BUS 251 Financial Accounting I.
Learn each idea step by step, then work through a full exam-style question with the problem solver.Follows Burnley, Understanding Financial Accounting (Canadian edition).
Recording transactions
Statements and the accounting equation
The three business activities, A = L + E, recording a month transaction by transaction, and how the four statements link.
Open the toolProblem solver: a year in the A = L + E template
A year of transactions solved together: every line of the question explained, the A = L + E template to fill in and check row by row, then the four statements. Sixty more questions at three levels, with Regenerate.
Solve it togetherDebits, 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 toolThe accounting cycle
The accounting cycle, start to finish
One company through a whole month: source documents, journal, ledger, trial balance, adjusting entries, statements, closing entries, the post-closing trial balance and the worksheet.
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, receivables and inventory
Revenue 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 toolExam coming up in BUS 251?
Bring your problem sets. We work through them together until every type feels routine.
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