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
Gerardo –
Very clear and concise. Quizzes at the end of chapters did well to prepare me for exam.
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Matt –
This book was very helpful and helped exlpain things about adjusting entries.
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Sherry –
It was mainly good, I felt some of the questions were trick questions. However, the material was easy to follow, and I felt I truly understood each section. The quizzes helped verify that I did comprehend everything.
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Brenda –
Some of the class was a bit confusing as to how far to take the solution process but other than that it was pretty succinct.
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Donna –
A surprisingly challenging course. I am an experienced bookkeeper and picked up this course to help explain concepts to a new employee but ended up refreshing my skills quite a bit. If any bookkeeper needs clarity on accrual-based entries especially, THIS is the course to take.
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