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Financial Accounting - ACCT 101

Covers financial statements, accounts, debits and credits, adjusting entries, inventory, cash flow, and basic financial analysis.

Study Tools

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Study guides

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6 Merchandising and Inventory

Learn how merchandising businesses record sales and inventory, calculate cost of goods sold and gross profit, assign costs to goods, and apply inventory valuation rules.
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3 Recording Transactions and the Accounting Cycle

Follow how business transactions are analyzed, journalized, posted to ledger accounts, and checked with an unadjusted trial balance.
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5 Financial Statements and the Closing Process

Learn how adjusted trial balance information flows through the financial statements and how closing entries reset temporary accounts for the next period.
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8 Introduction to Financial Statement Analysis

Learn how to read connected financial statements, calculate key performance ratios, interpret a worked example, and organize a practical company analysis.
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4 Accrual Accounting and Adjusting Entries

Learn how accrual accounting separates revenue and expense recognition from cash timing, and how period-end adjustments update related income-statement and balance-sheet accounts.
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7 Cash and the Statement of Cash Flows

Understand what counts as cash and cash equivalents, how cash flows are classified, and how the statement reconciles beginning and ending balances.
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1 Foundations of Financial Accounting

Learn how financial accounting records business activity, applies the accounting equation, and connects financial statements to explain performance, financial position, equity, and cash movement.
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2 Accounts, Debits, and Credits

Learn how accounts and the chart of accounts organize financial activity, how debits and credits record changes, and how transactions preserve the accounting equation.
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Quizzes

7

6 Merchandising and Inventory

A medium-difficulty quiz on merchandising transactions, inventory systems, cost assignment, and inventory valuation. Apply the concepts to short scenarios and calculations.
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7 Cash and the Statement of Cash Flows

A medium-difficulty quiz on cash equivalents, cash flow classifications, and interpreting the statement of cash flows.
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5 Financial Statements and the Closing Process

A medium-difficulty quiz on preparing financial statements, calculating equity, and applying the closing process.
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4 Accrual Accounting and Adjusting Entries

A medium-level quiz on accrual accounting and period-end adjusting entries, followed by two more challenging application questions.
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1 Foundations of Financial Accounting

A medium-difficulty quiz on the accounting equation, transactions, and the purposes and connections of financial statements.
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3 Recording Transactions and the Accounting Cycle

A medium-difficulty quiz on analyzing and recording transactions, posting to ledger accounts, and interpreting an unadjusted trial balance.
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2 Accounts, Debits, and Credits

A medium-difficulty quiz on account classifications, normal balances, transaction effects, and the accounting equation.
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Flashcards

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7 Cash and the Statement of Cash Flows

Learn how cash and cash equivalents are defined and how cash flows are classified, reported, and reconciled.
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5 Financial Statements and the Closing Process

Review how adjusted trial balances lead to financial statements, how equity changes are reported, and how temporary accounts are closed at period-end.
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6 Merchandising and Inventory

Review merchandising transactions, inventory systems, cost-flow methods, and inventory valuation.
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4 Accrual Accounting and Adjusting Entries

Review accrual-basis accounting, the purpose and types of adjusting entries, and how common period-end adjustments affect accounts.
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8 Introduction to Financial Statement Analysis

Learn how financial statements work together and how key ratios assess profitability, liquidity, solvency, and efficiency.
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3 Recording Transactions and the Accounting Cycle

Review how business transactions are analyzed, journalized, posted to ledgers, and checked with an unadjusted trial balance.
Flashcards · Updated

2 Accounts, Debits, and Credits

Learn how accounts, debits, and credits organize transactions and keep the accounting equation in balance.
Flashcards · Updated

1 Foundations of Financial Accounting

Review the accounting equation, how transactions affect it, and how financial statements communicate a business’s performance, position, and cash flows.
Flashcards · Updated