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This website page is in order by chapter and topics you have learned this semester. Review here for topics you may not remember or understand. We have many exercises and worksheets at your disposal. If you need an entire review, breathe and start with the beginning, Ch. 1 Financial Statements.
Ch. 1 Resources
Ch. 1 Resources
As the semester continues, Accounting 4A will guide you through each Financial Statement. For now, it is important to note the order. In the beginning of the course, you'll learn that from each statement to the next, a specific number is pulled and used in the next Financial Statement.
Basic Accounting Equations:
Basic Accounting Equations:
Assets = Liabilities + Stockholders’ Equity
Net Income = Total Revenues and Gains - Total Expenses and Losses
End Equity = Beg. Equity + Common Stock + Net Income (Loss) - Dividends
Here is a reference sheet that will help you with:
Account classification
T-accounts
Journal entries
Financial Statements
Accounting process overview.docxHere's a Trick!
T-accounts help visually organize your debits and credits. Check out this video to help!
QR CODE FOR THE GAME:
Kahoot! GAME to test your knowledge.
Kahoot! GAME to test your knowledge.
Game Pin: 08628335
URL: https://kahoot.it/challenge/08628335?challenge-id=af24814f-3f87-4b99-9932-f035f0ac7deb_1740761543883
QR CODE:
Ch. 2 Resources
Ch. 2 Resources
Journalize Entries
Journalize Entries
I understand that is difficult to understand accounting because you have no other course to compare it with, but it is important to practice, practice, and practice. Click the link for a worksheet to gain some practice journalizing worksheets. -Midori
Here is a notecard reference sheet that will help you with:
Account classification
Definitions
Financial statement explanations
Nico and Nicole-October Flashcards [updated 10-31].docxCh. 3 & 4 Resources
Ch. 3 & 4 Resources
Cash vs. Accrual
Cash vs. Accrual
If you need a refresher on the difference between Accrual and Deferral adjusting entries, watch this YouTube video. Some examples include: recognizing Supplies Expense (Deferral), recognizing Depreciation Expense (Deferral), & accruing Interest Payable (Accrual).
If you're wondering what is the difference between cash accounting and accrual accounting, we have a video for you! Watch this YouTube video that uses business examples to further understand each type of accounting.
Last Updated: Feb 2024
Closing Entries
Closing Entries
Closing entries is about closing the the temporary accounts, bringing their balance down to zero dollars. Those include revenues, expenses, income summary and dividends. Don't forget to include Cost of Goods sold with the closing entry of your expenses on the homework problems.
Step 1: Close all the credit balance accounts (Revenues)
Step 2 : Close all the debit balance accounts (Expenses, COGS, contra revenue account)
Step 3: Close the Income Summary Account to Retained Earnings
Step 4: Close the Dividends account to Retained Earnings.
The screenshot to the right illustrates the steps discussed above.
Mock Exam - 4A - September (1).docxThis mock exam will help you to enter transactions, organize them in a T-account, post to them to a ledger, and create a finalized Income Statement.
Practice Exam #1
Practice Exam #1
Ch. 5 Resources
Ch. 5 Resources
Sales Discounts_Accounting 4A.pdfInventory
Inventory
Get a better understanding of inventory transactions with sales discounts by completing compounded journal entries.
Break down the inventory cost system:
FIFO: First-In-First-Out
LIFO: Last-In-First-Out
Weighted Average Method
Multi-Step Income Statement: When you start to get into sales revenues, we are introduced to the multi-step income statement! Woo! This makes it easier for the "users" of the financial statements to see where you are really making that profit. Are you making profit from daily operating transactions or from unsual non-operating transactions. Which do you think is looks better for a company?
Ch. 7 Resources
Ch. 7 Resources
Petty Cash and Bank Reconciliation Notes
Petty Cash and Bank Reconciliation Notes
Learning Center - ACCT 4A Bank Reconciliation Worksheet.xlsxBank Reconciliations
Bank Reconciliations
Don't quite understand bank reconciliations? Get the extra practice with this worksheet.
Ch. 8 Resources
Ch. 8 Resources
Ch. 8 Notes on Receivables. The tutors went over these notes during the Review Night in March.
Ch. 12 Resources
Ch. 12 Resources
Statement of Cash Flows Equation
Statement of Cash Flows Equation
Operating + Investing + Financing = Net Cash
Operating + Investing + Financing = Net Cash
Ch. 13 Resources
Ch. 13 Resources
Key Ratios_Accounting 4A.pdf Accounting Ratios
Accounting Ratios
Do you know your ratios? This worksheet will help you with select accounting ratios found in CH. 15 of your textbook.
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