Introduction to Accounting

Introduction to Accounting

Overview of Financial Accounting

Accounting Rules

Law & Regulatory Organizations

Financial Statements

Overview of Financial Statements

Income Statements

Statement of Retained Earnings

Statement of Cash Flow

Analysis and Creation of Financial Statements

Journals & Posting

Journals and the Posting Process

Full Demonstration of Posting Process

Accounting Cycle

Understanding the Accounting Cycle

Adjusted Trial Balance

Creating the Financial Statements

Closing Process

Example of Closing Process

Accounting for Sales (Merchandising Business)

Inventory Sales Transactions

Perpetual vs Periodic System

Accounting for Special Transactions

Inventory Adjustments

Multi-Step Income Statement

Example: Accounting Cycle Merchandise Business

Inventories

Accounting for Inventory

Inventory Expense Methods

Intermittent Effects on LIFO, FIFO, and Weighted Average

Choosing an Inventory Method

Lower of Cost or Market Adjustments

Cash Transactions

Internal Controls

Cash, Liquidity, and Cash Equivalents

Cash Management

Banking Activities

Receivables Transactions

Recording Accounts Receivable

Notes Receivable

Long-Term Assets

Acquiring Long-Term Assets

Depreciation of Long-Term Assets

Accounting for Capital Expenditures

Dispose of Long-Term Assets

Accounting for Liabilities

Current Liabilities

Estimated Liabilities

Contingent Liabilities

Course Wrap Up

Income Statements

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