Recent Tutoring Session Reviews
"We reviewed homework assignment #2. I provided the student with some reference and formula sheets so she could quickly find needed information."
"This is a fantastic student who already had achieved a good basic knowledge of how to record journal entries from transaction descriptions from homework she had done herself. She came prepared with an old quiz (on which she received a 3/10, which she said was the average grade in the class) and a pdf of her textbook. She had questions about how all of the financial statements related to each other and how the journal entries related to the financial statements. She shared her concerns that the professor was from industry and this was his first time teaching a class and he does not go through basic concepts. The quiz he gave the students on their 2nd class was quite difficult (from my own experiences and from what I've seen with my previous students) and we went through the problems. We went through how the income statement flows to retained earnings on the balance sheet, the cash flow statement describes the change in cash on the balance sheet, and the journal entries are posted to a general ledger and totaled to change accounts on the income statement and balance sheet. She said she felt much better about how everything relates to each other. We also went through the quiz and focused on any problems she struggled with after learning the answers in her previous class. We spent a lot of time on how to calculate retained earnings and all the different pieces of information the professor may provide. I suggested that she always write the formula (beg RE + NI - Div = End RE) on her paper every time she sees a question related to RE so she can begin to fill in the pieces of information she is given and determine which piece of the puzzle to solve for. We also added to a fundamentals sheet that she had already started to build so that she can familiarize herself with basic concepts to build off of and reference it as we go through problems. We also went through classified balance sheets and what makes an asset or liability current vs noncurrent. We went through the different categories of items on a cash flow and why they are separated. We discussed going through practice problems in the next session and I offered to bring some problems I have so she can get exposure above the textbook homework questions which are more basic than the professor's quiz questions. This student is great! She learns quickly and is pretty advanced. I have no doubt she will pass her midterm with practice."
"We had a great session. We reviewed the concept of and calculation of horizontal analysis for both the consolidated statement of earnings and the balance sheet. We also covered the interpretation of several critical ratios in the categories of the following: Liquidity (e.g. current ratio), Profitability (e.g. profit margin, return on equity); and Solvency (e.g. debt/assets and times interest earned). We also discussed the concept of sustainable income (and its calculation) as well as CVP analysis. I shared several resources related to CVP and horizontal analysis."