RSM219H1

U of T

Course Overview

Lessons & Practice

I. Welcome

1. Introduction to Financial Accounting

11min

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. International Financial Reporting Standards (IFRS)47 sec

2. Financial Statements

1.7hr

2.1.1. The Purpose of an Income Statement4 min

2.2.1. Revenues3 min

2.2.2. Example1 min

2.2.3. Practice31 sec

2.2.4. Practice1 min

2.3.1. Expenses1 min

2.3.3. Practice

2.3.4. Practice1 min

2.4.1. Net Income and Earnings per Share2 min

2.4.2. Example2 min

2.4.3. Practice3 min

2.4.4. Practice5 min

2.5.1. Preparing the Income Statement

2.5.2. Example7 min

2.5.3. Practice6 min

2.6.1. The Purpose of a Balance Sheet33 sec

2.7.1. Assets58 sec

2.7.2. Types of Assets5 min

2.7.3. Asset Classification2 min

2.7.4. Example1 min

2.7.5. Practice2 min

2.8.1. Liabilities25 sec

2.8.2. Liability Classification58 sec

2.8.3. Types of Liabilities3 min

2.8.4. Example2 min

2.8.5. Practice54 sec

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

2.9.2. Practice2 min

2.10.1. Preparing the Balance Sheet3 min

2.10.2. Example13 min

2.10.3. Practice5 min

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

2.11.2. Example6 min

2.11.3. Practice6 min

2.12.1. The Purpose of a Statement of Cash Flows56 sec

2.13.1. Cash Flow Classification2 min

2.13.2. Example1 min

2.13.3. Practice2 min

2.13.4. Practice1 min

3. Transaction Analysis

1.9hr

3.1.1. Qualitative Characteristics of Accounting Information2 min

3.1.2. Accounting Assumptions2 min

3.1.3. Accounting Principles52 sec

3.1.4. Practice2 min

3.2.1. The Accounting Cycle38 sec

3.3.1. Accounts33 sec

3.3.2. Naming Accounts4 min

3.3.3. Practice5 min

3.4.1. Business Transactions1 min

3.4.2. Practice2 min

3.5.1. The Accounting Equation2 min

3.5.2. The Expanded Accounting Equation2 min

3.5.3. Practice4 min

3.6.1. Debits and Credits3 min

3.6.2. Example5 min

3.6.3. Practice5 min

3.6.4. Practice3 min

3.7.1. Journal Entries1 min

3.7.2. Example5 min

3.7.3. Practice3 min

3.8.1. Issuing Shares3 min

3.8.2. Declaring and Paying Dividends2 min

3.8.3. Example2 min

3.8.4. Example2 min

3.8.5. Practice1 min

3.8.6. Practice2 min

3.9.1. Journalizing Revenues4 min

3.9.2. Example5 min

3.9.3. Practice3 min

3.9.4. Practice (Challenging)3 min

3.10.1. Journalizing Expenses2 min

3.10.2. Example4 min

3.10.3. Practice3 min

3.11.1. T-Accounts3 min

3.11.2. Example4 min

3.11.3. Practice4 min

3.11.4. Practice (Challenging)5 min

3.12.1. Trial Balance54 sec

3.12.2. Unadjusted Trial Balance1 min

3.12.3. Example10 min

3.12.4. Practice

4. The Year Ended Process

1.8hr

4.I. The Adjustment Process60 sec

4.1.1. Accrual Basis vs Cash Basis Accounting60 sec

4.1.2. The Fiscal Year44 sec

4.2.1. How to Write an Adjusting Journal Entry3 min

4.2.2. Example4 min

4.2.3. Practice2 min

4.3.1. Accrued Expenses3 min

4.3.2. Example5 min

4.3.3. Practice2 min

4.3.4. Practice (Challenging)7 min

4.4.1. Deferred Expenses2 min

4.4.2. Example7 min

4.4.3. Practice3 min

4.4.4. Practice (Challenging)6 min

4.5.1. Accrued Revenues55 sec

4.5.2. Example2 min

4.5.3. Practice4 min

4.6.1. Deferred Revenues52 sec

4.6.2. Example4 min

4.6.3. Practice1 min

4.7.1. The Adjusted Trial Balance2 min

4.8.1. Preparing the Financial Statements2 min

4.8.3. Practice

4.9.1. Temporary and Permanent Accounts2 min

4.9.2. Closing Entries4 min

4.9.3. Post-Closing Trial Balance1 min

4.9.4. Example7 min

4.9.5. Practice6 min

4.10.1. Current Ratio2 min

4.10.2. Example55 sec

4.10.3. Practice2 min

4.11.1. Asset Turnover Ratio1 min

4.11.2. Example2 min

4.11.3. Practice2 min

4.12.1. Return on Assets2 min

4.12.2. Example2 min

4.12.3. Practice2 min

4.13.1. Return on Equity1 min

4.13.2. Example1 min

4.13.3. Practice1 min

4.14.1. Gross Profit Margin1 min

4.14.2. Profit Margin1 min

4.14.3. Example2 min

4.14.4. Practice1 min

5. Internal Control and Cash

35min

5.1.1. Internal Control2 min

5.1.2. Control Activities

5.2.1. Bank Reconciliation9 min

5.2.2. Example13 min

5.2.3. Practice11 min

6. Inventory

2.8hr

6.1.1. Merchandising Operations2 min

6.2.1. Perpetual Inventory System1 min

6.3.1. Recording Purchases (Perpetual)4 min

6.3.2. Example2 min

6.3.3. Practice4 min

6.4.1. Purchase Discounts (Perpetual)3 min

6.4.2. Example3 min

6.4.3. Practice5 min

6.5.1. Purchase Returns and Allowances (Perpetual)2 min

6.5.2. Example5 min

6.5.3. Practice3 min

6.6.1. Recording Sales (Perpetual)5 min

6.6.2. Example1 min

6.6.3. Practice5 min

6.7.1. Periodic Inventory System47 sec

6.8.1. Recording Purchases (Periodic)4 min

6.8.2. Example2 min

6.8.3. Practice4 min

6.9.1. Purchase Discounts (Periodic)3 min

6.9.2. Example2 min

6.9.3. Practice4 min

6.10.1. Purchase Returns and Allowances (Periodic)2 min

6.10.2. Example5 min

6.10.3. Practice3 min

6.11.1. Recording Sales (Periodic)2 min

6.11.2. Example3 min

6.11.3. Practice4 min

6.12.1. Recording Cost of Goods Sold (Periodic)2 min

6.12.2. Example3 min

6.12.3. Practice4 min

6.13.1. Inventory2 min

6.14.1. Specific Identification1 min

6.14.2. Example3 min

6.14.3. Practice5 min

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

6.15.2. Example8 min

6.15.3. Practice4 min

6.16.1. Average Cost Method (Perpetual Inventory)3 min

6.16.2. Example9 min

6.16.3. Practice6 min

6.17.1. Average Cost Method (Periodic Inventory)1 min

6.17.2. Example5 min

6.17.3. Practice4 min

6.18.1. Effects of Costing Methods on Financial Position2 min

6.18.2. Practice3 min

6.19.1. Inventory Costing Methods3 min

6.19.2. Practice56 sec

6.20.1. Lower of Cost and Net Realizable Value3 min

6.20.2. Example4 min

6.20.3. Practice2 min

6.21.1. Inventory Turnover Ratio and Average Days to Sell2 min

6.21.2. Example2 min

6.21.3. Practice3 min

7. Receivables

53min

7.1.1. Accounts Receivable1 min

7.2.1. Allowance for Doubtful Accounts4 min

7.3.1. Writing-off Accounts1 min

7.3.2. Example39 sec

7.3.3. Practice27 sec

7.4.1. Recovering Written-off Accounts56 sec

7.4.2. Example51 sec

7.4.3. Practice38 sec

7.5.1. Percentage of Receivables Method1 min

7.5.2. Example4 min

7.5.3. Example4 min

7.5.4. Practice3 min

7.5.5. Practice16 min

7.6.1. Percentage of Credit Sales Method1 min

7.6.2. Example3 min

7.6.3. Practice3 min

7.7.1. Receivables Turnover Ratio and Average Collection Period3 min

7.7.2. Example3 min

7.7.3. Practice4 min

8. Financial Statement Analysis

1.2hr

8.1.1. Horizontal Analysis30 sec

8.1.2. Example1 min

8.1.3. Practice42 sec

8.2.1. Vertical Analysis53 sec

8.2.2. Example1 min

8.2.3. Example46 sec

8.2.4. Practice52 sec

8.2.5. Practice48 sec

8.3.1. Ratio Analysis1 min

8.3.2. Practice1 min

8.4.1. Receivables Turnover Ratio and Average Collection Period3 min

8.4.2. Practice1 min

8.5.1. Inventory Turnover Ratio and Average Days to Sell2 min

8.5.2. Practice1 min

8.6.1. Practice35 sec

8.7.1. Times-interest-earned Ratio1 min

8.7.2. Practice3 min

8.8.1. Gross Profit Margin1 min

8.8.2. Profit Margin1 min

8.8.3. Example2 min

8.8.4. Practice1 min

8.9.1. Return on Equity1 min

8.9.2. Example1 min

8.9.3. Practice1 min

8.10.1. Return on Assets1 min

8.10.2. Example2 min

8.10.3. Practice2 min

8.11.1. Earnings per Share1 min

8.11.2. Earnings per Share1 min

8.11.3. Earnings per Share2 min

8.12.1. Price-Earnings Ratio2 min

8.12.2. Practice1 min

8.13.1. Payout Ratio51 sec

8.13.2. Practice43 sec

8.14.1. Dividend Yield1 min

8.14.2. Practice1 min

8.15.1. Asset Turnover Ratio1 min

8.15.2. Example2 min

8.15.3. Practice2 min

8.16.1. Current Ratio2 min

8.16.2. Practice2 min

8.17.1. Quick Ratio (Acid Test)49 sec

8.17.2. Practice2 min

8.18.1. Cash Ratio56 sec

8.18.2. Practice49 sec

8.19.1. Cash Current Debt Coverage2 min

8.19.2. Practice1 min

8.20.1. Debt-to-Asset Ratio59 sec

8.20.2. Practice2 min

8.21.1. Cash Total Debt Coverage60 sec

8.21.2. Practice

8.22.1. Cash Coverage Ratio2 min

8.22.2. Practice

8.23.1. Net Free Cash Flow46 sec

8.23.2. Example1 min

8.23.3. New Practice Question1 min

9. Long-Term Assets

2.1hr

9.1.1. Property, Plant & Equipment1 min

9.2.1. Intangible Assets1 min

9.3.1. Acquisition Cost1 min

9.3.2. Example2 min

9.3.3. Practice1 min

9.4.1. Basket Purchases3 min

9.4.2. Example4 min

9.4.3. Practice5 min

9.5.1. Capital Expenditures vs Operating Expenses2 min

9.5.2. Example2 min

9.5.3. Practice

9.5.4. Practice2 min

9.6.1. Depreciation and Amortization4 min

9.6.2. Amortization Table44 sec

9.7.1. Straight-Line Method2 min

9.7.2. Example5 min

9.7.3. Example3 min

9.7.4. Practice3 min

9.7.5. Practice2 min

9.8.1. Double-Declining Balance Method4 min

9.8.2. Example2 min

9.8.3. Practice2 min

9.8.4. Practice6 min

9.9.1. Units of Production Method3 min

9.9.2. Example2 min

9.9.3. Practice2 min

9.9.4. Practice2 min

9.10.1. Changes in Estimates2 min

9.10.2. Example3 min

9.10.3. Example3 min

9.10.4. Practice5 min

9.10.5. Practice (Challenging)5 min

9.11.1. Disposal of Assets2 min

9.11.2. Example4 min

9.11.3. Practice6 min

9.12.1. Asset Impairment2 min

9.12.2. Example4 min

9.12.3. Practice3 min

9.13.1. Goodwill3 min

9.13.2. Example6 min

9.13.3. Example

9.13.4. Practice1 min

9.13.5. Practice3 min

9.14.1. Fixed Asset Turnover Ratio41 sec

9.14.2. Example2 min

9.14.3. Practice4 min

10. Current Liabilities

1.6hr

10.1.1. Accounts Payable2 min

10.1.2. Notes Payable3 min

10.1.3. Example5 min

10.1.4. Practice5 min

10.2.1. Current Portion of Long-term Debt2 min

10.2.2. Example4 min

10.2.3. Practice3 min

10.3.1. Uncertain Liabilities2 min

10.4.1. Warranties4 min

10.4.2. Example3 min

10.4.3. Practice2 min

10.4.4. Practice2 min

10.5.1. Payroll Liabilities5 min

10.5.2. Example4 min

10.5.3. Practice7 min

10.6.1. Sales Tax Liabilities3 min

10.6.2. Example3 min

10.6.3. Example3 min

10.6.4. Practice3 min

10.7.1. What is Deferred Income Tax?6 min

10.7.2. Example2 min

10.7.3. Practice6 min

10.7.4. Example7 min

10.7.5. Practice4 min

10.7.6. Practice7 min

Midterm Exam Overview

Course Notes

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

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