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Ch 3: Mechanics of the Accounting Cycle: Homework Help

About This Chapter

The Mechanics of the Accounting Cycle chapter of this College Financial Accounting Homework Help course helps students complete their accounting cycle mechanics homework and earn better grades. This homework help resource uses simple and fun videos that are about five minutes long.

How it works:

  • Identify which concepts are covered on your mechanics of the accounting cycle homework.
  • Find videos on those topics within this chapter.
  • Watch fun videos, pausing and reviewing as needed.
  • Complete sample problems and get instant feedback.
  • Finish your mechanics of the accounting cycle homework with ease!

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

23 Lessons in Chapter 3: Mechanics of the Accounting Cycle: Homework Help
Test your knowledge with a 30-question chapter practice test
The Accounting Equation: Definition & Components

1. The Accounting Equation: Definition & Components

The accounting equation explains the relationship between assets, liabilities, and owner's equity to maintain balance between the three main categories of accounts in a company. Learn about the definition and components of the accounting equation.

Source Documents in Accounting: Definition and Purpose

2. Source Documents in Accounting: Definition and Purpose

A key aspect of proper accounting is maintaining record of expenses through Source Documents, paper or evidence of transaction occurrence. See the purpose of source documents through examples of well-kept records in accounting.

Using the Accounting Equation: Adding Revenues, Expenses & Dividends

3. Using the Accounting Equation: Adding Revenues, Expenses & Dividends

The accounting equation, which proposes that an organization's assets must equal the total of its equity plus liabilities, is the fundamental basis for accounting. Learn how to use the accounting equation by adding revenues, expenses, and dividends. Explore the basic equation, and understand how to build on it to develop the extended equation, which provides a more in-depth analysis of an organization's finances.

What Are Accounts? - Definition and Use to Categorize Transactions

4. What Are Accounts? - Definition and Use to Categorize Transactions

There are several types of accounts. Learn to define the different classifications of accounts, including asset, liability, and owner's equity accounts, and learn to use and categorize transactions by exploring how transactions affect accounts.

Ledgers and Chart of Accounts: Definitions and Use

5. Ledgers and Chart of Accounts: Definitions and Use

Ledgers, which are used to record final accounting entries, and charts of accounts, which list all of the accounts of a business, are vital financial management tools. Explore the definitions, uses, and types of ledgers and charts of accounts, and discover how they relate to one another.

Understanding Debits and Credits in Accounting

6. Understanding Debits and Credits in Accounting

Two key elements in accounting are debits and credits. Understand these critical pieces of notation by exploring the definitions and purposes of debits and credits and how they help form the basics of double-entry accounting.

Recording Business Transactions in Accounting

7. Recording Business Transactions in Accounting

Recording transactions is vital to a business's financial statements and a key responsibility of the accounting department. Learn the definition of a transaction, understand the importance of recording transactions, and explore the process of double-entry accounting, with examples of credits and debits.

Using the Accounting Equation: Analyzing Business Transactions

8. Using the Accounting Equation: Analyzing Business Transactions

The accounting equation states that Assets = Liabilities + Owner's Equity, and is used in analyzing business transactions. See how businesses use this to review their exchanges of goods or finances through a step-by-step example.

Computing and Interpreting Return on Assets

9. Computing and Interpreting Return on Assets

A return on assets, or ROA, is the summary of a company's profits after accounting for expenses per asset and is presented as a financial statement ratio. Learn the definition of ROA and explore how to calculate it using a real-world example.

Journal Entries and Trial Balance in Accounting

10. Journal Entries and Trial Balance in Accounting

Accounting utilizes journals, which are books documenting all business transactions, and also trial balance, which is a list of all business accounts. Discover what goes into these meticulous ways of keeping records and the significance of journal entries and trial balance to accurate accounting.

Financial Statement Ratios: Determining Company Performance

11. Financial Statement Ratios: Determining Company Performance

A financial statement ratio measures a business's productivity and efficiency as calculated from financial statements. In this lesson, explore how different financial statement ratios evaluate company performance through the set of examples provided.

Start-Up Budget: Definition & Example

12. Start-Up Budget: Definition & Example

To begin operations, a company needs a start-up budget to identify how it will spend its capital and fund its initial expenses. Explore the definition and an example of a start-up budget and review other items to consider, such as licensing fees and employee expenses, to better understand how different types of businesses use start-up budgets.

Statement of Retained Earnings: Definition, Formula & Example

13. Statement of Retained Earnings: Definition, Formula & Example

Retained earnings are the amount of net income that a company keeps after making adjustments and paying any cash dividends to investors. Learn more about the definition and formula and see some examples.

Stockholder's Equity: Definition & Formula

14. Stockholder's Equity: Definition & Formula

Stockholder's equity includes things like what the investors gave the company to start it in exchange for stock, any donated money, or other assets or earnings. Learn more about the definition and formula for stockholder's equity.

Subsidiary Ledger: Definition & Examples

15. Subsidiary Ledger: Definition & Examples

Subsidiary ledgers contain similar accounts grouped under a controlling account. Learn the definition of a controlling account and see examples of its different types to gain a clearer understanding of subsidiary ledgers.

Total Asset Turnover: Definition, Formula & Analysis

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.

What Is Double-Entry Accounting? - Basics & Examples

17. What Is Double-Entry Accounting? - Basics & Examples

Doube-entry accounting ensures that the total amount of debits equals the total amount of credits. Learn the basics of how this accounting system is reflected in journals and ledgers through examples, and understand the concept of normal balances.

Articles of Incorporation: Definition & Examples

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.

Allowance of Doubtful Accounts Journal Entry

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.

Accounts Receivable Journal Entries

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.

Work in Progress (WIP) Accounting Journal Entries

21. Work in Progress (WIP) Accounting Journal Entries

In this lesson, you'll learn about three types of inventory, but most specifically work-in-progress inventory. You'll also learn about inventory costs captured during the production process.

Perpetual Inventory System Journal Entries

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.

Petty Cash Accounting Journal Entries

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.

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

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