Accounting All-in-One

Lessons

52+ Lessons | 70+ Exercises | 258+ Quizzes | 255+ Flashcards | 255+ Glossary of terms

TestPrep

 

Hand on lab

22+ LiveLab | 22+ Video tutorials | 43+ Minutes

Video Lessons

11+ Videos | 02:06+ Hours

Lessons 1: Introduction

• About This Course
• False Assumptions
• Where to Go from Here

Lessons 2: Accounting for the Basics

• Knowing What Bookkeeping and Accounting Are All About
• Wrapping Your Brain around the Accounting Cycle
• Working the Fundamental Accounting Equation

Lessons 3: Charting Your Accounts

• Navigating the Chart of Accounts
• Setting Up Your Chart of Accounts
• Giving Credit (Or Is It Debit?)
• Understanding Double-Entry Accounting

Lessons 4: Using Journal Entries and Ledgers

• Keeping a Journal
• Bringing It All Together in the Ledger
• Putting Accounting Software to Work for You

Lessons 5: Choosing an Accounting Method

• Choosing Your Method
• Sorting through Standards for Other Types of Accounting

Lessons 6: Setting the Standards

• Exploring the Origins of Accounting Standards
• Recognizing the Role of the American Institute of Certified Public Accountants
• Checking Out the U.S. Securities and Exchange Commission
• Getting to Know the Financial Accounting Standards Board
• Grasping Accounting Standards Around the Globe

Lessons 7: Keeping the Books

• Analyzing the Effect of Business Transactions
• Managing Your Bookkeeping and Accounting System
• Wrapping Up with End-of-Period Procedures

Lessons 8: Tracking Purchases

• Keeping Track of Inventory
• Buying Supplies
• Handling Billing and Payables

Lessons 9: Tallying Your Sales

• Collecting on Cash Sales
• Selling on Credit
• Proving Out the Cash Register
• Tracking Sales Discounts
• Recording Returns and Allowances
• Monitoring Accounts Receivable
• Accepting Your Losses

Lessons 10: Processing Employee Payroll and Benefits

• Staffing Your Business
• Collecting Employee Taxes
• Determining Net Pay
• Surveying Your Benefits Options
• Preparing Payroll and Posting It in the Books
• Depositing Employee Taxes

Lessons 11: Taxing Payrolls

• Paying Employer Taxes on Social Security and Medicare
• Completing Unemployment Reports and Paying Unemployment Taxes
• Carrying Workers’ Compensation Insurance
• Maintaining Employee Records

Lessons 12: Depreciating Your Assets

• Appreciating Depreciation
• Comparing Depreciation Options
• Tackling Taxes and Depreciation

Lessons 13: Interesting Rates

• Deciphering Types of Interest
• Handling Interest Income
• Delving into Loans and Interest Expenses

Lessons 14: Proving Out Cash

• Making Sure That Ending Cash Is Right
• Closing the Cash Journals
• Using a Temporary Posting Journal

Lessons 15: Reconciling Accounts and Closing Journal Entries

• Reconciling Bank Accounts
• Prepping to Close: Checking for Accuracy and Tallying Things Up
• Posting to the General Ledger
• Checking Out Computerized Journal Records

Lessons 16: Checking Your Accuracy

• Working with a Trial Balance
• Testing Your Balance by Using Computerized Accounting Systems
• Developing a Financial Statement Worksheet
• Replacing Worksheets with Computerized Reports

Lessons 17: Adjusting the Books

• Adjusting All the Right Areas
• Testing an Adjusted Trial Balance

Lessons 18: Stating Your Income

• Understanding the Nature of Profit
• Choosing the Income-Statement Format
• Deciding What to Disclose in the Income Statement
• Examining How Sales and Expenses Change Assets and Liabilities
• Considering the Diverse Financial Effects of Making a Profit
• Reporting Extraordinary Gains and Losses
• Correcting Common Misconceptions about Profit

Lessons 19: Balancing Your Sheets

• Homing in on Historic Cost
• Discovering What Makes an Asset Current
• Exploring the Asset Section of the Balance Sheet

Lessons 20: Digging for Debt in the Balance Sheet

• Seeing How Businesses Account for Liabilities
• Keeping Current Liabilities under Control
• Planning for Long-Term Obligations
• Accounting for Bond Issuances

Lessons 21: Explaining Equity

• Understanding How Owner Equity Varies among Business Entities
• Distinguishing between Two Types of Capital Stock
• Defining Paid-In Capital
• Recording Retained Earnings
• Spotting Reductions to Stockholders’ Equity
• Exploring Stock Splits
• Computing Earnings per Share

Lessons 22: Interpreting Income Statements and Balance Sheets

• Rejoining the Income Statement and Balance Sheet
• Introducing Operating Ratios
• Adding Fixed Assets, Depreciation, and Owners’ Equity
• Completing the Balance Sheet with Debt

Lessons 23: Valuating Finances

• Clarifying the Values of Assets in Balance Sheets
• Introducing Business Valuation
• Comparing Business Valuation Methods

Lessons 24: Watching Cash Flow and Equity

• Understanding the Difference between Cash and Profit
• Flowing Through Cash Transactions
• Navigating the Three Flows
• Preparing the Statement of Cash Flows
• Interpreting the Statement of Cash Flows
• Stating Changes in Stockholders’ Equity

Lessons 25: Analyzing Financial Statements

• Judging Solvency and Liquidity
• Driving the Balance Sheet
• Measuring Profitability
• Exploring Activity Measures
• Comparing Horizontal and Vertical Analysis
• Using Common Size Financial Statements

Lessons 26: Explaining Disclosures

• Questioning Self-Governance
• Identifying Corporate Characteristics
• Reviewing Common Explanatory Notes
• Putting the Onus on the Preparer

Lessons 27: Sharing Public Reports

• Differentiating between Private and Public Companies
• Finding Purpose in Reports
• Reading the Annual Report to Shareholders
• Walking through Form 10-K

Lessons 28: Looking at the Legals

• Surveying Structures
• Going It Alone: Sole Proprietorships
• Choosing the Right Legal Structure for Income Tax

Lessons 29: Incorporating Your Business

• Securing Capital: Starting with Owners
• Recognizing Legal Roots
• Incorporating a Business

Lessons 30: Drawing Up a Business Plan

• Outlining the Basic Business Plan
• Developing a Business Plan
• Incorporating Third-Party Information into Your Plan

Lessons 31: Budgeting for a Better Bottom Line

• Brushing Up on Budgeting
• Recognizing Factors That Affect Your Budgeting Process
• Understanding Budgeting Basics
• Reviewing Revenue and Production Budgets

Lessons 32: Mastering Budgeting Strategies

• Budgeting with Cash or Accrual Accounting
• Budgeting to Produce the Income Statement and Balance Sheet
• Flexing Your Budget: When Plans Change

Lessons 33: Planning for Long-Term Obligations

• Managing Long-Term Debt
• Accounting for Bonds

Lessons 34: Costing Jobs

• Understanding How Job Costing Works
• Taking a Closer Look at Indirect Costs by Using Normal Costing
• Following the Flow of Costs through a Manufacturing System

Lessons 35: Costing by the ABCs

• Avoiding the Slippery Slope of Peanut Butter Costing
• Designing an Activity-Based Costing System
• Using Activity-Based Costing to Compute Total Cost, Profit, and Sale Price

Lessons 36: Contributing to the Margin

• Computing Contribution Margin
• Preparing a Cost-Volume-Profit Analysis
• Generating a Break-Even Analysis
• Shooting for Target Profit
• Setting a Margin of Safety
• Measuring Operating Leverage

Lessons 37: Accounting for Change with Variance Analysis

• Setting Up Standard Costs
• Understanding Variances
• Teasing Out Variances

Lessons 38: Pricing Wisely

• Differentiating Products
• Taking All Costs into Account with Absorption Costing
• Pricing at Cost Plus
• Accounting Extremes: Trying Variable-Cost Pricing
• Hitting the Bull’s-Eye (Your Target Cost)

Lessons 39: Formulating Equations

• Analyzing Profitability
• Using Assets Effectively
• Evaluating Firm Liquidity
• Checking on Company Solvency
• Managing Projects and Debt

Lessons 40: Matching Costs with Revenue

• Defining Costs and Expenses in the Business World
• Discovering Which Costs Are Depreciated
• Preparing a Depreciation Schedule
• Deciding When to Recognize Revenue

Lessons 41: Exploring Inventory Cost Flows

• Stating Inventory Valuation
• Logging Inventory for Service Companies
• Classifying Inventory Types
• Knowing Inventory Valuation Methods
• Preparing an Inventory Worksheet

Lessons 42: Buying Wisely

• Identifying Incremental and Opportunity Costs
• Keeping Things Simple: The Cash Payback Method
• Netting Present Value
• Measuring Internal Rate of Return
• Considering Qualitative Factors

Lessons 43: Financing with Debt

• Understanding the Basics of Debt Capital
• Determining When Debt Is Most Appropriate
• Using Loans, Leases, and Other Sources of Debt
• Getting Creative with Capital

Lessons 44: Managing Results

• Approaching Financial Reports
• Reviewing Profit and Earnings
• Judging the Company’s Cash Position
• Tackling Extraordinary Gains and Losses
• Recognizing the Risks of Restatement

Lessons 45: Acquiring New Business

• Maximizing Business Value
• Becoming a Team Player
• Funding a Business Purchase
• Working through Due Diligence
• Coming to Terms with a Sale Price

Lessons 46: Regulating Securities

• Early Securities Laws
• The Scope of SOX: Securities and Issuers
• The Post-SOX Paper Trail

Lessons 47: Preventing Cash Losses from Embezzlement and Fraud

• Preventing Loss with Internal Controls
• Putting Internal Controls to Work
• Recognizing Limitations of Internal Controls

Lessons 48: Assessing Audit Risk

• Introducing Audit Risk
• Recognizing the Nature of a Client’s Business: Inherent Risk
• Assessing a Client’s Ability to Detect and Correct Problems: Control Risk
• Figuring Your Chances of Overlooking Inaccuracies: Detection Risk
• Following Risk Assessment Procedures
• Figuring Out What’s Material and What Isn’t
• Evaluating Your Audit Risk Results

Lessons 49: Discovering Audits

• Management Assertions: Assessing the Information a Client Gives You
• Eyeing the Four Concepts of Audit Evidence
• Applying Professional Judgment
• Using Your Audit Program to Request the Right Evidence
• Documenting the Audit Evidence

Lessons 50: Auditing Internal Controls

• Defining Internal Controls
• Identifying the Five Components of Internal Controls
• Determining When You Need to Audit Internal Controls
• Testing a Client’s Reliability: Assessing Internal Control Procedures
• Limiting Audit Procedures When Controls Are Strong
• Tailoring Tests to Internal Control Weaknesses
• Timing a Client’s Control Procedures

Lessons 51: Scheming Scams

• Frauds Committed by Businesses
• Frauds Committed against Businesses

Lessons 52: Cooking the Books

• Exploring the Financial Statement Fraud Triangle
• Spotting the Common Methods of Fraud
• Uncovering Financial Statement Fraud

Hands-on LAB Activities

Charting Your Accounts

• Understanding the Balance Sheet

Using Journal Entries and Ledgers

• Understanding Journal, Ledger, and Trial Balance

Tracking Purchases

• Calculating the Cost of Goods Sold Using the Weighted Average Method
• Calculating the Cost of Goods Sold Using the FIFO Method
• Calculating the Cost of Goods Sold Using the LIFO Method

Tallying Your Sales

• Selling on Credit Sales
• Understanding Cash Sales, Discount, and Sales Return

Proving Out Cash

• Understanding the Double-Entry System

Reconciling Accounts and Closing Journal Entries

• Reconciling Bank Accounts

Checking Your Accuracy

• Working on the Trial Balance

Adjusting the Books

• Depreciating the Asset

Stating Your Income

• Understanding the Income Statement
• Calculating the Net Income

Digging for Debt in the Balance Sheet

• Calculating Working Capital
• Calculating the Current Ratio

Explaining Equity

• Calculating Total Liabilities and Owners' Equity

Interpreting Income Statements and Balance Sheets

• Working with a Balance Sheet

Watching Cash Flow and Equity

• Understanding the Cash Flow Statement
• Preparing a Cash Flow Statement

Accounting for Change with Variance Analysis

• Calculating Total Overhead
• Understanding the Overhead Cost

Financing with Debt

• Calculating the Debt-to-Equity Ratio