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A complete financial accounting course that follows OpenStax Principles of Accounting, Volume 1: Financial Accounting, chapter by chapter, and uses US GAAP throughout. It starts with what accounting is for, the four financial statements and the accounting equation, then teaches the mechanics: debit and credit rules, T-accounts, journal entries, posting and the trial balance. The middle of the course covers the adjustment process (prepaids, unearned revenue, accruals and depreciation), closing entries and the classified balance sheet, merchandising, special journals and subsidiary ledgers, internal controls, bank reconciliations and receivables. The last units cover inventory (FIFO, LIFO and weighted average), long-term assets and depreciation methods, current and long-term liabilities, bonds, corporations and stock, partnerships, and the statement of cash flows. Most cards are worked problems: journal entries, depreciation, bond amortization and ratios are typed or multiple-choice cards whose answers were recomputed by script. Cards are text only, so statements and T-accounts are described in words.
Copied straight from the course. In the app, each wrong option also gets its own explanation.
Card 1Maple Street Consulting bought 2,400 of supplies on account and a month-end count shows 650 on hand. Which adjusting entry is correct?
Dr. Supplies Expense 1,750 / Cr. Supplies 1,750. Used = 2,400 - 650 = 1,750, expensed by debiting Supplies Expense and crediting Supplies.
Card 2Dana Reyes invests $5,000 of personal cash in Maple Street Consulting. What happens to the accounting equation?
Assets increase and equity increases. An investment by the owner brings in an asset and raises equity by the same amount.
Card 3A bookkeeper with heavy gambling debts starts taking cash from the register. Which element of the fraud triangle do the debts represent?
Incentive (pressure). Debts are the motive that pushes a person toward the act, which is the incentive or pressure element.
Card 4Harbor Supply Co. uses periodic FIFO with layers of 100 units at $10, 100 at $12 and 100 at $14. The count shows 70 units. What is ending inventory?
$980. FIFO ending inventory is priced at the newest cost: 70 x 14 = 980.
Card 5Northgate Corp. issued 200,000 of bonds for 192,000 that mature in 5 years, amortizing the discount straight-line. What is the carrying value after one year?
$193,600. Discount 8,000 / 5 = 1,600 amortized, so carrying value rises from 192,000 to 193,600.
Yes. Create a free Encodr account and all 16 units and 1,217 cards are yours to study, with spaced repetition scheduling your reviews.
OpenStax Principles of Accounting, Volume 1: Financial Accounting (CC BY-NC-SA 4.0) and standard introductory definitions. The cards are rewritten, not copied, and follow US GAAP.
The role of accounting, financial statements, transaction analysis and journal entries, adjusting and closing entries, merchandising, accounting information systems, internal controls and cash, receivables, inventory, long-term assets and depreciation, current and long-term liabilities, corporations, partnerships, and the statement of cash flows.
Yes. Journal entries, depreciation, bad debt estimates, inventory cost flows, bond amortization, equity entries, ratios and cash flow reconciliations are typed and multiple-choice practice cards, and every answer was recomputed by script.
US GAAP, as in the OpenStax text. Every entry and ratio is worked the US GAAP way; where the text contrasts IFRS, the cards say so.