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Farewell

SUMMARY Here we are – we just hit the end of our journey. It is now time to reflect on what you have learned and celebrate your achievements! If you …

Closing the Books at the End of the Year

This Step In this video, we will guide you through an essential step in financial accounting: how do companies reconcile and summarize thousands of transactions and make sure of their …

The Trial Balance and Adjusting Entries

In this video we will move from the Trial Balance we construct at the end of the period, prior to all the adjustments, towards financial statements. In order to do …

Introducing the Accounting Identity

In this video we introduce the Accounting Identity. The accounting identity is a key criterion and underpinning to the accounting logic. It helps signposting and checking whether we are on …

MediaMax – Part 2 (Solutions)

It is now time to pause, review and reconceptualize what you have done in relation to the MediaMax case (part 2). The video intends to offer you a guidance (ex …

Adjusting Entries at Work

Adjusting entries are accounting journal entries that convert a company’s accounting records to the accrual basis of accounting. An adjusting journal entry is typically made just prior to issuing a …

The Basic Accounting Principles and Guidelines

Basic accounting principles and guidelines govern the field of accounting, on which more detailed and specific accounting rules are based. Here, we describe the main accounting principles that companies must …

Depreciation & Amortization

Depreciation and amortization are used to allocate the cost of buying a long-term asset to its useful life. However, there exists different methods to carry out the depreciation system. In …

MediaMax – Part 1 (solutions)

These last three steps are really one whole activity. Once you have attempted to answer the prior poll (what is the profit/loss) MediaMax realized? you want to make sure to …

Assessing Income: Revenues and Expenses

A fundamental role of accounting is identifying revenues and expenses. These differ from cash inflows and cash outflow and this is a key threshold concept in accounting. Think about the …