Award-Winning Accounting Tutors serving Portsmouth

The student and I met today and started the final review process for her upcoming test. Primarily, she wanted to review a number of problems from all the chapters covered, starting with chapter 3. We were able to review questions and problems also from chapters 4 and 5, and half of the questions on chapter 6. She remembered many concepts (and I did as well!) as we reviewed them, e.g. probability determination based upon the normal distribution and the calculation of z; probabilities based upon specification limits (upper and lower); the evaluation of the null and alternative hypothesis; R and X bar charts and control limits; and the understanding of the purpose of control evaluation, as well as process control vs. capabilities. I am going to forward summary to her even though she was taking notes.

Today the emphasis was more on dividend discount model. We discussed accounting for accounts receivable. We had an amazing class. The student is really happy about how things are covered in the class.

We're working on catching the student up to date. We reviewed debits and credits, accounts and their nature, distinguishing cash vs. accrual methods and transactions.

We talked about the accounting equation, basic financial statements, fundamentals of debits and credits, and more. We looked at an example of how we would record entries for starting a business, and entries for typical events and transactions within that business. For an example of a company that manufactures and sells mobile phones, we saw how to record the initial funding of the business, how to record purchase of a fixed asset (machinery), how to depreciate that machinery, and how revenues and expenses end up back on the balance sheet in stockholders' equity. We discussed entries and how to record them and how they impact the balance sheet and income statement. We discussed principles of revenue and expense recognition, the revenue realization principle, the expense matching principle, and the relationship of inventory to cost of goods sold. We ended with a brief overview of T-accounts, and scheduled our next two sessions.

The student and I worked on creating a trial balance and worked on identifying errors when the statement did not balance.

The student and I had a very positive session as he worked through his assignment in comparative and absolute advantage. It was a relatively challenging assignment that led to a lot of clarifying discussions as he worked through the theory of the section. He showed a great enthusiasm for the work, and had many encouraging insightful questions and comments. He needed help with the concepts of opportunity costs and how to calculate them, and I believe we made some encouraging progress by the end of the session. He and I discussed some strategies for the calculation of tariff pricing based on quotas, which he mentioned was helpful for him. We also spoke through the questions that he had gotten wrong in the last assignments and looked to understand where he went wrong. All in all it was a very positive session and we are looking forward to our next meeting on Thursday.