DEF had the following current assets and liabilities for 2016, with sales of $1,500,000 and cost...

Understand what is the accounting cycle. Learn about the definition of accounting cycle and know about the steps of accounting cycle along with some examples.

Adjusting entries are done at the end of a cycle in accounting in order to update financial accounts. Study the definition, examples, and types of accounts adjusted such as prepaid and accrued expenses, and unearned and accrued revenues.

A purchase return allowance is where the buyer may return their item for a refund or keep it at a reduced price. Learn how to account for purchase returns and what allowances should be made to keep things running smoothly.

Understand the meaning of administrative costs and expenses. Learn the characteristics of administrative costs and explore some examples of administrative expenses.

The two types of users in accounting are external users like investors, creditors, and the government, and internal users, such as business owners, managers, and, of course, a company's accountant. Learn how external and internal users use accounting information, such as income statements, statements of retained earnings, balance sheets, and statements of cash flows.

Explore social audits. Learn the definition of a social audit and understand its various aims and advantages. Discover the steps of a social audit with examples.

Understand what standard costing is and learn the difference between standard cost and actual cost. Also, understand the difference between cost and price.

Capital structure is the mix of sources of capital used in financing business operations. Understand the definition of capital structure and look into the four capital structure theories.

The percentage of sales method is used to predict the annual sales growth of a business. Learn more about this method, how it's used, and the formula for percentage of sales calculations. Then, with the help of an example, explore determining the sales forecast, retained earning changes, and forecasted financial statements.

Learn what idle time means in cost accounting and why it occurs. Understand the definition of idle time and the steps that can be taken to reduce idle time.

Understand what is meant by the payoff matrix and learn about it with respect to economics. Discover game theory payoff matrix and explore the uses of the payoff matrix.

In economics, production function is a method of measuring how efficient production is by considering the relationships between at least two variables. Learn more about the definition of production function, look at some possible formulas with different variables, review some examples to see how the formulas might be used, and learn to graph the production function yourself.

Learn how to calculate ending inventory using the ending inventory formula. Understand how to find the cost of ending inventory using different methods.

Learn the meaning and purpose of the payback period method. Learn how to calculate the payback period, and understand the advantages and limitations of using this method.

Real Accounts are formal, eternal parts of company records where Nominal Accounts are summaries of cash flow for a specific time period. Learn the distinctions between these two accounts with examples of each.

Learn what departmentalization is. Study examples of customer, geographic, product, and functional departmentalization, and identify the pros and cons of each type.