Accounting: From Beginner to Advanced!

Master the basics of accounting by exploring core principles and assumptions. Learn how to prepare financial statements, a foundational section you must study to understand the rest.

Learn how accounting records every business transaction, from rent and salaries to revenue and expenses, using principles like monetary unit, time period, and historical cost, under GAAP and IFRS frameworks.

Discover why accounting is the language of business and learn how to identify, record, and prepare the income statement, balance sheet, and the statement of cash flows.

Explore the historical cost, revenue recognition, matching, and full disclosure principles, and the going-concern and business entity assumptions guiding credible financial statements.

Explore the accounting equation and its balance, where assets equal liabilities plus owner's equity, with practical examples of assets like car, house, cash, and equipment.

Solve for stockholders' equity using algebra, track assets and liabilities across years, and prepare balance sheets and income statements from transactions showing revenues, expenses, and dividends.

Apply double-entry accounting to show how each transaction affects the accounting equation, detailing increases and decreases in assets, liabilities, and owner’s equity using cash, supplies, equipment, land, and common stock.

Learn the basics beyond basics, including T accounts, debits and credits, journalizing, posting, and the general ledger. Identify yearly and daily tasks in the accounting department.

Apply t accounts to understand debits and credits across assets, liabilities, and stockholders' equity. Follow normal balances and the double-entry system, as introduced by Luca Pacioli.

Learn to journalize and post transactions to T accounts, tracking cash, assets, payables, revenues, receivables, and equity through a month of Best Tutoring's activity.

This lecture demonstrates journalizing and posting January transactions for an architecture firm, uses t accounts and ledgers, and builds a trial balance to verify debits equal credits.

Stefan guides solving a practical accounting problem by recording cash, stock, rent, supplies, payables, revenues, and expenses, posting to ledgers, and building a balanced trial balance to compute net income.

Stefan guides solving balance problems for accounts payable, accounts receivable, and cash by applying debits, credits, and beginning and ending balances through journal entries.

Explore end-of-year accounting by mastering deferrals, accruals, and the procedures for adjusting entries. See how these concepts shape the year-end financial statements in the accounting department.

Learn how end-of-year adjustments update accruals and deferrals—accrued expenses and revenues, prepaid expenses and unearned revenues—to keep financial statements accurate, with a brief note on depreciation.

Learn how accruing utilities expenses requires December adjustments, recognizing 250 in utilities expense and liability. Then pay 500 on January 15, with optional reversing entries to simplify subsequent payments.

Explore accrued revenues by recognizing revenue as it accrues, adjust year end for uncollected amounts via accounts receivable, and apply reversing entries before payment to debit cash and credit revenue.

Master adjusting entries for accruals and deferrals, including accrued revenues, salaries payable, unearned fees, and supplies, using accounts receivable and supplies expense in period-end calculations.

Prepare adjusting entries for supplies used, recognize rent revenue from unearned rent, accrue wages and accounts receivable for accrued revenues, and record depreciation expense with accumulated depreciation.

Explore the accounting cycle, from journalizing and posting to trial balances and adjusting entries, then close temporary accounts and compile the post-closing trial balance.

Close temporary accounts: revenues, expenses, and dividends, to retained earnings. Determine net income as the difference between revenues and expenses, then credit retained earnings and close dividends accordingly.

Close revenues by debiting fees earned and close expenses by crediting each expense, balancing to a 70,000 net loss debited to retained earnings; then close dividends by crediting them.

Construct a classified balance sheet by organizing current assets, property, plant and equipment, and current liabilities, then determine cash and reconcile total assets with liabilities and stockholders' equity.

Learn how internal controls prevent fraud, perform bank reconciliations, and manage cash, including petty cash handling, to safeguard business finances.

Establish clear responsibilities, maintain records, and segregate duties to protect assets and ensure reliable financial reporting; integrate technology and audits, guided by Sarbanes-Oxley principles.

Learn how to reconcile cash balances by identifying differences between books and bank balances, including outstanding checks, deposits in transit, bank services, NSF checks, and errors, using an example.

Perform bank reconciliation to explain differences between company's cash balance and the bank statement, including outstanding checks, deposits in transit, NSF checks, and bank collections; update records with journal entries.

Learn how to manage cash and strengthen internal controls, from recognizing cash and cash equivalents to speeding collections, planning spending, and using a voucher system for disbursements.

Explore how to establish and manage a petty cash fund for accidental and unusual purchases, record reimbursements, monitor cash balance, and resolve cash over or short scenarios.

Learn how to handle customers who do not pay after credit sales and what actions you should take.

Learn how to recognize and manage accounts and notes receivable, assess collectibility, and apply direct write-off and allowance methods under GAAP to maintain the matching principle.

Examine journal entries for Stefan under the direct write-off method and the allowance method, including cash receipt, bad debt expense, and reinstatement of accounts receivable.

Apply the allowance method to estimate bad debt expense using the percentage of sales and aging methods, adjust the allowance for doubtful accounts, and compute net realizable value.

Determine adjusting entries for doubtful accounts given accounts receivable of 2 million and sales of 25 million, using either percentage of sales or aging of receivables.

Explore merchandising businesses, including merchandisers and retailers, and how they buy inventory and resell it for profit, with examples like gas stations and clothing stores.

Explore how merchandising businesses operate, recording sales, sales returns and allowances, and sales discounts, and track cost of goods sold and inventory through the operating cycle.

Learn the seller’s perspective in merchandising accounting, recording sales, discounts, returns and allowances, and the impact on accounts receivable, revenue, cost of goods sold, and inventory.

Explore how buyers record inventory purchases, discounts, returns, and allowances from a retailer's perspective, using journal entries for purchases, payments, and adjustments to reflect cost.

Explore how shipping terms decide inventory ownership and who pays, comparing FOB shipping point and FOB destination with Seattle and Chicago, and illustrating related journal entries.

Learn how merchandisers buy and resell inventory for profit, and why tracking and managing inventory—like Walmart's strong system—keeps a business from going out of business.

Compare fifo, lifo, and the weighted average cost method for inventory valuation, showing how each affects cost of goods sold, gross profit, and tax outcomes.

Explore inventory problem solving using FIFO, LIFO, and weighted average to calculate cost of goods sold and ending inventory across multiple dates.

Master inventory problem solving using FIFO, LIFO, and weighted average to calculate cost of goods sold and ending inventory across multiple purchases and sales.

Explore how fixed assets like cars and equipment depreciate over time and how to allocate their cost. Learn multiple depreciation methods and their tax implications.

Explore how fixed assets—long-term items such as buildings, land, equipment, and vehicles—support operations, distinguish them from current assets, and apply accounting rules for purchasing, using, and disposing of fixed assets.

Record fixed assets at total cost, including shipping and assembly, to bring them to use. Allocate lump-sum purchases by appraised values to building, land, and land improvements.

Apply depreciation to fixed assets by allocating cost over use using straight-line, units-of-production, and double declining balance methods, and record depreciation expenses and accumulated depreciation to determine book value.

Apply the straight-line method to compute depreciation as (cost minus salvage value) divided by useful life, highlighting depreciation expense and accumulated depreciation.

Apply the units of production depreciation method by multiplying yearly units produced by the per unit rate, computed as (cost minus salvage value) over total units.

Apply the double declining balance method with a 40% rate on net book value for a 120,000 asset over five years, illustrating depreciation, depreciable cost, and salvage of 20,000.

Apply partial year depreciation with the straight-line method, adjusting the first and last-year months. Use revised depreciation when estimates change, updating remaining life and salvage value to determine future depreciation.

Learn how to dispose of fixed assets with proper journal entries, removing equipment from the balance sheet, accounting for accumulated depreciation, book value, and gains or losses on sale.

Learn how intangible assets such as patents, copyrights, trademarks (indefinite life), franchises, and goodwill are recorded at cost, amortized for finite lives, tested for impairment, and valued when acquisitions occur.

Master liabilities by focusing on bonds as a key security instrument in business, learning them with ease and fun, because knowing bonds underpins accounting, finance, and business success.

Explore current liabilities such as accounts payable, sales taxes payable, and short-term notes payable, and learn about wages, payroll taxes, estimated liabilities, warranties, and contingent liabilities with journal entries.

Learn how bonds issued at a discount are recorded, with semiannual payments, straight-line amortization over six periods, and a final maturity payment.

Learn to record bond interest with the effective interest method, compute interest expense from the changing carrying amount, and amortize the discount toward the 180,000 face value.

price a bond by calculating the present value of the principal and semiannual coupons at the market rate, showing a 170,862 issue price.

Examine bonds in accounting by issuing at 97 percent discount, recording cash received and maturity payoff, and journalizing semiannual interest with straight line amortization.

Issue bonds at a discount due to market rate of 8%. Use the straight-line method to amortize the discount over ten semiannual payments and record interest expense toward maturity.

Apply the effective interest method to discount on bonds payable, calculate interest expense from the carrying amount using the market rate, and amortize the discount over semiannual periods until retirement.

Issue bonds at a premium of 426,510 (face value 10,000,000) and receive 10,426,510; amortize the premium equally over 10 semiannual payments (42,651 each) using the straight-line method.

Learn how to record premium on bonds payable using the effective interest method, calculate semiannual interest expense from the carrying amount and market rate, and amortize the premium until retirement.

Learn bond pricing by calculating present values of semiannual coupon payments and par value to determine discounts or premiums using market rates.