Accounting101Complete lesson search
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103 published lessons
BAF3M · Unit 1 · 55 minutes
Why accounting matters Learning goals Explain the purpose of accounting in plain language. Distinguish bookkeeping from the wider work of accounting. Match internal and external users to decisions and relevant informatio…
BAF3M · Unit 1 · 65 minutes
Trustworthy information and source evidence Learning goals Explain why accounting uses common reporting ideas and consistent procedures. Identify useful source documents and the facts each establishes. Apply the business…
BAF3M · Unit 1 · 60 minutes
Business forms and equity Learning goals Compare a sole proprietorship, partnership, and corporation. Explain how control, liability exposure, continuity, financing, and administration affect a choice. Recognize the equi…
BAF3M · Unit 1 · 65 minutes
Ethics in action Learning goals Explain how inaccurate accounting can change another person's decision. Separate verified facts, pressure, warning signs, and conclusions. Build an evidence based ethical response with cor…
BAF3M · Unit 2 · 60 minutes
Accounts and the basic equation Learning goals Classify accounts as assets, liabilities, or owner's equity. Use Assets = Liabilities + Owner's Equity to analyse financing. Show the dual effect of a transaction without re…
BAF3M · Unit 2 · 70 minutes
Transaction analysis and the expanded equation Learning goals Distinguish revenue, expenses, and drawings from capital financing. Apply the expanded equation to cash and credit transactions. Explain why collections, paym…
BAF3M · Unit 2 · 65 minutes
Measuring profit and owner's equity Learning goals Prepare a properly headed income statement for a service business. Calculate net income or net loss. Prepare a statement of owner's equity. Explain how net income and dr…
BAF3M · Unit 2 · 70 minutes
The balance sheet and statement links Learning goals Prepare a simple classified balance sheet for a sole proprietorship. Distinguish current and non current items using problem facts. Trace net income and ending capital…
BAF3M · Unit 3 · 70 minutes
Debit, credit, and the chart of accounts Learning goals Use account classification and direction to choose debit or credit. State normal balances for assets, liabilities, capital, revenue, expenses, and drawings. Build a…
BAF3M · Unit 3 · 75 minutes
From source document to general journal Learning goals Read transaction facts from common source evidence. Journalize simple and compound service business entries. Use dates, account titles, indentation, explanations, an…
BAF3M · Unit 3 · 70 minutes
Posting to the general ledger Learning goals Post journal debits and credits to the correct ledger side. Maintain a running balance or balance a T account. Create reciprocal journal ledger references. Trace a reported ba…
BAF3M · Unit 3 · 75 minutes
Trial balance and error detection Learning goals Prepare an unadjusted trial balance from ledger balances. Use the difference and audit trail to locate errors systematically. Distinguish errors that do and do not disturb…
BAF3M · Unit 4 · 70 minutes
Accrual accounting and timing Learning goals Distinguish cash timing from earning and incurring. Identify accrued revenue, accrued expense, deferred revenue, and prepaid expense situations. Determine what has changed by …
BAF3M · Unit 4 · 80 minutes
Adjusting entries Learning goals Calculate and record supplies, prepaid insurance, and depreciation adjustments. Record simple accrued revenue and accrued expense adjustments. Use contra assets and carrying amount correc…
BAF3M · Unit 4 · 80 minutes
The accounting worksheet Learning goals Complete adjustment and adjusted trial balance columns. Extend adjusted balances to income statement or balance sheet columns. Calculate net income as the worksheet balancing amoun…
BAF3M · Unit 4 · 80 minutes
Closing and the post closing trial balance Learning goals Distinguish temporary and permanent accounts. Prepare closing entries using Income Summary. Calculate ending capital through the closing trail. Prepare and interp…
BAF3M · Unit 5 · 75 minutes
From service business to merchandiser Learning goals Explain how a merchandising business differs from a service business. Calculate net sales, net purchases, cost of goods sold, and gross profit. Distinguish periodic an…
BAF3M · Unit 5 · 80 minutes
Periodic inventory transactions Learning goals Journalize periodic purchases, freight in, returns, and discounts. Journalize sales, customer returns, and sales discounts. Interpret credit terms such as 2/10, n/30 . Expla…
BAF3M · Unit 5 · 80 minutes
Perpetual inventory transactions Learning goals Journalize purchases, freight, returns, and discounts in a perpetual system. Record both revenue and cost sides of a sale. Record both sides of a customer return when goods…
BAF3M · Unit 5 · 85 minutes
Ontario HST and a merchandising cycle Learning goals Calculate stated Ontario HST on taxable purchases and sales. Use HST Recoverable and HST Payable control accounts. Record a simplified net remittance or refund positio…
BAF3M · Unit 6 · 85 minutes
Cash controls and bank reconciliation Learning goals Match cash risks to preventive, detective, and corrective controls. Operate and reconcile a simple imprest petty cash fund. Prepare a bank reconciliation and journaliz…
BAF3M · Unit 6 · 85 minutes
Budgets, ratios, and decisions Learning goals Calculate and interpret budget variances. Calculate working capital, current ratio, debt ratio, gross profit percentage, and return on owner's equity. Use comparative, trend,…
BAF3M · Unit 6 · 80 minutes
Spreadsheets, software, and information security Learning goals Compare manual, spreadsheet, and accounting software workflows. Audit a spreadsheet formula, range, account mapping, and output. Match information risks to …
BAF3M · Unit 6 · 90 minutes
Accounting careers and cumulative transfer Learning goals Compare designation and non designation accounting pathways. Research a pathway using dated, authoritative evidence. Distinguish financial accounting, management …
BAT4M · Unit 1 · 70 minutes
Accounting cycle diagnostic and reporting frameworks Learning goals Trace evidence from a source document to the financial statements. Rebuild the accounting equation and normal balance rules without memorized tricks. Di…
BAT4M · Unit 1 · 80 minutes
Adjusting and correcting entries Learning goals Separate deferrals, accruals, estimates, and corrections. Calculate and record period end adjustments with debit/credit reasoning. Explain each adjustment's effect on profi…
BAT4M · Unit 1 · 70 minutes
Closing and reversing entries Learning goals Distinguish temporary and permanent accounts. Close revenues, expenses, and dividends to retained earnings. Prepare and interpret a post closing trial balance. Use optional re…
BAT4M · Unit 1 · 85 minutes
The computerized accounting cycle Learning goals Configure and test a computerized file for a service or merchandising company. Record an Ontario HST transaction and verify the tax control accounts. Use batch reports, au…
BAT4M · Unit 2 · 85 minutes
Receivables and the allowance method Learning goals Report accounts receivable at an expected collectible amount. Estimate doubtful accounts using an aging schedule or percentage of credit sales. Record write offs and re…
BAT4M · Unit 2 · 80 minutes
Notes receivable and card sales Learning goals Calculate note interest and maturity value using exact terms. Record note issuance, accrued interest, collection, and dishonour. Record credit/debit card sales net of proces…
BAT4M · Unit 2 · 85 minutes
Inventory ownership, systems, and controls Learning goals Decide whether goods in transit, consigned goods, and customer returns belong in inventory. Compare periodic and perpetual inventory systems and their entries. Ca…
BAT4M · Unit 2 · 90 minutes
Inventory cost flow methods Learning goals Compute ending inventory and cost of goods sold under FIFO, weighted average, and specific identification. Distinguish periodic weighted average from perpetual moving average. E…
BAT4M · Unit 2 · 80 minutes
Inventory errors and decision analysis Learning goals Trace an ending inventory error through two reporting periods. Calculate and interpret inventory turnover and days in inventory. Separate record differences from phys…
BAT4M · Unit 3 · 80 minutes
Capital versus revenue expenditures Learning goals Distinguish a capital expenditure from a current period expense. Build the cost of property, plant, and equipment from directly attributable amounts. Record an asset acq…
BAT4M · Unit 3 · 90 minutes
Depreciation methods and estimate revisions Learning goals Calculate straight line, diminishing balance, and units of production depreciation. Choose a method that reflects the expected consumption pattern. revise useful…
BAT4M · Unit 3 · 75 minutes
Capital asset disposals Learning goals Update depreciation to the disposal date. Remove both asset cost and accumulated depreciation. Calculate and record a gain or loss on sale, retirement, or trade out. Explain why cas…
BAT4M · Unit 3 · 85 minutes
Natural resources and intangible assets Learning goals Calculate depletion per unit and allocate extracted resource cost. Distinguish finite life and indefinite life intangible assets. Record acquisition and amortization…
BAT4M · Unit 4 · 90 minutes
Partnership formation and income distribution Learning goals Compare general and limited partnership features. Record contributed assets and assumed liabilities at agreed values. Allocate partnership income using salary,…
BAT4M · Unit 4 · 85 minutes
Admission and retirement of partners Learning goals Distinguish a private purchase of a partnership interest from an investment in the partnership. Calculate capital credits and bonuses when a partner is admitted. Record…
BAT4M · Unit 4 · 90 minutes
Partnership dissolution Learning goals Apply the liquidation order to a partnership that is ending. Allocate realization gains or losses to partner capital accounts. Calculate safe final cash distributions after external…
BAT4M · Unit 4 · 80 minutes
Corporations, share classes, and issuance Learning goals Compare private, public, and not for profit corporations. Interpret voting, dividend, liquidation, conversion, and redemption rights of share classes. Record cash …
BAT4M · Unit 4 · 90 minutes
Dividends, retained earnings, and equity Learning goals Allocate cash dividends between cumulative preferred and common shares. Record declaration and payment dates correctly. Explain effects of cash dividends, share div…
BAT4M · Unit 5 · 90 minutes
Debt versus equity, notes, and loan schedules Learning goals Compare debt and equity from the business and investor perspectives. Record a note payable, accrued interest, and principal repayment. Build and verify a loan …
BAT4M · Unit 5 · 90 minutes
Bonds and effective financing cost Learning goals Explain face value, stated rate, market yield, issue price, and maturity. Record a bond issued at face and its interest payment. Interpret a discount or premium and calcu…
BAT4M · Unit 5 · 100 minutes
Direct and indirect cash flow statements Learning goals Classify cash flows as operating, investing, or financing. Prepare operating cash flow using direct and indirect formats. Reconcile opening and closing cash. Explai…
BAT4M · Unit 5 · 90 minutes
Annual reports, horizontal analysis, and vertical analysis Learning goals Navigate an annual report and distinguish audited statements from management commentary. Calculate dollar/percentage horizontal changes and common…
BAT4M · Unit 5 · 100 minutes
Ratio analysis and recommendations Learning goals Calculate liquidity, activity, solvency, and profitability ratios. Use averages and compatible numerators/denominators correctly. Compare ratios across time or peers whil…
BAT4M · Unit 6 · 120 minutes
Ethics, technology, and the integrated capstone Learning goals Use an ethical decision process when reporting pressure conflicts with evidence. Test spreadsheet, accounting system, and AI assisted work instead of trustin…
Canadian Accounting Common Core I · Unit 1 · 70 minutes
Purpose, standards, and ethical judgment Learning goals By the end, you can: explain who uses accounting information and which decisions it supports; distinguish financial accounting from managerial accounting; choose a …
Canadian Accounting Common Core I · Unit 1 · 80 minutes
The accounting equation and transaction evidence Learning goals Apply Assets = Liabilities + Equity to business events. Separate owner, business, and non transaction events. Use source documents to determine accounts, am…
Canadian Accounting Common Core I · Unit 1 · 90 minutes
Journal, ledger, and trial balance Learning goals Use normal balances to journalize transactions. Post entries to ledger accounts with references. prepare and interpret an unadjusted trial balance. Trace a number backwar…
Canadian Accounting Common Core I · Unit 2 · 105 minutes
Accrual accounting and adjusting entries Learning goals Explain why profit and cash flow differ under accrual accounting. Prepare deferral, accrual, and depreciation adjustments. Calculate an adjusted account balance and…
Canadian Accounting Common Core I · Unit 2 · 95 minutes
Corrections, closing, and post closing controls Learning goals Correct journal or posting errors without destroying the audit trail. Distinguish correcting, adjusting, reversing, and closing entries. Close revenue, expen…
Canadian Accounting Common Core I · Unit 2 · 110 minutes
Build a complete set of financial statements Learning goals Prepare linked statements from an adjusted trial balance. Classify current and non current assets and liabilities at an introductory level. Reconcile opening an…
Canadian Accounting Common Core I · Unit 3 · 100 minutes
Revenue and expense recognition Learning goals Separate cash, billing, delivery, and recognition dates. Apply an introductory contract based revenue analysis. Allocate a bundled price using relative stand alone selling p…
Canadian Accounting Common Core I · Unit 3 · 95 minutes
Receivables and credit risk Learning goals Record credit sales, collections, expected losses, write offs, and recoveries. Build an accounts receivable aging estimate. Distinguish gross receivables, allowance, and net car…
Canadian Accounting Common Core I · Unit 3 · 115 minutes
Inventory and cost of goods sold Learning goals Reconcile inventory units and costs from source evidence. Contrast perpetual and periodic recording systems. Compute cost of goods sold and ending inventory using FIFO and …
Canadian Accounting Common Core I · Unit 3 · 110 minutes
Property, equipment, and intangibles Learning goals Determine which costs belong in an asset's initial carrying amount. Calculate straight line and usage based depreciation. Record betterments, ordinary repairs, impairme…
Canadian Accounting Common Core I · Unit 4 · 115 minutes
Liabilities, payroll, and uncertainty Learning goals Record trade payables, accrued interest, payroll deductions, and employer payroll costs. Distinguish gross pay, net pay, expense, and remittances. Apply an introductor…
Canadian Accounting Common Core I · Unit 4 · 90 minutes
Ownership, shares, and retained earnings Learning goals Distinguish contributed capital from earned capital. Record basic owner investments, share issues, withdrawals, and dividends. Prepare a statement of changes in equ…
Canadian Accounting Common Core I · Unit 5 · 115 minutes
Statement of cash flows Learning goals Classify cash flows as operating, investing, or financing. Reconcile net income to operating cash flow using the indirect method. Explain direct method operating cash collections an…
Canadian Accounting Common Core I · Unit 5 · 120 minutes
Financial statement analysis and integrated case Learning goals Perform horizontal, vertical, ratio, and cash flow analysis. Calculate and interpret liquidity, activity, profitability, and solvency measures. Connect rati…
Canadian Accounting Common Core I · Unit 6 · 100 minutes
Cost language and cost behaviour Learning goals Classify costs by traceability, function, behaviour, and decision purpose. Compute direct materials, direct labour, manufacturing overhead, prime cost, and conversion cost.…
Canadian Accounting Common Core I · Unit 6 · 90 minutes
Mixed costs and cost estimation Learning goals Express a cost as Y = a + bX. Use high low to estimate fixed and variable components. Choose high and low observations by activity, not total cost. Test a model against actu…
Canadian Accounting Common Core I · Unit 6 · 100 minutes
Contribution margin and cost volume profit Learning goals Prepare a contribution format income statement. Compute unit contribution margin and contribution margin ratio. Calculate break even and target profit sales in un…
Canadian Accounting Common Core I · Unit 6 · 105 minutes
CVP under constraints and uncertainty Learning goals Compute weighted average CM for a constant sales mix. Rank products by CM per unit of a scarce resource. Allocate capacity subject to demand limits. Interpret operatin…
Canadian Accounting Common Core I · Unit 7 · 110 minutes
Job order costing foundations Learning goals Explain when job order costing fits an operation. Calculate a predetermined overhead rate and apply overhead. Complete a job cost sheet and compute unit cost. Trace direct mat…
Canadian Accounting Common Core I · Unit 7 · 115 minutes
Process costing foundations Learning goals Explain when process costing fits an operation. Reconcile physical units in a production department. Compute equivalent units using weighted average process costing. Calculate c…
Canadian Accounting Common Core I · Unit 8 · 115 minutes
Relevant costs for short term decisions Learning goals Identify future costs and benefits that differ between alternatives. Exclude sunk and unavoidable allocated costs from incremental analysis. Include opportunity cost…
Canadian Accounting Common Core I · Unit 8 · 125 minutes
Operating and cash budgets Learning goals Explain how sales, production, materials, labour, overhead, and cash budgets connect. Prepare production and direct material purchases budgets. Build collection and payment sched…
Canadian Accounting Common Core I · Unit 9 · 115 minutes
Flexible budgets and basic variances Learning goals Distinguish static, flexible, and actual results. Separate activity effects from revenue/spending effects. Compute basic direct material price/quantity and labour rate/…
Canadian Accounting Common Core I · Unit 9 · 120 minutes
Responsibility, performance, and behaviour Learning goals Distinguish cost, revenue, profit, and investment centres. Apply controllability while preserving accountability for shared outcomes. Compute ROI and residual inc…
University Accounting Level 2 · Unit 1 · 90 minutes
Framework and professional judgment Learning goals Turn an unclear economic event into a defensible accounting conclusion. Use relevance, faithful representation, materiality, and the definition of an element. Separate f…
University Accounting Level 2 · Unit 1 · 95 minutes
Present value in accounting Learning goals Discount a single amount and an annuity using a market rate. Separate stated cash interest from effective interest. Record a below market long term note and explain its business…
University Accounting Level 2 · Unit 1 · 100 minutes
Revenue recognition and contract economics Learning goals Identify distinct promises and allocate a transaction price. Decide whether revenue is recognized at a point in time or over time. Record contract assets, receiva…
University Accounting Level 2 · Unit 1 · 90 minutes
Cash, bank reconciliation, and control Learning goals Reconcile bank and ledger cash to one corrected balance. Record only book side reconciling items and investigate exceptions. Design controls that create reviewable ev…
University Accounting Level 2 · Unit 1 · 95 minutes
Receivables and expected credit losses Learning goals Build a receivable aging estimate and reconcile the allowance. Account for write offs, recoveries, and a discounted long term receivable. Use collection data to chall…
University Accounting Level 2 · Unit 1 · 100 minutes
Inventory measurement and net realizable value Learning goals Determine which costs and goods belong in ending inventory. Apply FIFO and weighted average cost flow accurately. Test inventory at the lower of cost and net …
University Accounting Level 2 · Unit 1 · 105 minutes
Investments and financial instruments Learning goals Identify the contractual cash flow rights in debt and equity investments. Apply amortized cost and fair value mechanics when the stated classification is appropriate. …
University Accounting Level 2 · Unit 1 · 100 minutes
Property, plant, and equipment components Learning goals Build the initial cost of a long lived tangible asset. Depreciate significant components with different useful lives. Account for subsequent expenditures, revision…
University Accounting Level 2 · Unit 1 · 100 minutes
Intangible assets and development decisions Learning goals Distinguish acquired intangibles, research, and development. Calculate amortization for finite life assets and explain indefinite life review. Build an evidence …
University Accounting Level 2 · Unit 1 · 105 minutes
Impairment and asset disclosure Learning goals Identify impairment indicators and the correct testing level. Apply a stated IFRS or ASPE long lived asset impairment test. Draft a disclosure that explains amount, cause, m…
University Accounting Level 2 · Unit 2 · 95 minutes
Current and contingent liabilities Learning goals Recognize accrued obligations and classify current liabilities. Decide whether an uncertain obligation is recognized, disclosed, or neither. Calculate a warranty provisio…
University Accounting Level 2 · Unit 2 · 105 minutes
Bonds and long term debt Learning goals Price a bond from coupon and market yield. Build an effective interest amortization schedule. Record issuance, interest, extinguishment, and current portions of debt. Prerequisite …
University Accounting Level 2 · Unit 2 · 95 minutes
Shareholders’ equity transactions Learning goals Record share issues, cash dividends, and share repurchases from stated facts. Maintain continuity schedules for share capital and retained earnings. Distinguish owner tran…
University Accounting Level 2 · Unit 2 · 105 minutes
Earnings per share and dilution Learning goals Calculate weighted average common shares and basic EPS. Apply an if converted calculation to potential common shares. Exclude anti dilutive instruments and explain presentat…
University Accounting Level 2 · Unit 2 · 110 minutes
Lease accounting for lessees Learning goals Determine whether a contract contains a lease from the stated facts. Measure an initial lease liability and right of use asset. Build a liability schedule and explain IFRS/ASPE…
University Accounting Level 2 · Unit 2 · 105 minutes
Pensions and employee benefits Learning goals Distinguish defined contribution and defined benefit promises. Calculate a simplified funded status and explain period movements. Separate cash funding, benefit cost, and act…
University Accounting Level 2 · Unit 2 · 110 minutes
Income taxes and temporary differences Learning goals Compare accounting carrying amount with tax base. Calculate simple deferred/future tax assets and liabilities using a supplied rate. Reconcile current tax, deferred t…
University Accounting Level 2 · Unit 2 · 95 minutes
Accounting changes, errors, and restatements Learning goals Distinguish policy changes, estimate changes, and prior period errors. Apply retrospective or prospective treatment to supplied facts. Build a retained earnings…
University Accounting Level 2 · Unit 2 · 110 minutes
Statement of cash flows Learning goals Classify operating, investing, financing, and non cash transactions. Prepare operating cash flow using the indirect method. Reconcile debt and asset changes to cash flow presentatio…
University Accounting Level 2 · Unit 2 · 105 minutes
Disclosure and financial statement analysis Learning goals Read policies, estimates, commitments, and risk notes alongside primary statements. Calculate and interpret liquidity, leverage, profitability, and cash quality …
University Accounting Level 2 · Unit 3 · 105 minutes
Job, process, and hybrid costing Learning goals Select job, process, or hybrid costing from production facts. Apply predetermined overhead and trace cost through inventory accounts. Calculate equivalent units in a simpli…
University Accounting Level 2 · Unit 3 · 100 minutes
Absorption and variable costing Learning goals Calculate unit product cost under absorption and variable costing. Reconcile profit when production differs from sales. Explain why fixed overhead inventory changes can dist…
University Accounting Level 2 · Unit 3 · 110 minutes
Overhead allocation and activity based costing Learning goals Diagnose cross subsidization from one broad overhead rate. Create activity pools and cost driver rates. Compare traditional and ABC product costs and make a c…
University Accounting Level 2 · Unit 3 · 105 minutes
Standard costs for materials and labour Learning goals Build practical price, quantity, rate, and efficiency standards. Calculate direct material and direct labour variances. Interpret responsibility without blaming the …
University Accounting Level 2 · Unit 3 · 105 minutes
Flexible budgets and performance variances Learning goals Build a flexible budget for actual activity. Separate sales volume effects from revenue and spending performance. Interpret variances with non financial evidence …
University Accounting Level 2 · Unit 3 · 100 minutes
Relevant costs for short run decisions Learning goals Identify future cash flows that differ between alternatives. Include opportunity cost and exclude sunk or unavoidable allocated cost. Combine quantitative analysis wi…
University Accounting Level 2 · Unit 3 · 110 minutes
Pricing and make or buy decisions Learning goals Build a short run floor and long run target price. Compare internal avoidable cost with supplier cost and opportunity value. Quantify break even supplier or volume thresho…
University Accounting Level 2 · Unit 3 · 100 minutes
Product mix under a constrained resource Learning goals Rank products by contribution per scarce resource unit. Build an optimal simple product mix subject to demand and capacity. Calculate the value of one additional co…
University Accounting Level 2 · Unit 3 · 110 minutes
Responsibility accounting and transfer pricing Learning goals Match performance measures to cost, revenue, profit, and investment centres. Calculate ROI and residual income from consistent data. Establish a transfer pric…
University Accounting Level 2 · Unit 3 · 110 minutes
Performance, incentives, and strategic cost Learning goals Design a balanced set of financial and non financial measures. Evaluate lifecycle, quality, customer, process, and learning cost trade offs. Identify gaming risk…
University Accounting Level 2 · Unit 3 · 110 minutes
Capital budgeting: NPV, IRR, and capital rationing Learning goals Build an incremental after tax cash flow timeline without including sunk costs. Calculate and interpret net present value, profitability index, and paybac…