Lesson 3: Accounting Cycle Part 1

Lesson Details

Video Lessons

Below are the lesson presentation videos. Each lesson is organized in a series of video segments (i.e., Part 1, Part 2, Etc.). Please watch the videos one after another in order. Upon completion, navigate to the next lesson. We strongly suggest you take the practice quizzes as we present them below to test your understanding of the content.

Part 1

Part 2

Part 3

Part 4

Know Your Words

Accounting is the language of business. To become proficient in accounting, you must understand each term associated with each accounting concept. Every lesson has a specific set of words, which will always be listed here at the end of each lesson. Simply click on a word to display the definition within our glossary. We urge you to take the neccesary time to carefully study each term before taking any assessment.

Account
Accounting Cycle
Accounting System
Arms-Length Transaction
Books
Cash Customer
Cash Sales
Conservatism
Cost
Cost of Goods Sold
Credit
Credit Customer
Credit Entries
Credit Sales
Customer
Debit Entries
Double-Entry Accounting
Entity
Expenditure
Fair Market Value of an Asset
General Journal
General Ledger
Historical Cost
Income Tax Expense
Interest Expense
Interest Revenue
Journal
Journal Entries
Ledger
Monetary Measurement Principle
Posting
Purchases on Account
Salaries Expense
Sales Revenues
Service Fee Revenues
Transaction

Additional Lesson Resources

Below are two additional resources to help you learn the material. The most important of these resources is the Lesson Notes, which we provide via a PDF (see link below). The Lesson Notes contain the important slides of the presentation. We strongly suggest you print out this PDF and follow along during the presentations. Making notes on the slides about key concepts will help you cement the concepts in your mind at a quicker pace. We also provide a supplemental textbook for your review. Most students NEVER use the textbook in this course; however, it is here if you want to refer to a particular concept.