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Managing Assets and Payroll
Assets and payroll are critical components of the accounting process and essential for any business to succeed. After watching this video, viewers will understand the managing of assets, which are resources owned by a company that help with its operations and can be converted to cash, and the managing of payroll—salaries, wages, bonuses and commissions, overtime pay, payroll taxes and costs, employer-paid benefits, and profit-sharing plans. Sections include: Tangible and Intangible Assets, Asset Accounts, Grouping Assets, Depreciation, Payroll Accounting, and The Matching Principle for Payroll Accounting. A graphic design firm and a software company serve as examples. A Films for the Humanities & Sciences/MotionMasters Coproduction. A part of the series Accounting Fundamentals. (30 minutes)
Video in Segments - Managing Assets and Payroll
Managing Assets and Payroll (01:44)
Learn what constitutes an asset. Accurate accounting for payroll and assets is vital for business success.
Tangible and Intangible Assets (01:44)
Tangible assets are physical, intangible assets are not physical but have value. Vocabulary includes patents, capital expenditures, and unrelated costs.
Asset Accounts (05:07)
Learn the 10 common business accounts. Vocabulary includes accounts receivable, notes receivable, prepaid insurance, inventory, business supplies, land, and intangible assets.
Grouping Assets (02:18)
Assets are grouped based on their liquidity. Vocabulary includes current assets, fixed assets, and depreciation.
Learn the four methods of asset depreciation. Vocabulary includes residual value, matching principle, straight line depreciation, declining balance, sum of years digits, and units of production.
Payroll Accounting (03:17)
Learn the seven common payroll related accounts. Vocabulary includes W-2, 1099-MISC, salary, wages. overtime, gross pay, deductions, net pay, and variable benefits.
The Matching Principle for Payroll Accounting (02:21)
Record revenues and expenses when they occur. Vocabulary includes accumulating revenue, legal compliance, and human resources.