Bookkeeping 2 - Accounting Essentials

Course Description

Through the application of knowledge acquired in Bookkeeping 1 - Basics, learn how to do month-ends and year-ends by learning the accounting cycle. Learn how adjusting, closing and reversing entries accomplish the continuous recording of business transactions. Every Balance Sheet and Income Statement account is reviewed to match the revenue and expenses at a cut-off date. Emphasis is given to recording entries for petty cash, receivables, bad debts, inventories, fixed assets, depreciation, accruals, partnership and corporation entries. Gain the knowledge to reduce the use of professional accounting services. This is a valid course for Canadian Payroll Association certification.

This is a concentrated and robust learning experience complete with extensive in-class exercises.

Participant Outcomes

Upon successful completion of this course, you will be able to:

• Complete the various types of accounting entries

• Understand the various adjustments required at cut off

• Adjust for unrecorded assets and revenues, expense and liability

• Understand accruals, prepaid or unexpired expenses

• Understand depreciation

Course Content

This course covers everyday transactions so that you are able to take financial documents and record them in your books and records to a trial balance stage.

Topics

• Adjusting, closing and reversing entries

• Petty cash and expenses incurred by an owner

• Accounts receivable bad debts

• Prepaid expenses, deposits, deferred revenue, temporary investments

• Partnerships and Corporations

• Inventory

• Fixed assets and depreciation