Lesson 1: Introduction to Accounting and Business
Lesson 1 Introduction
Business Stakeholders
Financial and Managerial Accounting
Business Entity
Four Types of Business Organizations
Generally Accepted Accounting Principles (GAAP)
The Basic Accounting Equation
Essential Concepts
Assets
Liabilities
Stockholders Equity
Cash Basis and Accrual Basis of Accounting
Accounting Transactions and their Effects on Business
Financial Statements
The Income Statement
Statement of Retained Earnings
Balance Sheet
Practice Problems
Lesson 3 Introduction
Lesson 10 Introduction
Lesson 15 Introduction
Lesson 14 Introduction
Lesson 13 Introduction
Introduction
Introduction
Lesson 7 Introduction
Lesson 8 Introduction
Lesson 2 Introduction
Lesson 9 Introduction
Introduction
Introduction
Introduction
Classified Balance Sheet
Analyzing Financial Statements
Internal Control
Characteristics of a Corporation
Lesson 2: Analyzing and Recording Business Transactions
Chart of Accounts
Prepaid Expenses and Unearned Revenue
Debits and Credits
Rules of Recording in Ledger Accounts
Double-Entry System/Journal
Double Entry System - MM Tax Example
Journal and Ledger Accounts - MM TAX Example
Trial Balance
Practice Problem 1
Practice Problem 2
Answers to Practice Problem 2
What is a Merchandising Business?
Capital vs. Revenue Expenditures
Cost Behavior
Job Order Cost Systems
Managerial vs. Financial Accounting
Differential Analysis Defined
Revenue, Expense, and Matching Concept
Static Budget
Budgets
Adjusting Entries
Cost Flow Process for Job Order Cost Systems
Common and Preferred Stock
Plant Assets
Setting the Budget
Pricing
Manufacturing
Horizontal Analysis
Differences from Service Business
Variable Cost
Flexible Budgets
Internal Control - Cash Receipts and Cash Payments
Lesson 3: Matching Concepts and Adjusting Entries
Deferrals and Accruals
Depreciation of Long-Term Tangible Assets
MM TAX: Chart of Accounts
MM TAX: Unadjusted Trial Balance
MM TAX: Adjusted Entries, Deferred Expenses
MM TAX: Adjusting Entries, Deferred Revenue
MM TAX: Adjusting Entries, Accrued Expenses
MM TAX: Adjusting Entries, Accrued Revenue
MM TAX: Journal and Ledger Accounts
MM TAX: Adjusted Trial Balance
Practice Problem: Adjusting Entries
MM TAX: Adjusted Trial Balance
Target Pricing
Fixed Cost
Horizontal Analysis - Trend Analysis
Issuing Common Stock
Internal Control - Inventory
Job Order Cost System - Job 1 Example
Cost of Plant Assets
Multi-Step Income Statement
Lesson 4: Completing the Accounting Process
MM TAX: Income Statement
MM TAX: Statement of Retained Earnings
MM TAX: Classified Balance Sheet
Closing Entries
MM TAX: Closing Entries
MM TAX: Post Closing Trial Balance
Practice Problem 1
Answer to Practice Problem 1
Job Order Cost and Process Cost Systems
Budgeting Systems
Standard Costs and Variance Analysis
Practice Problem 1
Perpetual vs. Periodic Inventory Systems
Self-Check
Master Budget
Petty Cash Funds
Issuing Preferred Stock
Practice Problem #1
Lesson 5: Accounting for Merchandising Operations
Purchase of Merchandise Inventory - Perpetual Method
Freight Terms
Practice Problem 1
Sales of Merchandise Inventory - Perpetual Method
Practice Problem 2
Merchandise Inventory Summary
Inventory
Inventory Cost Flow Assumptions
FIFO Inventory Example
LIFO Inventory Example
AVG COST Inventory Example
Reporting Merchandise Inventory in the Financial Statements
Periodic Inventory System
Direct Materials Variances
Cost-Plus Pricing
Depreciation
Inventory Accounts for a Manufacturer
Sales Budget
Cost of Goods Manufactured
Process Cost System
Practice Problem #1
Straight-Line Method
Special Pricing Decisions
Mixed Cost
Direct Labor Variance
Vertical Analysis
Bank Reconcillations
Lesson 6: Internal Accounting Control, Cash and Receivables
Receivables
Uncollectible or Worthless Receivables
Uncollectible Accounts - Direct Write-Off Method
Uncollectible Accounts - Allowance Method
Percent of Sales Method
Percent of Receivables Method
Aging of Receivables Method
Practice Problem 1
Factoring
Notes Receivables
Practice Problem 2
Treasury Stock
Cost-Volume-Profit (CVP)
Units of Production Method
Lesson 7: Plant Assets, Natural Resources and Intangible Assets
Double-Declining Balance Method
MACRS: Modified Accelerated Cost Recovery System
Changes During Usage
Disposals of Plant Assets
Discarding Plant Assets
Sale of Assets
Other Assets
Income Statement for a Manufacturer
Variable Factory Overhead Variances
Product Line: Continue or Discontinue?
Process Cost System - Equivalent Units of Production
Production Budget
Practice Problem #2
Process Cost System Example - Production Report
Make or Buy
Ratio Analysis
Dividends
Balance Sheet for a Manufacturer
What about sales?
Direct Materials Budget
Lesson 8: Corporations, Stockholders' Equity, and Statement of Cash Flows
Practice Problem #2
Stock Splits
Statement of Cash Flows
Preparing Statement of Cash Flows
Cash Flows from Operating Expenses - Indirect Method
Cash Flows from Investing Activities -- Quick Explanation
Cash Flows from Financing Activities -- Quick Explanation
Completed Statement of Cash Flows
Cash Flows from Investing Activities -- Full Explanation
Cash Flows from Financing Activities -- Full Explanation
Practice Problem #3
CVP - Break-Even Point
Responsibility Accounting
Direct Labor Budget
Practice Problem #1
Practice Problem 1
CVP - Target Profits
Lesson 9: FInancial Statement Analysis
Liquidity Ratios
Efficiency Ratios
Solvency Ratios
Profitability Ratios
Valuation Ratios
Practice Problem #3
Process Cost System Example - Transactions
Cost Centers
Factory Overhead Budget
Practice Problem #2
Sell or Process Further
Practice Problem 2
Lesson 10: Introduction to Managerial Accounting
CVP - What-if Analysis
Revenue Centers
Cost of Goods Manufactured Budget
Accounting Terms Review
Lesson 11: Job Order Costing and Process Costing
Selling and Administrative Expenses Budget
Profit Centers
Lesson 12: Cost Volume Profit Analysis - CVP
Lesson 13: Master Budgets
Budgeted Income Statement
Other Budgets
Investment Centers
Lesson 14: Flexible Budgets, Standard Costs and Responsibility Accounting
Lesson 15: Short Term Decisions