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Course Details

Bookkeeping Guidebook - A Practitioners Guide (Course Id 657)

QAS / Registry   Add to Cart 
Author : Steven Bragg, CPA
Status : Production
CPE Credits : 15.0
IRS Credits : 0
Price : $121.95
Passing Score : 70%
Primary Subject-Field Of Study:

Accounting - Accounting and Auditing for Course Id 657

Description :

The bookkeeper needs a comprehensive knowledge of the practical aspects of accounting. This means understanding how to issue billings, process cash receipts, calculate depreciation, construct a chart of accounts, value inventory, pay employees and suppliers, file tax returns, and produce financial statements. The Bookkeeping Guidebook course covers all of these topics and more with dozens of examples, as well as forms, templates, and references to the authors popular Accounting Best Practices podcast.

Usage Rank : 0
Release : 2014
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 21-Oct-2014
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 657

Keywords : Accounting, Bookkeeping, Guidebook, Practitioners, Guide, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After reading this course material, you will be able to:
    Cite the responsibilities of the bookkeeper.
    Recognize the underlying principles of accounting, and the nature of the accounting cycle.
    Identify the situations in which different chart of account structures should be used, and the issues relating to the reduction of the chart of accounts.
    Note the types of subsidiary ledgers, and the uses to which the trial balance can be put.
    Recognize the steps involved in closing the books and reviewing the financial statements.
    Identify the different formats in which the financial statements can be presented, and the accounts used in each of the statements.
    Identify ratios that can be used to interpret the information in the financial statements.
    Cite the controls used in the processing of billings, cash receipts, payables, expense reports, petty cash, and payroll.
    Note the documents used in the processing of credit requests, billings, and communications with customers.
    State the responsibilities of the parties involved in cash processing, and the causes of errors in that processing.
    Identify the situations in which procurement card billings can be called into question, and the types of reimbursements allowed on an expense report.
    Recognize the types of inventory tracking systems, and the methods available for estimating the cost of ending inventory.
    Cite the key concepts relating to the calculation of depreciation, as well as the methods of depreciation.
    Identify the causes of a loan balance difference in the records of the borrower and lender.
    Note the methods for calculating gross pay and determining income tax withholdings.
    Recognize the timing of payroll tax deposits, and the penalties applicable to late payments.
    Cite the forms used by the different types of businesses to report their income tax liabilities.

Chapter 1
The Bookkeeper Position

Cite the responsibilities of the bookkeeper.

Chapter 2
Bookkeeping Basics

Recognize the underlying principles of accounting, and the nature of the accounting cycle.

Chapter 3
The Chart of Accounts

Identify the situations in which different chart of account structures should be used, and the issues relating to the reduction of the chart of accounts.

Chapter 4
The Ledger Concept

Note the types of subsidiary ledgers, and the uses to which the trial balance can be put.

Chapter 5
Closing the Books

Recognize the steps involved in closing the books and reviewing the financial statements.

Chapter 6
The Financial Statements

Identify the different formats in which the financial statements can be presented, and the accounts used in each of the statements.

Chapter 7
Interpretation of Financial Statements

Identify ratios that can be used to interpret the information in the financial statements.

Chapter 8
Bookkeeping Controls

Cite the controls used in the processing of billings, cash receipts, payables, expense reports, petty cash, and payroll.

Chapter 9
Sales and Collection Activities

Note the documents used in the processing of credit requests, billings, and communications with customers.

Chapter 10
Cash Processing

State the responsibilities of the parties involved in cash processing, and the causes of errors in that processing.

Chapter 11
Payables Processing

Identify the situations in which procurement card billings can be called into question, and the types of reimbursements allowed on an expense report.

Chapter 12
Inventory Accounting

Recognize the types of inventory tracking systems, and the methods available for estimating the cost of ending inventory.

Chapter 13
Fixed Assets and Depreciation

Cite the key concepts relating to the calculation of depreciation, as well as the methods of depreciation.

Chapter 14
Debt Accounting

Identify the causes of a loan balance difference in the records of the borrower and lender.

Chapter 15
Payroll Activities

Note the methods for calculating gross pay and determining income tax withholdings.

Chapter 16
Payroll Taxes

Recognize the timing of payroll tax deposits, and the penalties applicable to late payments.

Chapter 17
Income Tax Filings

Cite the forms used by the different types of businesses to report their income tax liabilities.
Course Contents :

Chapter 1 - The Bookkeeper Position

The Bookkeeper Position

Bookkeeper Qualifications

The Full Charge Bookkeeper

Relations with the Companys CPA

The Difference between Accounting and Bookkeeping

Chapter 2 - Bookkeeping Basics

Financial Accounting Basics

Accounting Frameworks

Accounting Principles

The Accounting Cycle

Accounting Transactions

Types of Transaction Cycles

Source Documents

Double Entry Accounting

The Accounting Equation

Journal Entries

Major Journal Entries

The Accruals Concept

The Realization Concept

Accrual Basis of Accounting

Cash Basis of Accounting

Converting Cash Basis to Accrual Basis Accounting

Chapter 3 - The Chart of Accounts

Overview of the Chart of Accounts

The Three-Digit Chart of Accounts

The Five-Digit Chart of Accounts

Chart of Accounts Reduction

Chapter 4 - The Ledger Concept

The Ledger Concept

Posting to the General Ledger

General Ledger Overview

The Accounts Receivable Ledger

The Purchase Ledger

Reconciling the General Ledger

Overview of the Trial Balance

The Trial Balance Format

The Extended Trial Balance

Trial Balance Error Correction

The Post-Closing Trial Balance

Evaluation of the Trial Balance

Chapter 5 - Closing the Books

Journal Entries

The Accruals Concept

Adjusting Entries

Reversing Entries

Common Adjusting Entries

Closing Entries

Prior Steps: Update Reserves

Core Steps: Issue Customer Invoices

Core Steps: Reconcile the Bank Statement

Core Steps: Calculate Depreciation

Core Steps: Accounts Payable

Core Steps: Review Journal Entries

Core Steps: Reconcile Accounts

Core Steps: Close Subsidiary Ledgers

Core Steps: Create Financial Statements

Core Steps: Review Financial Statements

Core Steps: Accrue Tax Liabilities

Core Steps: Close the Month

Core Steps: Add Disclosures

Core Steps: Issue Financial Statements

Delayed Closing Steps: Closing Metrics

Delayed Closing Steps: Document Future Closing Changes

Delayed Closing Steps: Update Closing Procedures

Chapter 6 - The Financial Statements

Income Statement Overview

The Single-Step Income Statement

The Multi-Step Income Statement

The Multi-Period Income Statement

How to Construct the Income Statement

Overview of the Balance Sheet

The Comparative Balance Sheet

How to Construct the Balance Sheet

Overview of the Statement of Cash Flows

The Direct Method

The Indirect Method

How to Prepare the Statement of Cash Flows

Chapter 7 - Interpretation of Financial Statements

Interpretation of Financial Statements

Horizontal Analysis

Vertical Analysis

Current Ratio

Quick Ratio

Liquidity Index

Accounts Payable Turnover Ratio

Accounts Receivable Turnover Ratio

Inventory Turnover Ratio

Fixed Asset Turnover Ratio

Sales to Working Capital Ratio

Debt to Equity Ratio

Fixed Charge Coverage

Breakeven Point

Gross Profit Ratio

Net Profit Ratio

Return on Net Assets

Limitations of Ratio Analysis

Chapter 8 - Bookkeeping Controls

Customer Billing Controls

Collection Controls

Cash Receipts Controls

Accounts Payable Controls

Expense Report Controls

Petty Cash Controls

Payroll Controls

Chapter 9 - Sales and Collection Activities

Offering Credit to Customers

The Billing Process

Additional Manual Billing Steps

The Invoice

Accounting for Sales Discounts

Credit Memo Processing

The Credit Memo

Cash Sales

Remitting Sales Taxes

The Accounts Receivable Aging Report

Reconciling Accounts Receivable

The Statement of Account

Collection Activities

Calculating and Recording Bad Debts

Direct Write-Off Method

Allowance for Doubtful Accounts

Chapter 10 - Cash Processing

Check Receipts

Check Receipt Improvements

The Bank Lockbox

Remote Deposit Capture

Cash Receipts

Credit Card Receipts

The Bank Reconciliation

The Not Sufficient Funds Concept

The Daily Bank Reconciliation

The Proof of Cash

Cash Overdrafts

Bank Reconciliation Problems

Chapter 11 - Payables Processing

The Payables System

Supplier Invoice Processing

Check Request Form

Adjustment Letter

The Check Payment Issuance Process

Expense Report Processing

Expense Report Form

The Review of Expense Reports

Procurement Cards

The Procurement Card Reconciliation

Missing Receipts Form

Disputed Expenditure Form

The Petty Cash System

Petty Cash Transfer Form

Petty Cash Voucher

Petty Cash Book

Petty Cash Reconciliation

Petty Cash Disbursement Process

Petty Cash Funding Process

Early Payment Discounts

Accounts Payable Aging Report

The 1099 Vendor

Chapter 12 - Inventory Accounting

The Periodic Inventory System

The Perpetual Inventory System

Inventory Cost Layering Overview

The First in, First Out Method

The Last in, First Out Method

The Weighted Average Method

The Specific Identification Method

Estimating Ending Inventory

Gross Profit Method

Retail Inventory Method

The Lower of Cost or Market Rule

Chapter 13 - Fixed Assets and Depreciation

What are Fixed Assets?

Fixed Asset Classifications

Accounting for Fixed Assets

The Capitalization Limit

The Base Unit

The Initial Measurement of a Fixed Asset

The Purpose of Depreciation

Depreciation Concepts

Accelerated Depreciation

Sum-of-the-Years Digits Method

Double-Declining Balance Method

Straight-Line Method

Units of Production Method

Depletion Method

MACRS Depreciation

The Depreciation of Land

The Depreciation of Land Improvements

Depreciation Accounting Entries

Accumulated Depreciation

Asset Derecognition

Abandoned Assets

Asset Disposal Accounting

Chapter 14 - Debt Accounting

Basic Debt Accounting

The Amortization Schedule

Reconciling the Debt Account

Chapter 15 - Payroll Activities

Required Government Forms

The Employer Identification Number

Form W-4

Form I-9

Selecting a Payroll Cycle

Employee Time Tracking

Timesheets

Time Cards

Gross Pay Calculations

Work Week

Hourly Rate Plan

Overtime

Commissions

Salaries Paid for Partial Periods

Deductions from Gross Payroll

Social Security Tax

Medicare Tax

Income Tax Withholdings

Benefits and Other Deductions

The Benefits Deduction Arrangement

Deductions for Payments to Third Parties

Charitable Contributions

Garnishments Overview

Child Support Garnishment

Student Loan Garnishment

Tax Garnishment

Union Dues

Deductions for Financing Repayments

Net Pay

Special Payroll Items

Tips

Flexible Spending Accounts

Accounting for Payroll Transactions

Primary Payroll Journal Entry

Accrued Wages

Accrued Bonuses

Accrued Commissions

Manual Paycheck Entry

Employee Advances

Accrued Vacation Pay

Tax Deposits

Chapter 16 - Payroll Taxes

Types of Tax Deposit Schedules

Monthly Deposit Schedule

Semiweekly Deposit Schedule

Remittance Method

Accuracy of Deposits Rule

The Form 941 Quarterly Federal Tax Return

Federal Tax Deposit Penalties

State Tax Remittances

Local Tax Remittances

FUTA Tax Calculation

FUTA Tax Deposits

FUTA Tax Payment Timing

FUTA Tax Reporting

State Unemployment Taxes

Form W-2

Form W-3

Corrections to Forms W-2 and W-3

Workers Compensation Insurance

Chapter 17 - Income Tax Filings

Income Taxes for a Sole Proprietorship

Income Taxes for a Partnership

Income Taxes for a C Corporation

Income Taxes for an S Corporation

Tax Reduction Strategies for Small Businesses

Glossary

Accounting Course 657 Home: https://www.cpethink.com/qas-cpa-courses
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