Learn Accounting – Asset vs Expense Methods

The handout worked in class contrasted the asset and expense methods of accounting for deferred expenses, and the liability and revenue methods of accounting for deferred revenues. Adjusting, closing, and reversing entries were part of the... Read more →

Learn Accounting – Debits and Credits

This lecture explains the “normal balances” of the accounts relating them to I. The Accounting Equation, and II. The Owner’s Equity Account Students are encouraged to learn to classify accounting 5 ways (A,L,C,R,E), 2 ways... Read more →

The Accounting Equation

In this discussion group we worked E1-6 recording transactions in terms of the (basic) accounting equation. In doing so we discovered the four major reasons that owner’s equity is changed. Read more →

Standard Costs: First Discussion

Using E25-7 for the fact situation, we calculated the total, price, and quantity variances for materials and labor. In addition, we made journal entries for materials purchased on account, materials requisitioned, labor costs incurred, and... Read more →

Process Cost: First & Second Discussion

Process cost allocation including determination of physical units, equivalent units, total and unit costs for materials and conversion costs, and the assignment of costs to finished goods and work in process. Read more →

Job Order First Discussion

This is a demonstration/solution for E20-8 on job order costing including journal entries for purchase of raw materials, labor costs incurred, materials used, assignment of labor costs, application of manufacturing overhead, and determination... Read more →
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