Author: Bob Steele CPA

Cost Classifications – Managerial Accounting- Fixed Costs Variable Costs Direct & Indirect Costs

Cost classification will go over some of the classification methods used in managerial accounting. It is often useful to classify cost by behavior because this helps us generate projections. The two major classifications of costs by behavior are fixed costs and variable costs. Fixed costs do not increase as production increases. Rent is a good… Continue reading Cost Classifications – Managerial Accounting- Fixed Costs Variable Costs Direct & Indirect Costs

Managerial Accounting Introduction

Managerial accounting introduction will introduce the topic of managerial accounting. It is useful to compare managerial accounting to financial accounting. Most differences between the two accounting categories are derived from the objectives of the users. In other words, managerial accounting is designed to help internal users while financial accounting is designed to help external users.… Continue reading Managerial Accounting Introduction

Statement of Cash Flows-Indirect Method-Change In Accounts Payable

Statement of cash flows using the indirect method and concentrating on the change in accounts payable. The indirect method will differ from the direct method by starting with net income and entering adjustments to arrive at cash flows from operations. The indirect method reconciles net income to cash flows from operations by analyzing the changes… Continue reading Statement of Cash Flows-Indirect Method-Change In Accounts Payable

Statement of Cash Flow Investing Activities -Cash Paid for Equipment

Statement of cash flows investing activities will look at cash flows related to investing activities. Investing activities will include cash flows from investments like stocks and bonds but also includes investments in long term assets like property plant and equipment. Cash outflows and cash inflows for property plant and equipment will be included in the… Continue reading Statement of Cash Flow Investing Activities -Cash Paid for Equipment

Corporation Comp. Prob. Worksheet 10

Corporation comprehensive problem will cover the worksheet we will use for a comprehensive corporation accounting problem. The worksheets will be in PDF format and available for download so that we can work through the problem. We can work through the entire problem with one worksheet or we can print a new PDF worksheet for each… Continue reading Corporation Comp. Prob. Worksheet 10

130 Corporation Comp Prob Dividends u

Corporation journal entry for draws will record the journal entry related to dividends. We will enter the journal entry into the general journal, post it to the general ledger, and create the trial balance from the general ledger. The accounting transaction will debit dividends and credit dividends payable. We will have a second journal entry… Continue reading 130 Corporation Comp Prob Dividends u

Note Payable Journal Entry-Journalize the Journal Entry for Installment Note

Notes payable journal entry will journize the journal entry to record an installment note. We will enter the accounting transaction into a general journal and then post the transaction to a worksheet so we can see the impact on individual accounts and the accounting equation. The transaction to record a loan is surprisingly simple, but… Continue reading Note Payable Journal Entry-Journalize the Journal Entry for Installment Note

Partnership Comp Prob Pay Expenses-120 Journal Entries to Pay Monthly Expenses With Cash

Partnership comprehensive problem pay monthly expenses with cash will record the journal entry to pay normal monthly expenses including utilities, telephone, and wages. We will enter financial transactions into the general journal, post them to the general ledger, and then build the trial balance from the general ledger. The journal entries will be a debit… Continue reading Partnership Comp Prob Pay Expenses-120 Journal Entries to Pay Monthly Expenses With Cash

Statement of Cash Flows Strategy – Cash Flow Thought Process

Statement of cash flows strategy will go over how we can think about cash flows. The most obvious and direct way to think about cash flows is to think about the change in cash over a time period. To analyze a change in cash we can go to the general ledger to look at the… Continue reading Statement of Cash Flows Strategy – Cash Flow Thought Process