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
Claritza –
It is a great and informative book and is a great resource for me at my current job.
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Carrie –
Currently working to obtain certification as a bookkeeper and choose this subject to read first from the 5 other titles. In the pa, I had worked for a small business in cash basis, so was really not sure how accrual basis worked until now! I found this book very useful in understanding accrual basis accounting. Also, it was so helpful to learn more on when to determine if its a debit or credit. For years, I was not clear and would make mistakes when it came to recording a transaction. Accounting software, such as QuickBooks / Xero and other software are helpful in recording most transactions, however, now that I have mastered this material on accrual basis, I find that it’s a MU, no matter if a calculator or software provides the same answer, it will never clearly answer your question in depth unless you understand how to apply debits and credits at the year end or other period of closing your books in accrual basis. Overall, I found this my go-to resource when I need to review any material to fully understand and keep it correct in my head. In fact, after passing the final exam, I took it again 2 months later and only missed 2. Overall, the material is this book is not overly explained, and provides great real business like examples to apply your knowledge, and the quizzes are a must in mastering the material in each section. Before taking the final exam, I read the book 3 times and took the quizzes over and over in each section before taking the final.¬†Feels good to finally understand this section of bookkeeping and look forward to the day I put it to use.
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Ping-Yann –
Each chapter are easy to understand and review. Due to my personal vision issue, I have not read the 2nd book for four months, I am very fortune and my recovering is very fast.
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Carlotta –
Wish they would spend more time on this class.
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Carlotta –
Excellent but I felt that more time was needed on this subject.
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Michelle –
This course has helped me to easily figure our what accounts to credit and debit when accounts are needing adjusted
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Kristina –
The course and materials were very easier to understand.
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Ariel –
The textbook was straightforward and informative!
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Tonya –
Helpful
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Lauren –
Great start to the course
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Fred –
Good course
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Evelyn –
Great information
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Charles –
very good
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Arris –
Easy to follow and understand what you’re learning…
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Lori –
I thought this information was well presented. Very succinct.
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Mohammad –
Very well described and in short. Quizes at end provided self testing. Their detailed answers provided why a certain answer was correct.
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Abigail –
It has been 20 years since I took a course, I found the info to be helpful and with my job I think it was easy to apply and learn because I actually used it right away.
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Avanti –
Thanks AIPB
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Jean –
Excellent program. Very good explanations. I would really appreciate, however, that when submitting the results of the final test you not only indicate what was incorrect but you give the correct answer. I came away not having any idea what I should have put down.
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Gayle –
The book is well written. The practice exam and quizzes covered everything on the exam.
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Darlene –
This is a great course. It was exactly what I needed.
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Basuram –
Is’still best
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Amy –
Need interactive online study materials
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Shaun –
I like the quizzes, and the examples are well written.
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Rhonda –
This text was not very detailed at times.
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Patrick –
This course is very practical. I would consider it to be the most important book out of all of the 6 books required for the CB title.
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Ebony –
I appreciated this book it was a refresher to my Accounting Courses
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Ruben –
Just as I mentioned above the material is more realistic than what it is presented on the textbooks, which is very theoretical. The adjusting entries material is, on the other ha, more practical.
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Katherine –
I thought this course was written well and provided just the right amount of practice quiz’s. I especially like the open book test that I could photo copy and complete as many times as I needed.
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Jannet –
I is a very good book
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