Financial Accounting & Taxation Course

Lesson 1 • Accounting Principles and Concepts

Introduces generally accepted accounting principles and underlying assumptions. Provides the conceptual foundation for all subsequent recording and reporting decisions.

Lesson 2 • Double-Entry Bookkeeping System

Teaches debit and credit mechanics for recording every transaction. Ensures students can post entries that keep the ledger in balance.

Lesson 3 • Source Documents and Transaction Analysis

Identifies business documents that trigger accounting entries and teaches systematic transaction analysis. Links real-world events to journal entries.

Lesson 4 • Chart of Accounts and Ledgers

Covers account classification, numbering systems, and ledger organization. Students build a functional chart of accounts for a sample business.

Lesson 1 • Adjusting Entries

Covers accruals, deferrals, depreciation, and inventory adjustments needed at period end. Ensures financial statements reflect economic reality under the accrual basis.

Lesson 2 • Journalizing Business Transactions

Applies double-entry rules to record diverse transaction types in the general journal. Reinforces Chapter 1 mechanics through varied, realistic scenarios.

Lesson 3 • Adjusted Trial Balance and Worksheet

Demonstrates how to compile an adjusted trial balance and use a worksheet to organize data. Bridges adjusting entries to formal financial statement preparation.

Lesson 4 • Reversing Entries and Cycle Review

Introduces optional reversing entries and consolidates the full cycle workflow. Students trace a transaction from source document through to the post-closing balance.

Lesson 1 • Cash Flow Statement

Covers direct and indirect methods for the operating section and classifies investing and financing activities. Students reconcile net income to net cash from operations.

Lesson 2 • Income Statement Construction

Covers single-step and multi-step income statement formats and revenue recognition timing. Students classify revenues, cost of goods sold, and operating expenses correctly.

Lesson 3 • Notes and Disclosures

Addresses mandatory note disclosures that accompany financial statements. Students draft accounting policy notes and contingency disclosures for a sample entity.

Lesson 4 • Statement of Changes in Equity

Explains how net income, dividends, and capital contributions flow into equity. Links the income statement to the balance sheet through retained earnings.

Lesson 1 • Inventory Valuation Methods

Compares FIFO, LIFO, weighted average, and specific identification cost-flow assumptions. Students calculate ending inventory and cost of goods sold under each method.

Lesson 2 • Intangibles and Long-Term Investments

Covers amortization of finite-life intangibles, goodwill impairment, and equity method investments. Links measurement choices to income statement and balance sheet effects.

Lesson 3 • Property, Plant, and Equipment

Addresses acquisition cost, depreciation methods, impairment, and disposal accounting. Students compute depreciation schedules and record asset retirement entries.

Lesson 4 • Liabilities and Equity Transactions

Records current liabilities, long-term debt issuance, and equity transactions including stock issuance. Students distinguish debt from equity and apply correct measurement.

Lesson 1 • Individual Income Taxation Basics

Covers gross income inclusions, exclusions, deductions, and progressive rate structures for individuals. Students compute basic taxable income and estimated tax liability.

Lesson 2 • Tax Compliance and Filing Obligations

Addresses filing deadlines, estimated tax payments, penalties, and recordkeeping requirements. Students build a compliance calendar for a sample business entity.

Lesson 3 • Business Entity Taxation Overview

Compares tax treatment of sole proprietorships, partnerships, corporations, and pass-through entities. Students map entity type to applicable tax filing and rate structure.

Lesson 4 • Taxable Income vs. Accounting Income

Distinguishes book income from taxable income and identifies common permanent and temporary differences. Prepares students for deferred tax accounting in later chapters.

Lesson 1 • Tax Provision and Income Tax Expense

Covers the components of income tax expense including current and deferred portions. Students prepare the tax provision journal entry and effective rate reconciliation.

Lesson 2 • Deferred Tax Assets and Liabilities

Applies the liability method to recognize deferred taxes arising from temporary differences. Students calculate deferred tax balances and assess realizability of assets.

Lesson 3 • Consolidated and Group Tax Returns

Introduces consolidated tax return eligibility, intercompany eliminations, and group relief concepts. Students identify which entities qualify and how losses are shared.

Lesson 4 • Corporate Taxable Income Computation

Walks through the corporate tax return schedule from gross income to taxable income. Students apply allowable deductions, credits, and carryforward rules.

Lesson 1 • Payroll Accounting Entries

Records payroll expense, withholding liabilities, and employer contributions in the general ledger. Links payroll computation to balance sheet liability accounts.

Lesson 2 • Value-Added Tax Mechanics

Explains the VAT chain from input tax to output tax and the net remittance calculation. Students record VAT on purchases and sales and prepare the periodic return.

Lesson 3 • Indirect Tax Compliance and Audits

Addresses filing schedules, common compliance errors, and how tax authorities audit indirect taxes. Students design internal controls to reduce indirect tax risk.

Lesson 4 • Sales Tax and Excise Duties

Covers single-stage sales tax collection, excise duty on specific goods, and accounting treatment. Distinguishes sales tax from VAT in recording and remittance.

Lesson 1 • Capital Structure and Tax Efficiency

Analyzes the tax shield from debt financing and its effect on weighted average cost of capital. Students model after-tax cost of debt vs. equity for a sample firm.

Lesson 2 • Tax Planning Fundamentals

Introduces tax avoidance vs. evasion, timing strategies, and entity structure optimization. Students apply planning concepts to reduce effective tax rates legally.

Lesson 3 • Earnings Quality and Cash Flow Analysis

Evaluates accrual quality, non-recurring items, and free cash flow to assess sustainable earnings. Connects cash flow analysis to tax planning timing decisions.

Lesson 4 • Financial Ratio Analysis

Applies liquidity, profitability, leverage, and efficiency ratios to interpret financial statements. Students benchmark ratios against industry norms and prior periods.