Author: Bob Steele CPA

Financial Accounting #2 – Intermediate Accounting Concepts

Financial Accounting #2 – Intermediate Accounting Concepts Financial Accounting # 1 Link – Accounting equation, debits & credits, adjusting entries, closing process, & inventory transactions. https://youtu.be/slbij2ovIf8 Links to relevant parts of the presentation. Inventory Costs – FIFO LIFO Weighted Average 1:14 Inventory Tracking 6:52 Inventory Methods Explained and compared FIFO LIFO Ave 15:23 Inventory Costs… Continue reading Financial Accounting #2 – Intermediate Accounting Concepts

Financial Accounting

Financial Accounting – Accounting cycle – We cover most introductory financial accounting topics in detail. Links to relevant parts of the video below. Financial Accounting Overview: 0:17 Why Learn Accounting 19:58 Accounting Objectives 29:22 Accounting Equation 44:36 Balance Sheet 1:01:58 Income Statement 1:15:22 Statement of Equity 1:26:11 Balance Sheet & Income Statement Relationship 1:49:58 Cash… Continue reading Financial Accounting

Process Cost System – Managerial Accounting – Cost Accounting

Links to parts of the presentation below. 0:16 Flow of Materials, Labor, & Overhead 18:37 Methods to Calculate Ending WIP and Units Completed 23:09 Equivalent Units of Production – Weighted Average Method 28:29 Cost Per Equivalent Unit Calculation – Weighted Average Method 31:18 Assign Costs to Units – Weighted Average Method 36:34 Overhead Costs 47:44… Continue reading Process Cost System – Managerial Accounting – Cost Accounting

IRA-Individual Retirement Account Income Tax 2018

Individual retirement account income tax treatment. See links below to jump to relevant parts of IRA video. 0:35 Introduction & What is Compensation? 11:25 What’s New & Remainders 23:31 Individual Retirement Annuity 27:38 Simple IRAs 30:12 Simple Employee Pension (SEP) 33:03 How Much Can Be Contributed? 34:40 General Limit 41:39 Kay Bailey Hutchison Spousal IRA… Continue reading IRA-Individual Retirement Account Income Tax 2018

Schedule C Sole Proprietorship Income Tax Examples 2018 2019

A detailed explanation of sole proprietorship schedule C income taxes. See links to jump to relevant points in the video below 1:10 Tax Forms & Line Items Involved 13:09 Schedule C Data Entry 30:18 Are You Self-Employed? 44:53 Business Owned and Operated by Spouses 50:26 What’s New for 2018 1:05:41 Self-Employment (SE) Tax 1:20:22 Which… Continue reading Schedule C Sole Proprietorship Income Tax Examples 2018 2019

Education Credits-American Opportunity Credit & Lifetime Learning Credit 2018

2:48 American Opportunity Credit Reminders 10:38 American Opportunity Credit – Introduction 22:23 American Opportunity Credit – Table – Overview of Credit 34:16 American Opportunity Credit 50:56 Who Can’t Claim The Credit? 56:10 What Expenses Qualify? 1:01:43 American Opportunity Credit – Can You Claim the Credit? 1:09:02 American Opportunity Credit – Table – Can You Claim… Continue reading Education Credits-American Opportunity Credit & Lifetime Learning Credit 2018

Stop Getting “Because I Said So!!!” Answers

Because I Said So answers do not generally come from the accounting instructors; they do often come from the accounting material. A “because I said so” answer is an answer that has no explanation. We have all experienced and given a “because I said so” answer from time to time, and they are useful from… Continue reading Stop Getting “Because I Said So!!!” Answers