On the Money: The ABCs of Accounting (video series)

Produced

• 2002

Key Features

VHS or DVD-R video series; closed captioned

For additional digital leasing and purchase options contact RCTM at 1-800-488-0319.

ISBN Number: 0-7365-8156-1

Based on one of the most popular accounting textbooks, this four-part series provides a thorough overview of accountancy.

Company case studies and interviews with finance professionals provide a real-world context for the wide range of concepts covered. In addition, important industry terms such as GAAP, AICPA and FASB, CPAs and CMAs, debits and credits, journalizing and posting, assets and liabilities, depreciation and amortization, LIFO and FIFO, gross and net pay, and taxes are defined. Used in the classroom as an introduction to accounting or as a pre-exam review, this series is an excellent tool for helping finance and business students understand how all of accounting’s many details come together.

This series includes these four titles:

• The Matching Concept and the Accounting Cycle
• Introductions and Definitions
• The Story of Inventory
• Assets and Payroll

The Matching Concept and the Accounting Cycle

This program divides its time between the matching concept and the accounting cycle. First, the cash basis of accounting is compared to the accrual basis of accounting. Next, the five main types of entry adjustments are defined and illustrated. And then, with suitable fanfare, the accounting cycle is described in detail. Its eight steps include analyzing and journalizing transactions, posting transactions to the ledger, preparing the unadjusted trial balance, assembling and recording adjustments, preparing the financial statements, journalizing and posting adjusted entries, journalizing and posting closing entries, and preparing the post-closing trial balance. Taking care of business means handling finances both consistently and systematically, and this video shows students exactly how to do it. A Cambridge Educational Production. (15 minutes; ISBN Number:  0-7365-8163-4; Copyright date: 2002)

Introductions and Definitions

When it comes to finances, "approximately" is just not good enough. Accounting professionals are expected to understand all the ins and outs of money matters, applying the rules of accountancy with good sense and care. With that in mind, this program starts with the basics, introducing the purpose of accounting, identifying the AICPA and FASB, explaining the concept of GAAP, and spelling out the differences between CPAs and CMAs. After contrasting three types of business organizations, the program moves on to the actual process of recording and tracking transactions. Types of business transactions, charts of accounts, journalizing and posting transactions, the rules of debits and credits, the purpose of the trial balance, and four main types of financial statements are described. The accounting equation is also presented. (15 minutes; ISBN Number:  0-7365-8150-2; Copyright date: 2002)

The Story of Inventory

Keeping track of inventory is a crucial yet challenging process—and the more raw materials, components, and products a company has, the more challenging it gets. This program explores key aspects of managing inventory while keeping an eye on how inventory figures impact a company’s bottom line. First, the physical counting process is illustrated, including special situations such as figuring out who owns merchandise in transit or on consignment. Second, average cost, FIFO, and LIFO costing methods are analyzed. Third, periodic and perpetual systems of valuation are contrasted with three methods used in special situations: the lower-of-cost-or-market method, net realizable value, and estimating. Fourth and finally, the impact of inventory errors on financial statements is addressed. A Cambridge Educational Production. (15 minutes; ISBN Number:  0-7365-8164-2 ; Copyright date: 2002)

 Assets and Payroll

Giving equal time to two vital accounting topics, this program explains how accountants handle assets and payroll.   The video begins with the acquisition and retention of tangible fixed assets through capital expenditures and revenue expenditures. Then, methods of accounting for tangible fixed assets with respect to depreciation and disposal are presented. Allocation of an asset’s cost over its useful life is outlined, as well as five methods of depreciation. The discarding and sell-off of plant assets are also discussed, along with the amortization of intangible assets. The video then plunges into the topic of wages, beginning with an overview of payroll expenditures and their accompanying taxes and regulations. Next, the intricacies of gross pay, net pay, and payroll-related liabilities are thoroughly sorted out, leading to a discussion of how payroll is recorded. Last, the proper treatment of fringe benefits from an accounting perspective is demonstrated. (13 minutes; ISBN Number:  0-7365-8144-8; Copyright date: 2002)

 

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