136 pages [55 self-teaching + 81 self-quizzes with detailed answers]
Section 1: Why we use accruals, deferrals and other adjustments. The difference between cash basis and accrual basis accounting.
Section 2: Accrued revenue. How to record accrued revenue. Examples of different kinds of accrued revenue. Computing and accruing interest receivable. How failure to accrue revenue affects the financial statements.
Section 3: Accrued expenses. How to record accrued expenses. Examples of different kinds of accrued expenses. Computing and recording interest payable. How failure to accrue expenses affects the financial statements.
Section 4: Revenue collected in advance (unearned revenue). How to record unearned revenue. How to accrue revenue earned when the revenue collected was originally recorded in a revenue account v. an unearned revenue account.
Section 5: Prepaid (deferred) expenses. Recording prepayments and adjustments. How to accrue expenses when prepayments were recorded in an expense account v. a prepaid (asset) account.
Section 6: Other adjusting entries. How to compute and record the adjusting entry for bad debt expense for tax purposes v. book purposes. Adjusting entries for depreciation and various cash accounts.
Section 7: From unadjusted to adjusted trial balance. The chart of accounts. Preparing the unadjusted trial balance, entering the adjustments and preparing the adjusted trial balance. A summary of how the adjusted trial balance is used to prepare the income statement, balance sheet and statement of retained earnings. Basics of the post-closing trial balance.
Publisher: AIPB
The book was good
Very informative and well written.
We are satisfied with all AIPB books and hope to order in future more.
Excellent educational tool
Great refresher course!
I like this course. It helped me to really understand the information. However, have test anxiety, and I would really like to see something developed where a person can take practice bookkeeping tests before they go to the prometric site for testing.
Great book. Very detailed and informative.
Fine, felt like it could have been harder though.
Good to learn this and have on hand when I have questions.
Basic concepts and examples clearly laid out making the course easy to digest.
Easy to understa, examples made understanding the course work.
The only thing that keeps me from giving it 5 stars is that I felt that a few of the quiz questions (as well as a few on the Prometric exam) were unclear; vaguely written so that it seemed like two answers could be right.
Very helpful
Book is very well-organized and easy to follow and understand.
Great refresher!
Good refresher. Exercises good practice. Would like answer key to final exam provided once graded.
With adjusting entries, you really need to know your debits and credits.
The books were very helpful.
Your workbooks are very easy to understand and full of good information. I wish that you had touched on how to do Prior Period Adjustments.
I found the book excellent tool.
Excellent, updated
excellent
OK
Simple and straightforward
Completely satisfied
Great Encyclopedia–Highly recommended.
Fair. Questions were not always clear. On many questions, assumptions were made rather than giving all of the facts. Accounting is not taught with assumptions.
The book helped me pass that part of the CB Exam. It was very helpful! The exercises were very relevant to the exam.
It’s very informative self -study material. It has a clear and understandable discussions and explanations of the subject matter.
Once comfortable with double-entry accounting/bookkeeping this course is the next logical progression in bookkeeping courses offered through AIPB. The purpose of this course is to solidify (in the new student) the purpose, flow and logic when creating/using a Chart of Accounts. This course will give the student a comprehensive understanding of the differences between cash & accrual basis accounting; while learning proper original entry (and adjusting entries) for accrued revenues and expenses; and deferred revenues and expenses. Matters related to the unadjusted and adjusted trial balance are covered in this course, as well. Successful completion of this course should be considered a must for anyone involved in any aspect of bookkeeping as an employee or as a freelance professional. As a side benefit, for those already experienced in the industry, successful completion (of this AIPB course) serves to solidify prior skills and offers CPEC’s (Continuing Professional Education Credits) towards Certified Bookkeeper status – should you decide to pursue the CB title and certification.