Choices & Change

United States and Texas Government II: Government in Action

Keys to Lifelong Learning

Texas Politics and You

For the Love of Wisdom

Nutrition Pathways

The BEST - Beginning Teacher Experience

Journey to Health: Mind, Body, Spirit

Vietnam: A Television History

The BEST Mentoring Experience

Shaping America: U.S. History to 1877

Becoming Physically Fit

Accounting in Action

Principles I 65⁄35 (Lessons 1-13)

Principles II 65⁄35 (Lessons 13-27)

Managerial (Lessons 1-14)

Financial (Lessons 1-14)

United States and Texas Government I: Political Dynamics

Transforming America

Workforce Development

A Writer's Exchange

It's Strictly Business

Financial (Lessons 1-14)

AIA Courseware Topics
14 half-hour videos

Course Objectives

Discuss the purpose and nature of accounting and how accountants work to produce and help various decision makers use financial accounting information.
Identify the objectives of financial reporting, related key assumptions and principles, and the uses and limitations of financial accounting information.
Apply selected techniques to evaluating aspects of a company’s financial position and operating performance.
Prepare a variety of adjusting journal entries and closing entries for service and merchandise businesses.
Describe the overall financial accounting communication process, identifying who is involved and what information is communicated, both financial and non-financial.
Calculate inventory costs using a variety of methods and discuss their impact on the financial statements.
Explain the nature of long-term operating assets and account for their acquisition, depreciation, and disposal.
Identify and discuss the reasons, methods, and sources of information used in analyzing financial statements.

Lesson Titles/Descriptions

The Dynamic World of Accounting - The purpose and nature of financial accounting and the role of the professional accountant are introduced. Business transactions, their connection to financial statements, and the uses of financial statements are also presented. These issues are related to large and small businesses.
Business Transactions and The Balance Sheet - The objectives of financial reporting, including basic assumptions and principles (GAAP), are introduced. The Conceptual Framework is introduced. The essential characteristics of business transactions are covered as is their recording using the accounting equation and double entry accounting. Connections between transactions and financial statements, particularly the balance sheet are emphasized.
Business Transactions and The Income Statement - Recording of operating transactions, the operating and accounting cycles, accrual accounting, and the income statement are the foci of this lesson. Related accounting principles (revenue recognition, timing of expenses, the matching principle, periodicity) are discussed. Evaluating financial position and performance is introduced.
Year End: Adjusting and Closing the Accounts - Accrual and cash accounting are compared and contrasted. The goals and techniques of adjusting the accounts and preparing financial statements are emphasized. The purposes and goals of the closing process and its place in business and accounting cycles are discussed as are the effects of improper year end closes.
Communicating Accounting Information - The roles and responsibilities of participants in the accounting information communication process are identified and the ways in which the process works are presented. The classified balance sheet is discussed. Qualities of financial information for decision making are identified as are sources of financial information in addition to annual reports.
Accounting for Revenue, Accounts Receivable and Cash - Business and accounting issues related to the recording and reporting of revenue and collection of customer accounts are investigated. The goals and techniques of internal control and their application to cash are presented. Reconciling the bank statement is illustrated. The impact of Electronic Funds Transfer on cash control is reviewed.
Merchandise Inventory and Cost of Goods Sold - The nature and impact of merchandise inventory on a company's financial performance are discussed including the valuation of inventory using various cost flow methods. The effects of inventory errors are briefly treated. The rationale for choosing between cost and market value is briefly covered as is the use of estimates for valuing inventory.
Long Term Operating Assets - The nature and impact of long term operating assets (property, plant and equipment, natural resources, and intangible assets) on a company's financial performance are discussed. Accounting for acquisition cost, depreciation, operating and improvement expenditures, and disposal of long term operating assets is covered.
Current and Long Term Liabilities - Recognition, recording and reporting of commonplace current liabilities, and contingent liabilities is illustrated. The distinction between current and long term liabilities is established. The use of future and present value computations is demonstrated. A company's use of credit is discussed.
Bonds Payable - The trade-offs between debt and equity financing are examined. The basic nature of bonds and their various features are discussed. The recording and reporting of bonds, including those issued at a premium or discount, is covered. Investment in bonds is briefly reviewed.
Corporate Owner’s Equity - The basic nature of the corporate form of ownership is covered. Various classes of stock are described and accounted for. Cash and stock dividends are accounted for. Evaluating corporate capital structure is briefly addressed.
Equity Investments in Other Corporations - The rationale for investing in the voting stock of other corporations is discussed. Distinctions between levels of investment are introduced. Accounting for such investments at a variety of ownership levels up to and including consolidations is illustrated.
The Statement of Cash Flows - The purpose and format of the statement of cash flows is discussed. A brief history of the development of the statement is presented. Preparing the statement using the indirect method is illustrated. Evaluating cash flow is shown.
Analyzing Financial Statements - The rationale and limitations of analyzing financial statements is discussed. Vertical and horizontal analyses of financial statements are performed. Liquidity, Solvency, and Profitability ratios are calculated and interpreted.