Introduction to Accounting

Open to see guidance on how to use the materials for each subject
  • Start by identifying and clicking on the subject you need to learn

  • Review the Key Things to Know for the topic.
  • Watch the Video Lectures for Step-by-Step instruction for procedures.
  • Take the Self-Test to make sure you understand the terminology and formulas.
  • Work the Practice as You Learn problems to reinforce the concepts you’ve reviewed.
  • Now you’re ready to start to work your practice tests!
    • Work the Self Test, then the Easy Test, followed by the Medium Test and
      Hard Test (if it gets harder) as your understanding significantly increases.
  • Take specific notes on what you are missing and what to watch out for so that you do not make the same mistake on your test.
  • Make sure you write out the answers to the problems on paper (like you will do on your test).

Subjects Covered

Intro to Financial Statements The Balance SheetChanges to the Balance Sheet The Income Statement The Accrual Basis Income Statement The Accrual Basis Balance Sheet Using All Financial Statements Financial Ratios Recording Balance Sheet Trans – Spreadsheet Recording Income Statement Trans – Spreadsheet Journal Entries Adjusting Entries The Accounting Cycle Accounting Concepts & Assumptions CashAccounts Receivable Inventory Long Term Assets – Property & IntangiblesInvestmentsCurrent Liabilities Bonds Payable and Other Long-term Liabilities Cash Flow Statement

Managerial Accounting Topics

Managerial vs. Financial Accounting Product & Period Costs Determine the Cost of Making One Product Cost of Goods Manufactured Cost Behavior: Fixed, Variable, Mixed Mixed Costs: High/Low, Scatter-plot Cost Volume Profit Analysis Flexible Budgets Short-term Decision-makingCapital Investments (Long-term Decisions) Variable Cost Variance AnalysisFixed O/H Variance AnalysisVariable Cost & Absorption Cost Income Statement Segment Reporting and Performance EvaluationComprehensive Master Budgets

Video Lectures

Overview of Financial Accounting

Balance Sheet

Income Statement

Cash Flow Statement and Statement of Equity

Transactions that Change the Balance Sheet

The Accrual Basis Income Statement

The Accrual Basis Balance Sheet

Recording Transactions on a Spreadsheet: Overview

Recording Balance Sheet Transactions on a Spreadsheet

Recording Income Statement Transactions on a Spreadsheet

Record Journal Entries and Balance T Accounts

Adjusting Journal Entries

The Accounting Cycle

Cash and the Bank Reconciliation

Accounts Receivable Overview

Accounts Receivable Specifics

Estimating Bad Debt Expense

Accounting for Bad Debt Expense

Inventory: Overview

Inventory: Periodic FIFO/LIFO/Average

Long-term Assets: Overview

Using Long-term Assets

Investments: Overview

Investments: Cost & Fair Market Value Method

Investments: Fair Market Value Method

Investments: Equity Method

Investments: Equity Method Example

Notes Payable

Bonds Payable: Overview

Bonds Payable: Pricing and Amortization Schedule

Bonds Payable: Example

Stockholder’s Equity: Overview

Stockholder’s Equity: Recording Transactions 1

Stockholder’s Equity: Recording Transactions 2

Cash Flow Statement: Overview

Cash Flow Statement: Direct & Indirect

Cash Flow Statement: Investing & Financing

Cash Flow Statement: Indirect Method Example

Managerial Accounting

Cost Classification: Product or Period

The Cost to Make One Product

Cost Behavior: Variable / Fixed / Mixed

Cost Volume Profit Analysis

Cost of Goods Manufactured & Cost of Goods Sold

Record Manufacturing Costs (Actual Cost Method)

Record Manufacturing Costs (Normal Cost Method)

Activity Based Costing

Process Costing

Variance Analysis

Flexible Budgets

Comprehensive Master Budgets

Short-term Decisions Overview

Short-term Decision Examples

Long-term (Capital) Decisions Overview

Long-term (Capital) Decisions Example

Variable Cost/Absorption Cost Income Statements