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Financial Accounting · Lessons

Financial Accounting lessons

10 sections · 66 skills · work through the full outline skill by skill — read the long-form lesson or flip through the slide-style version.
Long-form lessonsSlide-style lessons

Financial Accounting

Practice 66 skills across this outline.

Recommended next
Accounting Choices & Earnings
Financial Statement Analysis · Earnings Quality and Accounting Choices (Intro)
Long-form lesson
Weighting distribution
18 categories
Statement of Cash Flows
10%
Equity
10%
Problem-Solving & Accounting Reasoning
10%
Financial Statement Analysis · Ratio Analysis and Interpretation
6%
Accounting Framework and Financial Statements · Core Accounting Concepts
6%
Inventory · Inventory Costing and Flow Assumptions
6%

Skills

The comprehensive taxonomy of financial accounting — drill into a card to work its skills.

Financial Statement Analysis · Earnings Quality and Accounting Choices (Intro)

3 core skills4% total weight
0/3 completed
3 skills to mastery
1
Accounting Choices & EarningsRecommended
Long-form
2
GAAP vs. IFRSAvailable
Long-form
3
Earnings Quality Red FlagsAvailable
Long-form

Financial Statement Analysis · Ratio Analysis and Interpretation

5 core skills6% total weight
0/5 completed
5 skills to mastery
1
Profitability RatiosAvailable
Long-form
2
Inventory & Receivables TurnoverAvailable
Long-form
3
Common-Size & Trend AnalysisAvailable
Long-form
4
Liquidity RatiosAvailable
Long-form
5
Leverage RatiosAvailable
Long-form

Accounting Framework and Financial Statements · Financial Statements Overview

4 core skills4% total weight
0/4 completed
4 skills to mastery
1
Components of Financial StatementsAvailable
Long-form
2
Debits & CreditsAvailable
Long-form
3
Relationships Among Financial StatementsAvailable
Long-form
4
Account Classification & Normal BalancesAvailable
Long-form

Accounting Framework and Financial Statements · Core Accounting Concepts

5 core skills6% total weight
0/5 completed
5 skills to mastery
1
Users of Financial StatementsAvailable
Long-form
2
Purpose of Financial AccountingAvailable
Long-form
3
Accounting EquationAvailable
Long-form
4
Accrual vs. Cash AccountingAvailable
Long-form
5
Revenue Recognition & MatchingAvailable
Long-form

Inventory · Inventory Costing and Flow Assumptions

3 core skills6% total weight
0/3 completed
3 skills to mastery
1
Inventory Method EffectsAvailable
Long-form
2
FIFO, LIFO & Weighted AverageAvailable
Long-form
3
Inventory: Perpetual vs. PeriodicAvailable
Long-form

Inventory · Lower of Cost or Net Realizable Value

2 core skills4% total weight
0/2 completed
2 skills to mastery
1
Lower of Cost or NRVAvailable
Long-form
2
Inventory Write-DownsAvailable
Long-form

Cash and Internal Controls · Cash Management and Bank Reconciliation

3 core skills5% total weight
0/3 completed
3 skills to mastery
1
Internal Controls for CashAvailable
Long-form
2
Bank Reconciliation EntriesAvailable
Long-form
3
Bank ReconciliationAvailable
Long-form

Cash and Internal Controls · Accounts Receivable and Bad Debts

4 core skills6% total weight
0/4 completed
4 skills to mastery
1
Write-Offs & RecoveriesAvailable
Long-form
2
Allowance Method for UncollectiblesAvailable
Long-form
3
Estimating Bad DebtsAvailable
Long-form
4
Sales on Account & CollectionsAvailable
Long-form

Statement of Cash Flows

4 core skills10% total weight
0/4 completed
4 skills to mastery
1
Reconciling Net Income to Cash FlowAvailable
Long-form
2
Non-Cash TransactionsAvailable
Long-form
3
Classifying Cash FlowsAvailable
Long-form
4
Statement of Cash Flows: Indirect MethodAvailable
Long-form

Long-Lived Assets · Property, Plant, and Equipment (PPE)

4 core skills5% total weight
0/4 completed
4 skills to mastery
1
Asset ImpairmentAvailable
Long-form
2
Depreciation: Straight-Line & Declining-BalanceAvailable
Long-form
3
Capitalize vs. ExpenseAvailable
Long-form
4
Disposal of PPEAvailable
Long-form

Long-Lived Assets · Intangibles and Amortization

3 core skills5% total weight
0/3 completed
3 skills to mastery
1
Finite vs. Indefinite-Life IntangiblesAvailable
Long-form
2
GoodwillAvailable
Long-form
3
Intangible Assets & AmortizationAvailable
Long-form

Liabilities · Bonds Payable

4 core skills5% total weight
0/4 completed
4 skills to mastery
1
Bond IssuanceAvailable
Long-form
2
Bond Interest & Carrying ValueAvailable
Long-form
3
Bond Pricing ConceptsAvailable
Long-form
4
Bond Premium/Discount AmortizationAvailable
Long-form

Liabilities · Current Liabilities

3 core skills5% total weight
0/3 completed
3 skills to mastery
1
Contingent LiabilitiesAvailable
Long-form
2
Notes Payable & InterestAvailable
Long-form
3
Accounts Payable & Accrued LiabilitiesAvailable
Long-form

Equity

4 core skills10% total weight
0/4 completed
4 skills to mastery
1
Cash & Stock DividendsAvailable
Long-form
2
Retained EarningsAvailable
Long-form
3
Common Stock IssuanceAvailable
Long-form
4
Treasury Stock TransactionsAvailable
Long-form

Recording Transactions · Adjusting Entries and Accruals

4 core skills4% total weight
0/4 completed
4 skills to mastery
1
Depreciation Adjusting EntriesAvailable
Long-form
2
Adjusting Entries: DeferralsAvailable
Long-form
3
Adjusting Entries: AccrualsAvailable
Long-form
4
Adjusted Trial BalanceAvailable
Long-form

Recording Transactions · Closing Process

3 core skills3% total weight
0/3 completed
3 skills to mastery
1
Post-Closing Trial BalanceAvailable
Long-form
2
Permanent vs. Temporary AccountsAvailable
Long-form
3
Closing EntriesAvailable
Long-form

Recording Transactions · Journal Entries and the Accounting Cycle

4 core skills4% total weight
0/4 completed
4 skills to mastery
1
Correcting Journal Entry ErrorsAvailable
Long-form
2
Recording Journal EntriesAvailable
Long-form
3
Unadjusted Trial BalanceAvailable
Long-form
4
Posting to LedgerAvailable
Long-form

Problem-Solving & Accounting Reasoning

4 core skills10% total weight
0/4 completed
4 skills to mastery
1
Checking Accounting Equation BalanceAvailable
Long-form
2
Common Accounting PitfallsAvailable
Long-form
3
Transaction AnalysisAvailable
Long-form
4
Using T-AccountsAvailable
Long-form