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 …
Course: Introduction to Financial Accounting
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 …
Towards Financial Statements: Income Statement and Balance Sheet
This video is the last leg of activity 3 in week 3. It is fairly lengthy and you may want to consider pausing towards min 10, after all the adjustments …
Accounting for Accruals and Deferrals at the End of the Period
In this video we tackle the fundamental accounting problem of deferrals and accruals identified at the end of the period. We will continue building on the Food-on-the-Go case in order …
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 …
Recording Transactions with Double Entry Bookkeeping
And now let’s see double entry bookkeeping system in action: recording transactions using the accounting method!
The Accounting Method: Double Entry Bookkeeping (Part 2)
Now that you have finished viewing two videos on double entry bookkeeping system, you may wonder why we always need two ‘aspects’ or sides to be taken into account. Why …
The Accounting Method: Double Entry Bookkeeping (Part 1)
In Week 2 we focused on how to measure performance and the substantial aspect of valuation and recognition of revenues and expenses. In Week 3 we will finally embrace the …
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 …
