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1. Introduction to Accounting(0)

Welcome!
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Types of Accounting
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Business Organization
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Useful Information
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Fundamental Accounting Equation
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The Financial Statements
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Sample Financial Statements - Coca Cola
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2. Transaction Analysis(0)

Journal Entries: Debits and Credits
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Accounting Flow Intuition: BASE Formula
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Journal Entries: Business Formation Example
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Trial Balance
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Classified Balance Sheet Components
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3. Accrual Accounting Concepts(0)

Accrual Accounting vs. Cash Basis Accounting
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Revenue Recognition and Expense Recognition
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Introduction to Adjusting Journal Entries and Prepaid Expenses
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Adjusting Entries: Supplies
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Adjusting Entries: Unearned Revenue
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Adjusting Entries: Accrued Expenses
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Adjusting Entries: Accrued Revenues
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Adjusting Entries: Depreciation
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Summary of Adjusting Entries
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Unadjusted vs Adjusted Trial Balance
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Closing Entries
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Post-Closing Trial Balance
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4. Merchandising Operations(0)

Service Company vs. Merchandising Company
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Net Sales
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Cost of Goods Sold - Perpetual Inventory vs. Periodic Inventory
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Perpetual Inventory - Purchases
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Perpetual Inventory - Freight Costs
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Perpetual Inventory - Purchase Discounts
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Perpetual Inventory - Purchasing Summary
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Periodic Inventory - Purchases
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Periodic Inventory - Freight Costs
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Periodic Inventory - Purchase Discounts
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Periodic Inventory - Purchasing Summary
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Single-step Income Statement
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Multi-step Income Statement
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Comprehensive Income
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5. Inventory(0)

Merchandising Company vs. Manufacturing Company
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Physical Inventory Count, Ownership of Goods, and Consigned Goods
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Specific Identification
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Periodic Inventory - FIFO, LIFO, and Average Cost
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Perpetual Inventory - FIFO, LIFO, and Average Cost
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Financial Statement Effects of Inventory Costing Methods
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Lower of Cost or Market
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Inventory Errors
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6. Internal Controls and Reporting Cash(0)

Fraud and the Fraud Triangle
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Sarbanes-Oxley Act
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Five Components of Internal Controls
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Principles of Control Activities
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Limitations of Internal Controls
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Petty Cash
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Bank Reconciliation
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Journal Entries for Bank Reconciliation
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7. Receivables and Investments(0)

Types of Receivables
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Net Accounts Receivable: Direct Write-off Method
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Net Accounts Receivable: Allowance for Doubtful Accounts
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Net Accounts Receivable: Percentage of Sales Method
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Net Accounts Receivable: Aging of Receivables Method
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Notes Receivable
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Introduction to Investments in Securities
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Trading Securities
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Available-for-Sale (AFS) Securities
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Held-to-Maturity (HTM) Securities
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Equity Method
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8. Long Lived Assets(0)

Initial Cost of Long Lived Assets
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Basket (Lump-sum) Purchases
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Ordinary Repairs vs. Capital Improvements
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Depreciation: Straight Line
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Depreciation: Declining Balance
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Depreciation: Units-of-Activity
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Depreciation: Summary of Main Methods
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Depreciation for Partial Years
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Retirement of Plant Assets (No Proceeds)
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Sale of Plant Assets
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Change in Estimate: Depreciation
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Intangible Assets and Amortization
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Natural Resources and Depletion
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Asset Impairments
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Exchange for Similar Assets
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9. Current Liabilities(0)

Types of Liabilities
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Notes Payable
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Payroll and Payroll Taxes
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Sales Tax Payable
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Current Portion of Long Term Debt
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Contingent Liabilities
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Estimated Liabilities: Warranties
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10. Time Value of Money(0)

Time Value of Money Equations
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Using Time Value of Money Tables
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11. Long Term Liabilities(0)

Introduction to Bonds and Bond Characteristics
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Face Value Bonds
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Discount on Bonds
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Premium on Bonds
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Zero Coupon Bonds
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Straight Line Amortization of Bond Premium or Discount
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Effective Interest Amortization of Bond Premium or Discount
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Redeeming Bonds before Maturity
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12. Stockholders' Equity(0)

Characteristics of a Corporation
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Shares Authorized, Issued, and Outstanding
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Issuing Par Value Stock
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Issuing No Par Value Stock
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Issuing Common Stock for Assets or Services
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Retained Earnings
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Retained Earnings: Prior Period Adjustments
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Preferred Stock
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Treasury Stock
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Dividends and Dividend Preferences
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Stock Dividends
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Stock Splits
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13. Statement of Cash Flows(0)

Introduction to the Statement of Cash Flows
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Operating Activities: Indirect Method
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Operating Activities: Direct Method
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Investing Activities
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Financing Activities
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Significant Noncash Activities
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14. Financial Statement Analysis(0)

Horizontal Analysis
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Vertical Analysis
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Common-sized Statements
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Trend Percentages
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Discontinued Operations and Extraordinary Items
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Introduction to Ratios
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Ratios: Earnings Per Share (EPS)
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Ratios: Working Capital and the Current Ratio
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Ratios: Quick (Acid Test) Ratio
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Ratios: Gross Profit Rate
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Ratios: Profit Margin
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Ratios: Quality of Earnings Ratio
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Ratios: Inventory Turnover
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Ratios: Average Days in Inventory
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Ratios: Accounts Receivable (AR) Turnover
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Ratios: Average Collection Period (Days Sales Outstanding)
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Ratios: Return on Assets (ROA)
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Ratios: Total Asset Turnover
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Ratios: Fixed Asset Turnover
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Ratios: Profit Margin x Asset Turnover = Return On Assets
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Ratios: Accounts Payable Turnover
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Ratios: Days Payable Outstanding (DPO)
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Ratios: Times Interest Earned (TIE)
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Ratios: Debt to Asset Ratio
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Ratios: Debt to Equity Ratio
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Ratios: Payout Ratio
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Ratios: Dividend Yield Ratio
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Ratios: Return on Equity (ROE)
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Ratios: DuPont Model for Return on Equity (ROE)
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Ratios: Free Cash Flow
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Ratios: Price-Earnings Ratio (PE Ratio)
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Ratios: Book Value per Share of Common Stock
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Ratios: Cash to Monthly Cash Expenses
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Ratios: Cash Return on Assets
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Ratios: Economic Return from Investing
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Ratios: Capital Acquisition Ratio
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15. GAAP vs IFRS(0)

GAAP vs. IFRS: Introduction
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GAAP vs. IFRS: Classified Balance Sheet
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GAAP vs. IFRS: Recording Differences
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GAAP vs. IFRS: Adjusting Entries
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GAAP vs. IFRS: Merchandising
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GAAP vs. IFRS: Inventory
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GAAP vs. IFRS: Fraud, Internal Controls, and Cash
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GAAP vs. IFRS: Receivables
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GAAP vs. IFRS: Long Lived Assets
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GAAP vs. IFRS: Liabilities
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GAAP vs. IFRS: Stockholders' Equity
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GAAP vs. IFRS: Statement of Cash Flows
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GAAP vs. IFRS: Analysis and Income Statement Presentation
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3. Accrual Accounting Concepts

Unadjusted vs Adjusted Trial Balance

3. Accrual Accounting Concepts

Unadjusted vs Adjusted Trial Balance: Videos & Practice Problems

Video Lessons Practice Worksheet

Unadjusted vs Adjusted Trial Balance Practice Problems

20 problems

Problem 1Multiple Choice

What is the primary purpose of a trial balance in financial accounting?

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Problem 2Multiple Choice

Which of the following best describes the difference between an unadjusted trial balance and an adjusted trial balance?

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Problem 3Multiple Choice

In what order are accounts typically listed in a trial balance?

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Problem 4Multiple Choice

Why is it important for debits to equal credits in an unadjusted trial balance?

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Problem 5Multiple Choice

A company has a prepaid rent balance of \$3,000 at the end of the period. If \$1,000 of rent has been used, what adjusting entry should be made?

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Problem 6Multiple Choice

If a company has a prepaid insurance balance of \$2,400 and \$800 of insurance has expired, what is the correct adjusting entry?

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Problem 7Multiple Choice

A company has an accrued salary expense of \$1,500. What is the impact of this on the adjusted trial balance?

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Problem 8Multiple Choice

A company records \$500 of depreciation for the period. How does this affect the adjusted trial balance?

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Problem 9Multiple Choice

How does the adjusted trial balance contribute to the preparation of financial statements?

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Problem 10Multiple Choice

Why is the adjusted trial balance considered crucial before preparing financial statements?

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Problem 11Multiple Choice

A company has an employee salary payable of \$2,000 at the end of the period. How should this be adjusted in the trial balance?

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Problem 12Multiple Choice

Which statement is true regarding an unadjusted trial balance?

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Problem 13Multiple Choice

Which of the following accounts would appear first in a trial balance?

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Problem 14Multiple Choice

A company finds that its debits do not equal credits in the unadjusted trial balance. What should be the first step to resolve this?

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Problem 15Multiple Choice

How would you synthesize the process of transitioning from an unadjusted to an adjusted trial balance?

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Problem 16Multiple Choice

A company has a prepaid rent balance of \$4,000 and has used \$1,500 of rent. What is the correct adjusting entry?

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Problem 17Multiple Choice

A company has an accrued salary expense of \$2,000. How does this affect the adjusted trial balance?

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Problem 18Multiple Choice

A company records \$700 of depreciation for the period. How does this affect the adjusted trial balance?

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Problem 19Multiple Choice

How does the adjusted trial balance contribute to the preparation of financial statements?

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Problem 20Multiple Choice

Why is the adjusted trial balance considered crucial before preparing financial statements?

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Summary of Adjusting Entries Practice Problems Closing Entries Practice Problems

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