We talked about inventory management, Last In First Out (LIFO) and First in First Out (FIFO) inventory management systems and their accounting transactions, how to record bad debt expense, allowance for bad debts, and accounts receivables for different scenarios. We looked at a problem involving non sufficient funds transactions.
We discussed her stumbling blocks in her case study assignment. We mainly focused on how the worksheet is developed when closing the books at the end of the month, where the numbers come from for the Unadjusted Trial Balance, the Adjusting Entries, the Adjusted Trial Balance, and how they flow into the Income Statement and Balance Sheet. We talked about the need to memorize the normal balances of the t-accounts and how others can be derived from the key accounts such as cash, revenues, etc.
We talked about where she was in the class (1 month in) and what she was having difficulty with. We talked a little about journal entries, debits and credits, t-accounts, double entry accounting, balance sheets, depreciation expense, accumulated depreciation, calculating straight-line depreciation, and closing out accounts. We discussed some syllabus topics such as which textbook they are using, when they meet, when they will have their next test, etc.
Her teacher gave her a new worksheet with concepts of Partial Differentiation. We went through each of the problems, and I showed her the basic idea behind Partial Differentiation.
She is prepping for her final, so we went through some indefinite integration (the four main types), and then some definite integrals with applications to business.
We did some examples evaluating the definite integral, and some of the properties involved. Since her final exam is coming up in a few weeks, we started to do some review of past information such as the First and Second Derivative Test, finding relative extrema and points of inflection, and deriving exponentials and natural log functions.
We went through the following concepts: Integration By Substitution, The Fundamental Theorem of Calculus, evaluating the Definite Integral. We did examples of these concepts from worksheets given by her instructor.
