Скачать или смотреть WGU | Principles of Financial and Managerial Accounting | D196

Here's a video with resources to pass D196. Also check out ‪@TehcZavier‬ 's video on this class as he has also provided good resources and tips!

-- Below is a copy of what I wrote in the document. Sorry if the formatting is weird.

Passing D196 Financial and Managerial Accounting
Timeline/Mentality
• Took me about 2 weeks, majority of the studying was in the last week.
• I got really in my head that this class was super difficult, but changed my mind set about this class and was able to remove some stress after that.

Approach
• Went through the provided course material and watched every video at 1.75 speed.
• Took notes of almost everything that was in the videos.
• Watched the recorded cohorts (not enough to get a good idea of what is on the test).
• Watched Key Concept Cohorts (each is 30ish minutes) and took the tests at the end. These cohorts better prepare you.
• Watched Excel specific videos. Excel portion was not difficult. D100 was more difficult.

Important Concepts to Understand
• Financial Accounting: The gathering, reporting, and analysis of information primarily for the benefit of external users like investors and creditors.
• Managerial Accounting: The gathering and analysis of information for the purpose of internal decision making.
• Assets: Resources owned by a business
o Cash, accounts receivable, notes receivable, prepaid expenses etc.
• Liabilities: Claims or obligations of the business against the assets of the business
o Accounts payable, notes payable, etc.
• Equity: Ownership interest in a company.
o Retained earnings.
• ALE: Assets = Liabilities + Owners’ Equity
• Horizontal Analysis: (Current Year – Previous Year)/Previous Year
o Should give you a percentage change from the previous year to the current year.
• Vertical Analysis: X/Net Sales
o The bottom is going to use absolute cell reference (d$9) which is ALWAYS going to reference net sales. This is because you are wanting to understand what percentage each item makes up of net sales.
o If Net Sales = 123456 and COGS = 6725 then you would divide COGS/Net Sales to get 5%
• CVP Analysis: Sales Revenue – Variable Costs – Fixed Costs = Profit
o Sales Revenue (Units) – Variable Costs (Units) – Fixed Costs = Profit
o Use basic algebra to solve for any figure that is not given to you.
• Contribution Margin: Sales Revenue – Variable Costs = Contribution Margin
o Sales Revenue = 10000
o Variable Costs = 5000
o Contribution Margin = 5000
• Breakeven: Total Revenues = Total Costs
• Job Order Costing: When products are made based on customer orders and when the product produced is considered a separate job. Production costs are tracked by each job. To be used when products are unique.
• Process Costing: To be used when large volumes of the same product/service are being produced.
• Activity-Based Costing (ABC): Assigning cost based on overhead. Makes for more accurate product costing.
• Financial Accounting and Standards Board (FASB): Not a government agency, has no legal authority, and establishes the Generally Accepted Accounting Principles (GAAP).
• Governmental Accounting Standards Board (GASB): Not a government agency, follows GAAP, and tries to improve procedures for governmental accounting.
• American Institute of Certified Public Accountants (AICPA): Professional association of CPAs.
• Internal Revenue Service (IRS): Government agency that regulates and collects income taxes.
• International Accounting Standards Board (IASB): FASB for the entire world except for the U.S.