MERLOT Materials

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Depreciation is the periodic, systematic expiration of the cost of a company's fixed assets (except for land). Explore... see more

This site presents some profiles of accoiunting students and also provides information about salary, career options and... see more

This video walks through the calculations of the FIFO (First In First Out) Inventory Valuation Method. This inventory... see more is a free website dedicated to teaching introductory financial and managerial Accounting.... see more

The Accounting Cycle is a series of steps which are repeated every reporting period. The process starts with making... see more

This site contains clear explanations of various aspects of financial accounting. We have tried to explain each... see more

Double entry accounting, also called double entry bookkeeping, is the accounting system that requires every business... see more

An account is simply a record of all changes to a specific asset, liability, or equity item. T-accounts format account... see more

The accounting cycle is the step-by-step process of recording and classifying business transactions to prepare financial... see more

This channel contains video on various accounting topics for the basics fo accounting as well as more advaced topics in... see more

An asset is defined as a resource that is owned or controlled by a company that can be used to provide a future economic... see more

A Business event, also called a business transaction, is an exchange of value between two different groups. The exchange... see more

The chart of accounts is a list of every account in the general ledger of an accounting system and is used to record... see more

Credit vs Debit - What's the Difference? The double entry accounting system is based on the concept of debits and... see more

Depreciation is the periodic, systematic expiration of the cost of a company's fixed assets (except for land). Learn more... see more

The expanded accounting equation stems from the basic accounting equation and expands the equity section into: owner's... see more

Expenses are the costs incurred to generate revenues. A firm records an expense when it disburses cash or promises to... see more

Financial accounting is a subsection of the general field of accounting that focuses on gathering and compiling data in... see more

An accounting journal, also called the book of first entry or general journal, is a record of business transactions and... see more

A general ledger, also called an accounting ledger, is a record or document that contains account summaries for accounts... see more

Revenues are the assets earned by a company's operations and business activities. In other words, revenues include the... see more

A trial balance is a report that lists the ending balances of each account in the chart of accounts in balance sheet... see more

A contra account is an account with a balance opposite the normal accounts in its category. Contra accounts are usually... see more

Equity is defined as the owner's interest in the company assets. Upon liquidation after all the liabilities are paid off,... see more