In this video, the difference between Absorption Costing and Variable Costing are described. In addition, an example of a Gross Profit Income Statement (Absorption Costing) and a Contribution Margin Income Statement (Variable Costing) is demonstrated.

The Classified Balance Sheet

In this video, I discuss what a classified balance sheet is and how to create one. In addition, I discuss two liquidity ratios: the Current Ratio and the Debt Ratio.

The Closing Process

In this video, the closing process is explained and why it is needed. Examples are used to show the journalizing and posting of closing entries.