This is an introductory financial accounting course that covers basic accounting principles, debits and credits, journalizing entries, adjusting entries, preparing financial statements.
The following topics are covered:
Introduction to Financial Accounting (8 lessons).
What is Accounting? Users of Accounting Information, Generally Accepted Accounting Principles, GAAP, Accounting Equation, How to Analyze Transactions, How to Prepare Financial Statements, GAAP VS IFRS.
The Recording Process (4 lessons).
Debits and credit, How to Journalize Transactions, how to Post from General Journal to General Ledger, Trial Balance.
Adjusting Entries. (11 lessons).
Introduction to Adjusting Entries, Prepaid Expenses, deferral Adjustment, Unearned Revenues, Accrued adjustment, Accrued Revenues, Accrued Expenses, Relevance and faithful Representation, Alternative Method for Adjusting Entries.
Completing the Accounting Cycle (8 lessons).
Preparing a Worksheet, Closing Entries, Correcting entries, Classified Balance Sheet, Reversing Entries.
Accounting For Merchandising Operation (8 Lessons).
Accounting for Merchandisers, Accounting for Purchases, Perpetual Inventory, Periodic Inventory, Accounting for Sales, Cost of Goods Sold, COGS, Multiple Steps Income Statement, single Step Income Statement.
Inventories (9 lessons).
Periodic inventory, Perpetual inventory, Goods in transit, FOB shipping, FOB destination, Consigned goods, inventory cost flow assumptions, FIFO, First In First Out, LIFO, Last In First Out, Lifo conformity rule, moving average, weighted average method, specific identification, inventory estimation, gross profit, retail inventory methid, LCM, Lower of cost or market, LCNRV, Lower of cost or net realizable value, inventory turnover, days’ sales in inventory.
Fraud, Internal Internal Control, Cash (lessons).
Fraud Triangle, internal control, Internal control over cash disbursement. internal control over cash receipts, petty cash, bank reconciliation, cash, Cash Equivalents, commercial paper, treasury bill, deposit in transit, outstanding check, NSF, not sufficient funds check.
Account Receivable (8 lessons)
Account Receivable, Bad Debt Expense, Allowance for Bad Debt, Allowance for Doubtful Accounts, Factoring Account Receivable, Net Realizable Value, Cash Realizable Value
Plant Assets, Property Plants and Equipment, Fixed assets, PPE, Intangible assets, Natural Resources, Exchange of Plants Assets, Realized Gain on Exchange of plant Assets, Deprecation Expense, Accumulated Depreciation, Straight Line Method, Accelerated method, Double Declining Method, Units of production method, Asset Turnover