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Ch 4: Adjusting Accounts and Preparing Financial Statements: Tutoring Solution

About This Chapter

The Adjusting Accounts and Preparing Financial Statements chapter of this College Financial Accounting Tutoring Solution is a flexible and affordable path to learning about adjusting accounts and preparing financial statements. These simple and fun video lessons are each about five minutes long and they teach all of the processes for adjusting accounts and preparing financial statements required in a typical college financial accounting course.

How it works:

  • Begin your assignment or other financial accounting work.
  • Identify the account adjustment and financial statement preparation concepts that you're stuck on.
  • Find fun videos on the topics you need to understand.
  • Press play, watch and learn!
  • Complete the quizzes to test your understanding.
  • As needed, submit a question to one of our instructors for personalized support.

Who's it for?

This chapter of our college financial accounting tutoring solution will benefit any student who is trying to learn how to adjust accounts and prepare financial statements and earn better grades. This resource can help students including those who:

  • Struggle with understanding accrual accounting, adjusted trial balance, financial statement preparation methods, closing entries or any other account adjustment topic
  • Have limited time for studying
  • Want a cost effective way to supplement their accounting learning
  • Prefer learning accounting visually
  • Find themselves failing or close to failing their adjusting accounts and preparing financial statements unit
  • Cope with ADD or ADHD
  • Want to get ahead in financial accounting
  • Don't have access to their accounting teacher outside of class

Why it works:

  • Engaging Tutors: We make learning how to adjust accounts and prepare financial statements simple and fun.
  • Cost Efficient: For less than 20% of the cost of a private tutor, you'll have unlimited access 24/7.
  • Consistent High Quality: Unlike a live financial accounting tutor, these video lessons are thoroughly reviewed.
  • Convenient: Imagine a tutor as portable as your laptop, tablet or smartphone. Learn how to adjust accounts and prepare financial statements on the go!
  • Learn at Your Pace: You can pause and rewatch lessons as often as you'd like, until you master the material.

Learning Objectives

  • Explain the importance of periodic reporting in accounting.
  • Discuss how accrual accounting can be used to make financial statements more useful.
  • Compare and contrast cash-basis accounting and accrual accounting.
  • Identify the different types of account adjustments and explain their purposes.
  • Take a look at examples of accrued expenses and accrued revenues.
  • Learn how to prepare an adjusted trial balance.
  • Use adjusted trial balances to prepare financial statements.
  • Differentiate between temporary and permanent accounts.
  • Describe the major steps of the closing process in accounting.
  • Discuss the differences between real and nominal accounts.
  • Learn how to prepare a post-closing trial balance.

18 Lessons in Chapter 4: Adjusting Accounts and Preparing Financial Statements: Tutoring Solution
Test your knowledge with a 30-question chapter practice test
Periodic Reporting & the Time Period Principle

1. Periodic Reporting & the Time Period Principle

Time plays a very important role in accounting and financial reporting. In this lesson, you will learn why time is important as we discuss periodic reporting and the time period principle.

Using Accrual Accounting to Make Financial Statements More Useful

2. Using Accrual Accounting to Make Financial Statements More Useful

What is the relationship between the financial statements and accrual accounting? Do you know? By the time this lesson is over, you will not only know what the relationship is between the two but also why that relationship is important.

The Differences Between Accrual & Cash-Basis Accounting

3. The Differences Between Accrual & Cash-Basis Accounting

There are two accounting methods that companies can choose from when deciding how they want their books done. They are cash basis and accrual basis. In this lesson, you will learn the differences between the two.

Account Adjustments: Types, Purpose & Their Link to Financial Statements

4. Account Adjustments: Types, Purpose & Their Link to Financial Statements

Accounting is a multi-step process. In this lesson, we will discuss adjusting entries. You will learn what they are, why they are important, and see examples.

Accrued Expenses & Revenues: Definition & Examples

5. Accrued Expenses & Revenues: Definition & Examples

Accruals are a part of the accounting world for most businesses. In this lesson, you will learn about two important parts of the concept of accruals: accrued revenue and accrued expenses.

Adjusted Trial Balance: Definition, Preparation & Example

6. Adjusted Trial Balance: Definition, Preparation & Example

There are many steps in the accounting cycle that must be taken before a company's financial statements are prepared. In this lesson, we will be discussing one of those steps - creating an adjusted trial balance.

Preparing Financial Statements

7. Preparing Financial Statements

Financial statements are the most sought after reports in the financial industry. In this lesson, you will learn how to prepare them using information found on the adjusted trial balance.

Temporary & Permanent Accounts: Definition & Differences

8. Temporary & Permanent Accounts: Definition & Differences

Accounts are classified in a variety of ways in accounting. In this lesson, you will learn about two types of account classifications: temporary and permanent accounts.

Closing Entries: Process, Major Steps, Purpose & Objectives

9. Closing Entries: Process, Major Steps, Purpose & Objectives

The accounting cycle is a multi-step process. In this lesson, you will learn about part of that process: making closing entries. You will learn what closing entries are, what accounts are affected, and how they are made.

Real Accounts vs. Nominal Accounts: Definition, Differences & Examples

10. Real Accounts vs. Nominal Accounts: Definition, Differences & Examples

In accounting, there is a classification for everything. Transactions, financial statements, and accounts are broken down into classifications. In this lesson, we will be discussing two classifications of accounts - real accounts and nominal accounts.

Post-Closing Trial Balance: Preparation & Purpose

11. Post-Closing Trial Balance: Preparation & Purpose

The last step in the accounting process is to create the post-closing trial balance. In this lesson, you will learn what the post-closing trial balance is, why it's important, and what accounts appear on it.

What is a Leveraged ETF? - Decay, Risk & Volatility

12. What is a Leveraged ETF? - Decay, Risk & Volatility

Leveraged ETFs are short-term trading vehicles that multiply the performance of their underlying index and can move wildly in any given trading session. Learn about leveraged ETFs and a few of the common risks associated with them.

What is an ETF? - Definition & Arbitage

13. What is an ETF? - Definition & Arbitage

Exchange Traded Funds, or ETFs, have become a popular alternative to mutual funds for investors. Let's dig deeper into ETFs and the investment opportunities they create.

Regulatory Capture: Definition & Theory

14. Regulatory Capture: Definition & Theory

In this lesson, you will learn the definition of regulatory capture and some of the reasons why it happens. You will also learn about regulator shopping and cultural capture.

Discounted Cash Flow Analysis

15. Discounted Cash Flow Analysis

Discounted cash flows are used to evaluate investment opportunities. In this lesson, we will review the Net Present Value and Internal Rate of Return methods in evaluating projects and investments. We will also work through an example.

Scrip Dividend: Advantages & Disadvantages

16. Scrip Dividend: Advantages & Disadvantages

In this lesson, we'll discuss what a SCRIP dividend is and what the advantages and disadvantages it has for both the shareholders and the issuing company.

Scrip Dividend vs. Stock Dividend

17. Scrip Dividend vs. Stock Dividend

In this lesson, we'll compare scrip dividends with stock dividends. Both are common ways companies reward shareholders. We'll give the definition of each and explain the concepts through two scenarios.

What is a Scrip Dividend?

18. What is a Scrip Dividend?

In this lesson, we will discuss scrip dividends. We'll provide the definition, examples and reasons why a company may elect to have a scrip dividend instead of a cash dividend.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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