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Ch 8: Completing the Operating Cycle in Accounting

About This Chapter

Watch informative video lessons and learn about the required job duties relating to an operating cycle. Take a multiple-choice quiz at the end of each lesson for self-assessment.

Completing the Operating Cycle in Accounting - Chapter Summary and Learning Objectives

Businesses make purchases and then attempt to sell off inventory, turning goods or services into revenue. The parts of this inventory are measured, using multiple variables, within a given period between acquisition and cash realization, also known as an operating cycle. To make accurate calculations, there are vital accounting steps that must be taken.

The lessons in this chapter examine each element of the process that will ensure competent, thorough and accurate accounting when completing the operating cycle. Take a short quiz following every lesson to measure how well you have learned the material and contact an instructor with any questions. These lessons cover such information as:

  • The effects of capitalizing & expensing
  • How to account for different types of taxes
  • What environmental liabilities are
  • Different elements of employee compensation

Video Objective
Accounting for Employee Compensation: Payroll, Leave & Bonuses Examine the variables relating to employee compensation and accounting.
How to Account for Sales, Property & Income Taxes Determine proper accounting for multiple tax requirements.
Accounting for Contingencies & Environmental Liabilities Learn how to account for the unforeseeable by considering contingencies and environmental liabilities.
Comparing the Effects of Capitalizing & Expensing Take a look at the similarities and differences between expensing & capitalizing.
Operations of an Income Statement Identify the multiple operations of an income statement.

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