15 Credits: Accounting
In smaller organizations, the bookkeeper is responsible for all accounting activities, including paying employees, billing customers, accounting for inventory, and issuing financial statements. This calls for a broad range of practical accounting knowledge. The Comprehensive Bookkeeping Guidebook fills this need by describing all aspects of the bookkeeper position.
The course is split into two parts, the first of which addresses the general system of accounting, how transactions are recorded, and how financial statements are constructed and interpreted. In the second part, we’ll cover the mechanics of bookkeeping for specific functional areas, including billings, collections, cash receipts, accounts payable, inventory, fixed assets, and payroll. You’ll also learn about the reports that must be made to the government that are related to payroll and income taxes.
Upon successful completion of this course, participants will be able to:
- Cite the responsibilities of the bookkeeper
- Recognize the underlying principles of accounting, and the nature of the accounting cycle.
- Identify the situations in which different chart of account structures should be used, and the issues relating to the reduction of the chart of accounts.
- Specify the types of subsidiary ledgers, and the uses to which the trial balance can be put.
- Recognize the steps involved in closing the books and reviewing the financial statements.
- Identify the different formats in which the financial statements can be presented, and the accounts used in each of the statements.
- Identify ratios that can be used to interpret the information in the financial statements.
- Cite the controls used in the processing of billings, cash receipts, payables, expense reports, petty cash, and payroll.
- Specify the documents used in the processing of credit requests, billings, and communications with customers.
- State the responsibilities of the parties involved in cash processing, and the causes of errors in that processing.
- Identify the situations in which procurement card billings can be called into question, and the types of reimbursements allowed on an expense report.
- Cite the reimbursement rules related to expense reports.
- Describe the elements of a petty cash system.
- Recognize the types of inventory tracking systems, and the methods available for estimating the cost of ending inventory.
- Cite the key concepts relating to the calculation of depreciation, as well as the methods of depreciation.
- Describe the depreciation rules related to land.
- Identify the causes of a loan balance difference in the records of the borrower and lender.
- Recognize the government forms associated with payroll activities.
- Specify the methods for calculating gross pay and determining income tax withholdings.
- Recognize the accounting for payroll transactions.
- Recognize the timing of payroll tax deposits, and the penalties applicable to late payments.
- Describe how the FUTA tax is calculated.
- Cite the forms used by the different types of businesses to report their income tax liabilities.
- Describe the loss recognition by partners in a partnership.
August 1, 2022
There are no prerequisites.
CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
Steven M. Bragg, CPA, is a full-time book and course author who has written more than 250 business books and courses. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and …