Course Content
Accounting Fundamentals 1
Financial Reporting and Accounting Assumptions
0/9
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
0/13
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
0/8
Finding Company Filings
02:34
Types of SEC Filings Overview
08:10
10K Overview
10:18
10K Part 1 Apple
10:25
10K Part 2 Apple
18:49
10Q Overview
07:44
10K vs 10Q
08:44
10Q Part 1-2 Apple
16:38
Income Statement 1
Revenue
0/10
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
0/9
Cost of Goods Sold
20:45
Cost of Goods Sold Examples
14:20
Gross Profits
08:50
SG&A Expense
04:54
SG&A Examples
03:11
Research and Development Expense
08:31
Research and Development Expense Example
05:20
Depreciation Expense
22:49
Depreciation Expense Examples
13:40
Income Statement 3
Depreciation
0/11
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
0/10
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
0/9
Other Non-Operating Expense and Income
06:50
Pre Tax Income
01:50
Tax Expense
14:33
Tax Expense Footnote Examples
09:59
Net Income
03:22
Shares Outstanding
11:27
Earnings Per Share
14:11
EBIT Non-GAAP Metric
03:52
EBITDA Non-GAAP Metric
08:31
Income Statement Exercises
0/9
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
0/11
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
0/7
Balance Sheet Overview
03:52
Accounting Equation
15:08
Balance Sheet Uses and Constraints
06:56
Historical Cost Balance Sheet
09:49
Current vs Non Current
09:03
Liquidity
07:38
Double Entry Accounting System
17:19
Current Assets 1
Current Assets
0/7
Cash and Cash Equivalents and Examples
15:12
Receivables
06:48
Accounts Receivable Recognition
06:44
Accounts Receivable Valuation
10:08
Accounts Receivable Examples
05:46
Inventory
14:07
Capitalizing Inventory Costs Example Quiz
16:34
Current Assets 2
0/9
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
0/7
Plant, Property, and Equipment
19:08
PP&E Write-Down
06:04
PP& Gain or Loss on Sale
16:42
Capital Expenditure and Ending PP&E
04:19
Ending PP&E Calculation Example
14:06
Plant, Property, and Equipment Footnote Examples
08:09
Intangible Assets
18:19
Long-term Assets 2
Goodwill Accounting
0/5
Goodwill Overview
10:03
Goodwill Creation Math Example Quiz
05:39
Goodwill Creation Illustration Case 1 & 2
22:40
Goodwill Creation Illustration Case 3
16:24
Goodwill Excel
15:32
Liabilities
0/10
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
0/10
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
0/11
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
0/13
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
Financial Accounting 1 & 2
About Lesson

Point in Time vs Period of Time

The Financial Accounting Standards Board (FASB) classifies elements of financial statements into two categories: 

 

  1. Moment in Time (Position)

Assets, liabilities, and equity represent values at a specific point in time (say December 31), typically at the end of a reporting period like a fiscal year or quarter.

  1. Period of Time (Performance)

The other elements of financial statements describe transactions, events, and circumstances that affect the company over a period of time (say January 1 – December 31). This includes revenues, expenses, gains, losses, investments by owners, distributions to owners, and comprehensive income. Anything relating to activities and outcomes of the company’s operations, investments, and financing activities during a specific reporting period (e.g., a year or quarter).

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