring accounting students who have an interest in the topic
• Accounting professionals
• Anyone who whats to learn to account
• Accounting and business students who want a reference source to the material they can actually keep, unlike most digital textbooks used in most accounting programs these days
• A business professionals who want a comprehensive reference to standard financial accounting topics can refer to

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Course content

144 sections • 699 lectures • 118h 56m total lengthCollapse all sections

Introduction2 lectures • 1min

• Table Of Contents00:02
• Download E-book Available Formats – (EPUB, MOBI, PDF) – Works on tablet & Kindle00:12

Section One – Financial Transactions1 lecture • 2min

• Section One Financial TransactionsPreview02:15

SEC 1 – Why Learn Accounting3 lectures • 25min

• 1 Why Learn AccountingPreview00:11
• 100 Why Learn AccountingPreview19:41
• Notes – What is Accounting and Why Learn Accounting04:50

SEC 1- Accounting Objectives, Accounting Equation, & Ethics7 lectures • 54min

• 2 Accounting Objectives, Accounting Equation, & Ethics00:29
• 102 Accounting Objectives U09:24
• Notes – Categories of Accounting – Financial Accounting & Managerial Accounting01:45
• 115 Accounting Equation15:14
• Notes – Accounting Objectives01:27
• 150 Ethic & Profession22:02
• Notes – Ethics in Accounting03:47

SEC 1- Financial Statements6 lectures • 1hr 9min

• 3 Financial Statements00:37
• 120 Balance SheetPreview17:22
• 130 Income StatementPreview13:24
• 131 Statement of Owner’s Equity10:49
• 132 Balance Sheet & Income Statement Relationship23:47
• Notes – Financial Statements03:11

SEC 1- Accrual Method, Cash Method, Revenue & Expense Recognition4 lectures • 30min

• 4 Accrual Method vs Cash Method00:38
• 134 Revenue Recognition Principle08:49
• 135 Cash Method vs Accrual Method16:19
• Notes – 8 Accrual Basis and Cash Basis04:11

SEC 1 – Financial Transaction Rules & Thought Process5 lectures • 26min

• 5 Financial Transaction Rules & Thought Process00:36
• 155 Financial Transaction RulesPreview07:48
• Notes – Accounting Equation and Account Types04:39
• 160 Financial Transaction Thought Process11:52
• Notes – Transaction Rules & Thought Process Using the Accounting Equation00:58

SEC 1 – Recording Transactions Using Accounting Equation5 lectures • 58min

• 6 Recording Transactions Using Accounting Equation00:47
• 165 Cash Transaction – Accounting Equation16:25
• Notes – Transactions & The Accounting Equation04:39
• 170 Accounts Receivable Transactions Accounting Equation10:26
• 170 Accounts Payable Transactions Accounting Equation25:22

SEC 1 – End of Section One Resources1 lecture • 2min

• Glossary Click here for videos02:24

SEC 1 – Debits and Credits Defined6 lectures • 43min

• 7 Debits & Credits Defined00:42
• 205 Debits & Credits15:49
• Notes – What are Debits and Credits03:38
• 210 Rules for Using Debits & Credits18:27
• Notes – Account Types Normal Balances01:52
• Note – Define Account Types and List Accounts by Account Type02:41

SEC 1 – Debit & Credit Rules & Thought Process7 lectures • 46min

• 9 Debit & Credit Rules & Thought Process00:36
• 215 Journal Entry Thought Process13:40
• Note – One Rule for Increasing and Decreasing an Account Balances00:59
• 220 Trial Balance15:02
• Notes – The Rule Applied to Cash and Asset Accounts05:01
• Notes – The Rule Applied to Accounts Payable and Liability Accounts04:38
• Notes – The Rule Applied to Equity Accounts06:29

SEC 1 – Record Cash Transactions Using Debits and Credits6 lectures • 1hr 18min

• 10 Record Cash Transactions Using Debits & CreditsPreview00:34
• 225 Cash Journal Entries with CashPreview18:01
• Notes – Transaction Rules Using Debits and Credits02:34
• Notes – Transaction Though Process03:24
• Worksheet – Prob 4 Debits and Credits Cash45:32
• Notes – Recording Transaction where Cash is Affected07:23

SEC 1 – Record Accounts Receivable Transactions Using Debits and Credits4 lectures • 44min

• 12 Record Accounts Payable Transactions Using Debits & Credits00:32
• 230 Accounts Receivable Journal Entries10:05
• Notes – Recording Transaction for the Accounts Receivable or Revenue Cycle04:31
• Worksheet – Prob 5 Debits and Credits Accounts Receivable29:21

SEC 1 – Record Accounts Payable Transactions Using Debits and Credits3 lectures • 55min

• 240 Accounts Payable Journal EntriesPreview22:28
• Notes – Recording Transaction for the Accounts Payable Cycle03:26
• Worksheet – Prob 6 Debits and Credits Accounts Payable28:39

SEC 1 – Record Transaction to General Ledger8 lectures • 2hr 10min

• 13 Record Transactions to General Ledger00:43
• 245 General Ledger14:27
• Notes – General Ledger & Trial Balance04:01
• Worksheet – General Ledger Cash28:51
• Worksheet – Prob 8 General Ledger Accounts Receivable24:47
• Worksheet – Prob 8 General Ledger Accounts Payable26:35
• Short Calculation Questions – Debits and Credits14:33
• Multiple Choice Questions – Debits and Credits15:52

SEC 1 One – Comprehensive Problem Part 13 lectures • 1hr 7min

• Excel Download00:05
• Comprehensive Problem Part 131:06
• Comprehensive Problem Part 235:59

Section Two – Adjusting Entries & Financial Statements1 lecture • 1min

• Section Two Adjusting Entries & Financial Statements01:29

SEC 2 -Accounting Cycle, Types of Adjusting Entries, Cash vs Accrual5 lectures • 37min

• 2 Accounting Cycle, Types of Adjusting Entries, Cash vs Accrual Overview01:14
• 1 Accounting Cycle Steps in the Accounting Process10:02
• 2 Types of Adjusting Journal Entries Adjusting Journal Entry17:20
• Notes – What Adjusting Journal Entries Are?03:38
• Notes – Why Adjusting Entries Are Needed04:47

SEC 2 – Adjusting Entry Rules and Thought Process7 lectures • 43min

• 3 Adjusting Entry Rules and Thought Process00:56
• 3 Adjusting Journal Entry Rules – What are Adjusting Journal E04:43
• Notes – Adjusting Entry Rules03:18
• 3.5 Why Use a Worksheet in Adjusting Process11:13
• Notes – Adjusting Entry Worksheet08:17
• 4 Adjusting Journal Entry Thought Process How to Record Adju11:13
• Notes – Adjusting Entry Thought Process03:24

SEC 2 – Supplies, Unearned Revenue, and Wages Adjusting Entri9 lectures • 50min

• 4 Supplies, Unearned Revenue, and Wages Adjusting EntriesPreview01:28
• 5 Adjusting Entry Supplies05:12
• Notes – Adjusting Entry For supplies05:00
• 6 Adjusting entry unearned revenuePreview04:45
• Notes – Unearned or Deferred Revenue05:42
• 7 Adjusting Entry Wages Payable05:27
• Worksheet – 1.1 Adjusting entries Supplies%2C Unearned revenue%2C and Payroll Pa09:03
• Worksheet – 1.2 Adjusting entries Supplies%2C Unearned Revenue%2C and Payroll Pa08:59
• Notes – Accrued Expenses04:48

SEC 2 – Accounts Receivable, Insurance, and Depreciation Adjusting Entries9 lectures • 52min

• 5 Accounts Receivable, Insurance, and Depreciation Adjusting Entries01:09
• 8 Adjusting Entry Accounts Receivable05:21
• Note – Accrued Revenue05:39
• 9 Adjusting Entry Insurance06:21
• Notes – Prepaid Expenses05:50
• 10 Adjusting Entry Depreciation05:10
• Notes – Depreciation expense for the period is calculated to be $1,100.06:26
• Worksheet – 2.1 Adjusting entries Prepaid Insurance and Depreciation Part 1-Acco08:02
• Worksheet – 2.2 Adjusting entries Prepaid Insurance and Depreciation Part 2-Acco08:07

SEC 2 – Reversing Entries7 lectures • 51min

• 6 Reversing Entries00:46
• 11 Reversing Journal Entries – Accrued Revenue09:14
• Worksheet – 10.350 Accounts Receivable Reversing Entry13:21
• Notes – Reversing Entries04:16
• 11.5 Reversing Entry Wages PayablePreview10:36
• Worksheet – 10.550 Unearned Revenue Reversing Entry09:21
• Notes – Wages Payable Reversing Entry Example03:10

SEC 2 – Create the Balance Sheet11 lectures • 36min

• 8 Create the Balance Sheet00:40
• 12 Balance Sheet Current Assets from Trial Balance04:01
• Notes – Analysis of The Financial Statement Relationships02:20
• Notes – Current Asset Portion of the Balance Sheet00:39
• 13 Balance Sheet Property Plant %26 Equipment From Trial Balance05:18
• Notes – Property Plant & Equipment Portion of the Balance Sheet01:41
• 14 Balance Sheet Liability Section Creation From Trial Balance04:01
• Notes – Liability Portion of the Balance Sheet01:07
• 15 Balance Sheet Equity Section Creation from Trial Balance06:27
• Notes – Equity Portion of the Balance Sheet03:16
• Multiple Choice – Adjusting Process06:04

SEC 2 – Create the Income Statement5 lectures • 35min

• 9 Create the Income Statement00:46
• 16 Income Statement from Trial Balance09:16
• Notes – Income Statement Created Form Adjusted Trial Balance03:44
• Multiple Choice – Adjusting Process08:46
• Short Calculation – Adjusting Process12:19

SEC 2 – Create the Statement of Owner’s Equity from the Trial Balance6 lectures • 1hr 15min

• 10 Create the Statement of Owner’s Equity from the Trial Balance00:43
• 17 Statement of Equity From Trial Balance08:56
• Notes – Statement of Owner’s Equity Created Form Adjusted Trial Balance03:40
• Worksheet – Financial Statements from Trial Balance34:26
• Multiple Choice – Adjusting Process08:12
• Short Calculation – Adjusting Process19:13

SEC 2 – Financial Statement Relationship6 lectures • 34min

• 18 Financial Statement Relationships06:17
• Notes – Financial Statement Relationship Review01:00
• Notes – Balance Sheet Constructed from the Adjusted Trial Balance01:39
• Notes – Glossary (John J. Wild, 2015) Click here for01:23
• Multiple Choice – Adjusting Process04:43
• Short Calculation – Adjusting Process19:13

SEC 2 – Comprehensive Problem Part 29 lectures • 2hr 15min

• Excel Download00:05
• 1 Accounting%2C Financial – Comp Prob Service Co 1 Part 1Preview15:01
• 2 Accounting%2C Financial – Comp Prob Service Co 1 Part 215:10
• 3 Accounting%2C Financial – Comp Prob Service Co 1 Part 315:20
• 4 Accounting%2C Financial – Comp Prob Service Co 1 Part 422:13
• 5 Accounting%2C Financial – Comp Prob Service Co 1 Adjusting Entries part 515:02
• 6 Comp Prob Service Co 1 Adjusting Entries part 620:05
• 7 Accounting%2C Financial – Comp Prob Service Co 1 Financial Statements part 715:01
• 8 Accounting%2C Financial – Comp Prob Service Co 1 Financial Statements part 816:39

Section Three – Closing Process1 lecture • 1min

• Section Three Closing Process01:25

SEC 3 -Review Accounting Cycle and Building Blocks3 lectures • 22min

• 1 Review Accounting Cycle & Building Blocks00:46
• 5 300 Accounting Cycle Steps in the Accounting Process (1)10:02
• 10 100.90 Accounting Building Blocks11:08

SEC 3 – Closing Process Overview7 lectures • 20min

• 3 Closing Process Overview00:17
• 20 400 Closing Process Explained07:20
• Notes – What the Closing Process Is01:46
• Notes – Goals of the Closing Process03:28
• 23 Post Closing Trial Balance04:05
• Notes – Comparison of the Post-Closing Trial Balance to The Financial Stat01:39
• Notes – Reasons for Demonstrating Three Formats for the Closing Process01:11

SEC 3 – Closing Process – One Step4 lecture • 32min

• 4 Closing Process – One Step00:42
• 25 One-Step Closing Process11:50
• Notes – One Step Closing Process07:53
• Multiple Choice – Closing Process11:21

SEC 3 – Closing Process – Two Steps4 lectures • 26min

• 5 Closing Process – Two Steps01:00
• 28 Two-Step Closing Process10:54
• Notes – Two-Step Closing Process06:47
• Multiple Choice – Closing Process07:33

SEC 3 – Closing Process – Four Steps8 lectures • 1hr 14min

• 6 Closing Process – Four StepsPreview02:00
• 30 400 Closing Process Step 1 of 4 – Journal Entry 1 of 403:52
• 40 400 Closing Step 2 of 4 – Journal Entry 2 of 405:49
• 50 400 Closing Entries Journal Entry 3 of 4 Step 3 Income summary05:30
• 60 400 Closing Process Step 4 of 4 Closing Journal Entry Draws or Withdraws07:26
• Notes – Four-Step Closing Process10:05
• Short Calculation – Closing Process30:40
• Multiple Choice – Closing Process08:52

SEC 3 – Post-Closing Trial Balance5 lectures • 37min

• 7 Post-Closing Trial BalancePreview00:37
• 70 Post Closing Trial Balance & financial statementsPreview06:22
• Notes – Post-Closing Trial Balance01:31
• Multiple Choice – Closing Process10:43
• Short Calculation – Closing Process17:52

SEC 3 – Closing Process Resources1 lecture • 1min

• Glossary Click here for videos00:56

SEC 3 – Comprehensive Problem Part 311 lectures • 2hr 35min

• Excel Download00:05
• 1 Accounting%2C Financial – Comp Prob Service Co 1 Part 115:01
• 2 Accounting%2C Financial – Comp Prob Service Co 1 Part 215:10
• 3 Accounting%2C Financial – Comp Prob Service Co 1 Part 315:20
• 4 Accounting%2C Financial – Comp Prob Service Co 1 Part 422:13
• 5 Accounting%2C Financial – Comp Prob Service Co 1 Adjusting Entries part 515:02
• 6 Comp Prob Service Co 1 Adjusting Entries part 620:05
• 7 Accounting%2C Financial – Comp Prob Service Co 1 Financial Statements part 715:01
• 8 Accounting%2C Financial – Comp Prob Service Co 1 Financial Statements part 816:39
• 9 Accounting%2C Financial – Comp Prob Service Co 1 Closing Process Part 910:02
• 10 Comp Prob Service Co 1 Closing Process part 1010:40

Part 4 Merchandising Transactions1 lecture • 1min

• Overview00:02

Sec 4 Merchandising Accounting Cycle1 lecture • 3min

• 1 Accounting Cycle Merchandising Company03:17

Sec 4 Merchandising Transactions Overview4 lectures • 19min

• 3 Merchandising Transactions Overview00:51
• 20 500 – Merchandising Transaction Explained Purchaser and Se05:53
• 30 500 Merchandising Transaction Journal Entry Purchaser05:16
• 40 500 Merchandising Transaction Sales Journal Entry – COGS Jou07:12

Sec 4 Perpetual and Periodic Inventory Systems6 lectures • 2hr 6min

• 4 Perpetual and Periodic Inventory Systems Overview01:22
• 5 Perpetual Inventory System18:36
• 10 Worksheet – Perpetual Inventory System35:37
• 10 Periodic Inventory System22:30
• 20 Worksheet Periodic System31:34
• 15 Perpetual vs. Periodic Inventory System16:50

SEC 4 Sales Discount & Purchase Discount5 lectures • 44min

• 5 Sales Discount %26 Purchase Discount OverviewPreview01:09
• 50 500 Sales Discount VS. Purchase Discount05:39
• 60 500 Purchase Discount Journal Entry Explained06:35
• 70 500 Sales Discount Explained Journal Entry Record Discou07:18
• 30 Worksheet Purchase Discount & Sales Discount23:35

SEC 4 Inventory Shrinkage & Sales Returns6 lectures • 1hr 1min

• 6 Inventory Shrinkage %26 Sales Returns00:56
• 90 Inventory Shrinkage09:06
• 40 Inventory ShrinkagePreview11:58
• 100 Sales Return & Allowance Transaction16:00
• 50 Worksheet – Sales Return12:51
• 10 Multiple Choice Questions Merchandising Company10:36

SEC 4 Financial Statements – Merchandising Company3 lectures • 45min

• 7 Financial Statements – Merchandising Company01:11
• 110 500.20 Merchandising Financial Statements-Accounting instructions25:36
• 20 Multiple Choice Questions Merchandising Company18:35

SEC 4 Merchandising Transaction Problem6 lectures • 1hr 9min

• Excel Worksheet Download00:05
• 60 500.10 Merchandising Ex Part 1-Accounting%2C Financial (2)15:03
• 70 500.20 Merchandising Ex Part 2-Accounting%2C Financial (1)15:11
• 80 500.30 Merchandising Ex Part 3-Accounting%2C Financial (1)15:08
• 90 500.40 Merchandising Ex Part 4-Accounting%2C Financial (1)14:10
• 10 Multiple Choice Questions Merchandising Company09:39

Part 5 Inventory Costs – FIFO, LIFO Weighted Average Method1 lecture • 1min

• Section 5 Overview00:05

SEC 5 Inventory Tracking & Inventory Methods3 lectures • 16min

• 2 Inventory Tracking & Inventory Methods00:41
• 10 600 Inventory Tracking Explained – Introduction-Specific Ide06:09
• 15 600 Inventory Methods Explained and compared FIFO LIFO Ave09:02

SEC 5 Inventory Cost, Principles, and Perpetual vs Periodic Inventory Systems5 lectures • 28min

• 3 Inventory Cost, Principles, and Perpetual vs Periodic Methods01:28
• 17 Inventory Costs08:39
• 20 Consistency Concept03:46
• 30 Lower of Cost or Market04:04
• 40 Perpetual & Periodic Inventory Systems10:14

SEC 5 Periodic System First In First Out (FIFO)4 lectures • 1hr 32min

• 4 Periodic System First In First Out (FIFO)Preview00:32
• 42 First In First Out (FIFO) Periodic System34:17
• 10 Worksheet FIFO Periodic System47:53
• Multiple Choice 1 – Inventory Cost09:19

SEC 5 Periodic System Last In Last Out (LIFO)4 lectures • 1hr 31min

• 5 Periodic System Last In First Out (LIFO)00:49
• 44 Last In First Out LIFO Periodic34:10
• 20 Worksheet Last In First Out (LIFO) Periodic System44:44
• Multiple Choice 2 – Inventory Cost11:39

SEC 5 Periodic Weighted Average Method4 lectures • 1hr 29min

• 6 Periodic Weighted Average Method00:44
• 46 Weighted Average Periodic System29:07
• 30 Worksheet Weighted Average Periodic System49:22
• Multiple Choice 3 – Inventory Cost09:34

SEC 5 Perpetual System First In First Out (FIFO)5 lectures • 48min

• 7 Perpetual System First In First Out (FIFO)00:37
• 50 600 First In First Out FIFO Explained09:12
• 40 600.10 Inventory Cost Problem First In First Out part 1 Ex.%2C how to calcula11:01
• 50 600.20 Inventory Cost Problem First In First Out part 2 Ex.%2C how to calcula12:05
• Multiple Choice 4 – Inventory Cost15:28

SEC 5 Perpetual System Last In First Out (LIFO)5 lectures • 39min

• 8 Perpetual System Last In First Out LIFO00:36
• 60 600 Last In First Out LIFO Inventory Method ExplainedPreview07:41
• 60 600.50 Cost Problem Last In First Out LIFO part 1 Ex.%2C how to calculate-Acc10:02
• 70 600.60 Cost Problem Last In First Out LIFO part 2 Ex.%2C how to calculate-Acc10:09
• Multiple Choice 5 Inventory Cost10:57

SEC 5 Perpetual System Weighted Average Method5 lectures • 42min

• 9 Perpetual System Weighted Average Method00:41
• 70 600 Average Inventory Method Explained07:03
• Worksheet – 80 600.30 Inventory Cost Problem Average method Part 110:01
• Worksheet – 90 600.40 Inventory Cost Problem Average method Part 208:47
• Multiple Choice 6 Inventory Cost15:47

Part 6 Subsidiary Ledgers & Special Journals3 lectures • 26min

• Overview Subsidiary Ledgers & Special Journals01:23
• 2 Special Journals Subsidiary Ledgers16:02
• Multiple Choice Question 1 – Special Journals08:13

SEC 6 Accounts Receivable Subsidiary Ledger4 lectures • 42min

• 5 Accounts Receivable AR Subsidiary Ledger Explained09:00
• Worksheet – 10 700.10 Accounts Receivable Subsidiary Ledger 700 Part 112:31
• Worksheet – 20 700.20 Accounts Receivable Subsidiary Ledger 700 Part 211:58
• Multiple Choice Question 2 – Special Journals08:27

SEC 6 Accounts Payable Subsidiary Ledger4 lectures • 44min

• 6 Accounts Payable AP Subsidiary Ledger07:52
• Worksheet – 30 700.30 Accounts payable subsidiary ledger 700 part 1Preview12:31
• Worksheet – 40 700.10 Accounts payable subsidiary ledger 700 part 213:35
• Multiple Choice Question 3 – Special Journals10:00

SEC 6 Sales Journal7 lectures • 1hr 11min

• Sales Journal01:18
• 10 Sales Journal Service Company09:16
• 50 Worksheet – Sales Journal19:13
• 20 Sales Journal Merchandising Co.10:39
• Excel Worksheet Download00:08
• 50 Worksheet – Sales Journal19:13
• Multiple Choice Question 4 – Special Journals11:32

SEC 6 Purchases Journal5 lectures • 45min

• Purchases Journal Overview01:04
• 30 Purchases Journal Service Company10:29
• 33 Purchase Journal Merchandising Co.09:26
• 80 Worksheet – Purchases Journal Inventory13:38
• Multiple Choice Question 5 – Special Journals09:53

SEC 6 Cash Receipts Journal4 lectures • 1hr 5min

• Cash Receipts Journal Overview01:17
• 40 Cash Receipts JournalPreview18:59
• 90 Worksheet – Cash Receipts Journal33:51
• Multiple Choice Question 6 – Special Journals10:39

SEC 6 Cash Payments Journal4 lectures • 49min

• Cash Payments Journal Overview01:22
• 50 Cash Payments Journal Service Company13:40
• 100 Worksheet Cash Payment Journal27:39
• Multiple Choice Question 7 – Special Journals06:24

SEC 6 Comprehensive Problem10 lectures • 3hr 32min

• Comprehensive Problem Overview02:05
• Excel Worksheet Download00:05
• Comprehensive Problem Special Journals Part 127:50
• Comprehensive Problem Special Journals Part 225:02
• Comprehensive Problem Special Journals Part 330:37
• Comprehensive Problem Special Journals Part 431:26
• Comprehensive Problem Special Journals Part 5 Adjusting Entries27:55
• Comprehensive Problem Special Journals Part 6 Financial Statements43:32
• Comprehensive Problem Special Journals Part 7 Closing Process16:55
• Multiple Choice Question 8 – Special Journals06:58

Section 7 Bank Reconciliations & Cash Internal Controls1 lecture • 1min

• Bank Reconciliations & Cash Internal Controls01:20

SEC 7 Internal Controls Overview and Cash Internal Controls Introduction4 lectures • 37min

• Internal Controls Overview and Cash Internal Controls Introduction01:39
• 10 Internal Controls18:58
• 20 Cash Internal Controls Overview08:01
• Multiple Choice Questions 3 – Cash and Internal Controls08:11

SEC 7 Cash Receipts Internal Controls3 lectures • 17min

• 3 Cash Receipts Internal Controls00:50
• 30 Cash Receipts Internal Controls08:07
• Multiple Choice Questions 4 – Cash and Internal Controls08:27

SEC 7 Cash Disbursements Internal Controls3 lectures • 17min

• 4 Cash Disbursements Internal Controls00:49
• 40 Cash Disbursements Internal Controls08:07
• Multiple Choice Questions 5 – Cash and Internal Controls08:14

SEC 7 Bank Reconciliations8 lectures • 1hr 53min

• 5 Bank Reconciliations01:34
• 50 Bank Reconciliation-Accounting%2C Financial19:38
• Worksheet – 9.10 Bank Reconciliation January23:29
• Worksheet – 9.12 Bank Reconciliation Adjusting Entries January17:48
• Worksheet – 9.15 Bank Reconciliation February21:01
• Worksheet – 9.20 Bank Reconciliation Feb. Adjusting Entries14:16
• Multiple Choice Questions 6 – Cash and Internal Controls07:33
• Multiple Choice Questions 1 – Cash and Internal Controls07:56
• Discussion Question 7 Cash & Internal Controls1 question

SEC 7 Petty Cash6 lectures • 1hr 1min

• 6 Petty Cash01:30
• 60 Petty CashPreview20:05
• 800.10 Petty Cash Journal Entries Part 1-Accounting%2C Financial10:02
• 800.20 Petty Cash Journal Entries Part 2-Accounting%2C Financial10:39
• Multiple Choice Questions 7 – Cash and Internal Controls08:50
• Multiple Choice Questions 2 – Cash and Internal Controls09:25

Section 8 Receivables & The Allowance vs The Direct Write Off Methods2 lectures • 16min

• Receivables & The Allowance vs The Direct Write-Off Methods00:50
• 10 Receivables Introduction15:23

SEC 8 Accounts Receivable Journal Entries5 lectures • 1hr 15min

• 2 Accounts Receivable Journal Entries00:48
• 20 Accounts Receivable Journal Entries10:05
• 05 Prob 5 Debits and Credits Accounts Receivable29:21
• Worksheet – 07 Prob 8 General Ledger Accounts Receivable24:47
• 10 Multiple Choice Questions – Accounts Receivable10:17

SEC 8 Accounts Receivable Subsidiary Ledger5 lectures • 41min

• 3 Accounts Receivable Subsidiary Ledger00:34
• 30 Accounts Receivable AR Subsidiary Ledger ExplainedPreview09:00
• Worksheet – 10 700.10 Accounts Receivable Subsidiary Ledger 700 Part 112:31
• Worksheet – 20 700.20 Accounts Receivable Subsidiary Ledger 700 Part 211:58
• 20 Multiple Choice Questions – Accounts Receivable06:59

SEC 8 Direct Write Off Method4 lectures • 1hr 3min

• 4 Direct Write-Off MethodPreview00:48
• 40 Direct Write-Off Method19:57
• Worksheet – 20 Worksheet Direct Write Off Method34:36
• 30 Multiple Choice Questions – Accounts Receivable07:12

SEC 8 Allowance Method6 lectures • 1hr 24min

• 5 Allowance Method01:26
• 50 Allowance Method Accounts Receivable30:37
• Worksheet – 30 900.10 Allowance Method 900 Part 115:31
• Worksheet – 32 900.20 Allowance Method 900 Part 2-Accounting%2C Financial15:44
• Worksheet – 34 900.30 Allowance Method 900 Part 3-Accounting%2C Financial11:23
• 40 Multiple Choice Questions – Accounts Receivable09:01

SEC 8 Allowance Method Compared to The Direct Write Off Method3 lectures • 32min

• 6 Allowance Method Compared to The Direct Write-Off Method01:15
• 60 Allowance Method VS Direct Write Off Method20:37
• 50 Multiple Choice Questions – Accounts Receivable09:58

SEC 8 Allowance for Doubtful Accounts Calculation6 lectures • 1hr 3min

• 7 Allowance for Doubtful Accounts Calculation01:04
• 70 Allowance Method % Accounts Receivable vs % Sales Method19:00
• Worksheet – 40 % of AR Method – Allowance for Doubtful Accounts14:34
• Worksheet – 50 % of Sales Method – Allowance for Doubtful Accounts10:24
• 60 Multiple Choice Questions – Accounts Receivable06:11
• 900.10 Test questions accounts Receivable%2C Allowance %26 Direct11:28

Notes Receivables10 lectures • 3hr 2min

• 8 Notes Receivable01:39
• 80 Notes ReceivablePreview24:26
• 90 Interest Calculations20:18
• Worksheet – 60 Worksheet – Simple Interest18:48
• PDF – 100 Note Receivable Example00:08
• 100 Note Receivable Example20:24
• Worksheet – 70 Worksheet 1 – Notes Receivable52:50
• Worksheet – 80 Worksheet 2 – Notes Receivable26:58
• 70 Multiple Choice Questions – Accounts Receivable07:40
• 900.20 Test questions Part 2 Accounts Receivable%2C Allowance %26 Direct Write O09:14

Section 9 Depreciation Calculation & Fixed Assets2 lectures • 12min

• Depreciation Calculation & Fixed Assets01:12
• 10 Property Plant & Equipment11:14

SEC 9 Lump Sum Purchase3 lectures • 14min

• 2 Lump Sum Purchase01:11
• 20 Property Plant & Equipment Lump Sum Purchase05:56
• 20 Worksheet – Lump Sum Purchase07:19

SEC 9 Straight Line Method of Depreciation5 lectures • 59min

• 3 Straight Line Method of Depreciation00:55
• 30 1000.10 Calculating Depreciation Straight Line31:15
• Worksheet – 30 1000.10 Depreciation Straight Line Ex Part 111:01
• Worksheet – 30.1 1000.20 Depreciation Straight Line Ex Part 211:29
• 10 Multiple Choice Question – Property Plant & Equipment04:43

SEC 9 Double Declining Balance Method of Depreciation6 lectures • 1hr 22min

• 4 Double Declining Balance Method of Depreciation01:10
• 40 Calculating Depreciation Double Declining BalancePreview38:28
• Worksheet – 40 Depreciation Ex double declining Part 111:01
• Worksheet – 40.1 Depreciation Ex double declining part 211:09
• Worksheet – 40.2 Depreciation Ex double declining part 312:44
• 20 Multiple Choice Question – Property Plant & Equipment07:41

SEC 9 Units of Production Depreciation Method5 lectures • 1hr 11min

• 5 Units of Production Depreciation Method00:54
• 50 Calculating Depreciation Units of Production33:51
• Worksheet – 50 1000.60 Depreciation units of production Part 115:01
• Worksheet – 50.1 1000.70 Depreciation Ex units of production Part 213:12
• 30 Multiple Choice Question – Property Plant & Equipment07:52

SEC 9 Calculating Depreciation for a Partial Period4 lecture • 32min

• 6 Calculating Depreciation for a Partial Period00:58
• Partial Year Depreciation09:48
• Worksheet – 55 Partial Year Depreciation11:24
• 40 Multiple Choice Question – Property Plant & Equipment10:12

SEC 9 Capital Expenditures and Revenue Expenditures4 lectures • 27min

• 7 Capital Expenditures and Revenue ExpendituresPreview00:56
• Capital and Revenue ExpendituresPreview08:25
• 50 Multiple Choice Question – Property Plant & Equipment06:44
• Short Calculation 111:16

SEC 9 Changes in Accounting Estimates5 lectures • 42min

• 8 Changes in Accounting Estimates00:37
• 60 Change In Estimates10:21
• Worksheet – 60 Depreciation Change of Estimate11:56
• 60 Multiple Choice Question – Property Plant & Equipment07:08
• Short Calculation 211:31

SEC 9 Disposals of Property Plant and Equipment11 lectures • 1hr 21min

• 9 Disposals of Property Plant and Equipment01:01
• 70 Disposals Fully Depreciated No Cash Received07:33
• 70.1 Worksheet – Disposals Fully Depreciated No Cash05:25
• 80 Disposal Fully Depreciated & Cash Received u07:38
• 80 Worksheet – Disposals Fully Depreciated Cash Received05:54
• 90 Disposal – Not Fully Depreciated08:26
• 90 Worksheet – Disposals Not Fully Depreciated No Cash09:22
• 100 Disposal Not Fully Depreciated & Cash Received08:38
• 100 Worksheet – Disposals Not Fully Depreciated Cash Received07:50
• 70 Multiple Choice Question – Property Plant & Equipment04:48
• Short Calculation 314:16

Section 10 Payroll Accounting1 lecture • 6min

• 10 Payroll Introduction06:03

SEC 10 Payroll Legislation4 lectures • 21min

• 2 Payroll Legislation01:30
• 20 Payroll Legislation07:53
• 310 Minimum Wage & Nonexempt Employees05:33
• 410 Fringe Benefits06:08

SEC 10 Payroll Forms and Time-Frames4 lectures • 35min

• 3 Payroll Forms and Time-Frames01:25
• 21 Payroll Consideration and Tax Forms16:19
• 80 Payroll Tax Expense Journal Entry08:17
• 90 Pay Payroll Tax Expense Journal Entry08:51

SEC 10 Payroll Register & Earning Record3 lectures • 18min

• 4 Payroll Register & Earnings Record01:55
• 330 Payroll Register09:41
• Worksheet – 25 Earnings Record06:52

SEC 10 Regular Pay & Overtime Pay Calculation5 lectures • 29min

• 5 Regular Pay & Overtime Pay Calculation00:58
• 10 Regular & Overtime Pay Calculation05:11
• Worksheet – 10 Regular & Overtime Pay07:08
• 315 Payroll Calculations06:13
• 320 Overtime Calculation09:27

SEC 10 Federal Income Tax & Retirement Plans8 lectures • 58min

• 6 Federal Income Tax & Retirement Plans01:42
• 510 Federal Income Tax (FIT)14:47
• Worksheet – 20 Federal Income Tax Withholding FIT04:17
• 415 Deductions From Gross Pay06:23
• 420 Retirement Plans09:16
• 20 Federal Income Tax FIT07:14
• 25 Federal Income Tax FIT – Percent Method07:43
• Worksheet – 25 Federal Income Tax – Percentage Method06:52

SEC 10 Federal Income Contributions Act Social Security5 lectures • 33min

• 7 Federal Income Contributions Act Social SecurityPreview01:01
• 30 Federal Income Contributions Act (FICA)Preview08:06
• 515 Social Security11:36
• 30 Social Security Tax Calculation06:10
• Worksheet – 30 OASDI06:30

SEC 10 Federal Income Contribution Act Medicare4 lectures • 16min

• 8 Federal Income Contribution Act (FICA) -Medicare01:14
• 520 Medicare Tax06:03
• 40 Medicare Tax Calculation03:31
• Worksheet – 40 Worksheet HI05:10

SEC 10 Federal Unemployment Tax Act (FUTA)6 lectures • 25min

• 9 Federal Unemployment Tax Act (FUTA)00:39
• 40 FUTA, SUTA Workers Compensation04:53
• 615 Federal & State Unemployment Tax09:19
• 50 Federal Unemployment Tax Act Calculation03:43
• Excel Worksheet Download00:08
• Worksheet – 50 Worksheet FUTA06:40

SEC 10 Worksheet FUTA3 lectures • 14min

• 10 Other DeductionsPreview00:30
• 425 Post Tax DeductionsPreview05:42
• 525 Other Deductions & Payment Methods08:08

SEC 10 Taxes – Employer & Employee2 lectures • 11min

• 11 Taxes Employer & Employee01:12
• 605 Taxes Employer Employee09:21

SEC 10 Employer Responsibilities5 lectures • 31min

• 12 Employer Responsibilities01:25
• 60 Employer Responsibilities and Processes07:51
• 55 Employer Taxes Calculation07:19
• 610 FICA Employer04:57
• Worksheet – 55 Employer Taxes09:22

SEC 10 Payroll Expense Journal Entry4 lectures • 32min

• 13 Payroll Expense Journal EntryPreview01:18
• 505 Net Pay CalculationPreview05:22
• 70 Payroll Expense Journal Entry10:40
• Worksheet – 70 Payroll Expense Journal Entry14:36

SEC 10 Payroll Taxes Journal Entry3 lectures • 21min

• 14 Payroll Taxes Journal Entry01:42
• 80 Payroll Tax Expense Journal Entry08:17
• Worksheet – 80 Worksheet Payroll Tax Expenses Journal Entry10:40

SEC 10 Paying Payroll Tax Liability Journal Entry3 lectures • 21min

• 15 Paying Payroll Tax Liability Journal Entry01:06
• 90 Pay Payroll Tax Expense Journal Entry08:51
• Worksheet – 90 Pay Payroll Expenses Journal Entry11:15

SEC 10 Payroll Ethics & Practices1 lecture • 8min

• 50 Payroll Ethics & Practices08:28

SEC 10 Payroll Controls & Documentation3 lectures • 16min

• 17 Payroll Controls & Documentation00:15
• 100 Payroll Controls and Documentation08:12
• 10 Multiple Choice – Payroll07:06

SEC 10 Form 9413 lectures • 32min

• 620 Form 94111:57
• 100 Form 94114:29
• 20 Multiple Choice – Payroll05:57

SEC 10 Form 9404 lectures • 26min

• 19 Form 94000:13
• 110 Form 94011:35
• 625 Form 94008:51
• 30 Multiple Choice – Payroll05:37

SEC 10 Form W-2 & W-34 lectures • 27min

• 19 Form 94000:13
• 120 Form W-3 & W-211:57
• 920 Form W-310:33
• 40 Multiple Choice – Payroll03:51

SEC 10 Reconcile Year End Payroll Forms3 lectures • 16min

• 21 Comprehensive Accounting Cycle Problem01:52
• 130 Reconciling Year End Payroll Forms09:19
• 50 Multiple Choice – Payroll04:34

SEC 10 – Comprehensive Payroll Problem21 lectures • 7hr 2min

• Excel Worksheet Download00:05
• 10 Payroll Comp Problem Introduction (Copy)05:21
• 20 Payroll Comp Problem August Payroll Register53:25
• 30 Payroll Comp Problem August Earning Records10:19
• 40 Payroll Comp Problem August Journal Entry37:22
• 45 Payroll Comp Problem September Payroll Register32:36
• 50 Payroll Comp Problem September Earning Records11:16
• 60 Payroll Comp Problem September Journal Entry34:21
• 70 Payroll Comp Problem Form 941 3rd Qt24:19
• 80 Payroll Comp Problem October Payroll Register22:47
• 90 Payroll Comp Problem October Earning Records09:21
• 100 Payroll Comp Problem October Journal Entry24:19
• 110 Payroll Comp Problem November Payroll Register12:43
• 120 Payroll Comp Problem November Earning Records05:36
• 130 Payroll Comp Problem November Journal Entry26:21
• 140 Payroll Comp Problem Dec. Payroll Register & Earning Records18:17
• 150 Payroll Comp Problem Dec. Journal Entry23:56
• 160 Payroll Comp Problem Form 941 4th Qt19:35
• 170 Payroll Comp Problem Form 94015:26
• 180 W-2 & W-3 Comp Problem Form 94022:51
• 190 Comp Problem Reconcile Payroll Tax Forms 941s, 940 & W-311:22

Section 11 Partnership Accounting1 lecture • 21min

• 10 Partnerships Introduction20:52

SEC 11 Set up New Partnership3 lectures • 24min

• 2 Set up New PartnershipPreview01:45
• 12 Partnership Set Up New Partnership11:15
• Worksheet – 12 New Partnership11:22

SEC 11 Partnership Income Allocation6 lectures • 1hr 18min

• 3 Partnership Income AllocationPreview01:45
• 20 Partnership Income AllocationPreview20:04
• Worksheet – 20 Part 1 Partnership Income Allocation11:33
• Worksheet – 20 Part 2 Partnership Income Allocation.13:02
• Worksheet – 21 Partnership Income Allocation With Overallocation24:42
• 20 – Multiple Choice – Partnership06:46

SEC 11 Partnership Draws4 lectures • 27min

• 4 Partnership Draws01:25
• 22 Partnership Withdraws10:03
• Worksheet – 22 Partnership Withdraws10:09
• 30 – Multiple Choice – Partnership05:00

SEC 11 Partnership Closing Process4 lectures • 41min

• 5 Partnership Closing ProcessPreview02:38
• 23 Partnership Closing Process12:20
• Worksheet – 23 Partnership Closing Process17:34
• 40 – Multiple Choice – Partnership08:50

SEC 11 Partner Leaves Partnership8 lectures • 55min

• 6 Partner Leaves Partnership01:12
• 25 Partnership Partner Leaves Partnership Cash Equal to Capital AccountPreview03:43
• 26 Partnership Partner Leaves Partnership Cash less than Capital Account07:22
• 28 Partner Leaves Partnership Cash Greater than Capital Account06:25
• Excel Worksheet Download00:05
• Worksheet – 29 Part 1 Selling Partnership Interest Leaving Partnership15:32
• Worksheet – 29 Part 2 Selling Partnership Interest Leaving Partnership14:42
• 50 – Multiple Choice – Partnership05:40

SEC 11 New Partner is Added to Partnership9 lectures • 1hr 27min

• 7 New Partner Added to Partnership01:13
• 29 Add New Partnership – Cash More than Capital Account09:23
• 29.1 Add New Partner – Cash Less Then Capital Account15:26
• 29.2 partner sells partnership interest to a new Partner10:05
• 29.3 Partner sells partnership interest – Cash Received Less Then CapitalPreview05:35
• Worksheet – 29.1 Part 1 Add Partner to Partnership15:35
• Worksheet – 29.1 Part 2 Add Partner to Partnership13:06
• 60 – Multiple Choice – Partnership04:33
• Short Calculation 111:43

SEC 11 Liquidation of Partnership14 lectures • 3hr 40min

• 8 Liquidation of Partnership02:25
• 30 Partnership Liquidation Gain on sale of Assets16:54
• Worksheet – 30 Part 1 Partnership Liquidation Gain on Sale of Assets15:33
• Worksheet – 30 Part 2 Partnership Liquidation Gain on Sale of Assets21:20
• 40 Partnerships Liquidation Loss on sale of Assets13:57
• Worksheet – 40 Part 1 Partnership Liquidation Loss on Sale of Assets15:36
• Worksheet – 40 Part 2 Partnership Liquidation Loss on Sale of Assets19:45
• 50 Partnership Liquidation Partner Pays Partnership for Negative Capital Account19:24
• Worksheet – 50 Partnership Liquidation Partner Pays Partnership for Negative Cap28:21
• 60 Partnership Liquidation Partner Does Not Pay Partnership for Negative Capita20:06
• Excel Worksheet Download00:05
• Worksheet – 60 Partnerships Liquidation Partner Does Not Pay Partnership for Ne26:52
• 70 – Multiple Choice – Partnership08:53
• Short Calculation 210:58

Section 12 Accounting for Corporations1 lecture • 28min

• 10 Corporation Introduction27:34

SEC 12 Issuing Common Stock for Cash3 lectures • 33min

• 2 Issuing Common Stock for CashPreview01:58
• 20 Stock for CashPreview12:56
• Worksheet – 20 Issuing Stock for Cash17:48

SEC 12 Issuing Common stock for Non-Cash4 lectures • 31min

• 3 Issuing Common Stock for Non-Cash01:11
• 30 Issuing Stock for Non-Cash Asset10:37
• Worksheet – 30 Issuing Stock for Non-Cash Assets12:28
• 10 Multiple Choice Questions – Corporations06:50

SEC 12 Cash Dividends5 lectures • 39min

• 4 Cash DividendsPreview00:46
• 40 Dividends OverviewPreview10:28
• 45 Cash Dividends09:47
• Worksheet – 45 Cash Dividends13:19
• 20 Multiple Choice Questions – Corporations04:37

SEC 12 Stock Dividends4 lectures • 38min

• 5 Stock Dividends00:32
• 50 Stock Dividends & Stock Split10:36
• Worksheet – 55 Stock Dividends20:03
• 30 Multiple Choice Questions – Corporations06:40

SEC 12 Preferred Stock5 lectures • 35min

• 6 Preferred Stock00:38
• 60 Preferred Stock Introduction06:15
• 65 Preferred Stock Example09:31
• Worksheet – 65 Preferred Stock10:07
• 40 Multiple Choice Questions – Corporations08:38

SEC 12 Treasury Stock5 lectures • 54min

• 7 Treasury Stock00:37
• 70 Treasury Stock17:30
• Worksheet – 70 Treasury Stock Part 1%2C how to calculate-Accounting%2C Financial15:32
• Worksheet – 70 Treasury Stock Part 2%2C how to calculate-Accounting%2C Financial14:51
• 50 Multiple Choice Questions – Corporations05:32

SEC 12 Statement of Stockholders’ Equity & Retained Earnings6 lectures • 1hr 13min

• 8 Statement of Stockholders’ Equity & Retained EarningsPreview00:49
• 80 Statement of Retained EarningsPreview12:57
• Worksheet – 80 Statement of Retained Earnings11:39
• 90 Corporations Statement of Stockholders Equity24:01
• Worksheet – 90 Statement of Stockholders’ Equity17:13
• 60 Multiple Choice Questions – Corporations06:40

SEC 12 Closing Process – Corporation5 lectures • 51min

• 9 Closings Process Corporations00:45
• 95 Corporation Closing Process15:48
• Worksheet – 95 Closing Process – Corporations19:40
• 70 Multiple Choice Questions – Corporations07:06
• Short Calculation 107:19

SEC 12 Earnings Per Share5 lectures • 31min

• 10 Earning Per Share00:39
• 100 Corporations Earning Per Share07:29
• Worksheet – 100 Earning Per Share07:13
• 80 Multiple Choice Questions – Corporations05:19
• Short Calculation 210:10

Section 13 Bonds Payable, Notes Payable, Liabilities1 lecture • 10min

• 10 Bonds & Notes Payable Introduction09:34

SEC 13 Bonds – Market Rate vs Contract Rate5 lectures • 24min

• 2 Bonds Market Rate vs Contract RatePreview00:22
• 20 Bond Issued at ParPreview05:36
• 25 Bonds Market Rate vs Contract Rate07:32
• Worksheet – 20 Bond Issued at Par05:32
• Worksheet – 25 Bond Interest Journal Entry04:51

SEC 13 Bonds Issued at Premium5 lectures • 46min

• 3 Bonds Issued at Premium01:02
• 50 Bond Issued at Premium07:19
• Worksheet – 50 Bond Issue at Premium09:07
• 60 Premium Amortization & Interest12:30
• Worksheet – 55 Bond Premium and Interest Journal Entry16:00

SEC 13 Bonds Issued at Discount8 lectures • 1hr 55min

• 4 Bonds Issued at Discount00:54
• 40 Issue bond at a discount calculate and record interest payment26:14
• Worksheet – 30 Bond Issued at Discount09:12
• Worksheet – 35 Bond Discount & Interest18:04
• Worksheet – 1400.10 Record issuance of the bond at a discount amortize straight line15:33
• Worksheet – 1400.20 Record issuance of the bond at a discount amortize straight line15:48
• Worksheet – 1400.40 Record issuance of the bond at a premium amortized straight line15:31
• Worksheet – 1400.50 Record issuance of the bond at a premium amortize straight line13:50

SEC 13 Present Value – Bond Price7 lectures • 1hr 24min

• 5 Present Value Bond PricePreview02:36
• 70 Bonds Present Value FormulasPreview13:32
• Worksheet – 70 Bond Present Value Formula15:00
• 80 Bond Price Present Value Tables09:22
• Worksheet – 80 Bond Present Value Tables11:02
• 90 Bond Price Excel Formula12:32
• Worksheet – 90 Bond Present Value Excel20:03

SEC 13 Bond Retirement3 lectures • 21min

• 6 Bond Retirement00:54
• 100 Bond Retirement08:42
• Worksheet – 100 Bond Retirement11:37

SEC 13 Notes Payable Introduction4 lectures • 13min

• 7 Notes Payable Introduction00:49
• 110 Notes Payable Introduction05:18
• 120 Note Payable Journal Entry03:46
• Worksheet – 120 Installment Note Initial Journal Entry03:32

SEC 13 Amortization Schedule – Notes Payable5 lectures • 45min

• 8 Amortization Schedule Notes Payable01:12
• 130 Amortization Schedule11:51
• 140 Notes Payable Payments Journal Entry07:11
• Worksheet – 130 Note Payable Amortization14:45
• Worksheet – 140 Note payable interest payments09:55

SEC 13 Notes Payable Adjusting Entries4 lectures • 25min

• 9 Notes Payable Adjusting EntriesPreview01:24
• 150 Notes Payable Adjusting EntryPreview09:49
• Worksheet – 150 Note Payable Adjusting Entry 107:10
• Worksheet – 160 Note Payable Adjusting Entry 206:26

SEC 13 Financial Statements – Long Term Liabilities9 lectures • 1hr 19min

• 10 Financial Statements Long Term Liabilities01:21
• 170 Notes Payable Current vs. Non-Current18:10
• Worksheet – 170 FS St LT One Loan 1 TB Account09:15
• Worksheet – 180 FS St LT Loan 1 loan 2 TB Accounts07:52
• Worksheet – 190 FS ST LT 2 loans 1 TB account07:45
• Worksheet – 200 FS ST LT 2 Loans 1 ST 1 LT TB account09:14
• Worksheet – 210 FS ST LT 2 Loans 2 Loan Account TB07:43
• Worksheet – 220 FS 2 Loans 4 Accounts TB11:05
• 70 Multiple Choice Question – Long Term Liabilities06:40

SEC 13 Bond Characteristics and Types3 lectures • 10min

• 11 Bond Characteristics and Types00:41
• 230 Bond Characteristics02:06
• 80 Multiple Choice Question – Long Term Liabilities07:11

SEC 13 Effective Method – Amortization Bond Discount & Premium6 lectures • 1hr 3min

• 12 Effective Method Amortization Bond Discount & PremiumPreview00:48
• 235 Discount Amortization Effective MethodPreview13:18
• Worksheet – 230 Effective Interest Discount Amortization17:03
• 240 Premium Amortization Effective Method13:17
• Worksheet – 240 Effective Interest Premium Amortization13:25
• 90 Multiple Choice Question – Long Term Liabilities04:49

SEC 13 Leases – Operating vs. Capital4 lectures • 30min

• 13 Leases Operating vs. Capital01:01
• 250 Leases Capital vs. Operating11:53
• 100 Multiple Choice Question – Long Term Liabilities09:33
• Short Calculation 208:00

Section 14 Statement of Cash Flows1 lecture • 6min

• 10 Statement of Cash Flows Introduction05:39

SEC 14 Classification of Cash Flows and Thought Process2 lectures • 21min

• 20 Classification of Cash Flows11:30
• 30 Cash Flow Category Thought Process09:00

SEC 14 Statement of Cash Flows Outline & Resources Needed for Construction3 lectures • 27min

• 40 Statement of Cash Flow Outline14:27
• 50 Statement of Cash Flow Tools For Completion05:12
• 60 Statement of Cash Flow Strategy06:56

SEC 14 Direct Method vs Indirect Method1 lecture • 7min

• 70 Statement of Cash Flows Direct Method Vs Indirect Method07:14

SEC 14 Create Statement of Cash Flows – Indirect Method21 lectures • 4hr 50min

• 80 Statement of Cash Flow Indirect Method WorksheetPreview10:52
• 90 Statement of Cash Flow Indirect Method Cash & Net IncomePreview07:04
• 100 Statement of Cash Flow Indirect Method Adjustments to Reconcile Net Income t07:26
• 110 Statement of Cash Flow Indirect Method Change In Accounts Receivable10:17
• 120 Statement of Cash Flow Indirect Method Change In Inventory06:41
• 130 Statement of Cash Flow Indirect Method Change in Prepaid Expense03:53
• 140 Statement of Cash Flow Indirect Method Change In Accounts Payable10:18
• 150 Statement of Cash Flow Investing Activities Cash Paid for Purchase of Equipm08:16
• 160 Statement of Cash Flow Financing Activities Cash Borrowed on Notes07:32
• 170 Statement of Cash Flow Financing Activities06:47
• 180 Statement of Cash Flow Adjustments18:17
• 1600.10 Creating a Statement of Cash Flow-Indirect Method-Accounting%2C financia50:07
• 40 Cash flow statement indirect method part 1%2C how to calculate-Accounting%2C15:35
• 50 Cash flow statement indirect method part 2%2C15:44
• 60 Cash flow statement indirect method part 3%2C15:48
• 70 Cash flow statement indirect method Part 4%2C14:59
• 190 Worksheet Direct Method Worksheet Stmt of Cash Flow17:04
• 190.10 Worksheet Direct Method Cash from Operations Stmt of Cash Flow19:29
• 190.20 Worksheet Direct Method Cash from Investing Act Stmt of Cash Flow08:47
• 190.30 Worksheet Direct Method Cash from financing Act Stmt of Cash Flow12:39
• 190.40 Worksheet Direct Method Finalize Act Stmt of Cash Flow22:25

SEC 14 Create Statement of Cash Flows – Direct Method5 lectures • 1hr 20min

• 190 Statement of Cash Flow Direct MethodPreview16:20
• 190.10 Worksheet Direct Method Cash from Operations Stmt of Cash Flow19:29
• 190.20 Worksheet Direct Method Cash from Investing Act Stmt of Cash Flow08:47
• 190.30 Worksheet Direct Method Cash from financing Act Stmt of Cash Flow12:39
• 190.40 Worksheet Direct Method Finalize Act Stmt of Cash Flow22:25

SEC 14 Non-Cash Investing & Financing1 lecture • 6min

• 200 Statement of Cash Flow Non-Cash Items06:24

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