In this video, the teacher explains the concept of FIFO (First-In, First-Out) method for inventory costing. They go through the journal entries and calculations step by step, showing how to determine the cost of goods sold and ending...

Determine Cost of Inventory - Financial Accounting

Collaboration is based on having common goals and interests, a desire to capitalize on each other's strengths through collaboration and working together.

This Video Explains Express vs Implied Contracts

In this video, the teacher explains the concept of depreciation in accounting. They discuss how long-term assets are expensed over time and the three common methods of depreciation: straight-line, units-of-production, and...

This video is part of a series on accounting adjustments and discusses deferred expenses, specifically prepaid rent and supplies. The video defines deferred expenses and explains how they are assets paid in advance of receiving their...

Declining Balance Method - Depreciation - Accounting

Cost classification is a major component of absorption and variable costing. Absorption costing allocates fixed overhead to Cost of Goods Sold while Variable costing allocates fixed overhead to whisl Selling General and Administrative...

This video explains the process for dealing with uncollectable accounts receiveable via the Direct Writeoff Method.

Internal Controls for Cash Receipts - Financial Accounting

Internal Controls for Cash Disbursements - Accounting

This video discusses the application of Generally Accepted Accounting Principles (GAAP) to the recording and reporting of property, plant, and equipment (PPE) and intangible assets. They explain how this affects disclosure and ultimately...

GAAP Accounting Principles - Financial Accounting

Overhead is a major component of any budget. Overhead may be fixed or variable. A fixed overhead analysis seeks to identify what portions of the overhead is affected by operations.

Allowance Method for Accounts Receiveble - Accounting

Accrued Expenses - Financial Accounting

In this video, the teacher explains the two different methods of accounting: accrual basis and cash basis. The video highlights the importance of understanding these methods for the adjustment process in accounting.

Professor AJ Kooti provides an example of how to Account for Warranties in his financial accounting course.

This video explains the accounting process for the issuance of stock options to employees of a company. The video covers the basics of stock options as a form of compensation, the value of options based on the current value of stock, and...

Professor AJ Kooti provides a detailed example of the Weighted Average method of accounting for inventory sales.

The video explains how to calculate cost of goods sold using the LIFO (last in, first out) method using the example of Delta Company. The presenter starts with the calculation of the cost of goods sold and goes on to compute the gross...

Professor AJ Kooti provides a detailed explanation of how to account for the sale of inventory using the intermittent LIFO method.

Absorption costing and variable costing are two methods of accounting for use of inventory or costs of goods sold in an organization

Professor AJ Kooti provides an example of how to Account for Warranties in his financial accounting course.