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Here are some lessons on more advanced topics:
The Fundamental Accounting Equation
A Simple Balance Sheet and Income Statement
Debits and Credit Transaction Posting Rules
8b. Another Cash Transaction Posting Example
Accounts Payable and Wage Withholding
Prepaid Expenses and Deferred Revenue
Inventory and Cost of Goods Sold
The Lower of Cost or Market Rule
Financial Statement Preparation
16. The Reliability of Financial Statements
Relative Measures of Economic Performance
View Lectures The Pros And Cons Of Computerized Accounting Michael Sack Elmaleh , CPA, CVA Computerized Accounting: The Pros The basic advantage of a computerized accounting system are efficiency and speed. In a manual system receipts and disbursements are initially recorded in registers. This can involve writing a check and then writing a description in […]
Read More...View Lectures Accounting For Product Warranties Michael Sack Elmaleh , CPA, CVA This article discusses accounting for product warranties. The fundamental idea of accrual accounting is that revenues are recognized when the earnings process is complete and not necessarily when the goods or services are paid for. Click here for more on bases of accounting. […]
Read More...View Lectures Michael Sack Elmaleh , CPA, CVA By Jennifer Feldman This article discusses pre-employment accounting tests. Employers have begun to seek out new ways to screen applicants. They have learned that conducting a more intensive hiring process, i.e. one that involves a pre-employment assessment, saves them both time and money in the long term. […]
Read More...View Lectures The Importance Of Professional Integrity In Choosing An Accountant Michael Sack Elmaleh , CPA, CVA This article discusses professional integrity. I was recently asked what to look for in selecting a small business accountant. I initially answered with the obvious “someone with experience in your business area”. But as soon as I gave […]
Read More...View Lectures Limited Or Unlimited Liability Businesses? Michael Sack Elmaleh , CPA, CVA Limited liability businesses include corporations, limited liability companies (LLCs), or limited liability partnerships (LLPs). The owners of limited liability firms personal liability for firm actions is limited to the amount they have invested. Usually such businesses have to be registered or incorporated […]
Read More...View Lectures Michael Sack Elmaleh , CPA, CVA Businesses spend billions of dollars developing new and better products, These outlays are referred to as research and development (R & D) costs. Accounting rule makers have struggled with how best to classify such expenditures. Should they be treated as expenses or assets? Whether an outlay is […]
Read More...View Lectures Michael Sack Elmaleh , CPA, CVA This article discusses the treatment of corporate restructurings as extraordinary losses. GAAP rule makers allow management to distinguish between ordinary versus extraordinary gains and losses reported on income statements. The idea behind separating the extraordinary from ordinary results is that such a separation will give statement […]
Read More...View Lectures Common Accounting Frauds Michael Sack Elmaleh , CPA, CVA Accrual accounting provides many opportunities for unscrupulous managers or employees to commit fraud. Here are some of the more common accounting frauds. Accounts Receivable Frauds The accounts receivable balance that shows up in the asset section of a balance sheet is almost always an […]
Read More...View Lectures Operating vs. Capital Leases The purpose of the balance sheet is to enumerate the assets and liabilities of the firm as of a fixed point in time (usually the end of the fiscal or calendar year). Now certain liabilities are easy to identify and value: trade payables, wage withholdings, notes payable and lines […]
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