Financial Accounting 1 & 2

About Course

This course will take you from the beginning of financial accounting to mastery of both intermediate and advanced financial accounting.

25 hours of video
Practice Case
Quizzes

After this course you will be able to

Explain all the key financial accounting concepts
Model the effects of each financial transaction
Create an income statement, balance sheet, and cash flow statement
Create a fully-integrated 3-statement model from scratch

Past students have said that college and graduate-level financial accounting courses were a breeze after taking this course and accounting interview questions were much easier. We don’t like memorization. We want you to have the full intuition.

Email us at support@dropoutedu.com with any questions.

You can start learning for free today! Just click the first video below.

Course Content

Accounting Fundamentals 1
Financial Reporting and Accounting Assumptions

Course Overview

04:28
Course Policy
Financial Reporting

05:55
U.S. GAAP vs IFRS

05:53
Qualitative Characteristics

05:01
Point vs Period of Time

04:57
Point vs Period of Time Illustrated

07:04
Accounting Assumptions

09:52
Going Concern Illustrated

08:21

Accounting Fundamentals 2
Accounting Principles and Constraints

Accounting Principles

05:36
Historical Cost

05:34
Fair Value

10:26
Fair Value Measurement Footnote Illustrated

05:30
Revenue Recognition 3 Cases Bicycle

07:55
Revenue Recognition 5 Steps Bicycle

08:16
Revenue Recognition LaZboy

07:40
Revenue Recognition Apple

09:20
Matching Principal

06:26
Product vs Period Costs

05:47
Importance of Revenue Recognition and Matching

07:13
Accounting Constraints

11:41
Summary of Accounting Assumptions Principles Constraints

08:15

Financial Reports

Income Statement 1
Revenue

Income Statement Overview

10:01
Income Statement Components

11:15
Accrual vs Cash Accounting

12:18
Revenue

11:29
Revenue vs Gains

11:11
Revenue Recognition Methods

12:01
Use of Estimates in Revenue

15:35
Single-Multiple Deliverables and Long Term Project Revenue Recognition Examples

13:45
Revenue Recognition Fraud Example

07:42
Why Not Use Cash Accounting

04:33

Income Statement 2
Operating Expenses

Income Statement 3
Depreciation

Depreciation Methods Overview

03:58
Straight-line Depreciation

04:02
Straight-line Depreciation Excel

05:54
Accelerated Depreciation

08:38
Sum-of-the-Years’ Digits

05:43
Sum-of-the-Years’ Digits Excel

06:15
Declining Balance Method

03:40
Declining Balance Method Excel

04:16
Group and Composite Method Excel

06:47
Units of Production

03:37
Units of Production Excel

04:49

Income Statement 4
Other Operating Expenses and Income

Amortization Expense

08:22
Amortization Expense Examples

06:27
Capitalizing vs Expensing

05:16
To Expense, Depreciation, Deplete, or Amortize?
Internally Developed Intangible Assets

09:31
Stock-based Compensation

08:43
Write-Down, Write-Up, and Impairments

18:25
Other Operating Income and Expenses

06:40
Operating Income

03:29
Operating Income Examples

04:59

Income Statement 5
Other Non-operating Expenses and Income

Income Statement Exercises

Income Statement Transactions Scenario 1
Transactions Scenario 1 Answers

07:22
Income Statement Transactions Scenario 2
Transactions Scenario 2 Answers

05:09
EPS Calculations
EPS Calculation A Answers

02:43
EPS Calculation B Answers

07:20
EPS Calculation C Answers

03:21
EPS Calculation D Answers

02:19

Income Statement Modeling Case

Bicycle Case Part 1
Bicycle Modeling Part 1
Case Hints
Income Statement Revenue COGS Gross Margins

19:23
Income Statement Operating Expenses and Income

05:07
Income Statement Interest Taxes Net Income

04:12
Income Statement Weighted Shares and EPS

07:12
Income Statement Dividends and Retained Earnings

02:11
Income Statement Non-GAAP Metrics

02:12
Income Statement Summary Financials

02:51
Income Statement Formatting and Printing

07:30

Balance Sheet

Current Assets 1
Current Assets

Current Assets 2

FIFO and LIFO under Inflation

10:03
FIFO and LIFO under Deflation

05:51
FIFO and LIFO Excel Application

09:39
LIFO Reserve

02:43
LIFO Reserve Example Quiz

11:28
LIFO to FIFO Implications

08:12
LIFO Liquidation

08:42
Lower-of-Cost-or-Net-Realizable-Value

06:01
Inventory Footnote Examples

08:01

Long-term Assets 1
PPE and IA

Long-term Assets 2
Goodwill Accounting

Liabilities

Liabilities Overview

07:23
Current Liabilities

08:55
Accounts Payable

07:32
Deferred Revenue Overview

11:57
Deferred Revenue Footnote

17:01
Debt Overview

08:18
Debt Terms

15:48
Short-term Debt

08:07
Long-term Debt

10:43
Debt Footnote

10:37

Equity

Stockholders’ Equity Overview

05:39
Common Stock and APIC

14:46
Treasury Stock Deep Dive

36:29
Preferred Stock Overview

18:00
Types of Preferred Stock

14:15
Preferred Accounting

08:30
Preferred Stock Footnote

07:10
Retained Earnings

09:47
Accumulated Other Comprehensive Income

10:25
Stockholders’ Equity Section Examples

08:23

Cash Flow Statement

Cash Flow Statement Overview

08:43
CFS Structure

04:52
CFO Direct Method

12:53
CFO Indirect Method

19:24
Direct and Indirect Reconciliation Example Quiz

19:56
CFO Indirect Method Example

05:31
CFO Direct Method Example

05:51
Cash Flow From Investing Activities

05:11
Cash Flow from Investing Examples

04:03
Cash Flow From Financing Activities

05:25
Cash Flow from Financing Examples

06:29

Balance Sheet and CFS Modeling Case

Bicycle Case Part 2
Balance Sheet Modeling Quiz
Balance Sheet Outline

08:32
Balance Sheet Values to Fill

02:25
Inputting Current Assets and Liabilities

14:28
Cash Flow Statement Modeling Quiz
Cash Flow Statement Outline

07:03
Cash Flow From Operating Activities
Cash Flow from Investing and Financing

08:46
3-Statement Model Quiz
Revisiting the Balance Sheet
3-Statement Model Ties

03:47
Model Print Settings

About Course

Course Content

Accounting Fundamentals 1 Financial Reporting and Accounting Assumptions

Course Policy

Accounting Fundamentals 2 Accounting Principles and Constraints

Revenue Recognition 3 Cases Bicycle

Revenue Recognition 5 Steps Bicycle

Revenue Recognition LaZboy

Revenue Recognition Apple

Matching Principal

Product vs Period Costs

Importance of Revenue Recognition and Matching

Accounting Constraints

Summary of Accounting Assumptions Principles Constraints

Financial Reports

Finding Company Filings

Types of SEC Filings Overview

10K Overview

10K Part 1 Apple

10K Part 2 Apple

10Q Overview

10K vs 10Q

10Q Part 1-2 Apple

Income Statement 1 Revenue

Income Statement Overview

Income Statement Components

Accrual vs Cash Accounting

Revenue

Revenue vs Gains

Revenue Recognition Methods

Use of Estimates in Revenue

Single-Multiple Deliverables and Long Term Project Revenue Recognition Examples

Revenue Recognition Fraud Example

Why Not Use Cash Accounting

Income Statement 2 Operating Expenses

Cost of Goods Sold

Cost of Goods Sold Examples

Gross Profits

SG&A Expense

SG&A Examples

Research and Development Expense

Research and Development Expense Example

Depreciation Expense

Depreciation Expense Examples

Income Statement 3 Depreciation

Depreciation Methods Overview

Straight-line Depreciation

Straight-line Depreciation Excel

Accelerated Depreciation

Sum-of-the-Years’ Digits

Sum-of-the-Years’ Digits Excel

Declining Balance Method

Declining Balance Method Excel

Group and Composite Method Excel

Units of Production

Units of Production Excel

Income Statement 4 Other Operating Expenses and Income

Amortization Expense

Amortization Expense Examples

Capitalizing vs Expensing

To Expense, Depreciation, Deplete, or Amortize?

Internally Developed Intangible Assets

Stock-based Compensation

Write-Down, Write-Up, and Impairments

Other Operating Income and Expenses

Operating Income

Operating Income Examples

Income Statement 5 Other Non-operating Expenses and Income

Other Non-Operating Expense and Income

Pre Tax Income

Tax Expense

Tax Expense Footnote Examples

Net Income

Shares Outstanding

Earnings Per Share

EBIT Non-GAAP Metric

EBITDA Non-GAAP Metric