About This Chapter
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- Identify which concepts are covered on your mechanics of the accounting cycle homework.
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Topics from your homework you'll be able to complete:
- The accounting equation
- Source documents in accounting
- Ledgers and chart of accounts
- Debits and credits
- Return on assets
- Journal entries and trial balance
- Financial statement ratios
1. The Accounting Equation: Definition & Components
There are a few basic building blocks that form the foundation of accounting. One of those is the accounting equation. In this lesson, you will learn what makes up the accounting equation, its purpose, and how it works.
2. Source Documents in Accounting: Definition and Purpose
Do you know what role source documents play in accounting? If not, don't worry; by the end of this lesson, you will. You will also learn the definition of source documents and see some common examples of source documents.
3. Using the Accounting Equation: Adding Revenues, Expenses & Dividends
Accounting is built on a solid foundation called the basic accounting equation. In this lesson, you're going to learn what happens when you add revenue, expenses, and dividends to the basic equation.
4. What Are Accounts? - Definition and Use to Categorize Transactions
Everything in this world is made up of parts. Accounting is no different. The numerous parts that exist in the accounting world are called accounts. In this lesson, you will learn what accounts are, how they are classified, and what they do.
5. Ledgers and Chart of Accounts: Definitions and Use
There are several key concepts that are important to learn when it comes to accounting. In this lesson, you will learn about the ledger and the chart of accounts.
6. Understanding Debits and Credits in Accounting
Debits and credits are major players in the accounting world. In this lesson, you will learn just what debits and credits are and why they are important to accounting.
7. Recording Business Transactions in Accounting
Recording a transaction is the first step in the accounting cycle. In this lesson, you will learn why transactions are recorded, where they are recorded, and how they are recorded.
8. Using the Accounting Equation: Analyzing Business Transactions
Transaction analysis can be a tricky task. In this lesson, you will learn what transaction analysis is, how to analyze a transaction, and how it is related to the accounting equation.
9. Computing and Interpreting Return on Assets
There are a number of ratios that can be calculated by information found on the financial statements. In this lesson, you will learn about return on assets.
10. Journal Entries and Trial Balance in Accounting
There are several concepts that make up an accounting cycle. In this lesson, you will learn about two of those - journal entries and the trial balance.
11. Financial Statement Ratios: Determining Company Performance
Have you ever wondered why the financial statements are so important to a company? In this lesson, you will learn about several financial statement ratios and how they help determine company performance.
12. Start-Up Budget: Definition & Example
This lesson will define a start-up budget. An example budget will be included and explored, along with a list of items to remember when building the budget.
13. Statement of Retained Earnings: Definition, Formula & Example
Retained earnings are a critical part of the business life cycle. The statement of retained earnings calculates not only the cumulative amount of earnings but also the changes that have affected that amount during the past year.
14. Stockholder's Equity: Definition & Formula
This lesson will provide an overview of stockholders' equity. Whether you invest in a company now or intend to in the future, you are likely to come across stockholders' equity at some point, so this lesson will define the term and provide the formula for your reference.
15. Subsidiary Ledger: Definition & Examples
When it comes to business accounting, there are lots of accounts to track. One way that accountants are able to stay organized is to use subsidiary ledgers. This lesson will describe what subsidiary ledgers are and how they are used.
16. Total Asset Turnover: Definition, Formula & Analysis
In this lesson, we'll explain total asset turnover and define each component of the formula. You'll also learn how to calculate the total asset turnover as well as how to analyze the results.
17. What Is Double-Entry Accounting? - Basics & Examples
Double-entry accounting is the method used by professional accountants and bookkeepers to maintain business (and even personal) financial records. The basis of the double-entry system is the accounting equation.
18. Articles of Incorporation: Definition & Examples
Articles of Incorporation are required for every incorporated entity; this includes C Corporations, S Corporations, and limited liability companies (LLCs). This lesson defines Articles of Incorporation, describes its filing requirement and provides a sample document.
19. Allowance of Doubtful Accounts Journal Entry
In this lesson you will learn how to account for business bad debt using an allowance for doubtful accounts. You will learn the journal entries used to record transactions and tools to calculate its adequacy.
20. Accounts Receivable Journal Entries
This lesson will introduce you to accounting for receivables. The journal entries regarding booking sales, customer payments and taking credit losses will be illustrated with examples.
21. Work in Progress (WIP) Accounting Journal Entries
In this lesson, you'll learn about three types of inventory, but most specifically work-in-process inventory. You'll also learn about inventory costs captured during the production process.
22. Perpetual Inventory System Journal Entries
Companies can use either a periodic or a perpetual system to record inventory transactions. In this lesson, you will learn about journal entries for a perpetual inventory system.
23. Petty Cash Accounting Journal Entries
Petty cash is an important method of running an effective organization. In this lesson, we'll review what petty cash is used for and describe how it should be accounted for with journal entries.
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Other chapters within the Financial Accounting: Homework Help Resource course
- Introduction to Accounting: Homework Help
- Financial Statements in Accounting: Homework Help
- Adjusting Accounts: Homework Help
- Internal Controls in Accounting: Homework Help
- Inventory and Merchandising Operations in Accounting: Homework Help
- Current and Long-Term Liabilities in Accounting: Homework Help