roduction to Accounting

Accounting and double-entry bookkeeping; financial and managerial accounting; basic financial
statements (income statement, statement of cash flows, statement of changes in owners' equity and
balance sheet); permanent (real) and temporary (nominal) accounts; four types of accounting
transactions.
Accounting for Accruals

Accruals and accrual accounting; accounts receivable and salary payable; interest receivable, interest
revenue, interest payable, and interest expense.
Accounting for Deferrals  

Deferrals and accounting allocation; unearned revenue and revenue recognition; historical cost, book
(carrying) value of fixed asset, depreciation expense; prepayments (prepaid expenses).
Double-entry Accounting System

T-account, debit, credit, and account balance; double entry bookkeeping system; general journals,
ledgers, posting process; closing entries.
Accounting in Merchandising Companies

Cost of goods available for sale, cost of goods sold (COGS), gross margin, inventory; selling and
administrative expenses; multi-step income statement and single-step income statement.
Accounting for Advanced Accruals  

Accounts receivable, notes receivable, and notes payable; allowance for bad debt, bad debt expense,
and net realizable value; direct write off method; warranties; interest-bearing notes, discount notes.
Accounting for Inventories

Lower of cost or market (LCM) rule; inventory cost flow methods (specific identification, first in first out
(FIFO), last in first out (LIFO), weighted average); cost flow and physical flow of inventory.
Accounting for Long-term Assets  

Property, plan and equipment and depreciation; intangible assets and amortization; natural resources and
depletion; historical cost.
Introduction to Internal Controls

Internal controls, internal control frameworks, COSO, segregation of duties, controls over financial
reporting, control environment, control activities, information and communication, monitoring, information
technology controls, application controls, financial fraud.
Managerial Accounting Tutorials
Accounting Cost Behavior

Cost drivers; variable, fixed, step variable and mixed costs; relevant range; methods to estimate total
product costs: high-low method, scatter-graph, and least-squares regression.
Accounting Cost-Volume-Profit Analysis
Cost-volume-profit (CVP) analysis; equation technique and contribution margin technique; break-even
point and sales for desired income; graphical interpretation of CVP analysis; margin of safety and
limitations of CVP analysis.
Manufacturing and Nonmanufacturing Costs

Manufacturing (direct materials, direct labor, factory overhead) and non-manufacturing costs; product and
period costs; raw materials, work-in-process and finished goods; cost of goods manufactured and cost of
goods sold; cost accounting cycle.
Activity-Based Costing (ABC)  

Activity-based costing (ABC), volume-based traditional costing; job costing, process costing; actual
costing, normal costing, standard costing; steps of ABC; advantages and disadvantages of ABC.
Liquidity and Working Capital Analysis  

Financial statement analysis; ratios for companies’ financial health and operating results; ratios for
companies’ liquidity and working capital utilization.
Direct Costs in Standard Costing

Setting cost standards; direct materials variances: price and efficiency variance; direct labor variances:
price and efficiency variance; journal entries.
Overhead Costs in Standard Costing  

Overhead variances: variable overhead spending and efficiency variances, fixed overhead spending and
production volume variances; journal entries.
Time Value of Money  

Time value of money, present value and future value of single amounts and annuities, ordinary annuity,
annuity due, time value of money tables and formulas.
Profitability and Coverage Analysis

Financial statement analysis; ratios used to analyze companies’ abilities to generate profit and to meet
long-term obligations, as well as the percentage of debts in a company’s capital structure; ratios that
measure and explain companies’ profitability and coverage.
Budgeting  

Budgeting is a critical part of a company’s planning process. In this tutorial, we will discuss why budgeting
is important and then go over different kinds of budgets a manufacturing company might produce. Finally,
we will show how information from the individual budgets are brought together to produce budgeted
financial statements.
Accounting Tutorials
Accounting tutorials provide clear explanations of accounting topics. They are a good way to obtain deep
understanding of accounting concepts.
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