Think back to the beginning of this course. The majority of the terms were probably familiar to you, but had no meaning. The video below would have had little or no meaning for you, but now that you are almost finished with ACCTG 211, you probably can relate to all the tasks referred to in this video.
Enjoy—and keep on accounting!
[MUSIC PLAYING] - (SINGING) It was day one in class, set up my account in lab, and my teacher started telling us about CPAs and GAAP, yeah. But you know that was just the principles, all wonderful students and some gifted individuals. The opening investment was the same thing as - capital, when buying on account, they very well made need collateral. Huh, but you can't learn it 'til you read it, to the left you'll find my debits, to the right you find my credits.
Man, my flow super, no smash bros, and I'm trying to make a statement through much cash flows. I stay busy 'cause you know how accounts be, financial position composition on my balance sheet. I was quite appalled when I checked the owner's equity to see that the withdrawals were excessive unexpectedly. Searching for the answer, now I think I might have found it. Who'd have thought in 10 weeks that we would all be here accounting.
I'm accounting. Yeah, now I'm accounting. I'm accounting. Yeah, now I'm accounting.
Uh, I'm going back in. Posting to the ledger, yeah homie that's what we about, before the trial balance, gotta balance out the T accounts. Adjusting all my entries, what I'm doing on the weekdays, my greatest asset is having all expenses pre-paid. You've got to list them by liquidity, decide if it's a plant or a current liability. Enron was cooking the books, but let them burn, and there's usually a discount if you're buying it on terms.
Credit in my payables before the net is ever due, that's why all my expenses so much less than all my revenues. Yeah, I look for the net profit, bring the final checks to the bank and make deposits. Your cash petty after all these tax levies, and I know there's more to learn until the last class session. Searching for the answer, now I think I might have found it, and my teacher taught me everything I know about accounting.
I'm accounting. Yeah, now I'm accounting. I'm accounting. Yeah, now I'm accounting.
[MUSIC PLAYING]