Closing Entries

The Accounting Closing Process Playlist http://bit.ly/2GDpYFT 0:27 Closing Process Explained http://bit.ly/2ysr0jr 7:14 Post Closing Trial Balance http://bit.ly/2ZlyHnl 11:19 One Step Closing Process http://bit.ly/2K6cAMx 23:09 Two Step Closing Process http://bit.ly/2Yz8r7E 34:03 Closing Process Step 1 of 4 – Journal Entry 1 of 4 http://bit.ly/2LPRDHF 37:23 Closing Step 2 of 4 – Journal Entry 2 of 4 http://bit.ly/2YBXKVS 42:41 Closing Entries Journal Entry 3 of 4 Step 3 Income summary http://bit.ly/2K8xvNy 47:39 Closing Process Step 4 of 4 Closing Journal Entry Draws or Withdraws http://bit.ly/2Yfq6WF 1:01:29 Post Closing Trial Balance & financial statements http://bit.ly/2OE9FyG The financial accounting closing process is the final step in the accounting cycle. We will learn why the closing process in needed and be able to perform the closing process multiple ways. As indicated by the title, the closing process takes place at the end of the accounting cycle. The main event of the accounting cycle is the financial statements. Once we have completed the financial statements we need to get ready for the next accounting period, get ready with the closing process. The closing process will zero out temporary accounts including income statement accounts of revenue and expenses and the draws or dividends account. We can perform the closing process multiple ways. We will consider the closing process from three perspectives. Each perspective has pros and cons and the repetition of each method as well as performing the closing process from multiple angles will provide a solid understanding of the concepts. Understanding the closing process helps understand the concept of temporary accounts and permanent accounts, which helps us understand the relationship of the financial statements and how to read them.

 

 

Accounting Major Second Guessing & Dealing With Criticisms

Accounting Major Second Guessing & Dealing With Criticisms http://accountinginstruction.info/ Objectives Work with different points of view, take what is helpful, and discard the noise. (Not designed to increase argument but possibly facilitate more productive debate). Help structure personal goals and use doubts constructively In this presentation we’re going to take a look at a problem from the perspective of an accounting major. Someone who is going to school and has chosen accounting as their primary field. Although we’re talking here to people that have chosen accounting and are in school for accounting, the same kind of thing applies to people that are working within the accounting field and more broadly basically any type of career choice or career path will apply or at least some of these items will apply to it, that problem being the second guessing of the major that we have chosen and dealing with some type of criticism with regards to the major, debate about the major that has been chosen, either from other students or from instructors or from other individuals that we are involved with Now we’re assuming at this point in time we’re thinking about someone who has basically chosen which path they want to go on. Note typically if someone’s going through say high school or undergraduate then we’re talking to a whole bunch of people trying to decide what’s an appropriate major what’s going to be a good major. At some point in time the decisions going to be made and we have to basically go into that process and continue with the decision making process and move forward with whatever decision we have been chosen. Typically at this point we’re thinking about people who have chosen accounting as their major and now are thinking about moving forward in accounting. Note that as you choose a major, as you narrow things down, as you have to do, it can be concerning because we often think about the things that we have given up That’s of just the way the mind is wired. We’re mentally set to be more concerned about the things that we’ve lost than the things that we’re going to gain. With regards to the choices that we make as we go into the choice usually we find that the choice that we have made and the more we think about the choice we’ve made then there’s basically infinite possibilities we have within that choice that we’ve made. We still have a tons of choices to make. Most people don’t narrow down enough and have too many choices and they end up basically getting stuck at a standstill. Business, Economics, & Practical Technical Skills questions: Accounting is not where the money is at Wake up and go where the action is Accounting will be completely automated someday Your job will be outsourced Accounting is not an integral part of the business model but just a miner task that need to be done, similar to the trash needing to be taken out Real business people focus on the money making components and higher somebody do accounting. Accounting is not the fun part of business. Marketing and advertising is where the fun is. Arts and Humanities Life activities should be focused on what you love doing. Who could love doing accounting? Money doesn’t really matter. Why focus so much time counting it? Life should be spent doing stuff and interacting with people. Why spend so much time working on number, ledgers, and with computers Sciences qeustions Life is about understanding the physical world. Money is just a tool that should be used towards this end As we learn accounting, we should be integrating these other areas as we can Whatever career we choose can be thought of as a focal point we use to build on. Whatever we know best will eventually lead into other topics as we expand out knowledge. As students we can expand our knowledge by learning components of other disciplines that most directly apply to ours Learn accounting software. Learn databases Learn tax software Learn managerial concepts, group dynamics, and economics

 

 

Financial Statement Analysis – Ratio Analysis

Playlist http://bit.ly/2WvV8YW 0:22 Purpose of Financial Analysis http://bit.ly/2JM0mtu 13:47 Types of Analysis http://bit.ly/2MjONMj 23:04 Horizontal Analysis http://bit.ly/2QInzO1 38:05 Trend Analysis http://bit.ly/2HJbXXU 53:28 Vertical Analysis Common-Size Statements http://bit.ly/2MeJM7w 1:12:38 Liquidity Ratios Part 1 http://bit.ly/30SLQ8y 1:35:52 Liquidity Ratios Part 2 http://bit.ly/2EKeCi7 1:54:31 Current ratio, quick or acid ration, and working capital-Accounting http://bit.ly/2Z39iON 2:28:03 Solvency Ratios http://bit.ly/2HJOwO8 2:41:47 Profitability Ratios http://bit.ly/2KeQN5J 2:55:20 Market Prospects Ratios http://bit.ly/2WAhFUj 3:06:40 Financial Analysis Data Online http://bit.ly/314y5Uu 3:10:39 Financial Analysis Sample Reports Overview http://bit.ly/2Z12ocW 3:27:03 Financial Analysis Sample Reports Traditional Performance Evacuation Techniques http://bit.ly/2XeokAN 3:30:40 Financial Analysis Sample Reports Ratio Analysis Profitability http://bit.ly/2QAuzfq 3:36:33 Financial Analysis Sample Reports Ratio Analysis Solvency http://bit.ly/2Z4Rinh 3:39:16 Financial Analysis Sample Reports Ratio Analysis Liquidity http://bit.ly/2YXQVKS 3:45:13 Financial Analysis Sample Reports Recommendations http://bit.ly/30UyJ6F 3:52:11 Financial Statement Data Online http://bit.ly/2Kgez11

 

Time Value of Money & Capital Budgeting

Capital Budgeting – Managerial Accounting Playlist http://bit.ly/2WklCfD 0:36 Capital Budgeting http://bit.ly/2WpMQBu 10:15 Payback Period, Accounting Rate of Return, & Net Present Value http://bit.ly/2JZNY8z 27:28 Present Value http://bit.ly/2HwFW5b 44:04 Present Value Months as Period http://bit.ly/2JZO7sD 48:02 Future Value http://bit.ly/2EuSvfs 1:00:43 Future Value Months As Period http://bit.ly/2HLHFme 1:04:39 Future Value vs Present Value http://bit.ly/2VNutlI 1:10:51 Present Value Annuity http://bit.ly/2YDPJMC 1:24:41 Present Value Annuity Months as Period http://bit.ly/2VGxggJ 1:28:03 Future Value Annuity http://bit.ly/2M70DJB 1:39:30 Future Value Annuity Months http://bit.ly/2JY3LEU 1:43:24 Present Value Cash Flow Examples http://bit.ly/2whq7t0 1:57:29 Future Value Cash Flow Examples http://bit.ly/2Wh6eRp 2:06:31 Present Value Terms Used In Capital Budgeting http://bit.ly/2K0lVFO 2:14:30 Net Present Value Assumptions http://bit.ly/2whboy0 2:16:34 Net Present Value Calculation Part 1 http://bit.ly/2Hyfx79 2:26:38 Net Present Value Calculation Part 2 http://bit.ly/2wghS0k 2:37:47 Internal Rate of Return IRR https://youtu.be/B62JjXME-hU?t=9468 2:44:18 Break Even Time http://bit.ly/2YIOATZ Time value of money and capital budgeting decision is an excellent tool for anybody who needs to consider longer-term decisions that require us to understand the time value of money. We will learn the time value of money concepts like present value and future value using multiple methods, including formulas, tables, and Excel functions. We will format the data in many ways and have many examples using Excel to calculate present value. The playlist will review core managerial accounting concepts and objectives so that we get into a managerial accounting mindset as opposed to a financial accounting mindset. We will describe, calculate, and apply the time value of money concepts. Time value of money is a core concept useful to both business and personal decisions and capital budgeting decisions, decisions of larger dollar amounts that affect multiple periods, provide great tools and scenarios for learning the time value of money concept. The playlist will explain the present value of a single amount and present value of an annuity, describing multiple ways they can be calculated including formulas, tables, and Excel functions. We will discuss the future value of a single amount and future value of an annuity, explaining multiple ways they can be calculated including formulas, tables, and Excel functions. The playlist will apply time value of money and other decision-making tools to capital budgeting decisions. Capital budgeting decisions are generally larger dollar amount decisions that affect multiple periods into the future and therefore, often require us to consider the time value of money. We will run multiple scenarios of capital budgeting decisions what are great tools to learn the concept of the time value of money. We will cover how to calculate and apply the payback period to capital budgeting decisions, the payback period being the time period at which or initial investment will be returned. The playlist will discuss how to apply the accounting rate of return calculation to capital budgeting decisions. We will describe how to use net present value (NPV) calculations to make long term decisions considering the time value of money. The net present value calculation is the primary tool we use that does take into consideration the time value of money with regards to capital budgeting decision making, and therefore we will have many examples of the NPV calculation. The playlist will explain how to use the internal rate of return (IRR) calculations to make long term decisions considering the time value of money. The internal rate of return is another core concept related to capital budgeting decisions and is related to the NPV. We will compare the IRR and the NPV in detail. We will analyze how to use internal break-even time (BET) calculations to make long term decisions considering the time value of money.