Accounting 101: Financial Accounting

Ch 1. Introduction to Accounting
	Lesson 1 – What Is Accounting? – Purpose, Importance & Relationship to Business	Take Quiz
	Lesson 2 – External and Internal Users and Uses of Accounting	Take Quiz
	Lesson 3 – What Is GAAP? – The Generally Accepted Accounting Principles	Take Quiz
	Lesson 4 – The Importance of Ethics in Accounting	Take Quiz
	Lesson 5 – Technology in Accounting: The Growing Role of Technology in Accounting	Take Quiz

Go to chapter Introduction to Accounting Practice test: Introduction to Accounting

Ch 2. Financial Statements in Accounting
	Lesson 1 – What Are Financial Statements? – Definition, Purpose & Importance	Take Quiz
	Lesson 2 – What Is an Income Statement? – Purpose, Components & Format	Take Quiz
	Lesson 3 – The Balance Sheet: Purpose, Components & Format	Take Quiz
	Lesson 4 – The Statement of Cash Flows: Purpose, Format & Examples	Take Quiz
	Lesson 5 – The Purpose of Notes on Financial Statements	Take Quiz
	Lesson 6 – Preparing the Basic Income Statement and Statement of Retained Earnings	Take Quiz
	Lesson 7 – How to Prepare the Basic Balance Sheet and Statement of Cash Flows	Take Quiz
	Lesson 8 – External Audits of Financial Statements	Take Quiz
	Lesson 9 – The Fundamental Principles of Accounting	Take Quiz

Go to chapter Financial Statements in AccountingPractice test: Financial Statements in Accounting

Ch 3. Mechanics of the Accounting Cycle
	Lesson 1 – The Accounting Equation: Definition & Components	Take Quiz
	Lesson 2 – Source Documents in Accounting: Definition and Purpose	Take Quiz
	Lesson 3 – Using the Accounting Equation: Adding Revenues, Expenses & Dividends	Take Quiz
	Lesson 4 – What Are Accounts? – Definition and Use to Categorize Transactions	Take Quiz
	Lesson 5 – Ledgers and Chart of Accounts: Definitions and Use	Take Quiz
	Lesson 6 – Understanding Debits and Credits in Accounting	Take Quiz
	Lesson 7 – Recording Business Transactions in Accounting	Take Quiz
	Lesson 8 – Using the Accounting Equation: Analyzing Business Transactions	Take Quiz
	Lesson 9 – Computing and Interpreting Return on Assets	Take Quiz
	Lesson 10 – Journal Entries and Trial Balance in Accounting	Take Quiz
	Lesson 11 – Financial Statement Ratios: Determining Company Performance	Take Quiz
	Lesson 12 – What Is Profitability? – Definition & Analysis	Take Quiz

Go to chapter Mechanics of the Accounting Cycle Practice test: Mechanics of the Accounting Cycle

Ch 4. Adjusting Accounts and Preparing Financial Statements
	Lesson 1 – Periodic Reporting & the Time Period Principle	Take Quiz
	Lesson 2 – Using Accrual Accounting to Make Financial Statements More Useful	Take Quiz
	Lesson 3 – The Differences Between Accrual & Cash-Basis Accounting	Take Quiz
	Lesson 4 – Account Adjustments: Types, Purpose & Their Link to Financial Statements	Take Quiz
	Lesson 5 – Accrued Expenses & Revenues: Definition & Examples	Take Quiz
	Lesson 6 – Adjusted Trial Balance: Definition, Preparation & Example	Take Quiz
	Lesson 7 – Preparing Financial Statements	Take Quiz
	Lesson 8 – Temporary & Permanent Accounts: Definition & Differences	Take Quiz
	Lesson 9 – Closing Entries: Process, Major Steps, Purpose & Objectives	Take Quiz
	Lesson 10 – Real Accounts vs. Nominal Accounts: Definition, Differences & Examples	Take Quiz
	Lesson 11 – Post-Closing Trial Balance: Preparation & Purpose	Take Quiz

Go to chapter Adjusting Accounts and Preparing Financial StatementsPractice test: Adjusting Accounts and Preparing Financial Statements

Ch 5. Internal Controls in Accounting
	Lesson 1 – Typical Problems with Financial Information	Take Quiz
	Lesson 2 – Internal Controls in Accounting: Definition, Types & Examples	Take Quiz
	Lesson 3 – Safeguards & Controls of Banking Activities	Take Quiz
	Lesson 4 – Control of Cash: Definition & Methods	Take Quiz
	Lesson 5 – Control of Cash Receipts & Disbursements	Take Quiz
	Lesson 6 – Earnings Management: Definition, Techniques & Examples	Take Quiz
	Lesson 7 – What is Bank Reconciliation? – Definition, Purpose, Process & Examples	Take Quiz
	Lesson 8 – Technology’s Impact on the Internal Control System	Take Quiz
	Lesson 9 – Limitations of Internal Control in Financial Reporting	Take Quiz
	Lesson 10 – The Sarbanes-Oxley Act: Definition and Explanation	Take Quiz
	Lesson 11 – The Role of Auditors in the Accounting Process	Take Quiz
	Lesson 12 – The Securities & Exchange Commission: Definition, History & Purpose	Take Quiz

Go to chapter Internal Controls in AccountingPractice test: Internal Controls in Accounting

Ch 6. Merchandising Operations and Inventory in Accounting
	Lesson 1 – Merchandising Company: Definition, Activities & Income Components	Take Quiz
	Lesson 2 – Items that Make Up Merchandise Inventory	Take Quiz
	Lesson 3 – Inventory Cost: Definition, Methods & Types	Take Quiz
	Lesson 4 – Accounting for Inventory Purchases	Take Quiz
	Lesson 5 – Perpetual and Periodic Inventory Systems	Take Quiz
	Lesson 6 – Recording Purchases Using the Perpetual System	Take Quiz
	Lesson 7 – Accounting for Inventory Sales	Take Quiz
	Lesson 8 – Recording Sales Using the Perpetual System	Take Quiz
	Lesson 9 – Reconciling the Bank Account After Purchases or Sales	Take Quiz
	Lesson 10 – Inventory Counting: Process & Methods	Take Quiz
	Lesson 11 – Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average	Take Quiz
	Lesson 12 – The Effects of Financial Statements on Costing Methods	Take Quiz
	Lesson 13 – The Effects of Inventory Errors	Take Quiz
	Lesson 14 – Net Realizable Value of Inventory: Definition & Method	Take Quiz
	Lesson 15 – The Lower of Cost or Market of Inventory: Definition & Method	Take Quiz

Go to chapter Merchandising Operations and Inventory in AccountingPractice test: Merchandising Operations and Inventory in Accounting

Ch 7. Receivables in Accounting
	Lesson 1 – Accounts Receivable: Definition, Process & Examples	Take Quiz
	Lesson 2 – What is Revenue Recognition? – Principles, Process & Examples	Take Quiz
	Lesson 3 – Uncollectible Accounts, the Allowance Method & Bad Debt	Take Quiz
	Lesson 4 – Receivables Management: Definition & Purpose	Take Quiz
	Lesson 5 – Recording Warranty and Service Costs	Take Quiz
	Lesson 6 – Notes Receivable: Definition, Maturity Date & Interest	Take Quiz
	Lesson 7 – Converting Receivables to Cash Before Maturity	Take Quiz

Go to chapter Receivables in AccountingPractice test: Receivables in Accounting

Ch 8. Completing the Operating Cycle in Accounting
	Lesson 1 – Accounting for Employee Compensation: Payroll, Leave & Bonuses	Take Quiz
	Lesson 2 – How to Account for Sales, Property & Income Taxes	Take Quiz
	Lesson 3 – Accounting for Contingencies & Environmental Liabilities	Take Quiz
	Lesson 4 – Comparing the Effects of Capitalizing & Expensing	Take Quiz
	Lesson 5 – Operations of an Income Statement	Take Quiz

Go to chapter Completing the Operating Cycle in AccountingPractice test: Completing the Operating Cycle in Accounting

Ch 9. Long-Term Assets in Accounting
	Lesson 1 – Long-Term Operating Assets: Acquisition & Uses	Take Quiz
	Lesson 2 – Plant Assets: Definition & Accounting Issues	Take Quiz
	Lesson 3 – Applying the Cost Principle to Compute Plant Assets	Take Quiz
	Lesson 4 – Acquisition of Property, Plant & Equipment	Take Quiz
	Lesson 5 – Depreciation: Definition, Formula & Examples	Take Quiz
	Lesson 6 – Methods of Depreciation	Take Quiz
	Lesson 7 – Partial-Year Depreciation & Changes in Estimates	Take Quiz
	Lesson 8 – Reporting Depreciation on the Balance Sheet	Take Quiz
	Lesson 9 – Comparing Revenue Expenditures & Capital Expenditures	Take Quiz
	Lesson 10 – How to Account for Asset Disposal	Take Quiz
	Lesson 11 – Accounting for Natural Resource Assets & Depletion	Take Quiz
	Lesson 12 – What Are Intangible Assets? – Definition & Types	Take Quiz
	Lesson 13 – Measuring Property, Plant & Equipment Asset Efficiency	Take Quiz
	Lesson 14 – Accelerated Depreciation Methods	Take Quiz

Go to chapter Long-Term Assets in AccountingPractice test: Long-Term Assets in Accounting

Ch 10. Current and Long-Term Liabilities in Accounting
	Lesson 1 – Current & Long-Term Liabilities: Definition & Characteristics	Take Quiz
	Lesson 2 – Known Liabilities: Definition & Types	Take Quiz
	Lesson 3 – Estimated Liabilities: Definition & Types	Take Quiz
	Lesson 4 – Contingent Liabilities: Definition & Examples	Take Quiz
	Lesson 5 – Measuring Long-Term Liabilities & Annuities	Take Quiz
	Lesson 6 – Accounting for Long-Term Liabilities	Take Quiz
	Lesson 7 – Bonds: Types, Characteristics and Issuing Procedures	Take Quiz
	Lesson 8 – The Advantages of Bond Financing	Take Quiz
	Lesson 9 – Determining a Bond’s Issuance Price	Take Quiz
	Lesson 10 – Issuing Bonds at a Discount or a Premium	Take Quiz
	Lesson 11 – How to Record the Retirement of Bonds	Take Quiz
	Lesson 12 – Using Debt-Related Financial Ratios	Take Quiz

Go to chapter Current and Long-Term Liabilities in AccountingPractice test: Current and Long-Term Liabilities in Accounting

Ch 11. Reporting & Analyzing Equity in Accounting
	Lesson 1 – Comparing Loans & Investments	Take Quiz
	Lesson 2 – How to Raise Equity Financing: Proprietorships & Partnerships	Take Quiz
	Lesson 3 – Corporations: Characteristics & the Start Up Process	Take Quiz
	Lesson 4 – The Components of Stockholder Equity	Take Quiz
	Lesson 5 – Comparing Common & Preferred Stock	Take Quiz
	Lesson 6 – Issuing a Stock & Accounting for Stock Repurchases	Take Quiz
	Lesson 7 – Items Reported in Retained Earnings	Take Quiz

Go to chapter Reporting & Analyzing Equity in AccountingPractice test: Reporting & Analyzing Equity in Accounting

Ch 12. Statement of Cash Flows in Accounting
	Lesson 1 – Disclosing Non-Cash Investing and Financing Activities	Take Quiz
	Lesson 2 – Analyzing Cash Flow Statement Patterns	Take Quiz
	Lesson 3 – Sources Needed to Prepare the Cash Flow Statement	Take Quiz
	Lesson 4 – The Six-Step Process for Preparing a Statement of Cash Flows	Take Quiz
	Lesson 5 – Using the Statement of Cash Flows for Decision Making	Take Quiz
	Lesson 6 – Indirect & Direct Ways to Report Operating Activities	Take Quiz

Go to chapter Statement of Cash Flows in AccountingPractice test: Statement of Cash Flows in Accounting

Ch 13. Financial Statement Analysis in Accounting
	Lesson 1 – Financial Statement Analysis: Definition, Purpose, Elements & Examples	Take Quiz
	Lesson 2 – Standards for Comparison in Financial Statement Analysis	Take Quiz
	Lesson 3 – Applying Horizontal Analysis Methods	Take Quiz
	Lesson 4 – Applying Vertical Analysis Methods	Take Quiz
	Lesson 5 – Defining and Applying Financial Ratio Analysis	Take Quiz
	Lesson 6 – Commonly Used Financial Ratios	Take Quiz
	Lesson 7 – Efficiency Ratios: Types & Formula	Take Quiz
	Lesson 8 – Leverage Ratios: Types & Formula	Take Quiz
	Lesson 9 – Issues with Financial Statement Analysis	Take Quiz

Go to chapter Financial Statement Analysis in AccountingPractice test: Financial Statement Analysis in Accounting

Ch 14. Studying for Accounting 101
	Flashcards – Accounting Overview Flashcards
	Flashcards – Financial Statements in Accounting Flashcards
	Flashcards – Mechanics of the Accounting Cycle Flashcards
	Flashcards – Adjusting Accounts & Preparing Financial Statements Flashcards
	Flashcards – Internal Controls in Accounting Flashcards
	Flashcards – Accounting for Merchandising Flashcards
	Flashcards – Receivables in Accounting Flashcards
	Flashcards – Operating Cycle in Accounting Flashcards
	Flashcards – Long-Term Assets in Accounting Flashcards
	Flashcards – Current & Long-Term Liabilities in Accounting Flashcards
	Flashcards – Reporting & Analyzing Equity in Accounting Flashcards
	Flashcards – Statement of Cash Flows in Accounting Flashcards
	Flashcards – Financial Statement Analysis in Accounting Flashcards
	Lesson 14 – Accounting 101: Financial Accounting Formulas

Go to chapter Studying for Accounting 101