Module III - Advancing Your Accountability

Establishing a Bookkeeping System

Year-End Closing

Cash vs. Accrual Accounting

Practical Application of Double Entry Accounting System for:

  • Dealership
  • Art and Frame Shop
  • Manufacturer
  • Construction
  • Non-Profit

Purpose: To help you set up a complete bookkeeping system, and manage clients from a variety of more sophisticated industries for your new accounting and bookkeeping business. Average time to Complete: 20 Hours

(Advancing Your Account-Ability – Table of Contents)

 

Sessions 1-2 — Dealerships: Complicated Accounting

How to effectively handle Flooring — the necessary evil of high-cost retailers

Accounting for creative selling

Understand additional sources of income that dealers have, that earn you profits, whether you are the dealer or the customer

CASE STUDY: Discover how dealerships account for large transactions by completing the accounting for a motorcycle dealership (City Cycle Company)

 

Sessions 3-4 — Establish the Accounting Method that Fits the Business Best

The very first two things you must do when accounting for a company

Set up an efficient system from ‘scratch’

How to establish an organized system that will ensure your value as an accountant

Choosing between the cash and accrual methods

How to set up a hybrid system that will reap the benefits of both methods

CASE STUDY: Convert Sonja’s Art and Frame from the cash basis to the accrual basis in 3 easy steps

How to get that iron-clad feeling — without a shadow of a doubt — that your financial’s are right

Identifying, customizing, and instituting effective auditing techniques

Learn how to spot and avoid dangerous trends

How to save the company thousands of dollars in auditing costs

 

Sessions 5-6 — Year-End Closings and Manufacturing

6 final adjustments that should be considered at year-end

Resetting the financial score

EXERCISE: Prepare the final adjusting entries and close out the general ledger for a company

How to set up and run an efficient accounting system for the small ‘mom and pop’ manufacturing company

The simplifying trick to Process Accounting — “SPECs”

How to price manufactured goods

CASE STUDY: Calculate the manufacturing costs for three months for the Widget Manufacturing Company

 

Sessions 7-8 — Construction and Non-Profit Accounting

Job Costing – A simple way to track costs by the project

3 construction computations that you must know

Tracking revenues and costs by month

One step that you must never forget

CASE STUDY: Perform the accounting for CR Construction

 Accounting for a non-profit organization

CASE STUDY: Perform the accounting for Now Moreland Church

Course curriculum

  • 1
    Introduction to Module III
  • 2
    Accounting for an Inventory Financed Business
    • City Cycle - Inventory Financed Business - Flooring (M3 S1 T1)
    • City Cycle Company (M3 S1 T1)
    • City Cycle - Motorcycle Sales Transaction (M3 S1 T2)
    • City Cycle Company - Motorcycle Sales Transaction (M3 S1 T2)
    • Learning Activity: City Cycle Company
    • City Cycle - Bookkeeping Process Review (M3 S1 T3)
    • City Cycle Company - Bookkeeping Process Review (M3 S1 T3)
    • City Cycle Company - Bookkeeping Process Review Answers (M3 S1 T3)
  • 3
    Auditing Books for Accuracy
    • Introduction to Auditing (M3 S2 T1)
    • Introduction to Auditing (M3 S2 T1)
    • Internal Auditing - Step 1 (M3 S2 T2)
    • Internal Auditing - Step 1 (M3 S2 T2)
    • Reconciling Inventory (M3 S2 T3)
    • Reconciling Inventory (M3 S2 T3)
    • Reconciling Inventory Answers (M3 S2 T3)
    • Auditing Fixed Assets (M3 S2 T4)
    • Fixed Assets (M3 S2 T4)
    • Disposing of Fixed Assets - Part 1 (M3 S2 T5)
    • Fixed Assets Disposal (M3 S2 T5)
    • Fixed Assets Disposal Answers (M3 S2 T5)
    • Disposing of Fixed Assets - Part 2 (M3 S2 T6)
    • Disposing of Fixed Assets - Part 3 (M3 S2 T7)
    • Disposing of Fixed Assets - Part 4 (M3 S2 T8)
    • Disposing of Fixed Assets - Part 5 (M3 S2 T9)
    • Disposing of Fixed Assets - Part 6 (M3 S2 T10)
    • Inventory Stock Card (M3 S2 T10)
    • Auditing Liabilities (M3 S2 T11)
    • Internal Auditing - Step 2 (M3 S2 T12)
    • Internal Auditing - Step 3 (M3 S2 T13)
    • Session 2 Review (M3 S2 T14)
  • 4
    Setting Up Books From Scratch
    • Setting Up the Books (M3 S3 T1)
    • Replacing an Accountant (M3 S3 T2)
    • Setting up the Books (M3 S3 T2)
    • Setting Up a New Business (M3 S3 T3)
    • Setting Up an Existing Company (M3 S3 T4)
    • Setting up Existing Company (M3 S3 T4)
    • Session 3 Review (M3 S3 T5)
  • 5
    Cash to Accrual Conversions
    • Introduction to Cash Accounting (M3 S4 T1)
    • Introduction to Cash Accounting (M3 S4 T1)
    • Sonja's Art and Frame - Introduction (M3 S4 T2)
    • Learning Activity: Sonja's Art and Frame Shop
    • Sonja's Art and Frame (M3 S4 T2)
    • The Daily Cash Report (M3 S4 T3)
    • The Daily Cash Report (M3 S4 T3)
    • Completing the Cash Method (M3 S4 T4)
    • Sonja's Art and Frame - Completing the Cash Method (M3 S4 T4)
    • The Client Organizer (M3 S4 T5)
    • The Client Organizer (M3 S4 T5)
    • Sonja's Art and Frame - Making the Conversion Entry (M3 S4 T6)
    • Making the Conversion Entry (M3 S4 T6)
    • Making the Conversion Entry Answers (M3 S4 T6)
    • Sonja's Art and Frame - Analyzing Conversion Results (M3 S4 T7)
    • Outline (M3 S4 T7)
    • Session 4 Review (M3 S4 T8)
  • 6
    The 13th Month
    • Fiscal Versus Calendar Year (M3 S5 T1)
    • Learning Activity: Year-end Closing (13th Month)
    • Year End Adjustments (M3 S5 T2)
    • Year End Adjustments Answers (M3 S5 T2)
    • Year End Adjustments (M3 S5 T2)
    • Inventory Valuation Methods Part 1 (M3 S5 T3)
    • Inventory Valuation Methods Part 2 (M3 S5 T4)
    • Company Bonuses (M3 S5 T5)
    • Adjust Depreciation (M3 S5 T6)
    • Estimated Income Tax (M3 S5 T7)
    • Memo 12-Month Earnings (M3 S5 T8)
    • Year-End Closing Entry (M3 S5 T9)
    • T-Notes (M3 S5 T9)
    • Session 5 Review (M3 S5 T10)
  • 7
    Accounting for a Manufacturer
    • Maufacturing Inventories (M3 S6 T1)
    • Manufacturing Inventories (M3 S6 T1)
    • Maufacturing Example of Transaction Flow (M3 S6 T2)
    • Manufacturing Example of Transaction Flow (M3 S6 T2)
    • Learning Activity: Manufacturing Accounting
    • Manufacturing Example of Transaction Flow Learning Activity (M3 S6 T2)
    • Manufacturing Example of Transaction Flow Learning Activity Answers (M3 S6 T2)
    • Maufacturing Expenses (M3 S6 T3)
    • Manufacturing Expense (M3 S6 T3)
    • Calculating a Selling Price (M3 S6 T4)
    • Calculating a Selling Price (M3 S6 T4)
    • Session 6 Review (M3 S6 T5)
    • T-Notes (M3 S6 T5)
  • 8
    Construction Accounting
    • Construction Accounting (M3 S7 T1)
    • Learning Activity: CR Construction
    • Construction Accounting (M3 S7 T1)
    • T-Notes (M3 S7 T1)
    • CR Construction Company (M3 S7 T2)
    • CR Construction Company (M3 S7 T2)
    • CR Construction Company Answers (M3 S7 T2)
    • CR Construction Company Part 2 (M3 S7 T3)
    • CR Construction Continued (M3 S7 T3)
    • Overhead Allocations Part 1 (M3 S7 T4)
    • Computing the Amount of Monthly Operating Expenses Part 1 (M3 S7 T4)
    • Computing the Amount of Monthly Operating Expenses Answers (M3 S7 T4)
    • Overhead Allocations Part 2 (M3 S7 T5)
    • Computing Earned Profit to Date Part 2 (M3 S7 T5)
    • Computing Earned Profit to Date Answers (M3 S7 T5)
    • Overhead Allocations Part 3 (M3 S7 T6)
    • Compute Billings Based on Percentage of Completion Part 3 (M3 S7 T6)
    • Compute Billings Based on Percentage of Completion Answers (M3 S7 T6)
    • Percentage of Completion Part 1 (M3 S7 T7)
    • Percentage of Completion Part 2 (M3 S7 T8)
    • Theoretical Earnings Part 1 (M3 S7 T9)
    • Theoretical Earnings Part 2 (M3 S7 T10)
    • Advance Billings (M3 S7 T11)
    • Construction Forms (M3 S7 T12)
    • Contractor Weekly Deposit Report (M3 S7 T12)
    • Session 7 Review (M3 S7 T13)
  • 9
    Accounting for Non-Profit Organizations
    • Not-For-Profit Explained (M3 S8 T1)
    • Not-for-profit Explained (M3 S8 T1)
    • Learning Activity: New Moreland Church
    • New Moreland Church (M3 S8 T2)
    • New Moreland Church Journals and Ledgers (M3 S8 T2)
    • New Moreland Church Journals and Ledgers Answers (M3 S8 T2)
    • New Moreland Church Forms (M3 S8 T2)
    • Module Wrap-up (M3 S8 T3)
  • 10
    Module III: Advancing Your Account-Ability Practice Exam
    • Module III: Advancing Your Account-Ability Practice Exam
  • 11
    BONUS: Practice sets
    • Abernathy's Photography Studio
    • Carl's Chiropractic Clinic