The tools...
Tools to help teachers teach and students succeed in accounting principles courses!
Tools to help teachers teach and students succeed in accounting principles courses!
There's so much to learn…
As you have probably found in your accounting principles course, there are so many terms and rules to learn… it can be overwhelming. Studying the below concepts and definitions will help. Using Accounting Class help.com classroom materials and tools will concisely bring all this information together, reinforce this extensive knowledge requirement, and help you clearly teach and learn how a simple journal entry translates into a change on one of the four financial statements.
Simple and easy to understand templates and guides to help you build a strong understanding of accounting basics; confidently answer instructor questions, actively participate in classroom discussions.…and reduce homework time. These tools are also excellent teaching aids for accounting class instructors!
The tools provide...
• A simple "one-page" complete guide, a must have!
- Easy to remember debit and credit diagram
- Easy to remember accounting equation guide
- Easy to remember financial statement pictorial
• Step-by-step templates to teach and solve problems on journalizing, posting, and preparing trial balances and financial statements.
• Classroom material and templates to help teach and learn accounting principle problems on cost of goods sold, depreciation, stock, bonds, and more!
One-Page Guide
A simple reference guide to help you teach and learn the accounting equation, debit and credit rules, primary accounts, and financial statement relationship...all on just one page. Download today! I use this guide to help reinforce concepts presented throughout my accounting principles courses. Students really value this help sheet!
One-Page Guide
A simple reference guide to help you teach and learn the accounting equation, debit and credit rules, primary accounts, and financial statement relationship...all on just one page. Download today! I use this guide to help reinforce concepts presented throughout my accounting principles courses. Students really value this help sheet!
Got a textbook problem on journalizing, posting to T accounts, completing a trial balance, building an Income Statement or Balance Sheet?….
Use this simple Microsoft Excel® tool to easily solve these accounting course problems.
Teach accounting concepts easier and in a more understandable way using this one simple tool!
A step-by-step process to help students learn and complete accounting principles problems on journalizing, posting, preparing trial balances, journalizing adjusting entries, preparing an adjusted trial balance, financial statements, closing entries, and post closing trial balance. If you know the basics of Microsoft Excel®, this tool will be a snap to use! An excellent teaching aid for accounting principles course instructors! I’m able to walk through/explain detailed homework assignments in just 10-15 minutes using this tool.
Your accounting class help starts here:
Your accounting class help starts here:
Start by studying the following accounting concepts/terms and accounting principles, in conjunction with your accounting principles course material. Then use the Accounting Class help.com summary guides and templates to help bring all this information together. Practice your textbook problems using these guides and templates, and practice again—you will soon begin to master your accounting principles course!
Accounting Principles, Part I
Accounting Principles, Part I
Basic Accounting Concepts and Terms
The list you need to thoroughly understand for Accounting Principles, Part 1, starts with:
Basic Accounting Equation. Assets = Liabilities + Owner's Equity (A = L + OE)
Expanded Accounting Equation (Corporation). Assets = Liabilities + Capital Stock (Paid-In Capital) + Revenue – Expenses – Dividends – Treasury Stock.
Debit versus Credit. Debit (Dr) simply means an entry on left side of a “T” account; a Credit (Cr) entry is on the right side. Debit/Credit does not necessarily mean an increase or decrease to an account…simply left and right side…that’s it!
And the list of key concepts and terms goes on and on...click here for detailed, FREE help on many must know accounting concepts.
Basic “Principles” of Accounting
Two must know basic accounting principles include:
Matching Principle (expense recognition). This and the following principle on revenue are critical to understanding accounting basics. The matching principle requires expenses to be matched with revenues. Specifically, expenses must be recorded in the period in which they are incurred to generate revenue (not necessarily, when cash is paid for them). Or, expenses should be recognized/reported in the same period in which revenue is recognized. This principle allows greater evaluation of actual profitability and performance (shows how much was spent to earn revenue). Depreciation and Cost of Goods Sold expenses are good examples of application of this principle. This method of accounting is part of accrual basis accounting (i.e., expenses are accrued (recorded) when incurred, even if cash was not paid). Also see below discussion on adjusting entries.
Revenue Recognition Principle. Revenue principle requires companies to recognize revenue in the accounting period in which it is realized and earned, not necessarily when cash is received. This method of accounting is also part of accrual basis accounting (i.e., revenue is accrued (recorded) when earned, even if cash was not received).
Click here for additional principles.
Accounting Principles, Part II
And moving into accounting principles part II, you’ll begin building a stronger understating of terms and concepts introduced in principles part one, as well as some new concepts. Using accounting class help.com materials (including the deprecation, Notes, and Bond teaching tools) are particularly effective in teaching and understanding the following accounting concepts/terms.
Asset Depreciation Concepts (see accounting class help.com depreciation teaching tool). Remember, depreciation is a cost allocation process not a process of asset valuation (nothing to do with asset's value or market value). Depreciation is a process of allocating to expense, the cost of a plant asset over its useful life. Reinforce the following concepts/terms:
Asset acquisition Cost. All costs to acquire asset and make it ready for intended purpose.
Asset Useful Life. Expected productive/service life of the asset (Total "years" or Total "Units of Activity")
Asset Salvage Value. Estimate of the asset’s value at the end of its useful life
Depreciable Cost. Asset "Cost" minus Asset "Salvage Value"
Asset Accumulated Depreciation. A contra asset account used to total the amount of all depreciation expensed for an asset
Asset Book Value (Net amount shown on Balance Sheet). Asset "Cost" minus Asset "Accumulated Depreciation"
Total Depreciation Allowed. Point where book value = salvage value.
Initial or Partial-year Depreciation. Annual depreciation expense ÷ 12 months x number of months asset was in service that year
Three Primary Depreciation Methods:
(1) Straight-Line. Depreciable Cost ÷ Useful Life = Annual Depreciation Expense
(2) Units of Activity. Depreciable Cost ÷ Total Units of Activity = Depreciable Cost Per Unit. And, Depreciable Cost Per Unit * Actual Unit Activity = Annual Depreciation Expense
(3) Declining Balance. Book Value at beginning of Year * Declining balance Rate = Annual Depreciation Expense.
Click here for additional FREE help on bonds, notes, stock and more accounting principles part II concepts and terms.
