Financial accounting, like any topic often starts off with question like, why learn financial accounting. Accounting has many benefits both in the accounting department and outside the accounting department. This lecture will touch on what accounting is, why accounting is useful, how financial accounting may be useful to you.
References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

100.2 Why Learn Accounting

Financial accounting includes fundamental building blocks. These accounting building blocks include the concepts of double entry accounting and debits and credits. This lecture will cover these fundamental financial accounting building blocks of debits and credits and follow the process to the creation of the financial statements. This is an accounting lecture that can be revisited multiple times as we learn more financial accounting concepts because accounting building blocks will be applicable through most finical accounting topics.

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

100.6 Accounting Building Blocks (debit, Credits, Financial Statements)

Cost volume profit analysis is a form of cost accounting or managerial accounting, the idea being to break costs down by their behavior of variable costs and fixed costs, using this to create a contribution margin income statement, a much more flexible tool for projections

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

2100.10 Cost Accounting - Cost Volume Profit Analysis

Budgets and the budgeting process is part of planning and has impact on planning and performance of all areas of an organization

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

2200-Master Budget

Flexible Budgets help to measure performance in an accounting and business system, comparing actual results to budgeted or standard amounts to increase accountability using variable costs and fixed costs.

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

2300 - Cost Variance Analysis, Flexible Budgets, & Standard Costs

Ethics, profession, Fraud, and internal controls are related topics that we will touch on here and are also very large topic in themselves. We will talk about ethics as it relates to the profession of accounting, both financial accounting and managerial accounting. Ethics is a subject that has been student as far back as we can track and we still have professional thinkers in ethics. A professional structure has some ethical consents related to it and fraud is defined, in part, by intentions.
References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

100.8 - Ethics, Profession, & Fraud

Accounting objectives, assumption, and principles are the rules that govern the accounting process. Discussion will include the measurement principle, revenue recognition principle, matching principle, full disclosure principle, going concern assumption, monetary unit assumption, business entity assumption

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

100.10 - Accounting Objectives, Assumptions, And Principles

We record transactions involving cash using the double entry accounting system and the accounting equation. These transactions are the same for all types of organizations from sole proprietors, to partnerships, to corporations, to service companies, and to merchandising companies.

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

100.12 Cash Transactions - Accounting Equation

Recording transaction by cycle using the accounting equation for accounts receivable and accounts payable. These are common transactions that will be the same for most any company, large, small, service, merchandiser, sole proprietor, partnership, or corporation.

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

100.15 Account Receivable (AR) & Accounts Payable (AP) Transactions - Accounting Equation

Managerial accounting situation designed to highlight common problems in managerial decisions and formal process to make decisions. Included discussion of relevant costs and benefits. Scenarios include accepting additional business or a special offer, decision to make or buy, decision to scrap or rework, decision to sell or process further, decision about sales mix, and decision to eliminate a segment. 

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

2500.4 - Managerial Decisions, Relevant Cost, Sunk Cost, Opportunity Cost

Auditing 101 introduction; audit defined, attestation defined, assurance services defined. Explanation on why audits are important, outline of the audit process.

References: 
Auditing & Assurance Services: A Systematic Approach Messier, 9e
PCAOB https://pcaobus.org/Rules/Pages/Form-AP-Instructions.aspx
AICPA American Institute of CPAs https://www.aicpa.org/Research/Standards/AuditAttest/Pages/SAS.aspx

55005 Auditing, Attest, & Assurance Â - - Introduction

Audit testing of revenue process. 

References: 
Auditing & Assurance Services: A Systematic Approach Messier, 9e
PCAOB https://pcaobus.org/Rules/Pages/Form-AP-Instructions.aspx
AICPA American Institute of CPAs https://www.aicpa.org/Research/Standards/AuditAttest/Pages/SAS.aspx

56005 - Auditing - Revenue Process

Recording normal business transactions related to cash, accounts receivable, and accounts payable, using debits and credit, discussing the effect on the accounting equation of assets liabilities and equity

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

200.10 Transactions Debits & Credits Cash, Accounts Receivable, Accounts Payable

Adjusting entries as of the end of a period, needed to put trail balance on accrual bases as of the date financial statement well be prepared.

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

300.10 Adjusting Entry Transactions (1)

Inventory methods, Fist in first out (FIFO), Last in last out, (LIFO), and average calculation and comparison.

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

600.30 Inventory Methods - First In First Out (FIFO), Last In First Out (LIFO), Average

Subsidiary ledgers for accounts receivable and accounts payable recording activity by costumer and vendor rather then date done on the general ledger.

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

700.20 Subsidiary Ledgers - Accounts Receivable, Accounts Payable

Allowance Method used to estimate account receivable balance not collectible, journalize bad debt expense and record allowance for doubtful accounts.

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

900.10 Allowance Method Accounts Receivable

Treasury stock issuance and sale, defining treasuring stock & recording related journal entries to trail balance accounts

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

1300.20 Treasury Stock

Statement of cash flow, a financial statement showing the inflow and outflow of cash using 3 categories, operating, investing, and financing.

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

1600.20 Statement Of Cash Flows

Job cost system defined for manufacturing company including calculation of job cost report, journal entries related to the job cost system, recording of journal entries to general ledger, and effect on trial balance accounts

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

1900.20 Job Cost System

Process cost system defined for manufacturing company including calculation of cost of goods manufactured and cost of goods sold, journal entries related to the process cost system, recording of journal entries to general ledger, and effect on trial balance accounts

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

2000.10 Process Cost System

Equivalent units calculation in process cost system to allocate direct material and conversion costs, direct labor & overhead, to proper process in process costs system.

References:
Fundamental Accounting Principles Wild 22e
Accounting Warren Reeve Duchac 24e

2000.20 Equivalent Units Â - - Process Cost System

Economic topic of production possibility frontier & comparative advantage are core principles in economics, demonstrating the use of models and concepts of scarcity, opportunity cost, and trade-offs in decision making.

Resources: 
Macroeconomics Colander, 9e
Marginal Revolution http://www.mruniversity.com/
Econ Talk https://www.youtube.com/channel/UCKAu-mTq7iZtKHK6QiBqKPA

E2A00.10 Production Possibility Frontier & Comparative Advantage

Gross domestic product GDP, basic macro economic accounting term measuring performance, including C Consumption + I Income + G Government Spending + Net exports (exports - imports).

Resources: 
Macroeconomics Colander, 9e
Marginal Revolution http://www.mruniversity.com/
Econ Talk https://www.youtube.com/channel/UCKAu-mTq7iZtKHK6QiBqKPA

EA700.10 Gross Domestic Product GDP

Economic history of macro economics introducing classical economics, Keynesian economics and the business cycle.

Resources: 
Macroeconomics Colander, 9e
Marginal Revolution http://www.mruniversity.com/
Econ Talk https://www.youtube.com/channel/UCKAu-mTq7iZtKHK6QiBqKPA

EA600.10 Economic History Classical And Keynesian, Short Term, Long Term

Classical model, long run,  growth or supply-side, discussing the model most economists held before the 1930 and that has had some concepts come back since the 1970s.

Resources: 
Macroeconomics Colander, 9e
Marginal Revolution http://www.mruniversity.com/
Econ Talk https://www.youtube.com/channel/UCKAu-mTq7iZtKHK6QiBqKPA

EA10,000.10 Classical Model - Long Run, Growth, Supply - Side

Monetary policy used by the federal reserve to influence the economy in times of a recessionary or inflationary gap.

Resources: 
Macroeconomics Colander, 9e
Marginal Revolution http://www.mruniversity.com/
Econ Talk https://www.youtube.com/channel/UCKAu-mTq7iZtKHK6QiBqKPA

EA1300.10 Monetary Policy

Inflation, - How to calculate using index, relationship between inflation and unemployment using the Phillips Curve, and discussion of what drives inflation.

Resources: 
Macroeconomics Colander, 9e
Marginal Revolution http://www.mruniversity.com/
Econ Talk https://www.youtube.com/channel/UCKAu-mTq7iZtKHK6QiBqKPA

MI1800 Inflation - Calculation & Policy

The banking system, definition of money,, and how money is created in the banking system.

Resources: 
Macroeconomics Colander, 9e
Marginal Revolution http://www.mruniversity.com/
Econ Talk https://www.youtube.com/channel/UCKAu-mTq7iZtKHK6QiBqKPA

MA1200 Banks, Money And The Financial Sector (1)

Accounting for governmental and not for profit entities including an introduction of what government and not for profit entities are and starting off with a comparison with for-profit industries. Both in this discussion and within the development of accounting regulations we start with accounting designed around for-profit organizations and then look for those areas that are different, those areas we need to focus in on when thinking about government and not for profit accounting. Most of the differences between for-profit companies and government and not for profit entities stem from differences in objectives, for profit objectives being profit, not for profit objectives being somethings els. For-profit objectives can lead to problems related to companies trying to overstate income or understate expenses but can also have advantages related to market and the way markets tend to pressure companies to run lean, striving to increase profits and reduce expenses. Governmental and not for profit organizations can be considered to have a more noble goal but the lack or a market can lead to different problems, those problems often having to do with waste or not running as efficiently as could be done. Without market forces acting directly on a not for profit entity, there is more pressure on management to act for the objective of the company and make sure the organization is running as efficiently as possible.

Resources: 
Accounting for Governmental & Nonprofit Entities Reck, 17e
An Overview of Governmental Accounting and Financial Reporting by Michael Genito
Basic Governmental Accounting Concept Including Fund Accounting by Professional Education Services LP

GA100 - Introduction To Accounting For Governmental & Not - Fo

Accountant's Guitar 09.02.17

A common question when presenting the accrual principle is whether cash and revenue are overstated. One reason is that we often record revenue before we receive cash. This discussion will discuss the difference between the two methods.

Does Accrual Method Overstate Assets & Revenue

Many people have ideas of what debits and credits are that do not line up to financial accounting definitions, financial accounting definitions often being less exciting and detailed, debits just being the right side of a ledger and credits being the right. We will discuss why this is.

Why My Definition Of Credits Differ's From Books

Is cash the same thing as revenue is a common financial accounting test question and a a common question asked by people learning accounting.

Is Cash Ths Same As Revenue

Interest expense is a abstract concept for many, in part, because interest is based on the use of an intangible assets. The concept of paying rent on the use of money is not as easy to grasp as the concept of paying rent on a building but the concepts are very similar.

Why Don't We Record Interest Expense At Inception Of Loan

The first questions we need to address when introducing any new topics are:
• What is it?
• Why do we need to know it?
https://busy.org/@accountinghelp/20180417t014426223z-business-law-introduction
Law defined by Merriam Webster:
a (1) : a binding custom or practice of a community : a rule of conduct or action prescribed (see prescribe 1a) or formally recognized as binding or enforced by a controlling authority
(2) : the whole body of such customs, practices, or rules The courts exist to uphold, interpret, and apply the law.
Reason – for social harmony, stability, and justice

In reviewing the definition of law, we see that law is a function of the customs of a community, a set of rules the community abides by in some way. A formal application of the law will generally need to be enforced by individuals that have the power and authority to do so.

If we were to define law by its purpose, we may say that the reason for law is to achieve a degree of harmony in society. The need for things like harmony, justice, and safety are some of the driving forces that lead us to accept the restrictions that a formal law can impulse, to accept a kind of social contract that we generally abide by.

The law will provide rights and duties to people and society. In other words, we have laws that outline what we as citizens can do as well as laws that restrict our behavior. For example, we have a right to the pursuit of life, liberty, and property. However, in our pursuit of life, liberty, property the law does not allow us to cause harm to others in most circumstances.

10 What Is The Law

In this presentation, we will discuss the reasons for law, the purpose of law, the objectives of law. 

At the end of this we will be able to:
•    List components and objectives of the law 
•    Describe the US Constitution 
•    Describe statutory law in the legal system and 
•    Explain common law 

https://busy.org/@accountinghelp/20180422t025724620z-20-law-goals-u

One of the main purposes of the law is to have a justice system so that there is some harmony within the social system. The law will help us to create harmony within the social system through having some justice administered through the law and people being able to perceive that both the procedure and the consequences of the law are fair and applied universally. You would think this concept of law would be fairly straightforward at first glance, to look at the law and say well we want to put laws in place that are going to be fair to everybody and that are going to be just and therefore people will be able to adhere to the law and be able to agree with the law, but in practice the process becomes more difficult than we would think at first look. 

One problem it is that we have to communicate law in words, in language, in order for people to be able to understand what is acceptable or not acceptable within the law and words themselves are not perfect so many of the problems with law that we talk about in terms of the making of the law, as well as the administering of the law, and interpreting the law, comes down to problems of language and that's why the legal system, and lawyers themselves, are very good with words, with making things language very definite.  

The law can also be intentionally vague in some cases when the creators want to achieve different types of objectives. The fact that language is not a perfect form of expression leads to debates about the law and how to interpret it. for example, there is debate about whether the interpretation of the law should be applied using letter of the law, simply making sure that they're applying exactly what the law says and depending mostly on wording of the law and or prior precedents that have that have happened in order to make final decisions, or does the judge have more leeway and an obligation to have the idea of the law, the content of the law, or what they believe the spirit of the law is in order to make judgments on a particular case. 

This kind of issue of how to interpret the law is going to be a type of thing that's very contentious because it really blurs the line between when we talk about the separation of duties between the judicial system and the legislative, the creators of the law and the people that are judging the law. That line between legislative and judicial gets very blurred when we start to lean too much to the type of toward the spirit of the law side of the spectrum because it becomes very easy for the legislative branch to then interpret the law in different ways and possibly in ways that are almost equivalent to making new laws. 

In other words if the judicial branch can interpret very broadly the language of the laws and how to apply the language of the laws and even to possibly go against the language of the law in order to uphold the spirit of the law, then that's going to give a lot more leeway in making legal decision and it of blurs the line between the makers of the law and the interpretation of the law. 

On the other hand, if we just go by the letter of the law, then we can see that there's going to be a lot of cases when law is created in such a way that where the law makers cannot see all the possible cases in

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