Recent Tutoring Session Reviews
"We continued to go through the next week's problems. We specifically went through the cost of goods manufactured schedule and the income statement. We then went through the calculation of manufacturing cost with direct materials, direct labor, and manufacturing overhead."
"We went over the final exam review problems provided by the professor. We went over concepts about actual costing, activity based costing and job costing. The student was focused and engaging. I provided him with some exam tips on potential traps in questions, example; labor cost instead of labor hour. He is on track with his goal."
"We reviewed Chapter 12. Topics included decision-making pertaining to dropping a segment and accepting an order and processing further. We reviewed contribution margin, comparative income statements, joint costs, and incremental revenue. We discussed the student's review sheet regarding the final exam. The student is progressing well and should do well on the final exam with the proper preparation."
"We worked on his Chapter 14 homework for Accounting over Statement of Cash Flows. We also completed his quiz covering Marginal Product and Marginal Revenue. The student had some difficulty determining whether a transaction was operational, investment, or financial. The student is still motivated to do well on his final test. He was asked to complete the Quick Check for Chapter 14 and the first 5 problems. He made a 98 on his Chapter 14 homework assignment."
"We covered FIFO and LIFO inventory methods. We also did a little bit of review on the difference between periodic and perpetual. I am sending a couple of other reference items for the student to look over and practice with."
"The student and I reviewed additional problems related to revenue recognition and reporting from Chapter 18. The questions primarily focused on examples pertaining to percentage of completion, and the calculation of gross profit based upon percentages of completion, the completion of journal entries to record construction costs, billings, collection, and gross profit. We also covered how only what is completed would be recognized under "completed contract" methods. The last question focused on the calculation of the cash collected (and I shared a resources) as well as the percentage of income before tax that should be recorded."