ACCT 1110 & 1210 TOOLBOX (Updated)

Updated: May 15, 2018



Some tips to get an A:

  • Based on the statistics, ACCT 1110/1210 is one of the most repeated courses in college, leading to the erroneous assumption that it's hard. Intro accounting is NOT hard. Too often students will use this as a crutch and unwittingly setup themselves up for failure. Clear this out of your system.

  • If you're struggling, it's not because you're #dumb or "Bro, I am just not an accounting person." Odds are it's because your work habits aren't up to par. Think of these two courses as a mirror on your effort levels. For most students ACCT will be their first sobering reality check.

  • Accounting is all about practice. You just gotta channel your inner Stephen Curry and put up those shots in the gym. Understanding the chapter examples does not translate into doing problems successfully.

  • Accounting lectures are tricky in the sense that if you zone out for a just minute and miss a step or two, your confusion will compounds and snowball because you can't follow along. Avoid going into lectures "cold" -- this isn't your marketing class.

With that in mind, here how this resource will help you:


1. Offer an alternative way of explaining things. Sometimes it just takes a few different ways of phrasing things to open the floodgates to understanding. This resource has been curated for breadth and depth.


2. Save time. We help you reach total understanding faster, so the bulk of your study time can be spent on practicing.


3. Make lecture time more effective. Before classes, watch videos on the key concepts that'll be covered. What you're doing is warming-up the oven. Don't worry about fully comprehending it. Scribble a few notes and mark where you got lost. During the lecture, refrain from furiously copying what the instructor puts on the board. Instead, just focus on just following along and listen for keywords (where you got lost in the videos).


If you need more help, we suggest:

  • Go to your instructor's office hours.

  • Book a tutoring appointment with the Learning Centre.

  • If you see us holding booths on the concourse, don't be afraid to drop by with a random homework question or two.

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YOUTUBE CHANNELS

Limited selection of videos, but probably the simplest explanations of all. Start here.

Amazing.

Rock solid.


Use this if above recommendations don't cover a specific topic (1)

Use this if above recommendations don't cover a specific topic (2)


Our very own Brandy Dudas!


Fahart's accounting lectures

CRAZY deep library. However, it's more aimed at refreshing concepts for the experienced crowd. But bookmark it anyways, it will be a key resource at some point.


WEBSITES

AccountingCoach. A classic resource.


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ACCT 1110 - CONCEPTS

Based on Horngren - 4th ed.


Chapter 1

Accounting equation https://youtu.be/s0qnS665z3Q


Chapter 2

T-Accounts

https://www.youtube.com/watch?v=pMwHyqMI4sU

https://www.youtube.com/watch?v=bD2QAnXBHYE


Trial balance

https://youtu.be/RacjcokhkS0

https://youtu.be/D2qPk6-erQk


Chapter 3

Accrual-basis accounting

https://youtu.be/NNhyZFHAzaA

https://youtu.be/B5ncY0F5wbg

https://youtu.be/KcTZdXpaVOU


Prepaids and Accruals https://youtu.be/N4RIM38myg4


Prepaid expenses

https://youtu.be/_6BKwLgOHUc

https://youtu.be/yrFBRfilyIg


Accrued expense https://youtu.be/gERfYJh_HK4

Accrued revenue https://www.youtube.com/watch?v=v00EqqMbsM8


Unearned revenues https://www.youtube.com/watch?v=HbmtbYZt_vs


Chapter 4

Worksheet https://www.youtube.com/watch?v=yy8ge7vmmJM


Closing the accounts

https://youtu.be/dZzKjhtndCo

https://youtu.be/IIyl6Ster1U


Chapter 5

Merchandising journal entries https://youtu.be/1TuMuEp7edM


Purchase discount https://youtu.be/qDE1xe72LFc

Purchase returns and allowances https://youtu.be/AcOG6wyV4RA


Sales discount https://youtu.be/HV4ana221HU

Sales returns and allowances https://www.youtube.com/watch?v=bZ4S1Rmk7pA


Chapter 6

FIFO method https://youtu.be/d5lyyg2fKf4

Weighted-average method https://youtu.be/h3Bh37x_IR8


Chapter 7

Different types of journals https://youtu.be/JrvpUFJVfOw


Chapter 8

Bank reconciliations https://www.youtube.com/watch?v=6pt67pLpVcw


Chapter 9

Allowance method and uncollectables https://youtu.be/ZradjAPMeu8


Percent-of-sales method https://youtu.be/L56lVsYyPa4

Aging-of-accounts receivable method https://www.youtube.com/watch?v=FNz_bMrLWCU

Percentage-of-accounts receivable method https://youtu.be/mBuprTmisPw

Direct write-off method https://youtu.be/Tv8nh1kaTz0


Financial statements

Balance sheet

https://youtu.be/EBnrkusBy8Q

https://www.youtube.com/watch?v=wxUapKR6M3A


Classified balance sheet

https://www.youtube.com/watch?v=fZcn0BBQ3gY

https://youtu.be/ScHyt9AyQwg


Income statement https://www.youtube.com/watch?v=nnX-TQzJrJQ

Multi-step income statement https://youtu.be/lybAIdL_wyo


Statement of Owner's Equity https://www.youtube.com/watch?v=B3vESswKLM4



ACCT 1210 - CONCEPTS (working on it!)

Based on Horngren - 4th ed.


Chapter 10

Amortization

Straight-line method

Units-of-production method

Double-declining-balance method

Change in useful life of an amortizable asset

Discarding PPE

Selling PPE

Exchanging PPE (trade-ins)

Goodwill


Chapter 11

GST/PST/HST

Current portion of long-term debt

Unearned revenue

Payroll


Chapter 12

Partnerships

Sharing based on stated fraction

Sharing based on capital investments

Sharing based on capital investments and on service

Sharing based on service and interest

Partner withdrawals


Chapter 13

Corporations

Shareholder's equity

Retained earnings

Common shares

Preferred shares

Dividend dates

Declaring and paying dividends

Dividends on cumulative and noncumulative preferred shares

Market value

Book value


Chapter 14

Stock splits

Share repurchase - average issue price

Share repurchase - below average issue price

Share repurchase - above average issue price

Corporate income statement

Earnings per share (EPS)

EPS - Weighted average number of common shares outstanding

EPS - Stock dividends and stock splits

EPS - Preferred dividends



Chapter 15


Chapter 16


Chapter 17


DDB

Bonds

Cash flow statement


MISC


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