The accounting profession requires a broad knowledge of many topics. This course will provide an overview of the role of the accountant. It will then provide an overview of the chart of accounts, including the most common accounts used, and then address the account coding structures for successively more complex types of organizations. Other topics covered include methods for reducing the complexity of the chart of accounts as well as how financial information is entered into the accounting system and eventually appears in the general ledger and trial balance.
Upon successful completion of this course, participants will be able to:
- List the core tasks of accountancy and name the focus of managerial accounting.
- Cite who is responsible for reconstructing damaged financial records, managerial accounting, and three-way matching.
- Specify a type of accounting not governed by any accounting framework and identify where managerial accounting primarily does its reporting.
- Identify an item that is not a customer-oriented responsibility of accounting.
- Cite when a division bookkeeper is most likely to be used.
- Cite the item that is generally listed first on a chart of accounts.
- Cite how many digits are required for accounts in a business that does not break out departmental results and that tracks expenses by department.
- List an item that should not be a mega-account when a minimum number of expense accounts are used and one that would be charged to the business operations mega-account.
- Identify what about accounting information is defined by the chart of accounts and specify the section of the chart of accounts where the allowance for doubtful accounts is.
- State a consequence of the proliferation of accounts and reducing the number of accounts.
- Identify an example of a subsidiary ledger and when one is used and define an unbalanced journal entry and a purchase ledger.
- List an account balance that is included in the post-closing trial balance.
- Name the first step in a procedure production.
- Cite a characteristic of the adjusted trial balance and from where its line items are derived and state the purpose of the extended trial balance.
Back to top