136 pages [55 self-teaching + 81 self-quizzes with detailed answers]
Section 1: Why we use accruals, deferrals and other adjustments. The difference between cash basis and accrual basis accounting.
Section 2: Accrued revenue. How to record accrued revenue. Examples of different kinds of accrued revenue. Computing and accruing interest receivable. How failure to accrue revenue affects the financial statements.
Section 3: Accrued expenses. How to record accrued expenses. Examples of different kinds of accrued expenses. Computing and recording interest payable. How failure to accrue expenses affects the financial statements.
Section 4: Revenue collected in advance (unearned revenue). How to record unearned revenue. How to accrue revenue earned when the revenue collected was originally recorded in a revenue account v. an unearned revenue account.
Section 5: Prepaid (deferred) expenses. Recording prepayments and adjustments. How to accrue expenses when prepayments were recorded in an expense account v. a prepaid (asset) account.
Section 6: Other adjusting entries. How to compute and record the adjusting entry for bad debt expense for tax purposes v. book purposes. Adjusting entries for depreciation and various cash accounts.
Section 7: From unadjusted to adjusted trial balance. The chart of accounts. Preparing the unadjusted trial balance, entering the adjustments and preparing the adjusted trial balance. A summary of how the adjusted trial balance is used to prepare the income statement, balance sheet and statement of retained earnings. Basics of the post-closing trial balance.
Publisher: AIPB
Jesse –
I am not yet certified, though I have been a bookkeeper for almost 3 years and all my education has been on-the-job. I purchased this course in hopes of learning how the fundamentals of bookkeeping work, because so many things go on behind the scenes when you use Quickbooks. There isn’t a lot of explanation of basic concepts (what do we mean by “ledger”?, why does a bank debit show as a credit in a journal entry”?, etc.), but I found answers to most of my basic questions elsewhere, and I found the repetitive nature of the workbooks kind of helpful. I think the bottom line is that just committing to the program forced me to scavenge information wherever I could get it, and I have become a much better bookkeeper since starting the AIPB program.
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