The Principles of Effective Bookkeeping

Course Description:

Numbers! Numbers! Numbers! Wherever you go, you are bound to see them. On addresses, license plates, phones, prices, and of course, money! Numbers connect us all to each other in many more ways than we might imagine. Essentially, our world revolves around numbers. Some of us enjoy dealing with numbers while others may have a fear of them, or even a phobia. For those of you who have already recognized and appreciate the impact that numbers actually have on just about everything, you deserve a cookie.

Research has consistently demonstrated that when clear goals are associated with learning, the learning occurs more easily and rapidly. By the end of this course, you will be able to:

  • Understand basic accounting terminology.
  • Identify the differences between the cash and accrual accounting methods.
  • Keep track of your business by becoming familiar with accounts payable and accounts receivable.
  • Use a journal and general ledger to document business financial’s.
  • Utilize the balance sheet.
  • Identify different types of financial statements.
  • Uncover the reasons for and actually create a budget.
  • Be familiar with internal and external auditing.

Basic Terminology (I)

  • Balance Sheet
  • Assets
  • Liabilities
  • Equity
  • Income Statement
  • Revenue
  • Cost of Goods Sold
  • Expenses
  • Accounting Period
  • Case Study
  • Assessment

Basic Terminology (II)

  • Accounts Receivable
  • Accounts Payable
  • Depreciation
  • General Ledger
  • Interest
  • Inventory
  • Journals
  • Payroll
  • Trial Balance
  • Case Study
  • Assessment

Accounting Methods

  • Cash Method
  • Accrual Method
  • Differences between Cash and Accrual
  • Case Study
  • Assessment

Keeping Track of Your Business

  • Accounts Payable
  • Accounts Receivable
  • The Journal
  • The General Ledger
  • Cash Management
  • Case Study
  • Assessment

Understanding the Balance Sheet

  • The Accounting Equation
  • Double-Entry Accounting
  • Case Study
  • Assessment

Other Financial Statements

  • Income Statement
  • Cash Flow Statement
  • Capital Statement
  • Budget vs. Actual
  • Case Study
  • Assessment

Payroll Accounting / Terminology

  • Gross Wages
  • Net Wages
  • Employee Tax Withholding’s
  • Employer Tax Expenses
  • Salary Deferrals
  • Employee Payroll
  • Employee Benefits
  • Tracking Accrued Leave
  • Government Payroll Returns/Reports
  • Case Study
  • Assessment

End of Period Procedures

  • Depreciating Your Assets
  • Reconciling Cash
  • Reconciling Investments
  • Working with the Trial Balance
  • Bad Debt
  • Posting Adjustments and Corrections
  • Case Study
  • Assessment

Financial Planning, Budgeting and Control

  • Reasons for Budgeting
  • Creating a Budget
  • Comparing Budget to Actual Expenses
  • Case Study
  • Assessment
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