-
Bookkeeping...What
is it? Definition followed by an explanation of the double-entry
system and the concept of debits and credits. Bookkeeping Accounts: Primary account
classifications and their subdivisions. Assets and Liabilities.
-
Bookkeeping Accounts
(continued): Capital accounts and discussion about three major types of
business entities: Proprietorship, Partnership and Corporation.
-
Bookkeeping Accounts
(continued): Income and Expense accounts. A description of
real accounts versus nominal accounts. Creating and listing accounts
in the Chart of Accounts.
-
Accounting Basis and
Fiscal Periods: The difference between cash basis versus accrual
basis accounting. Annual and interim fiscal periods. A retrospective
of how transactions were recorded in the past. An insight into
computer data entry.
-
Cash Basis
Transactions: Record sample
transactions for the Small Business Company. Review journals and affect
of ttransactions on accounts in the
General Ledger. Display and review
cash Basis Financial Statements.
-
Accrual Basis
Transactions: Record Sales on
Account and Purchases on Account. Review accounts in
General Ledger updated with accrual basis
transactions. Begin an Internal Audit to verify
"fair and reasonable" values of account balances.
-
Continue with internal
audit. Review accrual basis Balance Sheet and Profit and
Loss Statement.
-
Analysis and
Projection: Use Profit and Loss
Statement to develop an estimated projection analysis of
possible results of the Small Business Company in the next
two months. Course end examination.
Distribution of Certificates of Completion.
