Understand the concepts. Work through examples. Prepare with confidence.
Choose an exam, a subject, or both.
Follow a FIFO-to-weighted-average example to recalculate comparative net income, identify the cumulative effect, and distinguish a principle change from an estimate or error.
A grain producer and a retailer can calculate the same net realizable value and report different inventory amounts. Work through the conditions and the numbers.
Decide which adjustments change cost, retail, or both, and which belong below the cost-to-retail ratio. Then complete an original department worksheet.
A store’s price tags show more inventory dollars even as its inventory pool shrinks. Follow the price index and cost-to-retail ratios through three year-ends.
Follow a bookseller’s single invoice from its original allocation to the cost of books sold, gross profit and the inventory left on the shelf.
Trace a noncancelable inventory contract across two accounting periods. See when a loss becomes a liability and how the buyer clears it at delivery.
Calculate receivables turnover and average collection days, compare the result with credit terms, and recognize the limitations of an average.
Compare factoring with and without recourse, distinguish a holdback from a fee, and calculate the loss and journal entry for a qualifying sale.
See how simple and compound interest differ, calculate interest and ending balances, and practice with original examples for accounting students.
Organize accounts and notes receivable on the balance sheet and explain allowances, pledged assets, and credit-risk disclosures with original examples.
