Accounting tools.
The first half of BUS 251, in course order: from A = L + E to inventory costing. Every tool teaches the idea, then drills it with worked questions.
Statements and the accounting equation
The three business activities, A = L + E, recording a month transaction by transaction, and how the four statements link.
Start hereDebits, credits and the trial balance
Normal balances, analysing a transaction, journal entries, posting to T-accounts, and what a trial balance can and cannot catch.
Open the toolAdjusting entries
Accrual versus cash basis, prepaid expenses, depreciation, unearned revenue, accrued revenue and expenses, and what goes wrong if you forget one.
Open the toolClosing the books
The full accounting cycle on one small company: adjusted trial balance, statements, closing entries and the post-closing trial balance.
Open the toolRevenue recognition and the statement of income
The five-step model, allocating a bundled price, point in time versus over time, and building a multi-step statement of income.
Open the toolCash and receivables
Internal control, the bank reconciliation, the allowance for expected credit losses, write-offs, recoveries and collection ratios.
Open the toolInventory
Perpetual and periodic systems, FIFO and weighted-average, lower of cost or NRV, inventory errors and turnover ratios.
Open the toolMidterm practice
Mixed questions from every tool above, with fresh numbers every time, plus a one-page formula sheet for the night before.
Open the toolStuck on a chapter these tools do not cover yet?
Tell us which one. The second half (long-term assets, liabilities, equity, cash flows) is next on the list.
Questions, answered.
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