Module III - Advancing Your Accountability

Establishing a Bookkeeping System

Year-End Closing

Cash vs. Accrual Accounting

Practical Application of Double Entry Accounting System for:

  • Dealership
  • Art and Frame Shop
  • Manufacturer
  • Construction
  • Non-Profit

Advancing Your Accountability

Purpose: To help you set up a complete bookkeeping system, and manage clients from a variety of more sophisticated industries for your new accounting and bookkeeping business. Average time to Complete: 20 Hours


Sessions 1-2 — Dealerships: Complicated Accounting

How to effectively handle Flooring — the necessary evil of high-cost retailers

Accounting for creative selling

Understand additional sources of income that dealers have, that earn you profits, whether you are the dealer or the customer

CASE STUDY: Discover how dealerships account for large transactions by completing the accounting for a motorcycle dealership (City Cycle Company)

 

Sessions 3-4 — Establish the Accounting Method that Fits the Business Best

The very first two things you must do when accounting for a company

Set up an efficient system from ‘scratch’

How to establish an organized system that will ensure your value as an accountant

Choosing between the cash and accrual methods

How to set up a hybrid system that will reap the benefits of both methods

CASE STUDY: Convert Sonja’s Art and Frame from the cash basis to the accrual basis in 3 easy steps

How to get that iron-clad feeling — without a shadow of a doubt — that your financial’s are right

Identifying, customizing, and instituting effective auditing techniques

Learn how to spot and avoid dangerous trends

How to save the company thousands of dollars in auditing costs

 

Sessions 5-6 — Year-End Closings and Manufacturing

6 final adjustments that should be considered at year-end

Resetting the financial score

EXERCISE: Prepare the final adjusting entries and close out the general ledger for a company

How to set up and run an efficient accounting system for the small ‘mom and pop’ manufacturing company

The simplifying trick to Process Accounting — “SPECs”

How to price manufactured goods

CASE STUDY: Calculate the manufacturing costs for three months for the Widget Manufacturing Company

 

Sessions 7-8 — Construction and Non-Profit Accounting

Job Costing – A simple way to track costs by the project

3 construction computations that you must know

Tracking revenues and costs by month

One step that you must never forget

CASE STUDY: Perform the accounting for CR Construction

 Accounting for a non-profit organization

CASE STUDY: Perform the accounting for Now Moreland Church

Course curriculum

  • 1

    Introduction to Module III

  • 2

    Accounting for an Inventory Financed Business

    • City Cycle - Inventory Financed Business - Flooring (M3 S1 T1)

    • City Cycle Company (M3 S1 T1)

    • City Cycle - Motorcycle Sales Transaction (M3 S1 T2)

    • City Cycle Company - Motorcycle Sales Transaction (M3 S1 T2)

    • Learning Activity: City Cycle Company

    • City Cycle - Bookkeeping Process Review (M3 S1 T3)

    • City Cycle Company - Bookkeeping Process Review (M3 S1 T3)

    • City Cycle Company - Bookkeeping Process Review Answers (M3 S1 T3)
  • 3

    Auditing Books for Accuracy

    • Introduction to Auditing (M3 S2 T1)

    • Introduction to Auditing (M3 S2 T1)

    • Internal Auditing - Step 1 (M3 S2 T2)

    • Internal Auditing - Step 1 (M3 S2 T2)

    • Reconciling Inventory (M3 S2 T3)

    • Reconciling Inventory (M3 S2 T3)

    • Reconciling Inventory Answers (M3 S2 T3)

    • Auditing Fixed Assets (M3 S2 T4)

    • Fixed Assets (M3 S2 T4)

    • Disposing of Fixed Assets - Part 1 (M3 S2 T5)

    • Fixed Assets Disposal (M3 S2 T5)

    • Fixed Assets Disposal Answers (M3 S2 T5)

    • Disposing of Fixed Assets - Part 2 (M3 S2 T6)

    • Disposing of Fixed Assets - Part 3 (M3 S2 T7)

    • Disposing of Fixed Assets - Part 4 (M3 S2 T8)

    • Disposing of Fixed Assets - Part 5 (M3 S2 T9)

    • Disposing of Fixed Assets - Part 6 (M3 S2 T10)

    • Inventory Stock Card (M3 S2 T10)

    • Auditing Liabilities (M3 S2 T11)

    • Internal Auditing - Step 2 (M3 S2 T12)

    • Internal Auditing - Step 3 (M3 S2 T13)

    • Session 2 Review (M3 S2 T14)

    • City Cycle Company Learning Activity Submission
  • 4

    Setting Up Books From Scratch

    • Setting Up the Books (M3 S3 T1)

    • Replacing an Accountant (M3 S3 T2)

    • Setting up the Books (M3 S3 T2)

    • Setting Up a New Business (M3 S3 T3)

    • Setting Up an Existing Company (M3 S3 T4)

    • Setting up Existing Company (M3 S3 T4)

    • Session 3 Review (M3 S3 T5)
  • 5

    Cash to Accrual Conversions

    • Introduction to Cash Accounting (M3 S4 T1)

    • Introduction to Cash Accounting (M3 S4 T1)

    • Sonja's Art and Frame - Introduction (M3 S4 T2)

    • Learning Activity: Sonja's Art and Frame Shop

    • Sonja's Art and Frame (M3 S4 T2)

    • The Daily Cash Report (M3 S4 T3)

    • The Daily Cash Report (M3 S4 T3)

    • Completing the Cash Method (M3 S4 T4)

    • Sonja's Art and Frame - Completing the Cash Method (M3 S4 T4)

    • The Client Organizer (M3 S4 T5)

    • The Client Organizer (M3 S4 T5)

    • Sonja's Art and Frame - Making the Conversion Entry (M3 S4 T6)

    • Making the Conversion Entry (M3 S4 T6)

    • Making the Conversion Entry Answers (M3 S4 T6)

    • Sonja's Art and Frame - Analyzing Conversion Results (M3 S4 T7)

    • Outline (M3 S4 T7)

    • Session 4 Review (M3 S4 T8)

    • Sonja's Art and Frame Learning Activity Submission
  • 6

    The 13th Month

    • Fiscal Versus Calendar Year (M3 S5 T1)

    • Learning Activity: Year-end Closing (13th Month)

    • Year End Adjustments (M3 S5 T2)

    • Year End Adjustments (M3 S5 T2)

    • Year End Adjustments Answers (M3 S5 T2)

    • Inventory Valuation Methods Part 1 (M3 S5 T3)

    • Inventory Valuation Methods Part 2 (M3 S5 T4)

    • Company Bonuses (M3 S5 T5)

    • Adjust Depreciation (M3 S5 T6)

    • Estimated Income Tax (M3 S5 T7)

    • Memo 12-Month Earnings (M3 S5 T8)

    • Year-End Closing Entry (M3 S5 T9)

    • T-Notes (M3 S5 T9)

    • Session 5 Review (M3 S5 T10)

    • Year-end Closing Learning Activity Submission
  • 7

    Accounting for a Manufacturer

    • Maufacturing Inventories (M3 S6 T1)

    • Manufacturing Inventories (M3 S6 T1)

    • Maufacturing Example of Transaction Flow (M3 S6 T2)

    • Manufacturing Example of Transaction Flow (M3 S6 T2)

    • Learning Activity: Manufacturing Accounting

    • Manufacturing Example of Transaction Flow Learning Activity (M3 S6 T2)

    • Manufacturing Example of Transaction Flow Learning Activity Answers (M3 S6 T2)

    • Maufacturing Expenses (M3 S6 T3)

    • Manufacturing Expense (M3 S6 T3)

    • Calculating a Selling Price (M3 S6 T4)

    • Calculating a Selling Price (M3 S6 T4)

    • Session 6 Review (M3 S6 T5)

    • T-Notes (M3 S6 T5)

    • Manufacturing Learning Activity Submission
  • 8

    Construction Accounting

    • Construction Accounting (M3 S7 T1)

    • Learning Activity: CR Construction

    • Construction Accounting (M3 S7 T1)

    • T-Notes (M3 S7 T1)

    • CR Construction Company (M3 S7 T2)

    • CR Construction Company (M3 S7 T2)

    • CR Construction Company Answers (M3 S7 T2)

    • CR Construction Company Part 2 (M3 S7 T3)

    • CR Construction Continued (M3 S7 T3)

    • Overhead Allocations Part 1 (M3 S7 T4)

    • Computing the Amount of Monthly Operating Expenses Part 1 (M3 S7 T4)

    • Computing the Amount of Monthly Operating Expenses Answers (M3 S7 T4)

    • Overhead Allocations Part 2 (M3 S7 T5)

    • Computing Earned Profit to Date Part 2 (M3 S7 T5)

    • Computing Earned Profit to Date Answers (M3 S7 T5)

    • Overhead Allocations Part 3 (M3 S7 T6)

    • Compute Billings Based on Percentage of Completion Part 3 (M3 S7 T6)

    • Compute Billings Based on Percentage of Completion Answers (M3 S7 T6)

    • Percentage of Completion Part 1 (M3 S7 T7)

    • Percentage of Completion Part 2 (M3 S7 T8)

    • Theoretical Earnings Part 1 (M3 S7 T9)

    • Theoretical Earnings Part 2 (M3 S7 T10)

    • Advance Billings (M3 S7 T11)

    • Construction Forms (M3 S7 T12)

    • Contractor Weekly Deposit Report (M3 S7 T12)

    • Session 7 Review (M3 S7 T13)

    • CR Construction Assignment Submission
  • 9

    Accounting for Non-Profit Organizations

    • Not-For-Profit Explained (M3 S8 T1)

    • Not-for-profit Explained (M3 S8 T1)

    • Learning Activity: New Moreland Church

    • New Moreland Church (M3 S8 T2)

    • New Moreland Church Journals and Ledgers (M3 S8 T2)

    • New Moreland Church Journals and Ledgers Answers (M3 S8 T2)

    • New Moreland Church Forms (M3 S8 T2)

    • New Moreland Church Assignment Submission

    • Module Wrap-up (M3 S8 T3)
  • 10

    Module III: Advancing Your Account-Ability Practice Exam

    • Module III: Advancing Your Account-Ability Practice Exam
  • 11

    BONUS: Practice sets

    • Abernathy's Photography Studio

    • Carl's Chiropractic Clinic

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Advancing Your Account-Ability

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What students are saying...

5 star rating

No Waste

PILAR REYNOSO

The Professional Bookkeeper course has been a truly wonderful experience. Throughout the program, I have gained a profound understanding of bookkeeping princ...

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The Professional Bookkeeper course has been a truly wonderful experience. Throughout the program, I have gained a profound understanding of bookkeeping principles and practices essential for managing any business's finances. What stands out the most about this course is the versatility of its learning process, allowing students to absorb knowledge effectively and at their own pace. The course content is well-structured, covering a wide range of topics from basic concepts to advanced accounting techniques. This ensures not only a solid foundation in bookkeeping but also prepares students to tackle more complex accounting challenges. The final exam, though rigorous, is an excellent tool for consolidating and assessing the acquired knowledge. Going through this exam has given me great confidence in my abilities and prepared me to apply this knowledge in the real world. I highly recommend the Professional Bookkeeper course to anyone looking to enhance their accounting skills and advance their career. The quality of instruction and the flexibility of the learning process make this course a valuable investment in my education and professional development.

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5 star rating

I love this course

Ashley Dornier

It’s an amazing course and really ENJOYED IT

It’s an amazing course and really ENJOYED IT

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5 star rating

Excellent course

Rachel Blum

This course is a clear and concise course. It clearly teaches manufacturing and contracting plus it completes all odd and ends of bookkeeping.

This course is a clear and concise course. It clearly teaches manufacturing and contracting plus it completes all odd and ends of bookkeeping.

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5 star rating

Excellent

Daisy Suyapa Conner-Robinson

Fantastic double-entry accounting and full-charge bookkeeping and financial statement and analysis training. I would recommended to college Alumnus and Alumni.

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Fantastic double-entry accounting and full-charge bookkeeping and financial statement and analysis training. I would recommended to college Alumnus and Alumni.

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5 star rating

Great content

Teena Chandler

Loved all the extra details and companies I was able to learn about.

Loved all the extra details and companies I was able to learn about.

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