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This course covers the basics of Financial Accounting:
The method of instruction is a combination of lecture and exercises we work through together. Also included in the course is a workbook that has problems to work through (answers in the back) as a way to practice practice practice!
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|Section 1: The Accounting Equation|
The Accounting Equation Notes TemplatePreview
|This segment covers some of the most basic concepts of Financial Accounting. Lots of terms and definitions to get the ball rolling.|
|Assets = Liabilities + Equity. This is an accountant's version of E=MC^2. Always true and always there as a guiding light.|
|Financial Statements are the final result of all the hard work an accountant puts in. This segment covers the Income Statement, Statement of Retained Earnings, and Balance Sheet.|
|This segment gives you an opportunity to practice putting together a set of financial statements.|
The Accounting Equation Practice Workbook
|Quiz 1||3 questions|
|The Accounting Equation Quiz|
|Section 2: Journal Entries, Ledgers, and Trial Balances|
Journal Entries, Ledgers, and Trial Balances Notes Template
|This segment could very well be the key to the entire course. Be sure to understand what's going on here before continuing on.|
|Practice using T-Accounts as part of the transaction analysis process.|
|Remember, the accounting cycles starts with analyzing/journalizing transactions. The next step (covered in this segment) is posting to the ledger. The ledger helps us see what's going on with an account.|
|The next step in the accounting cycle is to create the trial balance from your account balances in the ledger. Be sure debits = credits.|
Journal Entries, Ledgers, and Trial Balances Practice Workbook
|Quiz 2||5 questions|
Journal Entries, Ledgers, and Trial Balances Quiz
|Section 3: Adjusting Journal Entries|
Adjusting Journal Entries Notes Template
|Adjusting Journal Entries (AJE) let you correct or update accounts that have changed but haven't had journal entries made yet to reflect those changes.|
|Practice practice practice! Put to use the AJE concepts from the prior segment.|
|The Adjusted Trial Balance is prepared after you post adjusting journal entries to the ledger. The Adjusted Trial Balance is used to create financial statements.|
Adjusting Journal Entries Practice Workbook
|Quiz 3||3 questions|
Adjusting Journal Entries Quiz
|Section 4: Closing Journal Entries|
Closing Journal Entries Notes Template
|The Closing Process is the final phase in the accounting cycle. The good news is that closing entries will practically take care of themselves if you learn the basics.|
|Pull together many of the steps in the accounting cycle with this Big Problem.|
Closing Journal Entries Practice Workbook
|Quiz 4||3 questions|
Closing Journal Entries Quiz
|Section 5: Buying and Selling Inventory|
Buying and Selling Inventory Notes Template
|In this segment we introduce merchandising companies - companies who buy and sell inventory.|
|In this segment we see the specific types of transactions and related journal entries that a typical buyer of inventory will encounter.|
|In this segment we see the specific types of transactions and related journal entreis that a typical seller of inventory will encounter.|
|A look at sales tax and inventory shrinkage to wrap up inventory issues and merchandising companies.|
Buying and Selling Inventory Practice Workbook
|Quiz 5||3 questions|
|Buying and Selling Inventory Quiz|
|Section 6: Inventory Costing|
Inventory Costing Notes Template
|There are three primary methods of inventory costing. A brief introduction to FIFO, LIFO, and Average Costing.|
|A detailed look at First In, First Out (FIFO).|
|A detailed look at Last In, First Out (LIFO).|
|A detailed look at Weighted Average Costing.|
|Compare and contrast the three methods of inventory costing.|
Inventory Costing Practice Workbook
|Quiz 6||3 questions|
Inventory Costing Quiz
|Section 7: Internal Controls and Cash|
Internal Controls and Cash Notes Template
|A brief discussion about internal controls. You could take an entire course on internal controls, so we just barely scratch the surface here.|
|One of the most important internal controls for cash - the Bank Reconciliation.|
Internal Controls and Cash Practice Workbook
|Quiz 7||3 questions|
Internal Controls and Cash Quiz
|Section 8: Receivables|
Receivables Notes Template
|Introducing the concept of bad debts.|
|The allowance for bad debts - specifically looking at the Sales Method.|
|The allowance for bad debts - specifically looking at the Receivables Method|
|Some final thoughts about bad debts and an exercise to wrap up with.|
One more look at the receivables method and the sales method.
Receivables Practice Workbook
|Quiz 8||5 questions|
|Section 9: Property, Plant, and Equipment|
Property, Plant, and Equipment Notes Template
|Property, Plant, and Equipment, also known as Fixed Assets. Introduced.|
|Calculating depreciation using the three primary methods found in the real world: straight-line, units of activity, declining balance.|
|How to account for the disposal of property, plant, and equipment.|
Property, Plant, and Equipment Practice Workbook
|Quiz 9||3 questions|
|Property, Plant, and Equipment Quiz|
|Section 10: Statement of Cash Flows|
Statement of Cash Flows Notes Template
Introduction to Statement of Cash Flows
|How to setup a worksheet that will aid in the creation of a Statement of Cash Flows.|
Statement of Cash Flows Practice Workbook
|Quiz 10||3 questions|
Statement of Cash Flows Quiz
Certified Public Accountant
Erik is currently an Accounting Professor at California Polytechnic State University in San Luis Obispo. Formerly, Mr. Slayter served as Division Controller for the San Luis Obispo County division of Waste Connections, Inc. (NYSE: WCN). Prior to Mr. Slayter’s work for Waste Connections, he was Controller and MIS Director for Waller Genetics, a leading horticultural research company based in Santa Barbara County, California. Mr. Slayter’s M.B.A. and degree in Accounting were both earned from California Polytechnic State University in San Luis Obispo. Mr. Slayter holds an active Certified Public Accountant license from the State of California. Mr. Slayter serves as founder and President of CCSoccer Corp., a non-profit recreational, adult soccer league.</p>
In the world of large-scale capitalism, corporate accountants shoulder huge responsibilities: They must monitor, analyze, and report the financial health of their organizations to both owners and stakeholders alike.
These reports, when positive, can be the catalyst for investments. For investors, supplying capital or purchasing stock in a business involves careful assessment of risk and benefit, of loss and gain. This insecurity is something that can be measured and analyzed.
But when a corporation provides false information - manipulated earnings, inaccurate invoices, or other misleading financial statements - investors have no idea what they're getting into. And sometimes, with so much on the line, it can be tempting for accountants to make a business appear more financially sound than it actually is.
From accelerated revenues and shifting liabilities to Ponzi and pyramid schemes, we've compiled an overview of misleading accounting plots and provided insight on how you can identify them.