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.
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.
ACCT 1110 - CONCEPTS
Based on Horngren - 4th ed.
Accounting equation https://youtu.be/s0qnS665z3Q
Prepaids and Accruals https://youtu.be/N4RIM38myg4
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
Closing the accounts
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
FIFO method https://youtu.be/d5lyyg2fKf4
Weighted-average method https://youtu.be/h3Bh37x_IR8
Different types of journals https://youtu.be/JrvpUFJVfOw
Bank reconciliations https://www.youtube.com/watch?v=6pt67pLpVcw
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
Classified balance sheet
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.
Change in useful life of an amortizable asset
Exchanging PPE (trade-ins)
Current portion of long-term debt
Sharing based on stated fraction
Sharing based on capital investments
Sharing based on capital investments and on service
Sharing based on service and interest
Declaring and paying dividends
Dividends on cumulative and noncumulative preferred shares
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
Cash flow statement