130 pages [67 self-teaching + 63 self-quizzes with detailed answers]
Section 1: Where errors occur and how to find them. 10 common causes of errors. 5 areas where most errors occur. How to analyze errors to correct them.
Section 2: Performing the bank reconciliation. Step-by-step instructions on how to do a bank reconciliation and record the required journal entries. How to correct errors found on the bank statement or in the ledger Cash account.
Section 3: Using the trial balance to find errors. Finding and correcting errors in the trial balance or errors that do not show up on a trial balance.
Section 4: Correcting current-period accrual errors.
Correcting accrued expenses: How to correct an accrued expense recorded for too little or too much or omitted entirely. Correcting journal entries when the expense was originally recorded in an expense account v. a prepaid (asset) account. Impact on the financial statements if each kind of error is not corrected.
Correcting accrued revenues: How to correct accrued revenue recorded for too little or too much or omitted entirely. Correcting journal entries when the original entry was recorded in a revenue v. unearned revenue account. Impact on the financial statements if each kind of error is not corrected.
Section 5: Correcting current-period deferral errors.
Correcting deferred expenses: How to correct too little or too much expense recognized or deferred. Correcting journal entries when the prepayment was recorded in an expense account v. prepaid (asset) account. Impact on the financial statements if each kind of error is not corrected.
Correcting deferred revenues: How to correct too little or too much revenue recognized or deferred. Correcting journal entries when a payment received in advance was recorded in a revenue v. unearned revenue account. Impact on the financial statements if each kind of error is not corrected.
Publisher: AIPB
Hae –
Good resource to learn the basic accounting
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Yim –
the course contents are easy to understand and precise. I would continue to take some other courses and would expect their contents to give more examples of how to manage it practically.
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Theresa –
Helpful information provided to help with reviewing and auditing entries and reconciliations to assist with catching and correcting errors.
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Mr. –
This course was very good and I found the exercises especially helpful.
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Thomas –
It is well written and easy to understand. I had no idea of how I would expect to correct errors before reading this book, but now it is clear. Thank you very much for this help.
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Pamela –
Great addition to my bookkeeping library
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Huong –
The course is easy to understand.
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Ramie –
Course content is tailored to meet everyday errors.
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Menglu –
Useful test book
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Mikhail –
This course was easy to understand. Love that each chapter was short
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Jill –
Easy to follow and quizzes help to understand and retain the information from the booklet.
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Janine –
With accounting so automated now it’s been a while since I’ve had to search for errors in the trial balance. It was good to be reminded of the different types of errors and how to find them.
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Michael –
Excellent, very detailed and easy to understand.
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Rupert –
Very informative
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Scott –
Mastering Correction of Accounting Entries is a great book if you’re struggling with accruals and/or deferrals. Like the other books from the AIPB, it’s concise and has easy to understand chapters with examples and plenty of problems to work in the form of 2 quizzes after each chapter. It’s hard not to learn the content!
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Ms. –
Simplified yet right-to-the-point characterization of accounting rule regarding adjusting errors, very helpful in aiding me reflecting and reviewing accounting rules I have learned back in college. Highly recommended!
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Catherine –
It is not clear to me how “Use of Improper Estimate” is not a “Math Error” and how “Posting Error” is different from “use of Incorrect Principle?” While I did well on this exam (92 score) and could answer the test properly, I do not see a meaningful distinction of these.
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Janet –
Nice! Rather helpful & well thought out. I liked the tips & tricks for tracking down issues. Haven’t taken the test yet
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Sharon –
The problems and samples really helps to understand accounting errors that are made and helps to get ready for testing. I really like it.
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Jose –
Wonderful and didactic book
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Terecita –
Learned a lot!
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Nicolle –
Great but could be more challenging.
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Abelardo –
An interesting subject, it has been quite a while that I had dealt with a manual approach in finding errors.
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Micah –
Loved it! very clear with lots of quizzes
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In –
It was helpful for my work.
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Deborah –
Great book!
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Lori –
The material provided a good overview.
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Luisito –
The explanation and steps in finding the error is very clear including the shortcut.
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Altinay –
This Course was very useful for me. I liked the way how topics are structured and exercises explained by details.
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Kimberly –
Learned a great deal. Thank you.
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