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Accounting & Taxation

Learn Accounting and Taxation

Written by J. Mance Gordon

Updated at August 15th, 2022

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 BACK TO: COURSE CATALOG

Overview: This course covers topics primarily covered within Accounting, Taxation, Auditing, and Reporting Courses in a business school program. 

FINANCIAL ACCOUNTING

Introduction to Financial Accounting

  • What is Accounting?
    • Accounting Theory
    • Business Accounting
    • Big Four (Accounting Firm)
  • What is Financial Accounting?
    • Accounting Valuation
    • Cost Accounting
    • Academy of Accounting Historians
  • Who are Users of Accounting Information? – Financial Accounting
  • Accounting Rules
    • Accounting Standard
    • Generally Accepted Accounting Principles
    • Principles Based Accounting Standards
    • Accounting Interpretation
    • Accounting Series Releases
    • Accountants Index
    • Accounting Research Bulletin
    • Other Comprehensive Basis of Accounting
  • Accounting Assumptions
  • Accounting Constraints
  • Accounting Conventions
    • Accounting Conservatism
  • Laws and Regulatory Organizations
    • Uniform Accounting Act 
    • Financial Accounting Standards Board
    • Accounting Principles Board
    • Emerging Issues Task Force
    • National Association of Accountants
    • Institute of Chartered Accountants
    • Association of Government Accountants
    • American Accounting Association
    • American Institute of Public Accountants (AICPA)
  • Professional Certifications
    • Certified Fraud Examiner (CFE)
    • Certified Internal Auditor (CIA)
    • Certified Managerial Accountant (CMA)
    • Certified Public Accountant (CPA)
    • Chartered Accountant
    • Associate of Chartered Institute of Management Accountants
  • International Accounting
    • International Accounting Standards Board
    • International Accounting Standards Committee 
    • International Financial Reporting Standards (IFRS)
    • Generally Recognized Accounting Practices (S. Africa)
    • Accounting Standards Board (UK)

Financial Statements

  • What are Financial Statements? – Financial Accounting
    • Pro Forma
    • Financial Statement Footnotes
    • Consolidated Financial Statements
    • Normalized Financial Statements
    • Recast Financial Statements
    • Common Size Financial Statement
    • Certified Financial Statement
    • Equity Method vs Consolidation Method of Reporting for Subsidiaries
    • Push Down Accounting
  • What is the Income Statement? – Financial Accounting
    • What are Revenues? – Financial Accounting
      • Billing Cycle
    • What are Expenses? – Financial Accounting
      • Cost of Goods Sold (COGS) 
      • Business Interest Expense
    • Important Concepts
      • Gross Income
      • Net Income
      • Net Operating Income
      • Gross Profit
      • Above the Line Costs
      • Net Operating Loss
      • Accounting Profit
      • Gain
      • Unrealized Gain
      • Unrealized Loss
  • What is the Statement of Retained Earnings – Financial Accounting
    • Residual Equity Theory Definition
    • Dividends
    • Accrued or Accumulated Dividend
  • What is a Balance Sheet? – Financial Accounting
    • Accounting Equation
      • Expanded Accounting Equation 
    • What are Assets? – Financial Accounting
      • Fixed Asset
      • Current (Quick) Assets 
      • Capital Asset
      • Goodwill (Intangible Asset)
      • Capital Reserve
    • What are Liabilities? – Financial Accounting
      • Current Liabilities 
    • Shareholders Equity - Financial Accounting
      • Contributed Capital (Paid in Capital) 
        • Additional Paid in Capital
      • Retained Earnings  (Accumulated Earnings and Profits)
        • Accumulated Adjustment Account
    • Accumulated Fund
  • What is the Statement of Cash Flow? – Financial Accounting
    • Cash Flow
    • Net Cash Flow
    • Cash Conversion Cycle

Analyzing the Financial Statements

  • Analysis and Creating Financial Statement
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Journals and Posting

  • Double Entry Accounting System
  • What is an Account? – Financial Accounting
    • Book of Original Entry
    • Accounting Journal
      • Journal Entries
      • Debit vs Credit
    • General Ledger
    • Chart of Accounts
    • Contra Account
    • Adjunct Account
    • Absorbed Account
  • What is a T-Account? – Financial Accounting
  • T-Account Rules – Financial Accounting
  • What is a Trial Balance? 

Examples

  • 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
    • Trailing Twelve Months
  • Accrual vs Cash Basis Accounting – Financial Accounting
    • Accrual Principle
    • Modified Cash Basis
    • Installment Sale Method
    • Completed Contract Method
    • Percentage of Completion Method
    • Indirect Method (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
    • Mark to Market Accounting
  • What is an Adjusted Trial Balance – Financial Accounting
  • Completing the Accounting Cycle - Creating Financial Statements
  • What is the Trial Balance Closing Process – Financial Accounting

Examples

  • Example of the Closing Process

Recording Sales

  • What is Merchandising? – Financial Accounting
  • Recognizing Inventory Sales – Financial Accounting
    • Cost of Goods Sold (COGS)
    • Batch Level (Cost) Allocation
    • Backflush Costing
    • Activity Based Costing (ABC) Method 
  • Perpetual vs Period Systems – Financial Accounting
  • Special Merchandising Transactions – Financial Accounting
  • Adjustments for Inventory – Financial Accounting
  • Multi-Step Income Statement – Financial Accounting

Examples

  • Accounting Cycle for Merchandising Business Example Part 1
  • Accounting Cycle for Merchandising Business Example Part 2
  • Accounting Cycle for Merchandising Business Example Part 3

Inventory Transactions

  • 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

Effect of Inventory Accounting Method

  • 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 Transactions

  • What are Internal Controls?– Financial Accounting
  • Internal Controls when Accounting for Inventory – Financial Accounting
  • What is Cash Management? – Financial Accounting
    • What is Liquidity, Cash, and Cash Equivalents? – Financial Accounting
  • Internal Controls for Bank Activities – Financial Accounting
  • Bank Reconciliation - Explained?

Receivables Transactions

  • Accounting for Accounts Receivable?
    • Accounts Receivable Subsidiary Ledger
    •  Bad Debt and Doubtful Accounts
      • Charge Off
      • Net Receivables
    • Allowance Method & Direct Writeoff Method? 
  • Accounting for Notes Receivable?

Long-Term Assets

  • What are Long-Term Assets? – Financial Accounting
    • Property, Plant, and Equipment
  • Depreciation, Depletion, and Amortization
    • Important Concepts
      • Fair Value
      • Useful Life
      • Residual Value
      • Write-Down Value
      • Net Book Value
      • Impaired Asset 
      • Amortized Costs Definition
    • Depreciation Methods
      • Straight-Line Method?
      •  Units of Production Method?
      • Declining Balance Method?
      • Appraisal Method of Depreciation
  • How Reporting Depreciation for Tax is Unique? – Financial Accounting
  • What happens when Depreciation Estimates Change? – Financial Accounting
  • What are Capital Expenditures? – Financial Accounting

Current Liabilities

  • What are Current Liabilities? – Financial Accounting
    • Unpaid Dividends or Dividend Payable
  • 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
  • What are Employee Payroll Liabilities? – Financial Accounting
  • Estimated Liabilities (Warranties) – Financial Accounting
  • What are Contingent Liabilities? – Financial Accounting

MANAGERIAL (COST) ACCOUNTING

  Introduction to Managerial Accounting

  • What is Managerial Accounting
    • Role of Manager
    • Management Perspective
      • Big Data in Managerial Accounting
      • Ethics in Managerial Accounting
      • Strategic Management Perspective
        • Enterprise Risk Management
        • Corporate Social Responsibility
      • Process Management Skills
      • Leadership Perspective
    • Institute of Management Accountants
  • Accounting Documents 
    • Annual Report
    • Certified Financial Statement
    • Common Size Financial Statement
  • Functions of  Company Accountants 
    • Accounting Personnel in an Organization
      • Comptroller vs Controller 
    • Financial Statement Analysis
    • Cost Accounting
  • Company Characteristics
    • Operating Income
    • Profit Margin  
    • Company Assets
      • Paid in Capital
      • Retained Cash Flow
      • Book Value (Company)
        • Adjusted Book Value
      • Book Value (Asset)
      • Accounting Insolvency
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Cost Accounting

  • Direct Cost vs Indirect Cost
  • Product Cost (Manufacturing) vs Period Cost (Non-Manufacturing)
    • Controllable vs Non-Controllable Costs
      • Costs in Decision Making
    • Fixed vs Variable Costs
    • Overhead 
    • Other Types of Cost:
      • Imputed Cost
      • Irrelevant Cost
  • Recording Manufacturing (Product) Costs
  • Traditional vs Contribution Format Income Statement
 

Assigning Costs

  • Cost Volume Profit Analysis
    • Contribution Margin Per Unit of Constraint
    • Contribution Margin Income Statement
    • Margin of Safety
    • Cost Structuring (Operating Leverage)
  • Product Costing
    • Product Costing - Stages of Manufacturing
    • Assign Overhead Costs to Products
    • Allocation Rate (Overhead)
    • Cost Flow Example
    • Job Order Costing vs Process Costing
  • Job Costing
    • Pre-determined Overhead Rate
    • Assign Direct Material and Direct Labor to Job
    • Assign Manufacturing Overhead Costs to Job
      • Actual Overhead Costs in General Ledger
    • Adjusting for Over-Applied or Under-Applied Overhead
  • Absorption Costing vs Variable Costing
    • Variable Costing Example
    • Variable vs Absorption Costing - Comparative Effect of Production
  • Approaches to Allocating Overhead Costs
    • Plantwide Cost Allocation
    • Department Cost Allocation
    • Activity-Based Costing
      • Activity-Based Management


  • Weighted-Average Cost of Products
    • Journalizing Costs to Units Completed
  • Production Cost Report
  • Fixed, Variable, and Mixed Cost Estimations


  • Differential Analysis and Decisions
    • Relevant Information
    • Avoidable vs Unavoidable Costs (Sunk Costs)
  • Decision-Making Model
    • Special Order Pricing
    • Make or Buy Decisions
    • Product Line Analysis
    • Theory of Constraint (Constrained Resource Allocation)



  • Cost Decisions for Joint Products
  • Capital Budgeting
    • Life Cycle Costing
  • The Master Budget
    • Activity-Based Budgeting
  • Standard Costs
    • Imputed Value
  • Variance Analysis for Product Costs
    • Absorption Pricing
    • Price Variance
    • Absorption Variance 
  • Responsibility Centers
    • Comparing Segmented Income
    • Using ROI to Evaluate Performance
    • Using Residual Income to Evaluate Performance
    • Use Economic Value Added to Evaluate Performance
  • Transfer Pricing
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Statement of Cash Flow

  • Statement of Cash Flow
    • Operating Cash Flow Ratio
    • Capital Expenditure Ratio
    • Free Cash Flow
    • Cash Conversion Cycle
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Analysis of Performance

  • Trend Analysis of Financial Statements
  • Common-Size Analysis (Vertical Analysis) of Financial Statements
    • Common-Size Financial Statement
    • Net Dollar Retention
  • Horizontal Analysis
  • Ratio Analysis of Financial Information
    • Per Share Basis
    • Break Even Analysis
    • Profitability Ratios
      • Gross Margin Ratio
      • Profit Margin Ratio
        • Profit Margin
        • After Tax Profit Margin
      • Return on Assets
      • Return on Common Shareholder's Equity
        • Total Shareholder Return
        • Cash on Cash Return
      • Earnings Per Share
        • Diluted Earnings Per Share
      • Asset Turnover Ratio
      • Berry Ratio
    • Liquidity Ratio
      • Current ratio  (Working Capital Ratio)
      • Working Ratio
      • Quick Ratio
        • Quick Assets
      • Days Sales Outstanding
      • Cash Ratio (Operating Cash Flow Ratio)
      • Receivables turnover ratio (often converted to average collection period)
      • Accounts Payable Turnover Ratio
      • Inventory turnover ratio (often converted to average sale period)
    • Solvency (Coverage Ratios)
      • Leverage Ratio (Debt Ratio)
        • Debt to Assets Ratio
          • Asset Coverage Ratio
        • Debt to Cash
        • Debt to Equity
        • Debt to Income Ratio
          • Debt Coverage Ratio
      • Times Interest Earned
    • Market Value
      • Market Capitalization
      • Price to Equity Ratio
      • Book-To-Market Ratio
      • Price to Earnings Ratio
        • Price to Earnings Growth (PEG) Ratio
          • Price to Earnings Growth Payback Ratio
        • CAPE Ratio
      • Price to Cash Flow Ratio
    • Other Performance Ratios
      • Capital Maintenance
      • Book to Bill Ratio
      • Asset Turnover Ratio
      • Plowback Ratio 
      • Days Inventory Outstanding
      • Days Payable Outstanding
      • Days Sales Outstanding
  • Non-financial Performance Measures: The Balance Scorecard


Other
  • Accountants Opinion or Letter
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AUDITING

Introduction to Auditing

  • What is Auditing?
  • What is Attestation?
  • What are Assurance Services?
  • What is the Relationship of Auditing, Attestation, and Assurance Services?
  • What is Public Accounting?
  • External Auditor?
  • Internal Auditor
  • Public Company Accounting Oversight Board (PCAOB)
  • Auditing Standards Board
  • Generally Accepted Auditing Standards (GAAS)
    1. What are the Fundamental Principles of Auditing?
  • What are the Steps of an Audit Engagement?
    1. What are Pre-engagement Activities?
      • What is an Engagement Letter?
      • What are Communications with the Predecessor Auditor?
  • What are Management’s Assertions?
    1. What are PCAOB vs ASB Assertions?
  • Auditors Report
    1. 4 Audit Opinions?
      1. Qualified Opinion (Auditor)
      2. Unqualified Opinion Definition
    2. What is a Single vs Combined Report?
  • What is Going Concern?
  • What is the Revenue and Collection Cycle?
  • What is the Acquisition and Expenditure Cycle?
  • What is the Production Cycle?
  • What is the Finance and Investment Cycle?
  • What are Internal Controls?
    1. What are the Components of Internal Controls?
  • What is an Internal Controls Evaluation?
    1. What are Tests of Controls?
  • What are Substantive Tests?
    1. What are Bank Confirmations?
    2. What are Accounts Receivable Confirmations?
    3. What are Attorney Letters?
    4. What are Contingencies?
  • What is Tracing vs Vouching?
  • What is the Role of Sampling?
  • What are Audit Workpapers?
  • What is a Termination Letter?
  • What are the Roles of Audit Team Members?
  • What is Auditor Independence?
  • What is the Audit Committee?
  • What is Section 302 of SOX?
  • What is Section 404 of SOX?
  • What are Audit Reviews?
  • What are Compilations?
  • Independent Audit




  • Associate in Premium Auditing
  • Association of Certified Fraud Examiners
  • Black Box Accounting
  • Comfort Letter
  • Forensic Accounting
  • Forensic Audit 
  • Independence Standard Board
  • Piecemeal Opinion
  • Timing of Tests of Controls
  • Traveling Auditor
  • Unqualified Audit Definition
  • Value for Money Audit
  • Walk Through Test 
  • Yellow Book (Auditing Standards) Explained
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TAXATION

Introduction to Taxation

  • 1035 Exchange (Taxation) Definition
  • Ability to Pay Principle
  • Accelerated Amortization
  • Accelerated Depreciation
  • Accumulated Earnings Profits Tax
  • Adjusted Gross Income
  • Ad Valorem Equivalent (AVE) Definition
  • Active and Passive Income and Losses of Business Entities
  • Alternative Minimum Tax Definition
  • Abusive Tax Shelter
  • Accelerated Deposit Rule
  • What is Accelerated Cost Recovery?
    • General Depreciation System
  • Adjusted Basis Definition
  • Annualized Income Installment Method Definition
  • Benefit Principle
  • Bracket Creep
  • Capital Appreciation
  • 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
  • Fiscal Year
  • 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
  • Tax Writeoff
  • 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

Accounting and Taxation Category

Variable vs Absorption Costing - Comparative Effect of Production

accounting financial records

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