Recent Tutoring Session Reviews
"We covered overhead budgets that included variable amount per unit, total fixed cost, and flexible budgets at 65%, 75% and 85% of capacity. We reviewed how to compute total fixed costs using 75% of capacity, direct materials cost variance, and direct labor cost variance. We did the overhead variance report using flexible budget, actual budget and computing variance for each variable and fixed cost, deciding whether each was favorable or unfavorable, and did a sales budget. The student grasped the concepts covered."
"The student and I continued to cover his exam review sheet with topics including: absorption v. variable costing, desired ending inventory and flexible and static budgets."
"I provided a base loan calc spreadsheet. Concepts were to use various Fx (VLOOKUP, PMT, DATE, COUNT, MIN, MAX SUM) then build a new spreadsheet to compute various loan PMTs based on interest rate, loan duration, addl monies down and whether the pmt was at the beginning vs end of the month. He seemed to have a good grasp on these concepts. Left him with an exercise to finish the loan calc by creating a macro to clear automatically clear values."
"Student and I reviewed two class presentations. The first covered analysis of financial statements, including the income statement and balance sheet. The income sheet analysis involves percentage of sales calculations for each line item and looking at year-over-year variances. These percentages are then used to discuss the performance of the company. Next we covered calculating important ratios regarding performance, efficiency, liquidity, and lending. She needs to apply these analytic methods to a project she is currently working on. We took some time to get started on that project. The second presentation covered cash flow and discussed two methods - indirect and direct. We discussed the difference between the methods and reviewed examples of the indirect method. We will meet again next week."
"We reviewed, discussed, and solved problems that involved adjusting year end entries, current ratios, capital vs. operating leases, discounted cash flows, discounted notes payable, effective vs. stated interest rates, and bonds. There were some challenging problems we analyzed and for which I helped her solve. The student offered suggestions to steps for solutions. She appeared to understand the material better."
"We focused largely on bonds and then stock purchases. The student got a 101 on her last exam and is doing very well. We do the assignments together and then she is able to master the material by repeating the assignments and similar problems."
"Student provided 60 page power-point for activity based costing, traditional costing, and accounting managerial results; each area was discussed in details with examples from actual factory experience. Also how to use a cost accounting system to manage a continuous improvement program."
"We began by going through her assignment for the week. We talked about how to debit and credit warranties and other delayed tax expenses. For every question on the assignment we would watch the guided example, read the textbook, and then use that to try and answer the assignment questions. After that we went through the practice test for the week and completed it."
"Today we focused on topics covered in the student's homework which included direct labor and direct cost variances as well as financial ratios. I recommended that she study the table in the book for the computation of variances following the steps in order of: actual-actual, standard-standard, actual-standard. She should also study/memorize the computation of financial ratios for the final exam."
"Our first session overall went well. As for the session we went over various topics including variable, fixed, and mixed cost, product and period cost and various ratios such as contribution margin ratio. We worked on her assignment through completion. We discussed why her answers where either correct or incorrect. Towards the end of the session we completed her online quiz in which she scored a 90%. She was very happy about this score as last time she took the class she did poorly."
"We reviewed last week's exam, the student's highest grade yet on an Accounting exam. We planned for future exam strategies. I talked through Chapter 9 and we practiced concepts on some homework problems."
"Today we discussed corporate analysis and the draw backs associated with relying too heavily on one specific method. A holistic approach needs to be used to properly guide a company into the future. The student understood this very well!"