Lesson 7: Operating Expenses and Internal Controls

Lesson Details - Lesson 7: Operating Expenses and Internal Controls

Below are the lesson presentation videos. Each lesson is organized in a series of video segments (i.e., Part 1, Part 2, Etc.). Please watch the videos one after another in order. Upon completion, navigate to the next lesson. We strongly suggest you take the practice quizzes as we present them below to test your understanding of the content.

Part 1

Part 2

Part 3

Part 4

Know Your Words

Accounting is the language of business. To become proficient in accounting, you must understand each term associated with each accounting concept. Every lesson has a specific set of words, which will always be listed here at the end of each lesson. Simply click on a word to display the definition within our glossary. We urge you to take the neccesary time to carefully study each term before taking any assessment.

Employee Payroll Withholdings
Employer Payroll Taxes
FICA Taxes
FUI
Income Before Income Taxes
Income Tax Expense
Internal Audit
Internal Controls
Management's Report on Financial Information
Multi-Step Formatted Income Statement
Net Sales Revenues
Operating Expenses
Operating Income/Loss
Other Revenues and Expenses
Payroll Tax Expense
Salaries Expense
Sales Taxes
Selling and Administrative Expenses
SUI
Wage Expense

Additional Lesson Resources

Below are two additional resources to help you learn the material. The most important of these resources is the Lesson Notes, which we provide via a PDF (see link below). The Lesson Notes contain the important slides of the presentation. We strongly suggest you print out this PDF and  follow along during the presentations. Making notes on the slides about key concepts will help you cement the concepts in your mind at a quicker pace. We also provide a supplemental textbook for your review. Most students NEVER use the textbook in this course; however, it is here if you want to refer to a particular concept.