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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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
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-progress 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