Accounting courses

Free accounting courses : Adopting an Easy-to-Use Accounting System

Filed under Accounting courses by admin on 25 novembre 2007 at 8 h 39 min no comments

Download the guidebook from : http://www.patsula.com/ books/gb28.pdf

Tthis guidebook contains :
Introduction to Accounting …………………………………..6
The Accounting Cycle……………………………………… 16
A) Transaction Occurs…………………………………….. 18
Supporting Documents ……………………………………………………….18
B) Transaction Entered in Journal …………………….. 23
Cash vs. Accrual Accounting Methods…………………………………..23
Single & Double-entry Systems of Accounting……………………….27
Understanding Debits & Credits……………………………………………28
Making Journal Entries ……………………………………………………….31
Common Journal Entries for a Small Business ……………………….33
MORE Journal Entries for Small Businesses ………………………….37
C) Journal Entry Posted to General Ledger ………… 53
The Five Basic Types of Accounts ………………………………………..53
Setting up a Chart of Accounts …………………………………………….54
The Traditional Ledger ……………………………………………………….71
Making Ledger Entries………………………………………………………..72
The Synoptic Ledger ………………………………………………………….76
D) Trial Balance Prepared ……………………………….. 78
E) Trial Balance Adjustments Made…………………… 80
Types of Adjusting Entries…………………………………………………..80
Completing a Trial Balance Worksheet ………………………………….82
F) Financial Statements Prepared…………………….. 84
Preparing a Balance Sheet ………………………………………………….85
Preparing an Income Statement …………………………………………..88
How Detailed Should Financial Statements Be? ……………………..90
How Often Should Statements Be Prepared? …………………………90
Rules Regarding Statements in Ledgers………………………………..91
G) Financial Statements Posted to Ledger………….. 92
H) Books Closed & Prepared for Next Cycle…….. 93
Year End Book Closing Procedures………………………………………93
Setting-Up an Accounting System …………………….. 97
Single-Entry Cash Based Systems ……………………………………….97
Double-Entry Accrual Based Systems………………………………….105
Condensed Single-Entry Accounting Systems ………………………114
Envelope Journal Systems ………………………………………………..115
Single-Entry Income & Expense Journal Systems………………….116
Commercial Accounting Systems………………………………………..121
Computerized Accounting Systems …………………………………….124
Procedures for Handling Payroll ……………………… 129
Basic Payroll Record- Keeping Requirements……………………….129
U.S. Payroll Record-Keeping Requirements …………………………130
Canadian Payroll Record-Keeping Requirements ………………….134
Statement of Earnings and Deductions………………………………..138
General Accounting Tips ……………………………….. 141
Glossary of Accounting Terms………………………… 148
FIG. 1 – Trial Balance Worksheet ……………………………………….151
FIG. 2 – Income Statement………………………………………………..152
FIG. 3 – Balance Sheet …………………………………………………….153
FIG. 4 – Weekly Sales & Cash Report …………………………………154
FIG. 5 – Single-entry Cash Based System……………………………155
FIG. 6 – Double-entry Accural Based System ……………………….158

Accounting Terms

Filed under Accounting courses by admin on 15 octobre 2006 at 1 h 09 min no comments

Accounting

- process of tracking and reporting financial information in order to make informed decisions

Accounting Equation

- assets = liabilities + equity

Accounts Payable

- record of money owed to creditors, vendors, etc

Accounts Receivable

- record of money owed to a business, i.e.: sales

Accrual Accounting

- a method in which income is recording when it is earned and expenses are recorded when they are incurred

Asset

- property owned by a business or individual that has a cash value

Balance Sheet

- summary of assets, liabilities, and equity

Bookkeeping

- process of recording financial information

Chart of Accounts

- a numbered listing of accounts within a business

Credit

- an entry with a negative value for assets, and positive value for liabilities and equity.

Debit

- an entry with a positive value for assets, and negative value for liabilities and equity.

Depreciation

- decrease in the value of an asset due to age and use

Double-Entry Bookkeeping

- system of accounting in which every transaction has a positive and negative entry (debits and credits)

Equity

- the money owed to the owners of a company

Financial Statement

- a record containing the balance sheet and the profit/loss statement

Fixed Asset

- long-term tangible property; building, land, computers, etc.

General Ledger

- a summary of all accounts within a business

Job Costing

- system of tracking costs associated with a job or project (labor, equipment, etc) and comparing with forecasted costs

Journal

- a record where transactions are recorded, also known as a « ledger »

Ledger

- see « journal »

Liability

- money owed to creditors, vendors, etc

Liquid Asset

- cash or other property that can be easily converted to cash

Loan

- money borrowed from a lender and usually repaid with interest

Note

- a written agreement to repay borrowed money; also used synonymously with « loan »

Payroll

- list of employees and their wages

Profit

- money left over after all expenses have been paid

Profit/Loss Statement

- a record that summarizes the income and expenses of a business

Revenue

- total income before expenses

Single-Entry Bookkeeping

- system of accounting in which transactions are entered into one account