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Financial Accounting

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Book Contents
  1. Course Contents
    1. About This Course

    2. Course Contents at a Glance

    3. Learning Outcomes

  2. Faculty Resources
    1. Faculty Resources Overview

    2. Faculty & Technical Support

  3. Course Resources
    1. Course Resources Overview

    2. Offline Content Access

    3. PowerPoints

    4. Assignments

    5. Case Studies

    6. Interactives

    7. OHM Assessments

    8. Accessibility Guide

  4. Module 0: Personal Accounting
    1. Why It Matters: Personal Accounting

    2. Introduction to Financing Your Education

    3. Financial Aid

    4. Working While Studying

    5. Other Sources of Income

    6. Introduction to Financing the Present

    7. Budgeting Personal Finances

    8. Major Purchases

    9. Taxes

    10. Introduction to Financing the Future

    11. Investing

    12. Retirement Planning

    13. Putting It Together: Personal Accounting

    14. Discussion: Winning the Lottery

    15. Assignment: Creating a Budget

  5. Module 1: The Role of Accounting in Business
    1. Why It Matters: The Role of Accounting in Business

    2. Introduction to Accounting Defined

    3. What Is Accounting?

    4. Why Accounting Matters

    5. Introduction to Accounting Information

    6. Users of Accounting Information

    7. Financial vs Managerial Accounting

    8. Government Reporting

    9. Introduction to the Basic Accounting Equation

    10. The Accounting Equation

    11. Assets

    12. Liabilities

    13. Owner’s Equity

    14. Introduction to Accounting in Business

    15. Transactions and the Accounting Equation

    16. Types of Business Activities

    17. Financial Statements

    18. Introduction to Challenges in Accounting

    19. Ethics in Accounting

    20. Significant Events in Accounting

    21. Putting It Together: The Role of Accounting in Business

    22. Discussion: The Crafty Coffee Crook

    23. Assignment: Lopez Consulting

  6. Module 2: Accounting Principles
    1. Why It Matters: Accounting Principles

    2. Introduction to Financial Accounting Standards in the United States

    3. The Role of the FASB

    4. Generally Accepted Accounting Principles

    5. Introduction to Fundamental Concepts of US Accounting Standards

    6. Monetary and Cost Considerations

    7. Economic Assumptions

    8. Full Disclosure

    9. Other Guiding Principles

    10. Introduction to Accrual Basis Accounting

    11. The Accrual Basis and Cash Basis of Accounting

    12. Foundational Rules of Accrual Basis Accounting

    13. Introduction to International Financial Reporting Standards

    14. International Accounting Standards

    15. Convergence

    16. Putting It Together: Accounting Principles

    17. Discussion: SoftSheets

    18. Assignment: Accounting Principles

  7. Module 3: Recording Business Transactions
    1. Why It Matters: Recording Business Transactions

    2. Introduction to Double-Entry Bookkeeping

    3. Accounts

    4. Rules of Debits and Credits

    5. Introduction to Journals and Ledgers

    6. Journals

    7. Ledgers

    8. Introduction to the Recording Process

    9. Create Journal Entries

    10. Post to the Ledger

    11. Calculate Account Balances

    12. Prepare a Trial Balance

    13. Putting It Together: Recording Business Transactions

    14. Discussion: Baker’s Breakfast Bars

    15. Assignment: Recording Business Transactions

  8. Module 4: Completing the Accounting Cycle
    1. Why It Matters: Completing the Accounting Cycle

    2. Introduction to the Adjusting Process

    3. Adjusting Journal Entries

    4. Types of Adjusting Journal Entries

    5. Introduction to Creating Adjusting Journal Entries

    6. Adjusting Deferred and Accrued Revenue

    7. Adjusting Deferred and Accrued Expense Items

    8. Adjusting for Errors

    9. Introduction to Preparing an Adjusted Trial Balance

    10. Posting Adjusted Journal Entries to the Ledger

    11. Using the Worksheet

    12. Introduction to Preparing Financial Statements

    13. Income Statement

    14. Statement of Owner's Equity

    15. Balance Sheet

    16. Statement of Cash Flows

    17. Practice: Preparing Financial Statements

    18. Introduction to Closing the Books

    19. Closing Entries

    20. Post-Closing Trial Balance

    21. Reversing Entries

    22. Putting It Together: Completing the Accounting Cycle

    23. Discussion: Closing the Books in QuickBooks

    24. Assignment: Completing the Accounting Cycle

  9. Module 5: Accounting for Cash
    1. Why It Matters: Accounting for Cash

    2. Introduction to Establishing Internal Controls

    3. Internal Controls

    4. Cash Receipts

    5. Cash Disbursements

    6. Introduction to Accounting for Petty Cash

    7. Voucher System

    8. Journalizing Petty Cash Transactions

    9. Practice: Journalizing Petty Cash Transactions

    10. Introduction to Preparing a Bank Reconciliation

    11. Reconciling Items

    12. Bank Reconciliation

    13. Reconciling Journal Entries

    14. Practice: Preparing a Bank Reconciliation

    15. Introduction to Accounting for Credit Card Transactions

    16. Record Sales and Purchases by Credit Card

    17. Internal Controls for Credit Card Transactions

    18. Introduction to Financial Statement Presentation

    19. Cash and Cash Equivalents

    20. Putting It Together: Accounting for Cash

    21. Discussion: Counter Culture Cafe

    22. Assignment: Accounting for Cash

  10. Module 6: Receivables and Revenue
    1. Why It Matters: Receivables and Revenue

    2. Introduction to Revenue Recognition

    3. Recognizing Revenue under the Accrual Basis

    4. Journalizing Revenue and Payments on Account

    5. Introduction to Uncollectible Accounts

    6. Direct Write-Off of Bad Accounts

    7. Estimating Bad Debt Expense

    8. Estimating Uncollectible Accounts

    9. Practice: Estimating Bad Debt Expense and Uncollectible Accounts

    10. Accounts Receivable Aging Analysis

    11. Practice: Accounts Receivable Aging Analysis

    12. Factoring Accounts Receivable

    13. Introduction to Notes Receivable

    14. Recognizing Notes Receivable

    15. Accrued Interest Revenue

    16. Collecting Payments on Notes Receivable

    17. Practice: Notes Receivable

    18. Introduction to Reporting Receivables on the Financial Statements

    19. Financial Statement Presentation

    20. Disclosures

    21. Putting It Together: Receivables and Revenue

    22. Discussion: Maximizing Revenue

    23. Assignment: Manilow Aging Analysis

  11. Module 7: Merchandising Operations
    1. Why It Matters: Merchandising Operations

    2. Introduction to Merchandising Business

    3. Merchandisers versus Service Enterprises

    4. Cost of Goods Sold

    5. Gross Profit

    6. Introduction to Periodic Inventory System

    7. Periodic Inventory System Compared to Perpetual

    8. Purchases under a Periodic System

    9. Sales under a Periodic System

    10. Practice: Periodic Inventory System

    11. Cost of Goods Sold: Periodic System

    12. Introduction to Perpetual Inventory System

    13. Purchases under a Perpetual System

    14. Sales under a Perpetual System

    15. Practice: Purchases and Sales under a Perpetual System

    16. Internal Controls over Inventory

    17. Putting It Together: Merchandising Operations

    18. Discussion: Inventory Controls

    19. Assignment: Merchandising Operations

  12. Module 8: Inventory Valuation Methods
    1. Why It Matters: Inventory Valuation Methods

    2. Introduction to Inventory Cost Flow Assumptions

    3. Inventory Cost Methods

    4. Specific Identification

    5. Weighted Average

    6. Practice: Weighted Average

    7. FIFO

    8. Practice: FIFO

    9. LIFO

    10. Practice: LIFO

    11. Effects of Inventory Cost Methods

    12. Introduction to Conservatism in Reporting Inventory

    13. Lower of Cost versus Net Realizable Value

    14. Lower of Cost or Net Realizable Value Applied

    15. Adjusting Journal Entries for Net Realizable Value

    16. Introduction to Financial Statement Presentation

    17. Multi-Step Income Statement

    18. Effects of Common Errors

    19. Accounting Principles and Disclosures

    20. Putting It Together: Inventory Valuation Methods

    21. Discussion: LIFO, FIFO, Specific Identification, and Weighted Average

    22. Assignment: Inventory Valuation Methods

  13. Module 9: Property, Plant, and Equipment
    1. Why It Matters: Property, Plant, and Equipment

    2. Introduction to Plant Assets

    3. Capitalization versus Expensing

    4. Determining Total Cost

    5. Journalize Purchases of Plant Assets

    6. Introduction to Depreciation Expense

    7. Define Depreciation

    8. Straight-Line Method

    9. Accelerated Methods

    10. Units-of-Production Method

    11. Journalize Depreciation

    12. Book Value

    13. Practice: Depreciation Expense

    14. Introduction to Journalizing Asset Disposal

    15. Asset Retirement

    16. Asset Sale

    17. Practice: Asset Sale

    18. Asset Exchange

    19. Introduction to Reporting PP&E

    20. Classified Balance Sheet

    21. Disclosures Related to Plant Assets

    22. Putting It Together: Property, Plant, and Equipment

    23. Discussion: Cooking the Books

    24. Assignment: Property, Plant, and Equipment

  14. Module 10: Other Assets
    1. Why It Matters: Other Assets

    2. Introduction to Natural Resources

    3. Natural Resources and Depletion

    4. Compute Depletion

    5. Journalizing Adjusting Entries for Depletion

    6. Practice: Natural Resources

    7. Introduction to Intangible Assets

    8. Goodwill, Patents, and Other Intangible Assets

    9. Amortization

    10. Journalizing Entries for Amortization

    11. Practice: Intangible Assets

    12. Introduction to Other Current and Noncurrent Assets

    13. Short-Term Investments

    14. Long-Term Investments

    15. Other Current and Noncurrent Assets, Including Notes Receivable

    16. Introduction to Reporting Other Assets

    17. Reporting Natural Resources

    18. Reporting Intangible Assets

    19. Reporting Other Current and Noncurrent Assets

    20. Putting it Together: Other Assets

    21. Discussion: Other Assets

    22. Assignment: Other Current and Noncurrent Assets

  15. Module 11: Current Liabilities
    1. Why It Matters: Current Liabilities

    2. Introduction to Current Liabilities

    3. Examples of Current Liabilities

    4. Accounting for Current Liabilities

    5. Introduction to Accounts Payable

    6. Accounts Payable

    7. Subsidiary Ledgers and Controls

    8. Introduction to Payroll

    9. Payroll Transactions

    10. Payroll Journal Entries

    11. Practice: Payroll Journal Entries

    12. Introduction to Other Current Liabilities

    13. Product Warranties

    14. Practice: Accounting for Current Liabilities/Product Warranties

    15. Contingent Liabilities

    16. Practice: Contingent Liabilities

    17. Introduction to Reporting Current Liabilities

    18. Financial Statement Presentation

    19. Disclosures

    20. Putting it Together: Current Liabilities

    21. Discussion: Current Liabilities

    22. Assignment: Calculating Payroll at Kipley Co

  16. Module 12: Non-Current Liabilities
    1. Why It Matters: Non-Current Liabilities

    2. Introduction to Long-term Financing

    3. Long-Term Financing Options

    4. Entries Related to Notes Payable

    5. Time Value of Money

    6. Introduction to Bonds Payable

    7. Types of Bonds

    8. Issue Bonds

    9. Bond Valuation

    10. Amortizing Premiums and Discounts

    11. Effective Interest Rate

    12. Introduction to Leases

    13. Finance and Operating Leases

    14. Journal Entries

    15. Introduction to Reporting Long-Term Liabilities

    16. Financial Statement Presentation

    17. Disclosures

    18. Putting it Together: Non-Current Liabilities

    19. Discussion: Off-Balance Sheet Financing

    20. Assignment: Non-Current Liabilities

  17. Module 13: Accounting for Corporations
    1. Why It Matters: Accounting for Corporations

    2. Introduction to Corporations

    3. Forming a Corporation

    4. Characteristics of Corporations

    5. Categories of Corporations

    6. Corporate Benefits and Limitations

    7. Introduction to Capital Stock Transactions

    8. Issuing Stock

    9. Common and Preferred Stock

    10. Treasury Stock

    11. Introduction to Distribution of Earnings

    12. Dividends

    13. Stock Dividends

    14. Stock Splits

    15. Introduction to Financial Statement Presentation

    16. Balance Sheet Presentation

    17. Statement of Stockholders’ Equity

    18. Putting It Together: Accounting for Corporations

    19. Discussion: Home Depot

    20. Assignment: Collins Mfg Stockholders’ Equity

  18. Module 14: Statement of Cash Flows
    1. Why it Matters: Statement of Cash Flows

    2. Introduction to Statement of Cash Flows

    3. Purpose of the Statement of Cash Flows

    4. Elements of the Statement of Cash Flows

    5. Practice: Elements of the Statement of Cash Flows

    6. Direct and Indirect Methods Compared

    7. Cash Flows from Operations (Direct Method)

    8. Introduction to Indirect Method of Preparing a Statement of Cash Flows

    9. Cash Flows from Operations (Indirect Method)

    10. Cash Flows from Investing

    11. Cash Flows From Financing

    12. Introduction to Preparing a Statement of Cash Flows

    13. Preparing a Statement of Cash Flows

    14. Practice: Preparing a Statement of Cash Flows

    15. Using a Worksheet (Indirect Method)

    16. Non-Cash Activities and other Required Disclosures

    17. Putting It Together: Statement of Cash Flows

    18. Discussion: Facebook, Inc.

    19. Assignment: Kachina Sports Company Cash Flows

  19. Module 15: Financial Statement Analysis
    1. Why It Matters: Financial Statement Analysis

    2. Introduction to Objectives of Financial Statement Analysis

    3. Financial Statement Analysis Defined

    4. Sources of Information

    5. Introduction to Liquidity Measures

    6. Working Capital

    7. Current Ratio

    8. Quick Ratio/Acid-Test Ratio

    9. Cash Turnover Ratio

    10. Introduction to Operating Efficiency Measures

    11. Inventory Turnover

    12. Accounts Receivable Turnover

    13. Asset Turnover

    14. Introduction to Measures of Profitability

    15. Return on Assets

    16. Return on Equity

    17. Gross and Net Profit

    18. Earnings Per Share and Price-Earnings Ratio

    19. Dividend Payout Ratio

    20. Free Cash Flow

    21. Introduction to Measures of Solvency

    22. Debt to Equity Ratio

    23. Debt to Total Assets Ratio

    24. Times Interest Earned

    25. Introduction to Comparative Analysis of Financial Statements

    26. Horizontal Analysis

    27. Vertical Analysis

    28. Practice: Financial Statement Analysis

    29. Putting it Together: Financial Statement Analysis

    30. Discussion: Financial Statement Analysis

    31. Assignment: Coca Cola FSA

PowerPoints

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A full set of PowerPoint decks is provided for download below. All decks are tightly aligned to the modules in this course. Since they are openly licensed, you are welcome to retain, reuse, revise, remix, and redistribute as desired.

These PowerPoint files are accessible. If you do revise them, make sure to follow these guidelines for creating accessible PowerPoints.

Use the following link to download all PowerPoint decks in a single .zip file (30.5 MB), or download each individual deck below:

  • Module 0: Personal Accounting
  • Module 1: The Role of Accounting in Business
  • Module 2: Accounting Principles
  • Module 3: Recording Business Transactions
  • Module 4: Completing the Accounting Cycle
  • Module 5: Accounting for Cash
  • Module 6: Receivables and Revenue
  • Module 7: Merchandising Operations
  • Module 8: Inventory Valuation Methods
  • Module 9: Property, Plant, and Equipment
  • Module 10: Other Assets
  • Module 11: Current Liabilities
  • Module 12: Non-Current Liabilities
  • Module 13: Accounting for Corporations
  • Module 14: Statement of Cash Flows
  • Module 15: Financial Statement Analysis

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