ACCOUNTING MASTER: Financial, Managerial, & Cost | Audit-Tested | Bilingual (FR/ENG)

Student and Tutor reviewed key accounting principles related to merchandise purchases, including credit terms, purchase discounts (gross method), returns and allowances, and transportation costs based on FOB shipping point vs. destination. They also discussed how to calculate the net cost of merchandise and an ethical scenario in payment management. The Student was assigned homework involving journal entries for these concepts.

The Student and Tutor reviewed key concepts related to housing policy, including Airbnb short-term rental regulations and the distinction between commercial and residential tenancy. They also discussed geopolitical and economic corridors, referencing specific regions and foreign policy speeches, with the Student practicing identifying relevant terms.

The Student and Tutor engaged in French language practice, starting with the translation of a descriptive passage, where the Tutor clarified vocabulary and sentence structures. This was followed by a dictation exercise, which the Student later self-corrected. The Student was assigned to translate the dictated passage and review previous vocabulary as homework.

Student and Tutor reviewed present tense verb conjugations, practiced French linking sounds (liaisons), and discussed forming feminine adjectives. The main focus then shifted to an introduction to the *Passé Composé*, including its formation with auxiliary verbs (*avoir* and *être*), past participle rules, and agreement principles. Homework was assigned to find the past participles and meanings of the *être* verbs discussed.

The Student and Tutor reviewed fundamental accounting concepts, including the balance sheet, financial ratios (profit margin and current ratio), and the operational differences between merchandising and service companies. They delved into inventory systems, the operating cycle, and practiced calculations for cost of goods sold and gross profit. Homework was assigned to reinforce these newly learned concepts.

Student and Tutor reviewed the full accounting cycle, including the purpose of temporary accounts and the process of closing them. They also explored the classification of financial statements, specifically the balance sheet, focusing on current versus non-current assets and liabilities. For homework, Student was assigned to prepare a classified balance sheet using provided data.