Instructor-led lessons • Self-paced—learn on your schedule
Lesson 1
- Different kinds of accounting errors and where they occur.
- 10 common causes of errors . . . where to look for each kind of error . . . how to analyze and correct different kinds of errors.
- How to do the bank rec like a pro. How and where to record required journal entries.
- How to correct errors found in the bank statement v. ledger Cash account.
Lesson 2
- Finding and correcting errors in the trial balance—and errors that do not show up in the trial balance.
- Correcting doubling errors.
- Correcting slide errors—and checking the related journal entries and postings.
- Correcting transposition errors—and the related journal entries and postings.
Lesson 3
- How to correct an accrued expense for too little v. too much v. never recorded.
- How to correct an accrued expense originally recorded in an expense account v. prepaid (asset) account.
- How to correct accrued revenue recorded for too little v. too much v. never recorded.
- How to record the correcting journal entry for revenue originally recorded in a revenue v. unearned revenue account.
- Impact on the financial statements if these errors are not corrected.
Lesson 4
- Correcting current-period deferral errors.
- How to correct a deferred (prepaid) expense recorded for too little v. too much v. never recorded.
- How to correct a deferred expense originally recorded in an expense account v. prepaid (asset) account.
- How to correct too little or too much revenue recognized or deferred.
- How to correct revenue received in advance originally recorded in a revenue v. unearned revenue account v. never recorded.
- Impact on the financial statements if these errors are not corrected.
Final Exam
Take the open-book final exam online, attain a grade of at least 70, and instantly receive a personal Certificate of Completion in Mastering Correction of Accounting Errors, suitable for framing.