Financial Accounting Part I - Passing the Class

These study notes will help to guide you through some of the main concepts of this section on the introduction to accounting.

This video discusses the history of accounting, and why accounting is important for business. This includes a discussion of the various users of accounting and what information they will use.

In this set of study notes we discuss a little bit about the relevant history of accounting. We don't go into the great detail to overwhelm you. This is just the most commonly tested items that I have experienced, and the information that you may need to support the rest of the course.

These study notes discuss some of the major differences between US GAAP and the International Standards. We also discuss the purpose of International Standards and the convergence issues between the two sets of standards.

This video discusses the various concepts and principles that guide the information used in accounting.

These study notes help to guide you through the various concepts and principles that guide the information used in accounting.

This video is our first real look at the four core financial statements, including the income statement, balance sheet, statement of retained earnings, and cash flow statement. We will discuss each one in more detail later on, but this will be a good introduction.

These study notes begin the discussion of the four financial statements that are the core of financial accounting. 

This video discusses the mechanics of accounting, including the creation of journal entries and posting them to the general ledgers. 

These study notes over the topic of special journals, which handle the more repetitive entries that don't always need to go to the general journal. This is a topic that is often overlooked in other courses and discussions, yet is still important.

These study notes cover the topic of the subsidiary ledgers that support the general ledger. These include ledgers such as the accounts receivable, accounts payable, and fixed asset ledgers. This is a topic that is often overlooked in other courses and  discussions, yet is still important.   

In this lecture, we review the practice exercise on the topic of the accounting equation and discuss the solution.  The Excel template that is used for this practice exercise can be found below.

This video discusses the normal balance rules for accounts, an integral topic that is required to continue in our discussion of accounting.

These study notes guide students through the discussion of the mechanics of accounting, including the accounting equation, journal entries, posting, normal balances, etc. 

In this lecture, we review the practice exercise on the topic of normal balances and discuss the solution.  The Excel template used for this exercise can be found below. For best results, work these prior to reviewing the solution video and then compare to that video.

This study note pack reviews the differences between the accrual and cash basis of accounting. Understanding this is integral to our format of double entry accounting.

This video discusses the differences between the accrual and cash basis of accounting. 

These study notes discuss the various steps in the accounting cycle and how we use each step to eventually create the financial statements; the goal of financial accounting.

This video discusses the various steps in the accounting cycle and how we use each step to eventually create the financial statements; the goal of financial accounting.

This video discusses the first set of adjusting entries, the accrual entries.

This video discusses the second of adjusting entries, the deferral entries.

These study notes guide students through the discussion of the adjusting entries, including accruals and deferrals. 

This video discusses the closing entries.

These study notes guide students through the discussion of closing entries.

This video discusses various concepts and issues related to cash, most notably the bank reconciliation.

These study notes guide students through various concepts and issues related to cash, most notably the bank reconciliation.

These study notes review the topic of petty cash; which allows for an exception to the normally stringent controls surrounding most cash disbursements.

In this lecture, we review the practice exercise on the topic of the bank reconciliation and discuss the solution. The Excel template used for this exercise can be found below. For best results, work these prior to reviewing the solution video and then compare to that video.

This video introduces the topic of inventory, specifically the perpetual and periodic inventory systems. 

This video discusses the inventory costing methods (FIFO, LIFO, and Weighted Average) and journal entries.

These study notes cover the basics of inventory in financial accounting.

In this lecture, we review the practice exercise on the topic of inventory and cost of goods sold calculations and discuss the solution. The Excel template used for this exercise can be found below. For best results, work these prior to reviewing the solution video and then compare to that video.

This video discusses the concepts and issues related to accounts receivables and bad debts expense.

These lecture notes discuss the various concepts and issues related to accounts receivables and bad debts expense.

These study notes cover the various methods that can be used to estimate the amount of bad debts and valuing accounts receivables.

In this lecture, we review the practice exercise on the topic of bad debts and accounts receivables and discuss the solution. The Excel template used for this exercise can be found below. For best results, work these prior to reviewing the solution video and then compare to that video.

These study notes cover the topic of how to report the purchase of an asset, before we continue on to the topic of depreciation.

These lecture notes discuss the various concepts and issues related to fixed assets and depreciation.

These lecture notes continue on with the topic of the various methods that can be used to calculate the depreciation expense and report it on the balance sheet.

This video discusses the concepts and journal entries related to depreciation expense.

This video discusses the various methods of depreciation expense and fixed assets. 

These study notes cover the topic of subsequent expenditures after the asset is first put into service. This discusses the different types of expenditures and how they are to be reported.

These study notes cover the topic of gains and losses of sales of assets, how they are to be reported and how to journalize them.

In this lecture, we review the practice exercise on the topic of depreciation expense calculations and journal entries and discuss the solution. The Excel template used for this exercise can be found below. For best results, work these prior to reviewing the solution video and then compare to that video.

This set of study notes discuss the careers in accounting that are available.

Below you will find the downloadable text book/study notes for the topics we have covered in the course. This is in PDF format and is for you to use in your studies.

I hope you have enjoyed what you have learned so far in part 1 of the course. If you would like to continue on to part 2, this section will discuss some of that information as well.