130 pages [67 self-teaching + 63 self-quizzes with detailed answers]
Section 1: Where errors occur and how to find them. 10 common causes of errors. 5 areas where most errors occur. How to analyze errors to correct them.
Section 2: Performing the bank reconciliation. Step-by-step instructions on how to do a bank reconciliation and record the required journal entries. How to correct errors found on the bank statement or in the ledger Cash account.
Section 3: Using the trial balance to find errors. Finding and correcting errors in the trial balance or errors that do not show up on a trial balance.
Section 4: Correcting current-period accrual errors.
Correcting accrued expenses: How to correct an accrued expense recorded for too little or too much or omitted entirely. Correcting journal entries when the expense was originally recorded in an expense account v. a prepaid (asset) account. Impact on the financial statements if each kind of error is not corrected.
Correcting accrued revenues: How to correct accrued revenue recorded for too little or too much or omitted entirely. Correcting journal entries when the original entry was recorded in a revenue v. unearned revenue account. Impact on the financial statements if each kind of error is not corrected.
Section 5: Correcting current-period deferral errors.
Correcting deferred expenses: How to correct too little or too much expense recognized or deferred. Correcting journal entries when the prepayment was recorded in an expense account v. prepaid (asset) account. Impact on the financial statements if each kind of error is not corrected.
Correcting deferred revenues: How to correct too little or too much revenue recognized or deferred. Correcting journal entries when a payment received in advance was recorded in a revenue v. unearned revenue account. Impact on the financial statements if each kind of error is not corrected.
Publisher: AIPB
Confusing. The questions concerning bank reconciliations used questions or examples that were not explained in the practice text or exams.
Great. Learned a lot.
Very helpful
Love the Quizzes
I am still working through the book, but I am very satisfied with the learning process of the book.
When compared next to my Accounting and Bookkeeping lessons, this explained everything much better.
Practical. Good materials to work on.
THe book also has some questionable answers to the exercises but i could not get anyone in the department to get them resolved
Did not complete the exams, I would rate 5 stars
After took this course, I know how to find and correct deferral errors before the books are closed. It’s helpful.
Very good course. Well prepared, I learned a lot
This study guide for this course was very useful and helped me pass this portion of the certified bookkeeper’s test at prometrics.
I like examples and exercises in this course
good detail
The Correction of Accounting Errors was extremely easy, especially if you read the preparation book and took the practice exams. Some of the bank reconciliation questions were slightly confusing probably because in practice when I add or deduct from the bank/cash balance, it is the net amount. One question was confusing to me because Deferred Revenue is a liability and not an asset but maybe I didn’t read it close enough.
Good Explaination; good examples.
this book was a very helpful review, especially since my clients are all on a cash basis. This course reminded me what needs to be done for accrual basis in case I have a new client.
Correction of accounting errors is the most advantageous, systems how to correct the errors, especially on trial balance, Ledgers, Journals, Bank reconciliations etc. It is very important course.
As with my previous course, The course is well written with easy to understand examples and quizzes. The quizzes do help with the exams. I will be taking the exam very soon.
This book has the basic principles that is needed to perform bookkeeping skills.
good
The previous section ” Adjusting Entries ” helps me understand the topics clearly.
Great program
The book is easy to read and understand.
This book is good but in some ways is very hard to understand.
The correction of accounting errors to me is a good one and i really enjoy doing it but since i completed it i have not recieve my certificate yet. Above all is a good one
I enjoyed all 6 courses. And was very happy with my new understanding of bookkeeping.
Working on this course now. Very straight-forward. Excellent examples. Questions at the end of each section help to make sure you fully understand the concepts in each section
While the book does what it is mean to do, I don’t feel that the subject matter warrants a course. Reconciling bank statements, and accounts seems pretty obvious to most accountants. Maybe the course was meant for non-accountants in mind.
very good