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Crystal-Clear Explanations of
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Questions are Answered Weekly.
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Accounting Crossword Puzzles.
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Accounting Related Discussions.
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About The

Accounting Coach

the accounting coach AccountingCoach.com was developed by Harold Averkamp, a university senior lecturer emeritus and consultant known for his ability to explain material in a clear manner.

Mr. Averkamp realized that the Internet would allow him to share his knowledge and passion for teaching accounting with people throughout the world in a convenient, cost-effective manner. The combination of educator, consultant, real-world examples, and computer links provide for an ease in understanding. Read More...


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Questions and Answers Blog

05/07What is the difference between cost and expense?
A cost might be an expense or it might be an asset. An expense is a cost that has ex..
05/05Why is prepaid insurance a short term asset?
Prepaid insurance is usually a short term or current asset because the prepaid amoun..
05/02How does the purchase of a new machine affect the profit and loss stat..
The purchase of a new machine that will be used in a business will affect the profit..
04/30Why does an inventory error affect two periods?
An inventory error affects two periods because 1) the ending inventory of one period..
04/28If inventory is understated at the end of the year, what is the effect..
If inventory is understated at the end of the year, the net income for the year is a..
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    Click Below For Accounting Explanations
Accounting Basics Learn accounting principles, introduction to financial statements, debits and credits.
Accounting Degree Learn about selecting the right college for earning your accounting degree, the CPA Exam, and accounting job opportunities held by people with accounting degrees.
Accounting Equation Learn how transactions affect the accounting equation, balance sheet, and income statement. See the connection between the accounting equation and debits and credits.
Accounting Principles Learn accounting principles (matching, cost, conservatism, etc.), impact on financial statements.
Activity Based Costing Comparison of Activity Based Costing (ABC) to traditional allocation of manufacturing overhead.
Adjusting Entries Accruals and deferrals (prepayments) necessary for accrual accounting.
Balance Sheet Assets, liabilities, owner's equity, current vs. long-term.
Bank Reconciliation Outstanding checks, deposits in transit, bank charges, NSF checks, journal entries.
Bookkeeping Introduction to double entry bookkeeping, debits and credits, trial balance, and chart of accounts.
Break-even Point Fixed and variable expenses, contribution margin, and desired profit.
Cash Flow Statement Tips for learning indirect method, format, illustration of transactions' effect on the statement, relationship to income statement and balance sheet.
Chart of Accounts Samples, account descriptions.
Debits and Credits Learn accounting's double entry system. Tips for learning debits and credits, T-accounts, and sample journal entries are provided.
Depreciation Straight-line, journal entries, use of estimates, accelerated depreciation.
Evaluating Business Investments Capital expenditures, rate of return, payback, net present value, internal rate of return.
Financial Accounting  NEW Learn about financial reporting and financial statements. Introduction to the role of FASB and SEC.
Financial Ratios Common-size balance sheet and income statement, current ratio, quick ratio, accounts receivable and inventory turnover ratios, profitability ratios.
Improving Profits Relevant amounts for analyzing, business stories to illustrate profit improvement.
Income Statement Revenues, gains, expenses, losses, formats, reporting unusual items.
Inventory and
Cost of Goods Sold
Learn accounting's cost flow assumptions: periodic FIFO, LIFO, weighted average. Perpetual FIFO, LIFO, moving average. Estimating inventory methods.
Lower of Cost or Market Conservatism, losses, replacement cost, net realizable value, normal profit.
Manufacturing Overhead Examples of manufacturing overhead; allocation of overhead via direct labor, and via departmental machine hours.
Nonmanufacturing Overhead Examples of selling, general, and administrative costs. Assigning nonmanufacturing costs to products and customers for pricing and other decisions.
Payroll Accounting Salaries, wages, overtime pay, Social Security and Medicare taxes (FICA), unemployment taxes, fringe benefits, sample journal entries.
Present Value of an
Ordinary Annuity
Time value of money and compounding of interest of a series of equal amounts at equal time intervals. Illustrations for calculating the present value of an ordinary annuity, the amount of each payment, the number of payments, or the interest rate. Amortization of interest/discount.
Present Value of a Single Amount Time value of money and compounding of interest of a single amount. Illustrations for calculating the present value of a future cash amount, unknown interest rate, or length of time. Amortization of discount.
Standard Costing Direct materials price and usage variances, direct labor rate and efficiency variances, manufacturing overhead volume, efficiency, spending, and budget variances. Disposing of variance amounts.
Stockholders' Equity Corporations, common stock, paid-in capital, retained earnings, treasury stock, stock splits, stock dividends, preferred stock, book value.

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