Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Courses
  • Find a Job
  • Home
  • Courses

Accounting & Taxation

Learn Accounting and Taxation

Written by Jason Gordon

Updated at August 15th, 2022

Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Marketing, Advertising, Sales & PR
    Principles of Marketing Sales Advertising Public Relations SEO, Social Media, Direct Marketing
  • Accounting, Taxation, and Reporting
    Managerial & Financial Accounting & Reporting Business Taxation
  • Professionalism & Career Development
  • Law, Transactions, & Risk Management
    Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
  • Business Management & Operations
    Operations, Project, & Supply Chain Management Strategy, Entrepreneurship, & Innovation Business Ethics & Social Responsibility Global Business, International Law & Relations Business Communications & Negotiation Management, Leadership, & Organizational Behavior
  • Economics, Finance, & Analytics
    Economic Analysis & Monetary Policy Research, Quantitative Analysis, & Decision Science Investments, Trading, and Financial Markets Banking, Lending, and Credit Industry Business Finance, Personal Finance, and Valuation Principles
  • Courses
+ More
 BACK TO: COURSE CATALOG

Overview: This course covers topics primarily covered within Accounting, Taxation, Auditing, and Reporting Courses in a business school program. 

FINANCIAL ACCOUNTING

Introduction to Financial Accounting

  • What is Accounting?
    • Accounting Theory
    • Business Accounting
    • Big Four (Accounting Firm)
  • What is Financial Accounting?
    • Accounting Valuation
    • Cost Accounting
    • Academy of Accounting Historians
  • Who are Users of Accounting Information? – Financial Accounting
  • Accounting Rules
    • Accounting Standard
    • Generally Accepted Accounting Principles
    • Principles Based Accounting Standards
    • Accounting Interpretation
    • Accounting Series Releases
    • Accountants Index
    • Accounting Research Bulletin
    • Other Comprehensive Basis of Accounting
  • Accounting Assumptions
  • Accounting Constraints
  • Accounting Conventions
    • Accounting Conservatism
  • Laws and Regulatory Organizations
    • Uniform Accounting Act 
    • Financial Accounting Standards Board
    • Accounting Principles Board
    • Emerging Issues Task Force
    • National Association of Accountants
    • Institute of Chartered Accountants
    • Association of Government Accountants
    • American Accounting Association
    • American Institute of Public Accountants (AICPA)
  • Professional Certifications
    • Certified Fraud Examiner (CFE)
    • Certified Internal Auditor (CIA)
    • Certified Managerial Accountant (CMA)
    • Certified Public Accountant (CPA)
    • Chartered Accountant
    • Associate of Chartered Institute of Management Accountants
  • International Accounting
    • International Accounting Standards Board
    • International Accounting Standards Committee 
    • International Financial Reporting Standards (IFRS)
    • Generally Recognized Accounting Practices (S. Africa)
    • Accounting Standards Board (UK)

Financial Statements

  • What are Financial Statements? – Financial Accounting
    • Pro Forma
    • Financial Statement Footnotes
    • Consolidated Financial Statements
    • Normalized Financial Statements
    • Recast Financial Statements
    • Common Size Financial Statement
    • Certified Financial Statement
    • Equity Method vs Consolidation Method of Reporting for Subsidiaries
    • Push Down Accounting
  • What is the Income Statement? – Financial Accounting
    • What are Revenues? – Financial Accounting
      • Billing Cycle
    • What are Expenses? – Financial Accounting
      • Cost of Goods Sold (COGS) 
      • Business Interest Expense
    • Important Concepts
      • Gross Income
      • Net Income
      • Net Operating Income
      • Gross Profit
      • Above the Line Costs
      • Net Operating Loss
      • Accounting Profit
      • Gain
      • Unrealized Gain
      • Unrealized Loss
  • What is the Statement of Retained Earnings – Financial Accounting
    • Residual Equity Theory Definition
    • Dividends
    • Accrued or Accumulated Dividend
  • What is a Balance Sheet? – Financial Accounting
    • Accounting Equation
      • Expanded Accounting Equation 
    • What are Assets? – Financial Accounting
      • Fixed Asset
      • Current (Quick) Assets 
      • Capital Asset
      • Goodwill (Intangible Asset)
      • Capital Reserve
    • What are Liabilities? – Financial Accounting
      • Current Liabilities 
    • Shareholders Equity - Financial Accounting
      • Contributed Capital (Paid in Capital) 
        • Additional Paid in Capital
      • Retained Earnings  (Accumulated Earnings and Profits)
        • Accumulated Adjustment Account
    • Accumulated Fund
  • What is the Statement of Cash Flow? – Financial Accounting
    • Cash Flow
    • Net Cash Flow
    • Cash Conversion Cycle

Analyzing the Financial Statements

  • Analysis and Creating Financial Statement
Delete

Journals and Posting

  • Double Entry Accounting System
  • What is an Account? – Financial Accounting
    • Book of Original Entry
    • Accounting Journal
      • Journal Entries
      • Debit vs Credit
    • General Ledger
    • Chart of Accounts
    • Contra Account
    • Adjunct Account
    • Absorbed Account
  • What is a T-Account? – Financial Accounting
  • T-Account Rules – Financial Accounting
  • What is a Trial Balance? 

Examples

  • JE and T-Account/Trial Balance Example Part 1
  • JE and T-Account/Trial Balance Example Part 2

The Accounting Cycle

  • What is the Accounting Cycle? – Financial Accounting
    • Trailing Twelve Months
  • Accrual vs Cash Basis Accounting – Financial Accounting
    • Accrual Principle
    • Modified Cash Basis
    • Installment Sale Method
    • Completed Contract Method
    • Percentage of Completion Method
    • Indirect Method (Accounting)
  • What are Accounting Adjustments? – Financial Accounting
    • What is a Deferred Expense? – Financial Accounting
    • What is Deferred Revenue? – Financial Accounting
    • What is an Accrued Expense – Financial Accounting
    • What is Accrued Revenue – Financial Accounting
    • Mark to Market 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

Examples

  • Example of the Closing Process

Recording Sales

  • What is Merchandising? – Financial Accounting
  • Recognizing Inventory Sales – Financial Accounting
    • Cost of Goods Sold (COGS)
    • Batch Level (Cost) Allocation
    • Backflush Costing
    • Activity Based Costing (ABC) Method 
  • Perpetual vs Period Systems – Financial Accounting
  • Special Merchandising Transactions – Financial Accounting
  • Adjustments for Inventory – Financial Accounting
  • Multi-Step Income Statement – Financial Accounting

Examples

  • Accounting Cycle for Merchandising Business Example Part 1
  • Accounting Cycle for Merchandising Business Example Part 2
  • Accounting Cycle for Merchandising Business Example Part 3

Inventory Transactions

  • 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
    • Obsolete Inventory Definition
    • Shrinkage (Inventory) Definition
  • 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

Cash Transactions

  • What are Internal Controls?– Financial Accounting
  • Internal Controls when Accounting for Inventory – Financial Accounting
  • What is Cash Management? – Financial Accounting
    • What is Liquidity, Cash, and Cash Equivalents? – Financial Accounting
  • Internal Controls for Bank Activities – Financial Accounting
  • Bank Reconciliation - Explained?

Receivables Transactions

  • Accounting for Accounts Receivable?
    • Accounts Receivable Subsidiary Ledger
    •  Bad Debt and Doubtful Accounts
      • Charge Off
      • Net Receivables
    • Allowance Method & Direct Writeoff Method? 
  • Accounting for Notes Receivable?

Long-Term Assets

  • What are Long-Term Assets? – Financial Accounting
    • Property, Plant, and Equipment
  • Depreciation, Depletion, and Amortization
    • Important Concepts
      • Fair Value
      • Useful Life
      • Residual Value
      • Write-Down Value
      • Net Book Value
      • Impaired Asset 
      • Amortized Costs Definition
    • Depreciation Methods
      • Straight-Line Method?
      •  Units of Production Method?
      • Declining Balance Method?
      • Appraisal Method of Depreciation
  • How Reporting Depreciation for Tax is Unique? – Financial Accounting
  • What happens when Depreciation Estimates Change? – Financial Accounting
  • What are Capital Expenditures? – Financial Accounting

Current Liabilities

  • What are Current Liabilities? – Financial Accounting
    • Unpaid Dividends or Dividend Payable
  • How to Record Accounts Payable (Liability Accounts)? – Financial Accounting
    • Accounts Payable Subsidiary Ledger Definition
    • Accounts Payable Turnover Ratio Definition
  • 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

  Introduction to Managerial Accounting

  • What is Managerial Accounting
    • Role of Manager
    • Management Perspective
      • Big Data in Managerial Accounting
      • Ethics in Managerial Accounting
      • Strategic Management Perspective
        • Enterprise Risk Management
        • Corporate Social Responsibility
      • Process Management Skills
      • Leadership Perspective
    • Institute of Management Accountants
  • Accounting Documents 
    • Annual Report
    • Certified Financial Statement
    • Common Size Financial Statement
  • Functions of  Company Accountants 
    • Accounting Personnel in an Organization
      • Comptroller vs Controller 
    • Financial Statement Analysis
    • Cost Accounting
  • Company Characteristics
    • Operating Income
    • Profit Margin  
    • Company Assets
      • Paid in Capital
      • Retained Cash Flow
      • Book Value (Company)
        • Adjusted Book Value
      • Book Value (Asset)
      • Accounting Insolvency
 Delete

Cost Accounting

  • Direct Cost vs Indirect Cost
  • Product Cost (Manufacturing) vs Period Cost (Non-Manufacturing)
    • Controllable vs Non-Controllable Costs
      • Costs in Decision Making
    • Fixed vs Variable Costs
    • Overhead 
    • Other Types of Cost:
      • Imputed Cost
      • Irrelevant Cost
  • Recording Manufacturing (Product) Costs
  • Traditional vs Contribution Format Income Statement
 

Assigning Costs

  • Cost Volume Profit Analysis
    • Contribution Margin Per Unit of Constraint
    • Contribution Margin Income Statement
    • Margin of Safety
    • Cost Structuring (Operating Leverage)
  • Product Costing
    • Product Costing - Stages of Manufacturing
    • Assign Overhead Costs to Products
    • Allocation Rate (Overhead)
    • Cost Flow Example
    • Job Order Costing vs Process Costing
  • Job Costing
    • Pre-determined Overhead Rate
    • Assign Direct Material and Direct Labor to Job
    • Assign Manufacturing Overhead Costs to Job
      • Actual Overhead Costs in General Ledger
    • Adjusting for Over-Applied or Under-Applied Overhead
  • Absorption Costing vs Variable Costing
    • Variable Costing Example
    • Variable vs Absorption Costing - Comparative Effect of Production
  • Approaches to Allocating Overhead Costs
    • Plantwide Cost Allocation
    • Department Cost Allocation
    • Activity-Based Costing
      • Activity-Based Management


  • Weighted-Average Cost of Products
    • Journalizing Costs to Units Completed
  • Production Cost Report
  • Fixed, Variable, and Mixed Cost Estimations


  • Differential Analysis and Decisions
    • Relevant Information
    • Avoidable vs Unavoidable Costs (Sunk Costs)
  • Decision-Making Model
    • Special Order Pricing
    • Make or Buy Decisions
    • Product Line Analysis
    • Theory of Constraint (Constrained Resource Allocation)



  • Cost Decisions for Joint Products
  • Capital Budgeting
    • Life Cycle Costing
  • The Master Budget
    • Activity-Based Budgeting
  • Standard Costs
    • Imputed Value
  • Variance Analysis for Product Costs
    • Absorption Pricing
    • Price Variance
    • Absorption Variance 
  • Responsibility Centers
    • Comparing Segmented Income
    • Using ROI to Evaluate Performance
    • Using Residual Income to Evaluate Performance
    • Use Economic Value Added to Evaluate Performance
  • Transfer Pricing
Delete

Statement of Cash Flow

  • Statement of Cash Flow
    • Operating Cash Flow Ratio
    • Capital Expenditure Ratio
    • Free Cash Flow
    • Cash Conversion Cycle
Delete

Analysis of Performance

  • Trend Analysis of Financial Statements
  • Common-Size Analysis (Vertical Analysis) of Financial Statements
    • Common-Size Financial Statement
    • Net Dollar Retention
  • Horizontal Analysis
  • Ratio Analysis of Financial Information
    • Per Share Basis
    • Break Even Analysis
    • Profitability Ratios
      • Gross Margin Ratio
      • Profit Margin Ratio
        • Profit Margin
        • After Tax Profit Margin
      • Return on Assets
      • Return on Common Shareholder's Equity
        • Total Shareholder Return
        • Cash on Cash Return
      • Earnings Per Share
        • Diluted Earnings Per Share
      • Asset Turnover Ratio
      • Berry Ratio
    • Liquidity Ratio
      • Current ratio  (Working Capital Ratio)
      • Working Ratio
      • Quick Ratio
        • Quick Assets
      • Days Sales Outstanding
      • Cash Ratio (Operating Cash Flow Ratio)
      • Receivables turnover ratio (often converted to average collection period)
      • Accounts Payable Turnover Ratio
      • Inventory turnover ratio (often converted to average sale period)
    • Solvency (Coverage Ratios)
      • Leverage Ratio (Debt Ratio)
        • Debt to Assets Ratio
          • Asset Coverage Ratio
        • Debt to Cash
        • Debt to Equity
        • Debt to Income Ratio
          • Debt Coverage Ratio
      • Times Interest Earned
    • Market Value
      • Market Capitalization
      • Price to Equity Ratio
      • Book-To-Market Ratio
      • Price to Earnings Ratio
        • Price to Earnings Growth (PEG) Ratio
          • Price to Earnings Growth Payback Ratio
        • CAPE Ratio
      • Price to Cash Flow Ratio
    • Other Performance Ratios
      • Capital Maintenance
      • Book to Bill Ratio
      • Asset Turnover Ratio
      • Plowback Ratio 
      • Days Inventory Outstanding
      • Days Payable Outstanding
      • Days Sales Outstanding
  • Non-financial Performance Measures: The Balance Scorecard


Other
  • Accountants Opinion or Letter
Delete

AUDITING

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
  • Generally Accepted Auditing Standards (GAAS)
    1. What are the Fundamental Principles of Auditing?
  • What are the Steps of an Audit Engagement?
    1. What are Pre-engagement Activities?
      • What is an Engagement Letter?
      • What are Communications with the Predecessor Auditor?
  • What are Management’s Assertions?
    1. What are PCAOB vs ASB Assertions?
  • Auditors Report
    1. 4 Audit Opinions?
      1. Qualified Opinion (Auditor)
      2. Unqualified Opinion Definition
    2. What is a Single vs Combined 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?
    1. What are the Components of Internal Controls?
  • What is an Internal Controls Evaluation?
    1. What are Tests of Controls?
  • What are Substantive Tests?
    1. What are Bank Confirmations?
    2. What are Accounts Receivable Confirmations?
    3. What are Attorney Letters?
    4. What are Contingencies?
  • 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




  • Associate in Premium Auditing
  • Association of Certified Fraud Examiners
  • Black Box Accounting
  • Comfort Letter
  • Forensic Accounting
  • Forensic Audit 
  • Independence Standard Board
  • Piecemeal Opinion
  • Timing of Tests of Controls
  • Traveling Auditor
  • Unqualified Audit Definition
  • Value for Money Audit
  • Walk Through Test 
  • Yellow Book (Auditing Standards) Explained
Delete

TAXATION

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
  • What is Accelerated Cost Recovery?
    • General Depreciation System
  • 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

Accounting and Taxation Category

Variable vs Absorption Costing - Comparative Effect of Production

accounting

Was this article helpful?

Yes
No

Related Articles

  • Business Transactions
  • Entrepreneurship
  • Operations & Project Mgmt
  • Management & Leadership



©2011-2023. The Business Professor, LLC.
  • Privacy

  • Questions

Definition by Author

0
0
Expand