Posts with the accounting tag

Financial Accounting

If you need #tax return info for a Federal Student Aid application, #IRS has some options readily available

Written by Bob Steele CPA - Accounting Instruction, Help & How To on . Leave a comment

http://www.youtube.com/c/AccountingInstructionHelpHowToBobSteele

Financial Accounting

Closing Step 2 of 4 / Journal Entry 2 of 4

Written by Bob Steele CPA - Accounting Instruction, Help & How To on . Leave a comment

Closing process journal entry 2 of 4 in the 4 step closing process. The closing process is the financial accounting process of closing the temporary accounts, income statement accounts and draws, to the equity section, closing process being the final process in the accounting cycle closing out one accounting period for another accounting period to start, the new accounting period starting with temporary accounts of zero to accumulate. The closing process is often done in four steps, closing out revenue to the income summary account, followed by closing out expenses to the income summary account, then closing out the income summary account to the capital account, and finally closing out draws to the capital account. The closing process is done at the end of the period, all closing entries being posted as of the end of the period. After the closing process, we are left with the post-closing trial balance, the post-closing trial balance looking much like the adjusted trial balance having the same permanent accounts including asset and liabilities and capital, although the capital account will now include the balance of the capital account and all temporary accounts. The income statement account and draws will be zero, often represented on a post-closing trial balance by having no income statement.
Why Learn Accounting – Financial Accounting / Managerial Accounting
https://youtu.be/uaWDB1YdA1k?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Double Entry Accounting System Explained – Accounting Equation
https://youtu.be/66e9QbrkE4g?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Cash vs Accrual – Cash Method / Accrual method differenc
https://youtu.be/i2O0cexCrqc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Revenue Recognition Principle
https://youtu.be/M_pauBGz5Jc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
Double Entry Accounting System Explained – Balance Sheet
https://youtu.be/kOItl8E3fNA?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Income Statement Introduction
https://youtu.be/1k11H8icQxc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Accounting Objectives – Relevance Reliability Comparability
https://youtu.be/mO8tPzFmN8o?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Transaction Rules – Accounting Equation
https://youtu.be/0vy6W_WTO2I?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Transaction Throught Process / Steps – Accounting Equation
https://youtu.be/SlTo3EXDuqU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Owner Deposits Cash Transaction Accounting Equation
https://youtu.be/lPZoImc88eU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Work Completed for Cash Transaction Accounting Equation
https://youtu.be/ll5xIHVdrVs?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
100.110 Pay Employee with Cash Transaction Accounting Equati
https://youtu.be/bSa3NuVpkwc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
200 Debits & Credits Normal Balance – Double Entry Accounting Sy
https://youtu.be/alSWKuWPlxU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
200 Debits & Credits – One Rule to Rule Them All
https://youtu.be/RL3BFjL1eyE?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI

 

Financial Accounting

Inventory Methods Explained and compared FIFO LIFO Ave

Written by Bob Steele CPA - Accounting Instruction, Help & How To on . Leave a comment

First in first out FIFO, last in first out LIFO, Average inventory methods are estimates about inventory cost flows, first in first out estimating that the first items of inventory purchased are the first sold, FIFO inventory assumption being most intuitive for most because is what most would imagen as the actual inventory flow being that we try and sell the first inventory items first but note that first in first out is just an assumption and does not mean that the actual flow matches the assumption. Last in last out assumes we sell last unit of inventory first, LIFO seeming unusual to most because we imagine that we would try to sell the first unit of inventory first not the last unit of inventory first but note that these are assumptions about inventory flow and not the actual inventory flow. The comparison of FIFO and LIFO are a good example of how estimates, related to inventory in this case, have an impact on the financial statement and net income. The average method of inventory, being an average will be in the middle of first in first out FIFO and last in last out LILO
Why Learn Accounting – Financial Accounting / Managerial Accounting
https://youtu.be/uaWDB1YdA1k?list=PL6…
101 Double Entry Accounting System Explained – Accounting Equation
https://youtu.be/66e9QbrkE4g?list=PL6…
101 Cash vs Accrual – Cash Method / Accrual method differenc
https://youtu.be/i2O0cexCrqc?list=PL6…
101 Revenue Recognition Principle
https://youtu.be/M_pauBGz5Jc?list=PL6…
Double Entry Accounting System Explained – Balance Sheet
https://youtu.be/kOItl8E3fNA?list=PL6…
101 Income Statement Introduction
https://youtu.be/1k11H8icQxc?list=PL6…
101 Accounting Objectives – Relevance Reliability Comparability
https://youtu.be/mO8tPzFmN8o?list=PL6…
101 Transaction Rules – Accounting Equation
https://youtu.be/0vy6W_WTO2I?list=PL6…
101 Transaction Throught Process / Steps – Accounting Equation
https://youtu.be/SlTo3EXDuqU?list=PL6…
101 Owner Deposits Cash Transaction Accounting Equation
https://youtu.be/lPZoImc88eU?list=PL6…
101 Work Completed for Cash Transaction Accounting Equation
https://youtu.be/ll5xIHVdrVs?list=PL6…
100.110 Pay Employee with Cash Transaction Accounting Equati
https://youtu.be/bSa3NuVpkwc?list=PL6…
200 Debits & Credits Normal Balance – Double Entry Accounting Sy
https://youtu.be/alSWKuWPlxU?list=PL6…
200 Debits & Credits – One Rule to Rule Them All
https://youtu.be/RL3BFjL1eyE?list=PL6…

Financial Accounting

Balance Sheet Liability Section Creation From Trial Balance

Written by Bob Steele CPA - Accounting Instruction, Help & How To on . Leave a comment

Balance sheet, liability section from trial balance. Creating the liabilities section of the balance sheet from trail balance.
Why Learn Accounting – Financial Accounting / Managerial Accounting
https://youtu.be/uaWDB1YdA1k?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Double Entry Accounting System Explained – Accounting Equation
https://youtu.be/66e9QbrkE4g?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Cash vs Accrual – Cash Method / Accrual method differenc
https://youtu.be/i2O0cexCrqc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Revenue Recognition Principle
https://youtu.be/M_pauBGz5Jc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
Double Entry Accounting System Explained – Balance Sheet
https://youtu.be/kOItl8E3fNA?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Income Statement Introduction
https://youtu.be/1k11H8icQxc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Accounting Objectives – Relevance Reliability Comparability
https://youtu.be/mO8tPzFmN8o?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Transaction Rules – Accounting Equation
https://youtu.be/0vy6W_WTO2I?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Transaction Throught Process / Steps – Accounting Equation
https://youtu.be/SlTo3EXDuqU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Owner Deposits Cash Transaction Accounting Equation
https://youtu.be/lPZoImc88eU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
101 Work Completed for Cash Transaction Accounting Equation
https://youtu.be/ll5xIHVdrVs?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
100.110 Pay Employee with Cash Transaction Accounting Equati
https://youtu.be/bSa3NuVpkwc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
200 Debits & Credits Normal Balance – Double Entry Accounting Sy
https://youtu.be/alSWKuWPlxU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
200 Debits & Credits – One Rule to Rule Them All
https://youtu.be/RL3BFjL1eyE?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI