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
Need more practice quizzes
Excellent, updated
excellent
Completely satisfied
The book helped me pass that part of the CB Exam. It was very helpful! The exercises were very relevant to the exam.
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.
Those involved in month end entries, bank reconciliations, and error corrections will benefit greatly from this AIPB course. The focus here is on common entry errors for bank reconciliation and other errors affecting the trial balance. Those with experience can view this course as a refresher, but a note of caution is warranted… pay close attention to the wording in the quizzes and don’t take the final exam when overly tired or distracted – I did (thinking easy-peasy stuff) and wound up with a score of 80% (after 22+ years experience). Fortunately, AIPB allowed me to retake (within 24 hours) and I wound up with a revised score of 94%. The questions I originally missed were silly errors – AIPB wording can be tricky if you just skim over problems presented in some of these courses. Remember, the devil is in the detail here! Definitely a course worth completing; and you can earn Continuing Professional Education Credits towards CB title/certification here too!
This describe very detail help to study
I found this to be a very helpful course. The material was covered in a very straight-forward way.
excellent, could be longer
Materials did provide relevant information for test.
The course was very good.
Excellent
I would like to have more practice exercises.
Satisfied
Taking this exam was a great experience. My time is very limited though and it would be great if the exams could be taken online. I still have 3 more exams to go and I’m concerned about getting them done by the deadline.
Excellent course material. Easy to understand , concise and relevant
The book are very good in explaining, and its very comprehensive, so I really recommend it.
need more examples of how to correct errors.
I made the mistake of reading this book prior to reading Adjusting Entries. I feel I would have understood it better if I had read Adjusting Entries first. Coming upon it without prior journal entry knowledge was daunting. Never the less I prevailed. This book is also well written and highly instructive. Although, I found some of the questions on the tests to be confusing in the way they were asked.
Helpful.
This course also does a pretty could job of alerting you to the different types of errors and how to deal with them and how to prevent them.
These are the best workbooks ever! I give this course especially a top rating! It explains these extremely important concepts in a very clear and understandable way.
Very complete and understanding course.
A Challenging Test. I enjoyed it.
I use these books in a study group. They have been well recieved and reinforce my teaching efforts.
Great at preparing to the exam
Very clear and concise. Learned a lot and will definitely keep handy for future reference at work.
This book help me a lot
Same as with adjusting entries, having more room to write my answers would be nice.