Mastering Double-Entry Bookkeeping

73 pages [29 self-teaching + 44 self-quizzes with detailed answers]

Master double-entry bookkeeping/accounting in one short sitting —around 2 hours.

Ideal before you start any accounting course, for on-the-job training or to nail down a skill you may feel insecure about.

Section 1: How a business keeps track of its money. How bookkeeping measures every item and activity in dollars. The “chart of accounts” made easy. Self-quiz makes sure you really know it.

Section 2: Every transaction affects two or more accounts. When you buy a car your Asset—Car account goes up, but your Cash account goes down. When you buy an ad in the local paper, your Advertising Expense account goes up, but so does your Accounts Payable (bills that are payable later). Filled with examples. Double- quiz lets you practice as if you were on the job.

Section 3: Recording journal entries. Pick up the simple rules of double-entry bookkeeping. Which amounts go in which accounts and how to show this. Filled with examples. Double-quiz lets you practice until you know it cold.

Section 4: The general ledger accounts. Shows you what a ledger account looks like on a computer v. on paper. Explains how journal entries you learned go into the accounts. Now learn how to quickly find and retrieve financial information from the accounts—such as:

• your company’s cash balance
• your company’s sales for any month
• which bills your company has paid or not paid

And other financial information. Double-quiz lets you practice finding and retrieving financial information fast!

Section 5: The income statement and balance sheet. Snapshot of the financial statements and how they are compiled from the general ledger accounts.

Section 6: The accounting cycle. An overview of the accounting process from start to finish.

Publisher: AIPB