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
This was a challenging course for anyone who doesn’t do manual bookkeeping. Understanding the underlying concepts is foundational and helpful. However, the actual practice of bookkeeping is more modern and it would be helpful for these courses to be updated.
I have greatly enjoyed reading through the book’s tutorials and completing the quizzes. I now have a much clearer understanding of adjusting entries and why they are essential in bookkeeping.
(5 star rating)
Very informative and pays attention to detail but needs more exercises and final examination answers. Thanks for your efforts. Sherry
This study guide was put together in an excellent simple & comprehensive way to master.
The course provided fundamental information, however the textbook was dry and one dimensional. A complementary workbook and/or a video/cd lecture would have been a great enhancement. This would allow for listening to the material then reading it, then working the problems.
AIPB note: This course is now available as an online course with an instructor.
Great text.
Great review of what I learned in college,
This was useful material over all but I struggled with some of the sections of this material.
Very usefull material. Helped me to pass AIPB adjusting entries exam with more than 90% score
Very good explanations and examples to go over and to go back to when doing the questions
Good material for learning accounting.
It’s a good course.
Easy to learn and effective.
Easy to follow and understand. I appreciate having the double quizzes at the end of each chapter to test and help solidify the skills.
I like the course intend to take final exam
This is a rigorous and detailed self-study. I would like tutoring on it though working through the notebook is something that is feasible, it just takes quite a bit of concentration.
However, the material is interesting and it is the first self-study bookkeeping course that has real world bookkeeping information. Wonderful course.
Same as the other book, Mastering Double-Entry Bookkeeping. I found it very informative, but I did not like that when I download the books, it downloads as a solid graphic and not as a graphic with text. This didn’t allow me, who has vision problems, to listen to them with a text reader as well as reading. It took me a lot longer than normal to process the book than I would have otherwise. It would also be nice if videos and other interactive demonstrations were provided with the course. Very limited to be online in book format.
AIPB note: This course is now available as an online course with an instructor.
Good course, straightforward.
Interesting and informative
The course is very good but needs more practice questions
What I have found out with Adjusting Entries, as you read the book write on your note pad key information about the adjusting process and when to apply each step.
I was pleasantly surprised at my score! The test was difficult which I appreciated because I felt that if it had been too easy, I might not have learned enough or that there would be gaps in my knowledge on this subject.
Easy to follow
The information was presented in a concise and easy to understand manner. However, an accompanying CD would really boost this course. Said CD would be a fitting substituted for a lecture.
AIPB note: This course is now available as an online course with an instructor.
This book has been extremely beneficial. The format is perfect. It will be a great reference book.
I really like the way it explained in details,
Easily understandable.
great, informative and helpful
Enjoyed the course
The examples and quizes are excellent and drives home the message to becoming a take cahrge bookkeeper.
I am new to bookkeeping only about 2 1/2 years experience, we use QBO and QBD software. This book really helped me to learn the basics with debits and credits. Software does this work for you and now that I have much better understanding of bookkeeping I can use this information to make the software work better for my clients.
Really made the accounting cycle more clear to me.