Accounting & Taxation
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Overview: This course covers topics primarily covered within Accounting, Taxation, Auditing, and Reporting Courses in a business school program.
Introduction to Financial Accounting
- What is Accounting?
- What is Financial Accounting?
- Who are Users of Accounting Information? – Financial Accounting
- Accounting Rules
- Accounting Assumptions
- Accounting Constraints
- International Accounting
Journals and Posting
- Double Entry Accounting System
- What is an Account? – Financial Accounting
- What is a T-Account? – Financial Accounting
- T-Account Rules – Financial Accounting
- What is a Trial Balance?
The Accounting Cycle
- What is the Accounting Cycle? – Financial Accounting
- Accrual vs Cash Basis Accounting – Financial Accounting
- What are Accounting Adjustments? – Financial Accounting
- What is an Adjusted Trial Balance – Financial Accounting
- Completing the Accounting Cycle - Creating Financial Statements
- What is the Trial Balance Closing Process – Financial Accounting
- What is Merchandising? – Financial Accounting
- Recognizing Inventory Sales – Financial Accounting
- Perpetual vs Period Systems – Financial Accounting
- Special Merchandising Transactions – Financial Accounting
- Adjustments for Inventory – Financial Accounting
- Multi-Step Income Statement – Financial Accounting
- Accounting Cycle for Merchandising Business Example Part 1
- Accounting Cycle for Merchandising Business Example Part 2
- Accounting Cycle for Merchandising Business Example Part 3
- Do It Right the First Time (DRIFT) Definition
- What is Merchandise Inventory (Retail Inventory Method)? – Financial Accounting
What are Inventory Costs (Carrying Costs)? – Financial Accounting
- Specific Identification Method of Accounting for Inventory – Financial Accounting
- First-in, First-Out Method (FIFO) – Financial Accounting
- Last-In, First-Out Method (LIFO) – Financial Accounting
- Weighted-Average Method of Accounting for Inventory – Financial Accounting
Effect of Inventory Accounting Method
- Financial Statement Effects (Inflationary vs Deflationary Periods) – Financial Accounting
- Intermittent Purchase and Sell
- Choosing an Accounting Method – Financial Accounting
- Effect of Each Accounting Method on Taxes – Financial Accounting
- Lower of Cost or Market Method of Accounting for Inventory – Financial Accounting
- What are Internal Controls?– Financial Accounting
- Internal Controls when Accounting for Inventory – Financial Accounting
- What is Cash Management? – Financial Accounting
- Internal Controls for Bank Activities – Financial Accounting
- Bank Reconciliation - Explained?
- Accounting for Accounts Receivable?
- Accounting for Notes Receivable?
- What are Long-Term Assets? – Financial Accounting
- Depreciation, Depletion, and Amortization
- How Reporting Depreciation for Tax is Unique? – Financial Accounting
- What happens when Depreciation Estimates Change? – Financial Accounting
- What are Capital Expenditures? – Financial Accounting
- What are Current Liabilities? – Financial Accounting
- How to Record Accounts Payable (Liability Accounts)? – Financial Accounting
- What are Notes Payable? – Financial Accounting
- What are Employee Payroll Liabilities? – Financial Accounting
- Estimated Liabilities (Warranties) – Financial Accounting
- What are Contingent Liabilities? – Financial Accounting
MANAGERIAL (COST) ACCOUNTING
What is Managerial Accounting
- Accounting Documents
- Functions of Company Accountants
- Company Characteristics
Statement of Cash FlowDelete
Introduction to Auditing
- What is Auditing?
- What is Attestation?
- What are Assurance Services?
- What is the Relationship of Auditing, Attestation, and Assurance Services?
- What is Public Accounting?
- External Auditor?
- Internal Auditor
- Public Company Accounting Oversight Board (PCAOB)
- Auditing Standards Board
- What are the Steps of an Audit Engagement?
- What are Management’s Assertions?
- Auditors Report
- What is Going Concern?
- What is the Revenue and Collection Cycle?
- What is the Acquisition and Expenditure Cycle?
- What is the Production Cycle?
- What is the Finance and Investment Cycle?
- What are Internal Controls?
- What is an Internal Controls Evaluation?
- What are Substantive Tests?
- What is Tracing vs Vouching?
- What is the Role of Sampling?
- What are Audit Workpapers?
- What is a Termination Letter?
- What are the Roles of Audit Team Members?
- What is Auditor Independence?
- What is the Audit Committee?
- What is Section 302 of SOX?
- What is Section 404 of SOX?
- What are Audit Reviews?
- What are Compilations?
- Independent Audit
Introduction to Taxation
1035 Exchange (Taxation) Definition
Ability to Pay Principle
- Accelerated Amortization
- Accelerated Depreciation
- Accumulated Earnings Profits Tax
- Adjusted Gross Income
- Ad Valorem Equivalent (AVE) Definition
- Active and Passive Income and Losses of Business Entities
- Alternative Minimum Tax Definition
- Abusive Tax Shelter
- Accelerated Deposit Rule
- Adjusted Basis Definition
- Annualized Income Installment Method Definition
- Benefit Principle
- Bracket Creep
- Capital Appreciation
- Capital Cost Allowance Definition
- Controlled Foreign Corporation
- Depreciation (Accounting and Tax)
- Double Declining Balance Depreciation Method
- Declining Balance Depreciation
- Deferred Income
- Degressive Tax
- Duty Free Zones Explained
- Double Column Tariff Explained
- Estimated Taxes Definition
- Effective Tax Rate
- Expatriation Tax
- Excise Taxes
- Earned Income Tax Credit
- Earned Income Definition
- Economic Growth Tax Relief Reconciliation Act
- Fiscal Year
- Flow Through Entity (Tax) Definition
- Flat Tax Definition
- Foreign Account Tax Compliance Act (FACTA)
- Holding Period
- How are Partnerships Taxed?
- Internal Revenue Code
- Income Basket
- IRC 83a Tax Liability in Stock for Services
- IRC 83(b) Vestings of Stock Awards
- Lindahl Equilibrium
- Listed Property (Taxation)
- Lookback Period
- Loss Carryback
- Mutual Exclusion Doctrine
- NonQualified Deferred Compensation
- Passive Income
- Phantom Income
- Progressive Tax
- Rabbi Trust
- Recapture of Depreciation
- Regulation M
- Tax Basis for Business Entities
- Tax Planning When Funding a Business Entity
- Stamp Duty Definition
- Standard Deduction
- Subpart F Income Definition
- Self-Employment Tax Definition
- Tax Shield Definition
- Tax Loss Carryforward Definition
- Tax Lien Certificate Definition
- Tax Home Definition
- Tax Haven Definition
- Tax Identification Number Definition
- Tax Court Definition
- Tax Information Exchange Agreements Definition
- Tax Shelter
- Transfer Tax Definition
- Unitary Tax System Definition
- Tax Writeoff
- Unearned Income
- Value-Added Tax
- Import Duty Definition
- Income Exclusion Rule Definition
- Income Tax Definition
- Underwithholding Definition
- De Minimus Tax Rule Definition
- Generation Skipping Transfer Tax Definition
- Loss Carryback Definition
- Basis (Taxation) Definition
- Child and Dependent Care Credit Definition
- Cancellation of Debt Definition
- Child Tax Credit Definition
- Buffett Rule Definition
- Schedule A (Taxation) Definition
- Schedule D (IRS) Definition
- Capital Improvement Definition
- Capital Goods Definition
- Homestead Exemption Definition
- Capital Gains Tax Definition
- GUST Restatement Definition
- Enrolled Agent Definition
- Long-Term Capital Gains or Losses Definition
- Capital Loss Definition
- Capital Loss Carryover Definition
- Itemized Deduction Definition
- Kiddie Tax Definition
- Passive Loss Definition
- Federal Tax Lien Definition
- Gift Tax Definition
- Double Taxation Definition
- Estate Tax Definition
- Conduit Theory Definition
- Withholding Tax Definition
- Passive Activity Definition
- Passive Activity Loss Rule Definition
- Innocent Spouse Rule Definition
- Personal Exemption (Taxation) Definition
- Phantom Income Definition
- Property Tax Definition
- Material Participation Test Definition
- Qualified Dividend Definition
- Return of Capital Definition
- Boot (Taxation) Definition
- Physical Presence Test Definition
- Consumption Tax Definition
- Corporate Inversion Definition
- Surtax Definition
- Carryover Basis Definition
- Business Tax Credit Definition
- Throwback Rule Definition
- Phantom Gain Definition
- Deferred Income Tax Definition
- Step Up in Basis Definition
- Recapture Definition
- Severance Tax Definition
- Foreign Tax Credit Definition
- Constructive Receipt Definition
- Franchise Tax Definition
- Proportional Tax Definition
- Regressive Tax Definition
- American Opportunity Tax Credit Definition
- After-Tax Basis (Bond) Definition
- Cascade Tax Definition
- Charitable Contribution Deduction Definition
- Private Letter Ruling Definition
- Loss Disallowance Rule Definition
- Continuity of Business Enterprise Doctrine Definition
- Continuity of Interest Doctrine Definition
- Pigovian Tax Definition
- Like-Kind Exchange Definition & Explanation
- Ordinary Income Definition
- Border Adjustment Tax Definition
- At Risk Rule Definition
- Bilateral Tax Agreement Definition
- Excess Accumulation Theory Definition
- Capital Gain