Last Minute Lecture

Financial Statement Analysis & Interpretation — Ratio Analysis, DuPont, and Industry Benchmarking | Chapter 12 of Financial Accounting Unlocking the true financial health of a business goes far beyond reading numbers on a page. Chapter 12 of Financial Accounting (12th Edition) provides a thorough roadmap for analyzing and interpreting financial statements using a variety of proven methods. From spotting year-over-year trends to benchmarking against industry leaders, this chapter gives students and professionals the tools to evaluate profitability, efficiency, liquidity, solvency, and market performance—all essential for smart decision-making. 🎥 Watch the in-depth podcast summary above and subscribe to Last Minute Lecture for clear, chapter-by-chapter textbook breakdowns and academic study guides. The Big Picture: Why Analyze Financial Statements? Financial statement analysis helps you move beyond the surface, revealing how companies truly perform over time. The chapte...

The Statement of Cash Flows Explained — Operating, Investing, and Financing Activities in Focus | Chapter 11 of Financial Accounting The statement of cash flows is a vital financial tool that reveals how companies actually generate and use cash. Unlike the balance sheet, which offers a snapshot in time, and the income statement, which measures accrual-based performance, the cash flow statement tracks real movement of cash over a period. Chapter 11 of Financial Accounting (12th Edition) breaks down its purposes, methods, and structure, helping students and professionals alike understand business sustainability and solvency. 🎥 For a full walkthrough of cash flow analysis and statement preparation, watch the video above and subscribe to Last Minute Lecture for podcast-style textbook summaries every week. Why the Statement of Cash Flows Matters The statement of cash flows helps users: Predict future cash flows Evaluate management’s decisions Determine a company’s ab...

Corporate Stockholders’ Equity, Dividends, and Treasury Stock Explained — IPOs, Retained Earnings, and Performance Ratios | Chapter 10 of Financial Accounting What makes the corporate form of business unique, and how do companies manage the complex world of stockholders’ equity? Chapter 10 of Financial Accounting (12th Edition) explores how corporations raise capital, distribute profits, and report equity, highlighting everything from stock issuance and treasury stock to dividend policies and key performance metrics. This comprehensive review clarifies the structure and function of stockholders’ equity in modern business. 🎥 Watch the full video breakdown above, and subscribe to Last Minute Lecture for detailed podcast-style summaries of every chapter. What Is Stockholders’ Equity? Stockholders’ equity represents the residual interest in a corporation’s assets after liabilities are paid. Corporations stand out because they offer limited liability, separate legal existence,...

Southwest Airlines and Bond Accounting — Long-Term Liabilities, Debt Ratios, and Lease Reporting | Chapter 9 of Financial Accounting How do corporations like Southwest Airlines finance major assets and manage long-term obligations? Chapter 9 of Financial Accounting (12th Edition) applies bond and liability accounting in a real-world context, exploring how companies issue, amortize, and report bonds — along with leases, taxes, and debt ratios. This blog post breaks down the chapter using Southwest Airlines as the featured case study. 🎓 Watch the full podcast summary above and subscribe to Last Minute Lecture for every chapter summary in Financial Accounting. How Companies Finance Long-Term Assets Chapter 9 begins by illustrating how firms like Southwest Airlines fund large investments—such as aircraft and infrastructure—using bonds payable . These bonds may be issued at: Par – face value Discount – below face value when the market rate exceeds the stated rate ...

Understanding Liabilities — Current, Short-Term, and Contingent Obligations Explained | Chapter 8 of Financial Accounting How do businesses manage what they owe — and how does that impact financial transparency and decision-making? In Chapter 8 of Financial Accounting (12th Edition) , we explore the nuanced world of liabilities, from current and short-term obligations to the gray area of contingent liabilities. This post breaks down the core principles, real-world examples, and key analytical tools covered in the chapter. Be sure to watch the full video summary above and subscribe to Last Minute Lecture for more chapter-based academic breakdowns. Current Liabilities: What Businesses Owe in the Short Term Current liabilities are obligations that a company must settle within one year or within its operating cycle, whichever is longer. These include: Accounts payable – amounts owed to suppliers Accrued liabilities – such as salaries, interest, and taxes Unearned r...

Accounting for Long-Term Assets — Depreciation, Amortization, Impairment, and ROA Explained | Chapter 7 of Financial Accounting Chapter 7 of Financial Accounting (12th Edition) by Thomas, Tietz, and Harrison explores how businesses account for long-term assets—plant assets, natural resources, and intangibles—that support operations across multiple periods. From capitalizing asset costs to measuring depreciation and impairment, this chapter offers comprehensive coverage of fixed asset accounting under GAAP and IFRS frameworks. 📺 Watch the full podcast-style summary above to learn how companies record, depreciate, and evaluate their long-term assets. Subscribe to Last Minute Lecture for more chapter-based financial accounting breakdowns. 📘 Book Overview The chapter begins with the cost principle —defining asset cost as all expenses necessary to acquire and prepare the asset for use. This includes the purchase price, sales tax, legal fees, transportation, and installation...

Inventory Accounting and Cost of Goods Sold — FIFO vs. LIFO, Inventory Turnover, and the COGS Model Explained | Chapter 6 of Financial Accounting Chapter 6 of Financial Accounting (12th Edition) by Thomas, Tietz, and Harrison introduces one of the most important topics for merchandising companies: how to account for inventory and calculate cost of goods sold (COGS). These elements directly impact gross profit, taxes, and decision-making. Whether using FIFO, LIFO, or the average-cost method, your choice of inventory system can significantly influence a company's financial outcomes. 🎧 Watch the full podcast-style summary above for a deep dive into inventory systems, COGS calculation, and GAAP-compliant valuation rules. Subscribe to the Last Minute Lecture YouTube channel for more financial accounting walkthroughs. 📘 Book Overview Unlike service companies, merchandising businesses such as Under Armour must account for both sales revenue and cost of goods sold . The d...

Accounting for Receivables and Revenue Recognition — GAAP, Allowance Method, and the 5-Step Model Explained | Chapter 5 of Financial Accounting Chapter 5 of Financial Accounting (12th Edition) by Thomas, Tietz, and Harrison provides a crucial understanding of how companies recognize revenue and manage receivables. From the 5-step GAAP revenue recognition model to the accounting treatment of sales discounts, returns, and uncollectible accounts, this chapter gives students a practical roadmap for managing one of the most essential assets: money owed to the business. 🎧 Watch the full podcast-style summary above to understand how companies track receivables, estimate bad debts, and apply revenue recognition rules. Be sure to subscribe to Last Minute Lecture for more chapter summaries and CPA prep content. 📘 Book Overview This chapter begins by defining revenue as the inflow of resources from providing goods or services. Under GAAP, revenue must be recognized when it is ea...

Fraud, Internal Controls, and Cash Management — The Fraud Triangle, SCALP, and Bank Reconciliation Explained | Chapter 4 of Financial Accounting Chapter 4 of Financial Accounting (12th Edition) by Thomas, Tietz, and Harrison addresses one of the most critical aspects of accounting: the prevention of fraud and the implementation of internal controls. This chapter offers a real-world understanding of how businesses can safeguard assets, manage cash responsibly, and comply with legal standards like the Sarbanes-Oxley Act (SOX). 🎧 Watch the full podcast-style summary above to understand fraud risks, control strategies, and cash management systems. Subscribe to the Last Minute Lecture channel for more chapter-based walkthroughs. 📘 Book Overview This chapter introduces fraud as an intentional act of deception that results in financial or reputational damage. It identifies two main types: Misappropriation of assets — employee theft or misuse of property. Fraudulent f...

Accrual Accounting and Financial Statement Analysis — Adjusting Entries, Closing the Books, and Key Ratios | Chapter 3 of Financial Accounting Chapter 3 of Financial Accounting (12th Edition) by Thomas, Tietz, and Harrison is where students complete the accounting cycle. This pivotal chapter introduces the key concepts of accrual accounting, financial statement preparation, and financial performance analysis. Through adjusting entries, closing procedures, and ratio analysis, it teaches how to transform raw data into accurate, actionable financial reports. 📺 Watch the full chapter summary above for a podcast-style breakdown of the accrual method, adjustments, and essential financial ratios. Subscribe to the Last Minute Lecture channel for weekly textbook walkthroughs. 📘 Book Overview This chapter clarifies the difference between accrual accounting and cash-basis accounting . Accrual accounting, the standard under GAAP, recognizes revenues and expenses when they’re earn...

Business Transactions and the Accounting Equation — Double-Entry System and Trial Balance Explained | Chapter 2 of Financial Accounting Understanding how business transactions impact financial records is at the heart of accounting. Chapter 2 of Financial Accounting (12th Edition) by Thomas, Tietz, and Harrison provides an essential breakdown of how the accounting equation ensures balanced books and accurate reporting. This chapter introduces the mechanics of recording financial activity through the double-entry system and builds your fluency in working with journals, ledgers, and trial balances. 🎧 Watch the full podcast-style summary above for a detailed walkthrough of how to journalize, post, and balance accounts. Subscribe to the Last Minute Lecture channel for more student-friendly accounting content. 📘 Book Overview Chapter 2 builds directly on the foundation laid in Chapter 1 by teaching how real-world business transactions are identified, recorded, and classified...

The Financial Statements Explained — Income Statement, Balance Sheet, and GAAP Overview | Financial Accounting Chapter 1 Understanding financial statements is essential for anyone interested in business, accounting, or finance. Chapter 1 of Financial Accounting (12th Edition) by Thomas, Tietz, and Harrison introduces readers to accounting as an information system, highlighting how financial data is measured, processed, and reported to support decision-making for both internal and external users. This foundational chapter sets the stage for mastering core financial concepts that every business student should know. 🎥 Watch the full video above for an audio walkthrough of all the key terms and financial reports introduced in this chapter. Don’t forget to subscribe to the Last Minute Lecture channel for more textbook breakdowns. 📘 Book Overview This chapter introduces the purpose and structure of financial accounting, differentiating it from managerial accounting, and prov...