Recent Tutoring Session Reviews
"The student and I worked through his CVP analysis project. We mainly focused on the high-low method, the contribution format income statement, break-even point formula, and margin of safety formula."
"We did a review of the account classifications (i.e. assets, liabilities, stockholder's equity, revenue and expenses) and discussed the most common types of accounts for each account classification with real-life examples. We also talked about their normal balance and briefly touched T-accounts. The student is a fast learner. She asked relevant questions to ensure she was understanding the concept. As I showed her how to record the journal entries as part of her homework assignment, she remembered the different key words (i.e. "on account"; "paid cash") that I told her and applied that knowledge to the other transactions. I encouraged her to create flashcards that have the name of an account on one side, then write the account classification and include T-account side (debit vs credit) that has the normal balance on the other side of the flashcards. She will complete her online homework assignment which includes preparing the general ledger and creating the trial balance."
"The student and I met today upon his return from spring break. He has a test on Thursday, so we went through the practice quizzes related to the topics on the test. The test will cover sale of assets, bad debt recognition, COGS / inventory recognition, goodwill and bank reconciliation. He only needed some clarification on specific pieces of each of the topics. He had back up materials to help clarify information including his textbook, notes and answer keys. We worked through several problems and talked about some test taking strategies, such as first tackling the problems he can work through quickly and easily to gain confidence and reduce any time nerves, then spend more time on the other questions. The student will contact me after the test to let me know his score and to schedule our next session."