Introduction to Bookkeeping and Accounting

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Course Description

Prepare for exam

Exam AZ-103

Learn about the essential numerical skills required for accounting and bookkeeping. Introduction to bookkeeping and accounting, explains the fundamental rules of double-entry bookkeeping and how they are used to produce the balance sheet and the profit and loss account.

You will learn

After studying this course, you should be able to:

Understand and apply the essential numerical skills required for bookkeeping and accounting
Understand and explain the relationship between the accounting equation and double-entry bookkeeping
Record transactions in the appropriate ledger accounts using the double-entry bookkeeping system
Balance off ledger accounts at the end of an accounting period
Prepare a trial balance, balance sheet and a profit and loss account.

Part 01: Accounting Basics

Unit 1: Introduction to Accounting Basics, A Story for Relating to Accounting Basics
Unit 2: Income Statement
Unit 3: Balance Sheet – Assets
Unit 4: Balance Sheet – Liabilities and Stockholders' Equity
Unit 5: Statement of Cash Flows, Double Entry System
Unit 6: Sample Transaction

Part 02: Accounting Principles & Basics

Unit 1: Introduction to Accounting Principles, Basic Accounting Principles & Guidelines
Unit 2: Other Characteristics of Accounting Information, How Principles and Guidelines Affect Financial Statements
Unit 3: Introduction to Debits and Credits, Double-Entry Accounting, Debits & Credits
Unit 4: T–accounts, Journal Entries, When Cash Is Debited and Credited
Unit 5: Normal Balances, Revenues & Gains are Usually Credited, Expenses & Losses are Usually Debited, Permanent & Temporary Accounts
Unit 6: Bank's Debits & Credits, Bank's Balance Sheet, Recap

Part 03: Financial Accounting

Unit 1: Introduction to Financial Accounting, Double Entry and the Accrual Basis of Accounting, Accounting Principles, Financial Statements, Financial Reporting, Financial Accounting vs. "Other" Accounting

Part 04: Bookkeeping

Unit 1: Introduction; Bookkeeping: Past and Present
Unit 2: Accrual Method
Unit 3: Double-Entry, Debits and Credits
Unit 4: General Ledger Accounts
Unit 5: Debits and Credits in the Accounts
Unit 6: Asset Accounts
Unit 7: Liability and Stockholders' Equity Accounts
Unit 8: Income Statement Accounts
Unit 9: Recording Transactions; Bank Reconciliation
Unit 10: Adjusting Entries; Reversing Entries
Unit 11: Balance Sheet; Income Statement; and the Link between
Unit 12: Cash Flow Statement

Part 05: Financial Statements

Unit 1: Introduction to Financial Statements, Where the Amounts Come From, Accrual Method of Accounting
Unit 2: Accounting Periods, Users of the Financial Statements
Unit 3: Income Statement
Unit 4: Statement of Comprehensive Income
Unit 5: Balance Sheet
Unit 6: Statement of Stockholders' Equity, Statement of Cash Flows (SCF)
Unit 7: Notes to Financial Statements, Other Information Pertaining to Financial Statements

Part 06: Balance Sheet

Unit 1: Introduction to Balance Sheet
Unit 2: Sample Balance Sheets, Balance Sheet Templates
Unit 3: Balance Sheet Heading, Assets, Current Assets
Unit 4: Long-Term Assets
Unit 5: Liabilities, Current Liabilities
Unit 6: Long-Term Liabilities, Commitments and Contingencies, Stockholders' Equity, Owner's Equity
Unit 7: How the Balance Sheet and Income Statement Are Connected, Notes To the Financial Statements, Making Sure Your Company's Balance Sheet Is Accurate
Unit 8: Monitoring Your Company's Financial Position, Some Limitations of the Balance Sheet, Balance Sheet Should Be Read With the Other Financial Statements

Part 07: Income Statement

Unit 1: Introduction to the Income Statement, Revenues & Gains
Unit 2: Expenses & Losses, Additional Considerations
Unit 3: Single-Step Income Statement
Unit 4: Multiple-Step Income Statement
Unit 5: Reporting Discontinued Operations
Unit 6: Earnings per Share of Common Stock, Notes To Financial Statements, Other Income Statement Formats, Comprehensive Income, Effect on Stockholders' Equity

Part 08: Bank Reconciliation

Unit 1: Introduction to Bank Reconciliation, Accounting for Cash at the Company, Accounting at the Bank, Comparing Accounting: Bank vs. Company
Unit 2: Checking Account Terminology, Helpful Tip for Bank Reconciliation Adjustments
Unit 3: Company's Process for Preparing its Bank Reconciliation, Sample of a Company's Bank Reconciliation with Amounts

Part 09: Cash Flow Statement

Unit 1: Introduction to the Cash Flow Statement, What Can the Statement of Cash Flows Tell Us?
Unit 2: Changes in Cash, SCF Format, 1. Operating Activities, 2. Investing Activities, 3. Financing Activities, 4. Supplemental Info., Balance Sheet Changes, Operating Activities Adjustments
Unit 3: Story to Illustrate, January Transactions and Financial Statements, February Transactions and Financial Statements
Unit 4: March Transactions and Financial Statements
Unit 5: April Transactions and Financial Statements
Unit 6: May Transactions and Financial Statements
Unit 7: Depreciation Expense, June Transactions and Financial Statements
Unit 8: Disposal of Assets, July Transactions and Financial Statements
Unit 9: Earnings per Share of Common Stock, Notes To Financial Statements, Other Income Statement Formats, Comprehensive Income, Effect on Stockholders' Equity

Part 10: Accounts Receivable and Bad Debts Expense

Unit 1: Introduction to Accounts Receivable and Bad Debts Expense, Recording Services Provided on Credit.
Unit 2: Recording Sales of Goods on Credit, Credit Terms with Discounts
Unit 3: Credit Risk, Allowance Method for Reporting Credit Losses
Unit 4: Writing Off an Account under the Allowance Method, Recovery of Account under Allowance Method, Bad Debts Expense as a Percent of Sales
Unit 5: Difference between Expense and Allowance, Aging of Accounts Receivable, Mailing Statements to Customers
Unit 6: Pledging or Selling Accounts Receivable, Accounts Receivable Ratios, Direct Write-off Method

Part 11: Accounts Payable

Unit 1: Introduction to Accounts Payable, An Account Payable is Another Company's Account Receivable
Unit 2: Accounts Payable Process
Unit 3: Related Expense or Asset, End of Period Cut-Off, Accruing Expenses and Liabilities
Unit 4: Adding General Ledger Accounts, Invoice Credit Terms
Unit 5: Early Payment Discounts vs. Need for Cash, Other
Unit 6: General Ledger Account: Accounts Payable

Part 12: Inventory and Cost of Goods Sold

Unit 1: Introduction, Cost of Goods Sold, When Costs Change, Cost Flow Assumptions
Unit 2: Inventory Systems, Inventory Systems and Cost Flows Combined, Periodic FIFO
Unit 3: Periodic LIFO, Periodic Average
Unit 4: Perpetual FIFO, Perpetual LIFO, Perpetual Average, Comparison of Cost Flow Assumptions
Unit 5: Specific Identification, LIFO Benefits Without Tracking Units, Inventory Management, Financial Ratios, Estimating Ending Inventory
Unit 6: Methods of Estimating Inventory

Part 13: Depreciation

Unit 1: Part 1Introduction to Depreciation
Unit 2: Straight-Line Depreciation
Unit 3: Units-of-Activity Depreciation, Double-Declining-Balance (DDB) Depreciation, Sum-of-the-Years’-Digits (SYD) Depreciation
Unit 4: Selling a Depreciable Asset, Other Information Regarding Depreciable Assets

Part 14: Payroll Accounting

Unit 1: Part 1Introduction to Payroll Accounting; Employees vs. Non-Employees; Salaries and Wages
Unit 2: Minimum Wage and Overtime Pay; Federal Insurance Contributions Act (FICA)
Unit 3: Payroll Withholdings: Taxes & Benefits Paid By Employees; Net Pay
Unit 4: Payroll Taxes, Costs, and Benefits Paid By Employers
Unit 5: Depositing Federal Payroll Taxes; IRS Form 941, Employer's Quarterly Federal Tax Return; Outsourcing Payroll Processing
Unit 6: Examples of Payroll Journal Entries For Wages
Unit 7: Examples of Payroll Journal Entries For Salaries

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