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  • PRINCIPLES OF ACCOUNTING VOLUME 1 - FINANCIAL ACCOUNTING COURSE


    This comprehensive course contains 16 sections with 95 self-grading lessons, including final assessments. The first section is available to try for free. 

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  • Role of Accounting in Society


  • Role of Accounting in Society - Final Assessment


    This is the final assessment for Role of Accounting in Society. (Available when you subscribe.)

    • This topic

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      • Introduction to Financial Statements


        2.1 Financial Statements and Balance Sheets
        2.2 Assets, Liabilities, Equity, Revenue and Expenses
        2.3 Prepare Financial Statements and Balance Sheets
        Final Assessment

        • Analyzing and Recording Transactions


          3.1 Principles, Assumptions, and Concepts of Accounting
          3.2 The Expanded Accounting Equation
          3.3 Initial Steps in the Accounting Cycle
          3.4 Using the Accounting Equation
          3.5 Using Journal Entries
          3.6 Prepare a Trial Balance
          Final Assessment


          • The Adjustment Process


            4.1 Adjusting Entries
            4.2 The Adjustment Process
            4.3 Common Types of Adjusting Entries
            4.4 Adjusted Trial Balance and Ledger Entries
            4.5 Adjusted Trial Balance and Financial Statements
            Final Assessment


            • Completing the Accounting Cycle


              5.1 Business Closing Entries
              5.2 The Post-Closing Trial Balance
              5.3 Computing Current Ratio and Working Capital Balance
              Final Assessment


              • Merchandising Transactions


                6.1 Merchandising, Service Activities and Transactions
                6.2 Perpetual and Periodic Inventory Systems
                6.3 Using the Perpetual Inventory System for Merchandise Purchases
                6.4 Using the Perpetual Inventory System for Merchandise Sales
                6.5 Applying Commonly Used Freight-In Methods
                6.6 Income Statements for Merchandising Companies
                Final Assessment


                • Accounting Information Systems


                  7.1 Components of an Accounting Information System
                  7.2 The Purpose of Special Journals
                  7.3 Using Special Journals
                  7.4 Subsidiary Ledgers
                  7.5 Career Paths
                  Final Assessment


                  • Fraud, Internal Controls, and Cash


                    8.1 Analyzing Fraud
                    8.2 The Purpose of Internal Controls
                    8.3 Organizational Internal Controls
                    8.4 Petty Cash Funds
                    8.5 Maintaining Internal Controls
                    8.6 Bank Reconciliation
                    8.7 Financial Statement Fraud
                    Final Assessment


                    • Accounting for Receivables


                      9.1 The Revenue Recognition Principle
                      9.2 Accounting for Uncollectable Accounts
                      9.3 Using Financial Ratios to Determine Efficiency
                      9.4 The Role of Accounting for Receivables
                      9.5 Applying Revenue Recognition Principles
                      9.6 The Difference Between Notes Receivable and Accounts Receivable
                      Final Assessment

                      • Inventory


                        10.1 Basic Inventory Valuation Methods
                        10.2 Calculating Cost of Goods Sold Using the Periodic Method
                        10.3 Calculating Cost of Goods Sold Using the Perpetual Method
                        10.4 The Impact of Inventory Valuation Errors
                        10.5 Inventory Management
                        Final Assessment

                        • Long-Term Assets


                          11.1 Tangible and Intangible Assets
                          11.2 Capitalized Costs and Expenses
                          11.3 Depreciation Methods
                          11.4 Intangible Assets and Record Related Transactions
                          11.5 Special Issues for Long-Term Assets
                          Final Assessment

                          • Current Liabilities


                            12.1 Identifying Current Liabilities
                            12.2 Analyzing and Reporting Current Liabilities
                            12.3 Contingent Liabilities
                            12.4 Recording Short-Term Notes Payable
                            12.5 Preparing Payroll
                            Final Assessment


                            • Long-Term Liabilities


                              13.1 Long-Term Liabilities Pricing
                              13.2 Amortization of Long-Term Liabilities
                              13.3 The Life Cycle of Bonds
                              Final Assessment


                              • Corporation Accounting


                                14.1 Securing Equity Financing through Stock
                                14.2 Issuing and Repurchasing of Stock
                                14.3 Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits
                                14.4 Owners' Equity and Retained Earnings
                                14.5 Measuring Performance through Earnings Per Share
                                Final Assessment


                                • Partnership Accounting


                                  15.1 Partnership Advantages and Disadvantages
                                  15.2 Creating a Partnership
                                  15.3 Allocating Partners' Share of Income and Loss
                                  15.4 Recording Partner Admissions and Withdrawals
                                  15.5 Partnership Dissolution
                                  Final Assessment


                                  • Statement of Cash Flows


                                    16.1 The Purpose of the Statement of Cash Flows
                                    16.2 Operating, Investing, and Financing Activities
                                    16.3 Statement of Cash Flows Using the Indirect Method
                                    16.4 Completed Statement of Cash Flows Using the Indirect Method
                                    16.5 Preparing Ratios to Assess Liquidity and Solvency
                                    Final Assessment


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