This technical note provides an overview of accounting for revenues. It discusses the five-step process to revenue recognition outlined in Accounting Standards Codification (ASC) 606 and applies those steps to both a simple example of the sale by a bakery and a more complex example of the sale by a software company of a bundle of services.

This technical note provides an overview of accounting for property, plant, and equipment and depreciation expense. It discusses determining what costs related to the asset should be capitalized and what should be expensed, determining what amount should be recorded on the income statement each period as depreciation expense (including alternative depreciation methods), determining if and when a change in the value of an asset should be recorded, and determining when to dispose of a fixed asset and how to reflect that in the financial statements.

This technical note provides an overview of accounting for owners equity. It discusses the concepts of common stock and preferred stock, as well as authorized, issued, and outstanding shares. It covers the accounting for issuances of stock, repurchases of stock (treasury stock), capital stock and additional paid in capital, and dividends. It touches briefly on comprehensive income and earnings per share.

This technical note provides an overview of accounting for accounts receivable. Students will learn how to account for sales on account, record write-offs and recoveries of accounts receivable, and estimate of bad debt expense using both the aging method and percent of sale method.

This technical note provides an overview of accounting for inventory and cost of goods sold expense. It discusses accounting for the purchase and sale of inventory, periodic and perpetual inventory systems, inventory write-downs, and alternative inventory costing methods. It also discusses the use of the LIFO Reserve to adjust financial statements prepared using the LIFO method of inventory valuation to an as-if FIFO basis, illustrating those adjustments with an example.

This technical note provides an overview of accounting for bonds. It discusses bonds priced at face value, a discount, and a premium. It discusses the differences between the coupon rate and effective interest rate and their implications for both the pricing and accounting for bonds. It covers the amortization of bond discounts and premiums, and it briefly discusses the early retirement of bonds and accounting for bonds using the fair value method.

This technical note provides an overview of the financial reporting process. It includes a discussion of key players in the process, financial reporting requirements, the external audit process, and the annual report.

This technical note provides an overview of accounting for investments in equity securities. It discusses passive investments and fair value accounting, investments resulting in significant influence and the equity method of accounting, and investments resulting in control and consolidation accounting. It provides examples of each of the three possible accounting approaches and walks through the appropriate accounting for each.

This technical note provides an overview of accounting for contingent liabilities. It outlines the decision process management uses to determine the financial statement implications of such liabilities. It provides an example and walks through the appropriate accounting steps.