New CALI Lessons for June
June has come and gone. Where’s the summer going? Before you bust out the sparklers for the 4th of July holiday, here’s a run-down of new CALI lessons for the past month. C|M|LAW students can register for CALI lessons here (password protected) to take advantage of the hundreds of CALI lessons on all legal topics.
Negotiation and Becoming a Holder
This lesson will teach you the sometimes confusing rules governing negotiation of instruments under Article 3 of the UCC. Among other things, you will learn what one needs to do to become a holder of an instrument, how instruments are negotiated, and what is necessary for an effective indorsement. If you are already familiar with this material, the lesson can be completed quickly, giving you a good pre-exam review and pointing out any weaknesses in your knowledge.
An Introduction to Depreciation
This lesson is an introduction to the basic concept of depreciation. It discusses depreciation as an expense, how to determine the cost, or basis, of an asset, and the balance sheet treatment of depreciable assets. It does not discuss the different methods of depreciation. That is dealt with in another lesson, Methods of Depreciation.
Inventory and the Cost of Goods Sold
This lesson discusses the accounting treatment of inventory: how to value inventory on the balance sheet, inventory as an expense (the cost of goods sold), and different methods of determining the cost of goods sold. It does not cover the lower-of-cost-or-market rule, which is dealt with in a separate lesson.
Inventory: The Lower-of-Cost –or-Market Rule
This lesson discusses the lower-of-cost-or-market rule that sometimes requires the book value of inventory to be reduced to its market value. Before taking this lesson, you should already be familiar with the basic accounting rules that govern inventory. Another lesson, Inventory and the Cost of Goods Sold, covers those basic concepts.
This lesson discusses the different methods of calculating depreciation expense. Students who take this lesson should already be familiar with the basic concept of depreciation. If you are not, you should first take the companion lesson, An Introduction to Depreciation.
