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.
The Financial Practice Set is an important additional resource that allows a student to apply a real-world example in the use of a manual accounting system. This exercise will serve to reinforce the process of an accounting system in identifying, analyzing, recording and summarizing transactions and their effect on the financial position and profits of a company.
Upon completion of the Financial Practice Set, the student should:
-Understand a system of data processing designed to produce periodic financial statements for a business.
-Understand the role of subsidiary ledgers and special journals in that data processing system.
Upon watching the introduction video above, please print out the Financial Practice Set PDF. Next, watch the instructional videos labeled Part 1 through Part 5 below. After completing Part 5, you will be instructed to complete the Financial Practice Set on your own. Taking the necessary time to work through each transaction will make this a highly rewarding learning experience. Once you have finished, we have provided a Solution PDF to check your work.
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.
Accrual Basis Accounting
Accrued Expenses
Accrued Liabilities
Accrued Revenues
Adjusting Entries
Cash Basis Accounting
Closing Entries
Matching Principle
Nominal Accounts
Prepaid Expense
Real Accounts
Revenue Recognition Principle
Special Journals
Subsidiary Ledger
Unearned Revenues
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.
