Advanced Financial Accounting Course

Lesson 1 • Chart of Accounts and Ledger Structure

Defines account classification hierarchies and ledger organisation. Enables students to design and navigate account structures used in all later reporting exercises.

Lesson 2 • Adjusting and Closing Entries

Covers period-end accruals, deferrals, depreciation entries, and closing procedures. Connects daily recording to accurate period-end financial statement balances.

Lesson 3 • The Accounting Equation and Double Entry

Explains assets, liabilities, and equity relationships and how every transaction maintains balance. Builds mechanical fluency essential for journal entries throughout the course.

Lesson 4 • Preparing Basic Financial Statements

Assembles income statement, statement of financial position, and statement of retained earnings from adjusted trial balance data. Demonstrates how all prior steps culminate in formal reporting outputs.

Lesson 1 • Accounts Receivable Valuation

Covers gross receivable recording, allowance for doubtful accounts, and net realisable value. Ensures accurate asset presentation on the statement of financial position.

Lesson 2 • Contract Assets, Liabilities, and Modifications

Distinguishes contract assets from receivables and accounts for deferred revenue and contract changes. Links revenue timing to statement of financial position presentation of contract-related items.

Lesson 3 • Notes Receivable and Interest

Explains promissory notes, effective interest calculation, and dishonoured notes. Extends receivable accounting to interest-bearing instruments used in advanced transactions.

Lesson 4 • Variable Consideration and Constraints

Addresses discounts, rebates, returns, and the constraint on including variable amounts in transaction price. Prepares students for real-world contracts with uncertain payment terms.

Lesson 1 • Inventory Systems and Cost Inclusion

Distinguishes perpetual from periodic tracking and defines costs included in inventory. Establishes the measurement base for all subsequent cost flow and valuation methods.

Lesson 2 • Cost Flow Assumptions

Applies FIFO, weighted-average, and specific identification methods under both inventory systems. Demonstrates how cost flow choice affects gross profit and ending inventory values.

Lesson 3 • Lower of Cost or Net Realisable Value

Applies the write-down rule when market value falls below carrying cost. Connects inventory valuation to conservatism and accurate asset reporting on the statement of financial position.

Lesson 4 • Inventory Errors and Their Effects

Traces how misstatements in ending inventory propagate through two periods of financial statements. Builds analytical skills for detecting and correcting inventory-related errors.

Lesson 1 • Impairment of Long-Lived Assets

Applies recoverability tests and fair-value measurement to identify and record asset impairment losses. Connects impairment to conservative asset reporting and future depreciation adjustments.

Lesson 2 • Disposal, Derecognition, and Intangibles

Records asset sales, retirements, and exchanges, and accounts for finite and indefinite-life intangibles. Completes the asset lifecycle from acquisition through removal from the books.

Lesson 3 • Subsequent Expenditures and Improvements

Distinguishes repairs and maintenance from betterments that extend useful life or capacity. Ensures correct expense vs. capitalisation decisions for post-acquisition asset spending.

Lesson 4 • Depreciation Methods and Calculations

Applies straight-line, declining-balance, and units-of-production methods to tangible assets. Demonstrates how method choice affects expense timing and book value across an asset's life.

Lesson 1 • Lease Accounting for Lessees

Classifies leases as finance or operating and records right-of-use assets and lease liabilities. Reflects current standards requiring most leases to appear on the statement of financial position.

Lesson 2 • Bond Issuance and Amortisation

Applies the effective interest method to bonds issued at par, premium, and discount. Builds the foundation for understanding all long-term debt instruments and their carrying values.

Lesson 3 • Earnings Per Share Calculations

Computes basic and diluted earnings per share including effects of options and convertible securities. Provides the key per-share metrics required in income statement disclosures.

Lesson 4 • Current Liabilities and Contingencies

Covers accounts payable, accrued liabilities, unearned revenue, and contingent obligations. Establishes short-term liability recognition and measurement before addressing long-term debt.

Lesson 1 • Equity Method Investments

Applies the equity method for significant-influence investments, recording the investor's share of earnings and dividends. Bridges single-entity accounting to the consolidated reporting covered later.

Lesson 2 • Trading and Available-for-Sale Securities

Records unrealised gains and losses for trading securities in net income and for available-for-sale in other comprehensive income. Demonstrates how classification affects reported earnings volatility.

Lesson 3 • Held-to-Maturity Debt Investments

Accounts for debt securities carried at amortised cost using the effective interest method. Reinforces bond amortisation skills from the liabilities chapter in an investor context.

Lesson 4 • Fair Value Measurement and Hierarchy

Applies the three-level fair value hierarchy from quoted prices to unobservable inputs. Provides the measurement foundation for trading and available-for-sale investment reporting.

Lesson 1 • Non-controlling Interests

Measures and presents non-controlling interests at fair value or proportionate share of net assets. Ensures the consolidated statement of financial position and income statement reflect minority ownership correctly.

Lesson 2 • Consolidation Procedures and Eliminations

Performs line-by-line aggregation and eliminates investment account, intercompany equity, and reciprocal balances. Produces a consolidated trial balance free of intragroup distortions.

Lesson 3 • Business Combinations and Acquisition Method

Applies the acquisition method to record identifiable assets, liabilities, and goodwill at acquisition-date fair value. Establishes the starting point for all consolidation entries in subsequent sections.

Lesson 4 • Goodwill Impairment Testing

Applies the annual goodwill impairment test at the reporting unit level using qualitative and quantitative steps. Connects impairment concepts from the asset chapter to the consolidated group context.

Lesson 1 • Earnings Quality and Comprehensive Income

Distinguishes recurring from non-recurring items and presents other comprehensive income components. Builds analytical judgment about the sustainability and quality of reported earnings.

Lesson 2 • Segment Reporting and Disaggregation

Identifies reportable operating segments using quantitative thresholds and prepares required segment disclosures. Enables users to analyze entity performance by business line and geography.

Lesson 3 • Accounting for Income Taxes

Applies the asset-liability method to compute deferred tax assets and liabilities from temporary differences. Connects tax accounting to statement of financial position presentation and effective tax rate analysis.

Lesson 4 • Pension and Post-Retirement Benefits

Measures defined benefit obligation, plan assets, and net periodic pension cost components. Provides the tools to record and disclose complex employee benefit obligations accurately.