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
Rebecca Peterson –
This was a challenging course for anyone who doesn’t do manual bookkeeping. Understanding the underlying concepts is foundational and helpful. However, the actual practice of bookkeeping is more modern and it would be helpful for these courses to be updated.
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Vicky Phillips –
Very good explanations and examples to go over and to go back to when doing the questions
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Bethany Watts –
It’s a good course.
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Ragin –
Easy to follow and understand. I appreciate having the double quizzes at the end of each chapter to test and help solidify the skills.
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Jayne Franzino Romero –
This is a rigorous and detailed self-study. I would like tutoring on it though working through the notebook is something that is feasible, it just takes quite a bit of concentration.
However, the material is interesting and it is the first self-study bookkeeping course that has real world bookkeeping information. Wonderful course.
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Crystal Givens –
Same as the other book, Mastering Double-Entry Bookkeeping. I found it very informative, but I did not like that when I download the books, it downloads as a solid graphic and not as a graphic with text. This didn’t allow me, who has vision problems, to listen to them with a text reader as well as reading. It took me a lot longer than normal to process the book than I would have otherwise. It would also be nice if videos and other interactive demonstrations were provided with the course. Very limited to be online in book format.
AIPB note: This course is now available as an online course with an instructor.
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Beth Axe –
Good course, straightforward.
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Yvonne Stephenson –
The information was presented in a concise and easy to understand manner. However, an accompanying CD would really boost this course. Said CD would be a fitting substituted for a lecture.
AIPB note: This course is now available as an online course with an instructor.
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PRAVIN PATEL –
great, informative and helpful
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