Course Details

ADVANCE ACCOUNTING

Contents

1.    Part 1: Welcome to the World of Accounting

2.    Accounting Information

a.     Accounting Defined

b.    Financial Accounting

c.    Managerial Accounting

d.    A Quality Information System

e.    Inherent Limitations

3.    The Accounting Profession and Careers

a.    Accounting and Professional Ethics

4.    The Fundamental Accounting Equation

a.    Assets

b.    Liabilities

c.    Owners’ Equity

d.    Balance Sheet

5.    How Transactions Impact the Accounting Equation

a.    Edelweiss Collects an Account Receivable

b.    Edelweiss Buys Equipment With Loan Proceeds

c.    Edelweiss Provides Services to a Costumer on Account

d.    Edelweiss Pays Expenses With Cash

e.    Generalizing About the Impact of Transactions

f.     Distinguishing Between Revenue and Income

6.    The Core Financial Statements

a.    Financial Statements

b.    Income Statements

c.    The Statement of Retained Earnings

d.    Balance Sheet

e.    Statement of Cash Flows

f.     Articulation

g.    Unlocking the Mystery of Articulation

7.    Part 2: Information Processing

8.    Accounts, Debits and Credits

a.    Accounts

b.    Debits and Credits

c.    The Fallacy of “+/-” Nomenclature

d.    The Debit/Credit Rules

e.    Assets/Expenses/Dividends

f.     Liabilities/Revenues/Equity

g.    Analysis of Transactions and Events

h.    Determining an Account’s Balance

i.      A Common Misunderstanding About Credits

9.    The Journal

a.    Illustrating the Accounting Journal

b.    Special Journals

c.    Page Numbering

d.    But, What are the Account Balances?

10. The General Ledger

a.    Posting

b.    To Review

11. The Trial Balance

a.    Debits Equal Credits

b.    Financial Statements From the Trial Balance

12. Computerized Processing Systems

a.    What do they Look Like

13. T-accounts

a.    Comprehensive T-accounting Illustration

b.    Chart of Accounts

c.    Control and Subsidiary Accounts

14. Part 3: Income Measurement

15. "Measurement Triggering” Transactions and Events

a.    The Meaning of “Accounting” Income

b.    More Income Terminology

c.    An Emphesis on Transactions and Events

16. The Periodicity Assumption

a.    Accounting Implications

17. Basic Elements of Revenue Recognition

a.    Payment and Revenue Recognition

18. Basic Elements of Expense Recognition

a.    Payment and Expense Recognition

19. The Adjusting Process and Related Entries

a.    Illustration of Prepaid Insurance

b.    Illustration of Prepaid Rent

c.    I’m a Bit Confused – Exactly When do I Adjust?

d.    Illustration of Supplies

e.    Depreciation

f.     Unearned Revenues

g.    Accruals

h.    Accrued Salaries

i.      Accrued Interest

j.      Accrued Rent

k.    Accrued Revenue

l.      Recap of Adjustments

m.   The Adjusted Trial Balance

n.    Alternative Procedures for Certain Adjustments

20. Accrual- Versus Cash-Basis Accounting

a.    Modified Approaches

b.    Illustration of Cash-Versus Accrual Basis Accounting

21. Part 4: The Reporting Cycle

22. Preparing Financial Statements

a.    An Illustration

b.    Considering the Actual Process for Adjustments

c.    Financial Statements

d.    Computerization

e.    A Worksheet Approach

f.     An Additional Illustration

23. The Accounting Cycle and Closing Process

a.    The Closing Process

b.    Post Closing Trial Balance

c.    Revisiting Computerization

24. Reversing Entries

25. Classified Balance Sheets

a.    Assets

b.    Liabilities

c.    Equity

d.    Other Entity Forms

e.    Notes to the Financial Statements

26. Business Liquidity and the Operating Cycle

a.    Working Capital

b.    Current Ratio

c.    Quick Ratio