Introduction to Financial Accounting

• What is Accounting? – Financial Accounting
• Who are Users of Accounting Information? – Financial Accounting
• What are Generally Accepted Accounting Principles? – Financial Accounting
  • What is the Accounting Principles Board? – Financial Accounting
  • GAAP Accounting Principles?
• Accounting Assumptions
• Accounting Constraints
• Accounting Conventions
  
  • Accounting Conservatism - Financial Accounting

Financial Statements

• What are Financial Statements? – Financial Accounting
  • Consolidated Financial Statements
• What is the Income Statement? – Financial Accounting
  • What are Revenues? – Financial Accounting
  • What are Expenses? – Financial Accounting
  • Analysis/Financial Statement - Example Part 1
  • Analysis/Financial Statement - Example Part 2
• What is the Statement of Retained Earnings – Financial Accounting
• What is a Balance Sheet? – Financial Accounting
  • Accounting Equation Definition
  • What are Assets? – Financial Accounting
  • What are Liabilities? – Financial Accounting
  • What is Equity? – Financial Accounting
• What is the Statement of Cash Flow? – Financial Accounting

Journals and Posting

• What is an Account? – Financial Accounting
• What is a T-Account? – Financial Accounting
• T-Account Rules – Financial Accounting
• What is Double-Entry Accounting – Financial Accounting
• Accounting Journal
• What are Journal Entries – Financial Accounting
• How to Process Transactions - – Financial Accounting
• What is a Trial Balance? – Financial Accounting
  • JE and T-Account/Trial Balance Example Part 1
  • JE and T-Account/Trial Balance Example Part 2

The Accounting Cycle

• What is the Accounting Cycle? – Financial Accounting
• Accrual vs Cash Basis Accounting – Financial Accounting
• What are Accounting Adjustments? – Financial Accounting
• What is a Deferred Expense? – Financial Accounting
• What is Deferred Revenue? – Financial Accounting
• What is an Accrued Expense – Financial Accounting
• What is Accrued Revenue – Financial Accounting
• What is an Adjusted Trial Balance – Financial Accounting
• JE and T-Account/Trial Balance Example Part 1
• JE and T-Account/Trial Balance Example Part 2
• What is the Trial Balance Closing Process – Financial Accounting
• How to Record Closing Entries – Financial Accounting

Sales

• What is Merchandising? – Financial Accounting
• Recognizing Inventory Sales – Financial Accounting
• Perpetual vs Period Systems – Financial Accounting
• Special Merchandising Transactions for Sales – Financial Accounting
• Special Merchandising Transactions for Purchasing – Financial Accounting
• Adjustments for Inventory – Financial Accounting
• Multi-Step Income Statement – Financial Accounting
• Accounting Cycle for Merchandising Business Example Part 1
• Accounting Cycle for Merchandising Business Example Part 2
• Accounting Cycle for Merchandising Business Example Part 3

Inventories

• Do It Right the First Time (DRIFT) Definition
• What is Merchandise Inventory (Retail Inventory Method)? – Financial Accounting
• What are Inventory Costs (Carrying Costs)? – Financial Accounting
  
  • Obsolete Inventory Definition
  • Shrinkage (Inventory) Definition
• Specific Identification Method of Accounting for Inventory – Financial Accounting
• First-in, First-Out Method (FIFO) – Financial Accounting
• Last-In, First-Out Method (LIFO) – Financial Accounting
• Weighted-Average Method of Accounting for Inventory – Financial Accounting
• Financial Statement Effects (Inflationary vs Deflationary Periods) – Financial Accounting
• Intermittent Purchase and Sell
• Choosing an Accounting Method – Financial Accounting
• Effect of Each Accounting Method on Taxes – Financial Accounting
• Lower of Cost or Market Method of Accounting for Inventory – Financial Accounting

Cash

• What are Internal Controls?– Financial Accounting
• Internal Controls when Accounting for Inventory – Financial Accounting
• Internal Controls when Accounting for Cash – Financial Accounting
• What is Liquidity, Cash, and Cash Equivalents? – Financial Accounting
• What is Cash Management? – Financial Accounting
• Internal Controls for Cash Receipts? – Financial Accounting
• Internal Controls for Cash Disbursements – Financial Accounting
• Internal Controls for Bank Activities – Financial Accounting
• What is a Reconciliation?
• What is Bank Reconciliation? – Financial Accounting
• How to Complete a Bank Reconciliation? – Financial Accounting

Receivables

• What are Accounts Receivable? – Financial Accounting
• Recording Accounts Receivables – Financial Accounting
  • Accounts Receivable Subsidiary Ledger
• Bad Debt and Doubtful Accounts
  • Writeoff (Loss) 
  • Bad Debt Expense
  • Bad Debt Reserve
• What is the Allowance Method? – Financial Accounting
  • Allowance Method Example
• What is an Allowance for Doubtful Accounts? – Financial Accounting
• What is the Percent of Sales Method? – Financial Accounting
  • Percent of Sales Example
• What is the Percent of Receivables Method? – Financial Accounting
  • Percent of Receivables Example
• What is the Aging of Receivables Method? – Financial Accounting
  • Aging of Receivables Example
• What is the Direct Write-Off Method? – Financial Accounting
  • Direct Write-Off Method Example
• What are Notes Receivable? – Financial Accounting
  • Notes Receivables Example
• How to Calculate Interest? – Financial Accounting

Long-Term Assets

• What are Plant Assets? – Financial Accounting
  • Property, Plant, and Equipment
• What are Plant Asset Categories? – Financial Accounting
• What is Total Asset Cost? – Financial Accounting
• What is a Lump-Sum Purchase? – Financial Accounting
• What is Depreciation? – Financial Accounting
  • Depreciation, Depletion, and Amortization
    • Depreciable Property
      
    • Amortization
    • Depletion
  • What is Accelerated Cost Recovery?
  • Accumulated Amortization
  • Accumulated Depreciation
  • Amortization of Intangibles Definition
  • Amortization Period Definition
  • Amortization Table Definition
  • Amortized Costs Definition
• What is the Straight-Line Method? – Financial Accounting
  • Straight-Line Depreciation Method Example
• What is the Units of Production Method? – Financial Accounting
  • Units-of-Production Depreciation Method Example
• What is the Declining Balance Method? – Financial Accounting
  • Double Declining Balance Depreciation Method
  • Declining-Balance Depreciation Method Example
    
• How Reporting Depreciation for Tax is Unique? – Financial Accounting
• What happens when Depreciation Estimates Change? – Financial Accounting
  • Changes in Estimates Examples
• What are Revenue Expenditures? – Financial Accounting
• What are Capital Expenditures? – Financial Accounting
  • Revenue and Capital Expenditure Example
• How to Dispose of Plant Assets? – Financial Accounting
  • Plant Asset Disposal Example

Current Liabilities

• What are Current Liabilities? – Financial Accounting
• Accounts Payable - Explained
• How to Record Accounts Payable (Liability Accounts)? – Financial Accounting
  • Accounts Payable Subsidiary Ledger Definition
  • Accounts Payable Turnover Ratio Definition
• What are Notes Payable? – Financial Accounting
  • Notes Payable Example
• What are Payroll Liabilities? – Financial Accounting
• What are Employee Payroll Deductions? – Financial Accounting
  • Employee Payroll Deduction Example
• What are Employer Payroll Taxes? – Financial Accounting
  • Employer Payroll Tax Example
• Estimated Liabilities (Health and Pension Benefits) – Financial Accounting
  • Benefits Example
• Estimated Liabilities (Warranties) – Financial Accounting
  • Warranties Example
• What are Contingent Liabilities? – Financial Accounting

Other Accounting Concepts

Other Accounting & Reporting Concepts

• Abnormal Earnings Valuation Model Definition
• Above the Line Costs Definition
• Absorbed Account Definition
• Absorption Costing Definition
• Absorption Pricing Definition
• Absorption Variance Definition
• Academy of Accounting Historians Definition
• Accountants Letter Definition
• Accountants Opinion Definition
• Accountants Index Definition
• Accounting Insolvency Definition
• Accounting Interpretation Definition
• 
  
• Accounting Profit Definition
• Accounting Rate of Return Definition
• Accounting Research Bulletin Definition
• Accounting Series Releases Definition
• Accounting Standard Definition
• Accounting Standards Board Definition
• Accounting Theory Definition
• Accounting Valuation Definition
• Accrual Bond Definition
• Accrual Principle Definition
• Accrual Rate Definition
• Accrued Dividend Definition
• Accumulated Adjustment Account Definition
• Accumulated Dividend Definition
• Accumulated Earnings and Profits Definition
• Accumulated Fund Definition
• Acid-Test Ratio Definition
• Activity Based Costing (ABC) Method Definition
• Activity Driver Analysis Definition
• Activity-Based Budgeting Definition
• Activity-Based Costing Definition
• Actual Deferral Percentage / Contribution Percentage Tests Definition
• Additional Paid in Capital Definition
• Adjunct Account Definition
• Adjusted Balance Method Definition
• Adjusted Book Value Definition
• Adjusted Gross Income Definition
• After Tax Profit Margin Definition
• Aggregate Level Cost Method Definition
• Allocation Rate Definition
• American Accounting Association Definition
• American Institute of Public Accountants (AICPA) Definition
• Annual Report Definition
• Appraisal Method of Depreciation
• Appreciation (Value) Definition
• Asset Turnover Ratio Definition
• Associate in Premium Auditing Definition
• Associate of Chartered Institute of Management Accountants Definition
• Association of Certified Fraud Examiners Definition
• Association of Government Accountants Definition
• Asset Coverage Ratio Definition
• Audit Definition
• Auditing Standards Board Definition
• Auditors Report Definition
• Average Outstanding Balance Definition
• Backflush Costing Definition
• Bad Debt and Doubtful Accounts Definition
• Bad Debt Expense Definition
• Bad Debt Reserve Definition
• Bank Reconciliation Definition
• Basic Business Accounting Requirements
• Batch Level Allocation Definition
• Berry Ratio Definition
• Big Four (Accounting Firm) Definition
• Billing Cycle Definition
• Black Box Accounting Definition
• Book of Original Entry Definition
• Book to Bill Ratio Definition
• Book Value Definition
• Book Value Definition
• Book Value Per Share Definition
• Book-To-Market Ratio Definition
• Break-Even Analysis Definition
• Business Accounting Overview
• Business Interest Expense Definition
• Buyback Ratio Definition
• Capital Account Definition
• Capital Accumulation Definition
• Capital Appreciation Definition & Explanation
• Capital Assets Definition
• Capital Maintenance Definition
• Capital Reserve Definition
• Cash Conversion Cycle Definition
• Cash Flow Definition
• Cash Flow Statement Definition
• Cash on Cash Return on Investment Definition
• Certified Financial Statement Definition
• Certified Fraud Examiner Definition
• Certified Internal Auditor Definition
• Certified Managerial Accountant (CMA)- Definition
• Certified Public Accountant (CPA) Definition
• Charge Off Definition
• Chart of Accounts Definition
• Chartered Accountant Definition
• Closing Entry (Accounting) Definition
• Comfort Letter Definition
• Common Size Financial Statement Definition
• Completed Contract Method Definition
• Comptroller Definition
• Consolidated Financial Statements Definition
• Contra Account Definition
• Contributed Capital Definition
• Controller Definition
• Cost Accounting Definition
• Cost of Goods Sold Definition
• Coverage Ratio Definition
• Current Account Definition
• Current Assets Definition
• Current Liabilities Definition
• Days Inventory Outstanding Definition
• Days Payable Outstanding Definition
• Days Sales Outstanding Definition
• Debit (Accounting) Definition
• Debt Coverage Ratio Definition
• Debt to Income Ratio Definition
• Diluted Earnings Per Share Definition
• Direct Cost Definition
• Dividends Definition
• Dividends Payable (Accounting) Definition
• Double Entry Bookkeeping System Defined
• Emerging Issues Task Force Definition
• Equity Method Definition
• Expanded Accounting Equation Definition
• 
  
• Fair Market Value (FMV) Definition
• Fair Value Definition
• Financial Accounting Standards Board Definition
• Financial Statement Analysis Definition
• Financial Statement Footnotes Definition
• Fiscal Year Definition
• Fixed Amortization Method Definition
• Fixed Asset Definition
• Forensic Accounting Definition
• Forensic Audit Definition
• Forward Looking Definition
• Gain Definition
• General Depreciation System Definition
• General Ledger Definition
• Generally Accepted Accounting Principles Definition
• Generally Accepted Auditing Standards Definition
• Generally Recognized Accounting Practices Definition
• Goodwill Definition
• Government Accountability Office (GAO) Definition
• Gross Income Definition
• Gross Margin Definition
• Gross Profit Definition
• Horizontal Analysis Definition
• Impaired Asset Definition
• Implicit Costs Definition
• Imputed Cost Definition
• Imputed Value Definition
• Independence Standard Board Definition
• Indirect Method (Accounting) Definition
• Installment Sale Definition
• Institute of Management Accountants Definition
• Internal Audit Definition
• Internal Controls Definition
• International Accounting Standards Board Definition
• International Accounting Standards Committee Definition
• International Financial Reporting Standards (IFRS) Definition
• Irrelevant Cost Definition
• Lapping Scheme Definition
• Leverage Ratio Definition
• Life Cycle Costing Definition
• Liquidity Definition
• Liquidity Ratio Definition
• Long-term Asset Definition
• Lower of Cost or Market Method Definition
• 
  
• Managerial Accounting Definition
• Mark to Market Definition
• Modified Accelerated Cost Recover System (MACRS) Definition
• Modified Cash Basis Definition
• National Association of Accountants Definition
• Net Asset Value Definition
• Net Book Value Definition
• Net Cash Flow Definition
• Net Dollar Retention Definition
• Net Income Definition
• Net Operating Income Definition
• Net Operating Loss Definition
• Net Receivables Definition
• Nominal Rate of Return Definition
• Nominal Value Definition
• Normalized Financial Statements Definition
• Operating Cash Flow Definition
• Operating Income Definition
• Other Comprehensive Basis of Accounting Definition
• Overhead Definition
• Paid in Capital Definition
• Per Share Basis Definition
• Percentage of Completion Method
• Piecemeal Opinion Definition
• Plowback Ratio Definition
• Price Variance Definition
• Principles Based Accounting Standards Definition
• Pro Forma Definition
• Profit and Loss (P&L) Statement Definition
• Profit Margin Definition
• Property, Plant, and Equipment Definition
• Public Company Accounting Oversight Board Definition
• Push Down Accounting Definition
• Qualified Opinion (Auditor) Definition
• Quick Assets Definition
• Quick Liquidity Ratio Definition
• Ratable Accrual Method Definition
• Recast Financial Statements Definition
• Reconciliation (Accounting) Definition
• Residual Equity Theory Definition
• Residual Value Definition
• Retained Cash Flow Definition
• Retained Earnings Definition
• Return on Assets Definition
• Revenue Recognition Definition
• Shareholders Equity Definition
• Statement of Retained Earnings Definition
• Straight Line Basis (Depreciation) Definition
• Times Interest Earned Definition
• Timing of Tests of Controls Definition
• Total Shareholder Return Definition
• Trailing Twelve Months Definition
• Transfer Price Definition
• Traveling Auditor Definition
• Turnover Definition
• Uniform Accounting Act Definition
• Unit of Production Method (Depreciation) Definition
• Unit Variable Cost Definition
• Unpaid Dividend Definition
• Unqualified Audit Definition
• Unqualified Opinion Definition
• Unrealized Gain Definition
• Unrealized Loss (Securities) Definition
• Useful Life Definition
• Walk Through Test Definition
• Working Ratio Definition
• Write-Down Value Definition

Auditing

• Yellow Book (Auditing Standards) Explained

TAXATION

Tax Concepts

• 1035 Exchange (Taxation) Definition
  
• Ability to Pay Principle
  
• Accelerated Amortization
• Accelerated Depreciation
• Accumulated Earnings Profits Tax
• Ad Valorem Equivalent (AVE) Definition
• Active and Passive Income and Losses of Business Entities
• Alternative Minimum Tax Definition
• Abusive Tax Shelter
• Accelerated Deposit Rule
• Adjusted Basis Definition
• Annualized Income Installment Method Definition
• Benefit Principle
• Bracket Creep
• Capital Cost Allowance Definition
• Controlled Foreign Corporation
• Depreciation (Accounting and Tax)
• Double Declining Balance Depreciation Method
• Declining Balance Depreciation
• Deferred Income
• Degressive Tax
• Duty Free Zones Explained
• Double Column Tariff Explained
• Estimated Taxes Definition
• Effective Tax Rate
• Expatriation Tax
• Excise Taxes
• Earned Income Tax Credit
• Earned Income Definition
• Economic Growth Tax Relief Reconciliation Act
• 
  
• Flow Through Entity (Tax) Definition
• Flat Tax Definition
• Foreign Account Tax Compliance Act (FACTA)
• 
  
• Holding Period
• How are Partnerships Taxed?
• Internal Revenue Code
• Income Basket
• IRC 83a Tax Liability in Stock for Services
• IRC 83(b) Vestings of Stock Awards
• Lindahl Equilibrium
• Listed Property (Taxation)
• Lookback Period
• Loss Carryback
• Mutual Exclusion Doctrine
• NonQualified Deferred Compensation
• Passive Income
• Phantom Income
• Progressive Tax
• Rabbi Trust
• Recapture of Depreciation
• Regulation M
• Tax Basis for Business Entities
• Tax Planning When Funding a Business Entity
• Stamp Duty Definition
• Standard Deduction
• Subpart F Income Definition
• Self-Employment Tax Definition
• Tax Shield Definition
• Tax Loss Carryforward Definition
• Tax Lien Certificate Definition
• Tax Home Definition
• Tax Haven Definition
• Tax Identification Number Definition
• Tax Court Definition
• Tax Information Exchange Agreements Definition
• Tax Shelter
• Transfer Tax Definition
• Unitary Tax System Definition
• Unearned Income 
• Value-Added Tax
• Import Duty Definition
• Income Exclusion Rule Definition
• Income Tax Definition
• Underwithholding Definition
• De Minimus Tax Rule Definition
• Generation Skipping Transfer Tax Definition
• Loss Carryback Definition
• Basis (Taxation) Definition
• Child and Dependent Care Credit Definition
• Cancellation of Debt Definition
• Child Tax Credit Definition
• Buffett Rule Definition
• Schedule A (Taxation) Definition
• Schedule D (IRS) Definition
• Capital Improvement Definition
• Capital Goods Definition
• Homestead Exemption Definition
• Capital Gains Tax Definition
• GUST Restatement Definition
• Enrolled Agent Definition
• Long-Term Capital Gains or Losses Definition
• Capital Loss Definition
• Capital Loss Carryover Definition
• Itemized Deduction Definition
• Kiddie Tax Definition
• Passive Loss Definition
• Federal Tax Lien Definition
• Gift Tax Definition
• Double Taxation Definition
• Estate Tax Definition
• Conduit Theory Definition
• Withholding Tax Definition
• Passive Activity Definition
• Passive Activity Loss Rule Definition
• Innocent Spouse Rule Definition
• Personal Exemption (Taxation) Definition
• Phantom Income Definition
• Property Tax Definition
• Material Participation Test Definition
• Qualified Dividend Definition
• Return of Capital Definition
• Boot (Taxation) Definition
• Physical Presence Test Definition
• Consumption Tax Definition
• Corporate Inversion Definition
• Surtax Definition
• Carryover Basis Definition
• Business Tax Credit Definition
• Throwback Rule Definition
• Phantom Gain Definition
• Deferred Income Tax Definition
• Step Up in Basis Definition
• Recapture Definition
• Severance Tax Definition
• Foreign Tax Credit Definition
• Constructive Receipt Definition
• Franchise Tax Definition
• Proportional Tax Definition
• Regressive Tax Definition
• American Opportunity Tax Credit Definition
• After-Tax Basis (Bond) Definition
• Cascade Tax Definition
• Charitable Contribution Deduction Definition
• Private Letter Ruling Definition
• Loss Disallowance Rule Definition
• Continuity of Business Enterprise Doctrine Definition
• Continuity of Interest Doctrine Definition
• Pigovian Tax Definition
• Like-Kind Exchange Definition & Explanation
• Ordinary Income Definition
• Border Adjustment Tax Definition
• At Risk Rule Definition
• Bilateral Tax Agreement Definition
• Excess Accumulation Theory Definition
• Capital Gain