ACCT*1220

University of Guelph

Course Overview

Lessons & Practice

I. Welcome

1. Financial Statements: The purpose and Use

1.8hr

1.1.1. What is Financial Accounting?29 sec

1.2.1. Users of Financial Accounting2 min

1.3.1. Sole-Proprietorship1 min

1.3.2. Partnerships2 min

1.3.3. Corporations2 min

1.3.4. Practice1 min

1.4.1. The Purpose of an Income Statement4 min

1.5.1. Revenues3 min

1.5.2. Example1 min

1.5.3. Practice31 sec

1.5.4. Practice1 min

1.6.1. Expenses1 min

1.6.2. Practice

1.6.3. Practice1 min

1.7.1. Net Income and Earnings per Share2 min

1.7.2. Example2 min

1.7.3. Practice3 min

1.7.4. Practice5 min

1.8.1. Preparing the Income Statement

1.8.2. Example7 min

1.8.3. Practice6 min

1.9.1. The Purpose of a Balance Sheet33 sec

1.10.1. Assets58 sec

1.10.2. Types of Assets5 min

1.10.3. Asset Classification2 min

1.10.4. Example1 min

1.10.5. Practice2 min

1.11.1. Liabilities25 sec

1.11.2. Liability Classification58 sec

1.11.3. Types of Liabilities3 min

1.11.4. Example2 min

1.11.5. Practice54 sec

1.12.1. Shareholders' Equity (Owners' Equity)2 min

1.12.2. Practice2 min

1.13.1. Preparing the Balance Sheet3 min

1.13.2. Example13 min

1.13.3. Practice5 min

1.14.1. The Purpose of a Statement of Changes in Equity2 min

1.14.2. Example6 min

1.14.3. Practice6 min

1.15.1. The Purpose of a Statement of Cash Flows56 sec

1.16.1. Cash Flow Classification2 min

1.16.2. Example1 min

1.16.3. Practice2 min

1.16.4. Practice1 min

2. Recording Business Transactions

1.9hr

2.1.1. Qualitative Characteristics of Accounting Information2 min

2.1.2. Accounting Assumptions2 min

2.1.3. Accounting Principles52 sec

2.1.4. Practice2 min

2.2.1. The Accounting Cycle38 sec

2.3.1. Accounts33 sec

2.3.2. Naming Accounts4 min

2.3.3. Practice5 min

2.4.1. Business Transactions1 min

2.4.2. Practice2 min

2.5.1. The Accounting Equation2 min

2.5.2. The Expanded Accounting Equation2 min

2.5.3. Practice4 min

2.6.1. Debits and Credits3 min

2.6.2. Example5 min

2.6.3. Practice5 min

2.6.4. Practice3 min

2.7.1. Journal Entries1 min

2.7.2. Example5 min

2.7.3. Practice3 min

2.8.1. Issuing Shares3 min

2.8.2. Declaring and Paying Dividends2 min

2.8.3. Example2 min

2.8.4. Example2 min

2.8.5. Practice1 min

2.8.6. Practice2 min

2.9.1. Journalizing Revenues4 min

2.9.2. Example5 min

2.9.3. Practice3 min

2.9.4. Practice (Challenging)3 min

2.10.1. Journalizing Expenses2 min

2.10.2. Example4 min

2.10.3. Practice3 min

2.11.1. T-Accounts3 min

2.11.2. Example4 min

2.11.3. Practice4 min

2.11.4. Practice (Challenging)5 min

2.12.1. Trial Balance54 sec

2.12.2. Unadjusted Trial Balance1 min

2.12.3. Example10 min

2.12.4. Practice (Video coming soon!)

3. Accrual Accounting and The Financial Statements

1.3hr

3.1.1. Accrual Basis vs Cash Basis Accounting60 sec

3.1.2. The Fiscal Year44 sec

3.2.1. How to Write an Adjusting Journal Entry3 min

3.2.2. Example4 min

3.2.3. Practice2 min

3.3.1. Accrued Expenses3 min

3.3.2. Example5 min

3.3.3. Practice2 min

3.3.4. Practice (Challenging)7 min

3.4.1. Deferred Expenses2 min

3.4.2. Example7 min

3.4.3. Practice3 min

3.4.4. Practice (Challenging)6 min

3.5.1. Accrued Revenues55 sec

3.5.2. Example2 min

3.5.3. Practice4 min

3.6.1. Deferred Revenues52 sec

3.6.2. Example4 min

3.6.3. Practice1 min

3.7.1. The Adjusted Trial Balance2 min

3.8.1. Preparing the Financial Statements2 min

3.9.1. Temporary and Permanent Accounts2 min

3.9.2. Closing Entries4 min

3.9.3. Post-Closing Trial Balance1 min

3.9.4. Example7 min

3.9.5. Practice6 min

4. Cash and Receivables

1.7hr

4.1.1. Bank Reconciliation9 min

4.1.2. Example13 min

4.1.3. Practice11 min

4.2.1. Accounts Receivable1 min

4.3.1. Allowance for Doubtful Accounts4 min

4.4.1. Writing-off Accounts1 min

4.4.2. Example39 sec

4.4.3. Practice27 sec

4.5.1. Recovering Written-off Accounts56 sec

4.5.2. Example51 sec

4.5.3. Practice38 sec

4.6.1. Percentage of Receivables Method1 min

4.6.2. Example4 min

4.6.3. Example4 min

4.6.4. Practice3 min

4.6.5. Practice16 min

4.7.1. Percentage of Sales Method1 min

4.7.2. Example3 min

4.7.3. Practice3 min

4.8.1. Receivables Turnover Ratio and Average Collection Period3 min

4.8.2. Example3 min

4.8.3. Practice4 min

4.9.1. Notes Receivable1 min

4.9.2. Example1 min

4.9.3. Practice1 min

4.10.1. Collecting a Note Receivable3 min

4.10.2. Example2 min

4.10.3. Practice3 min

4.11.1. Uncollected Notes Receivable52 sec

4.11.2. Example2 min

4.11.3. Practice2 min

5. Inventory and Cost of Goods Sold

2.2hr

5.1.1. Merchandising Operations2 min

5.2.1. Perpetual Inventory System1 min

5.3.1. Recording Purchases (Perpetual)4 min

5.3.2. Example2 min

5.3.3. Practice4 min

5.4.1. Purchase Discounts (Perpetual)3 min

5.4.2. Example3 min

5.4.3. Practice5 min

5.5.1. Purchase Returns and Allowances (Perpetual)2 min

5.5.2. Example5 min

5.5.3. Practice3 min

5.6.1. Recording Sales (Perpetual)5 min

5.6.2. Example1 min

5.6.3. Practice5 min

5.7.1. Sales Discounts (Video coming soon!)2 min

5.7.2. Example3 min

5.7.3. Practice8 min

5.8.1. Sales Returns and Allowances4 min

5.8.2. Example4 min

5.8.3. Practice4 min

5.9.1. Inventory2 min

5.10.1. Specific Identification1 min

5.10.2. Example3 min

5.10.3. Practice5 min

5.11.1. First-in, First-out (FIFO)45 sec

5.11.2. Example8 min

5.11.3. Practice4 min

5.12.1. Last-in, First-out (LIFO)43 sec

5.12.2. Example6 min

5.12.3. Practice4 min

5.13.1. Average Cost Method (Perpetual Inventory)3 min

5.13.2. Example9 min

5.13.3. Practice6 min

5.14.1. Inventory Costing Methods3 min

5.14.2. Practice56 sec

5.15.1. Inventory Turnover Ratio and Average Days to Sell2 min

5.15.2. Example2 min

5.15.3. Practice3 min

6. Property, Plant and Equipment and Intangible Assets

2.2hr

6.1.1. Property, Plant & Equipment1 min

6.2.1. Intangible Assets1 min

6.3.1. Acquisition Cost1 min

6.3.2. Example2 min

6.3.3. Practice1 min

6.3.4. Self-Constructed Assets (*Coming soon)

6.4.1. Basket Purchases3 min

6.4.2. Example4 min

6.4.3. Practice5 min

6.5.1. Assets Purchased with Zero-interest Note2 min

6.5.2. Example2 min

6.5.3. Practice1 min

6.5.4. Present Value of $1 Factor Table

6.6.1. Capital Expenditures vs Operating Expenses2 min

6.6.2. Example2 min

6.6.3. Practice

6.6.4. Practice2 min

6.7.1. Depreciation and Amortization4 min

6.7.2. Amortization Table44 sec

6.8.1. Straight-Line Method2 min

6.8.2. Example5 min

6.8.3. Example3 min

6.8.4. Practice3 min

6.8.5. Practice2 min

6.9.1. Double-Declining Balance Method4 min

6.9.2. Example2 min

6.9.3. Practice2 min

6.9.4. Practice6 min

6.10.1. Units of Production Method3 min

6.10.2. Example2 min

6.10.3. Practice2 min

6.10.4. Practice2 min

6.11.1. Changes in Estimates2 min

6.11.2. Example3 min

6.11.3. Example3 min

6.11.4. Practice5 min

6.11.5. Practice (Challenging)5 min

6.12.1. Disposal of Assets2 min

6.12.2. Example4 min

6.12.3. Practice6 min

6.13.1. Asset Impairment2 min

6.13.2. Example4 min

6.13.3. Practice3 min

6.14.1. Goodwill3 min

6.14.2. Example6 min

6.14.3. Example

6.14.4. Practice1 min

6.14.5. Practice3 min

6.15.1. Fixed Asset Turnover Ratio41 sec

6.15.2. Example2 min

6.15.3. Practice4 min

7. Liabilities

5hr

7.1.1. Accounts Payable2 min

7.1.2. Notes Payable3 min

7.1.3. Example5 min

7.1.4. Practice5 min

7.2.1. Current Portion of Long-term Debt2 min

7.2.2. Example4 min

7.2.3. Practice3 min

7.3.1. Uncertain Liabilities2 min

7.4.1. Payroll Liabilities5 min

7.4.2. Example4 min

7.4.3. Practice7 min

7.5.1. Payroll Liabilities7 min

7.5.2. Example17 min

7.5.3. Practice14 min

7.6.1. Sales Tax Liabilities3 min

7.6.2. Example3 min

7.6.3. Example3 min

7.6.4. Practice3 min

7.7.1. Warranties4 min

7.7.2. Example3 min

7.7.3. Practice2 min

7.7.4. Practice2 min

7.8.1. What is Deferred Income Tax?6 min

7.8.2. Example2 min

7.8.3. Practice6 min

7.8.4. Example7 min

7.8.5. Practice4 min

7.8.6. Practice7 min

7.12.1. What is a Bond?4 min

7.12.2. Coupon Payments3 min

7.12.3. Practice2 min

7.13.1. Bond Pricing7 min

7.13.2. Recording a Bond Issuance2 min

7.13.3. Example3 min

7.13.4. Example4 min

7.13.5. Example1 min

7.13.6. Practice9 min

7.13.7. Present Value Factor Tables

7.14.1. Interest Expense2 min

7.14.2. Bond Amortization Table3 min

7.14.3. Example6 min

7.14.4. Example6 min

7.14.5. Practice5 min

7.14.6. Practice5 min

7.15.1. Recording a Coupon Payment2 min

7.15.2. Example2 min

7.15.3. Example1 min

7.15.4. Example2 min

7.15.5. Practice3 min

7.15.6. Practice3 min

7.15.7. Practice1 min

7.16.1. Journal Entry: Interest Accrual5 min

7.16.2. Example5 min

7.16.3. Example5 min

7.16.4. Practice5 min

7.16.5. Practice3 min

7.17.1. Retirement of Bonds at Maturity46 sec

7.17.2. Example1 min

7.17.3. Practice41 sec

7.18.1. Bond Early Redemption6 min

7.18.2. Example17 min

7.18.3. Example4 min

7.18.4. Practice5 min

7.18.5. Practice17 min

7.19.1. Times-interest-earned Ratio1 min

7.19.2. Example1 min

7.19.3. Practice3 min

7.20.1. Debt-to-Asset Ratio59 sec

7.20.2. Example2 min

7.20.3. Practice2 min

7.21.1. Bonds on the Balance Sheet1 min

7.21.2. Example8 min

7.21.3. Practice

7.22.1. Bonds on the Income Statement1 min

7.22.2. Example3 min

7.22.3. Practice4 min

8. Shareholders' Equity

1.6hr

8.1.1. Benefits of Share Ownership1 min

8.2.1. Common Shares3 min

8.2.2. Preferred Shares3 min

8.2.3. Practice56 sec

8.3.1. Status of Shares3 min

8.4.1. Issuing No-Par Value Shares1 min

8.4.2. Example3 min

8.4.3. Practice2 min

8.5.1. Issuing Par Value Shares2 min

8.5.2. Example2 min

8.5.3. Practice1 min

8.6.1. Why do Companies Repurchase Shares?2 min

8.7.1. Retiring No-Par Value Shares2 min

8.7.2. Example4 min

8.7.3. Practice4 min

8.8.1. Retiring Par-value Shares3 min

8.8.2. Example1 min

8.8.3. Practice4 min

8.9.1. Treasury Shares2 min

8.9.2. Example1 min

8.9.3. Practice2 min

8.10.1. Dividends44 sec

8.10.2. Dividend Dates4 min

8.10.3. Practice

8.11.1. Cash Dividends1 min

8.11.2. Example2 min

8.11.3. Example3 min

8.11.4. Practice5 min

8.12.1. Stock Dividends2 min

8.12.2. Example3 min

8.12.3. Example2 min

8.12.4. Practice2 min

8.12.5. Practice2 min

8.13.1. Stock Splits2 min

8.13.2. Example2 min

8.13.3. Practice2 min

8.13.4. Practice1 min

8.14.1. Dividend Yield1 min

8.14.2. Example48 sec

8.14.3. Practice1 min

8.15.1. Dividend Payout Ratio51 sec

8.15.2. Example46 sec

8.15.3. Practice1 min

8.16.1. Price-Earnings Ratio2 min

8.16.2. Example45 sec

8.16.3. Practice1 min

8.17.1. Earnings per Share1 min

8.17.2. Example1 min

8.17.3. Practice2 min

9. The Statement of Cash Flows

1.6hr

9.1.1. The Cash Flow Statement1 min

9.2.1. Operating Activities (Direct Method)1 min

9.2.2. Example6 min

9.2.3. Practice2 min

9.3.1. Operating Activities (Indirect Method)3 min

9.3.2. Example6 min

9.3.3. Practice5 min

9.4.1. Investing Activities3 min

9.4.2. Example10 min

9.4.3. Practice11 min

9.5.1. Financing Activities2 min

9.5.2. Example8 min

9.5.3. Practice8 min

9.6.1. Complete Cash Flow Statement2 min

9.6.2. Example3 min

9.6.3. Practice4 min

9.7.1. Quality of Earnings Ratio2 min

9.7.2. Example1 min

9.7.3. Practice1 min

9.8.1. Capital Expenditure Ratio1 min

9.8.2. Example1 min

9.8.3. Practice1 min

9.9.1. Free Cash Flow46 sec

9.9.2. Example1 min

9.9.3. Practice1 min

9.10.1. Cash Coverage Ratio2 min

9.10.2. Example1 min

9.10.3. Practice2 min

9.11.1. Cash Current Debt Coverage2 min

9.11.2. Example2 min

9.11.3. Practice1 min

9.12.1. Cash Total Debt Coverage Ratio60 sec

9.12.2. Example1 min

9.12.3. Practice2 min

10. Financial Statement Analysis

1.6hr

10.1.1. Horizontal Analysis30 sec

10.1.2. Example1 min

10.1.3. Practice42 sec

10.2.1. Vertical Analysis53 sec

10.2.2. Example1 min

10.2.3. Example46 sec

10.2.4. Practice52 sec

10.2.5. Practice48 sec

10.3.1. Ratio Analysis1 min

10.3.2. Practice1 min

10.4.1. Gross Profit Margin1 min

10.4.2. Profit Margin1 min

10.4.3. Example2 min

10.4.4. Practice1 min

10.5.1. Asset Turnover Ratio1 min

10.5.2. Example2 min

10.5.3. Practice2 min

10.6.1. Return on Assets2 min

10.6.2. Example3 min

10.6.3. Practice2 min

10.7.1. Return on Equity1 min

10.7.2. Example1 min

10.7.3. Practice1 min

10.8.1. Payout Ratio51 sec

10.8.2. Example46 sec

10.8.3. Practice43 sec

10.9.1. Price-Earnings Ratio2 min

10.9.2. Example45 sec

10.9.3. Practice1 min

10.10.1. Dividend Yield1 min

10.10.2. Example48 sec

10.10.3. Practice1 min

10.11.1. Current Ratio2 min

10.11.2. Example2 min

10.11.3. Practice2 min

10.12.1. Quick Ratio (Acid Test Ratio)49 sec

10.12.2. Example2 min

10.12.3. Practice2 min

10.13.1. Cash Ratio56 sec

10.13.2. Example1 min

10.13.3. Practice49 sec

10.14.1. Receivables Turnover Ratio and Average Collection Period3 min

10.14.2. Example2 min

10.14.3. Practice1 min

10.15.1. Inventory Turnover Ratio and Average Days to Sell2 min

10.15.2. Example2 min

10.15.3. Practice1 min

10.16.1. Cash Current Debt Coverage2 min

10.16.2. Example2 min

10.16.3. Practice1 min

10.17.1. Times Interest Earned Ratio1 min

10.17.2. Example2 min

10.17.3. Practice3 min

10.18.1. Debt-to-Asset Ratio59 sec

10.18.2. Example51 sec

10.18.3. Practice2 min

10.19.1. Debt-to-Equity Ratio39 sec

10.19.2. Example33 sec

10.19.3. Practice35 sec

10.20.1. Cash Total Debt Coverage60 sec

10.20.2. Example1 min

10.20.3. Practice2 min

10.21.1. Cash Coverage Ratio2 min

10.21.2. Example1 min

10.21.3. Practice2 min

10.22.1. Earnings per Share1 min

10.22.2. Example1 min

10.22.3. Practice2 min

10.23.1. Free Cash Flow46 sec

10.23.2. Example1 min

10.23.3. Practice1 min

Mock Exams

ME.1. Midterm Exam 1 - Mock Assessment24 Qns

ME.2. Midterm Exam 2 - Mock Assessment37 Qns

ME.3. Final - Exam-Like Practice Problem Set48 Qns

Midterm Exam 2 Overview

Course Notes

Wizeprep's course notes with hundreds of easy-to-understand explanations, diagrams, and practice problems.

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