Professional Bookkeeping

Professional Bookkeeping Module 1
Setting Up Your Accounting System

• Bookkeeping and Accounting Basics
• Chart of Accounts
• Debits vs. Credits
• Double-Entry Accounting
• Using Journal Entries and Ledgers
• Choosing an Accounting Method
• Cash and Accrual Basis

Professional Bookkeeping Module 2
Recording Accounting Transactions

• Business Transactions
• Managing Bookkeeping and Accounting System
• End-of-Period Procedures
• Tracking Purchases
• Tracking Inventory
• Collecting on Cash Sales
• Processing Employee Payroll and Benefits
• Taxing Payrolls

Professional Bookkeeping Module 3
Adjusting and Closing Entries

• Depreciating Your Assets
• Paying and Collecting Interest
• Proving Out the Cash
• Closing Cash Journals
• Reconciling Accounts and Closing Journal Entries
• Checking Your Accuracy
• Working with Trial Balance
• Developing a Financial Statement Worksheet
• Adjusting the Books

Professional Bookkeeping Module 4
Preparing Income Statements and Balance Sheets

• Origins of Accounting Standards
• Understanding the Nature of Profit
• Preparing Income Statements Related to Profit
• Assessing the Balance Sheet’s Asset Section
• Accounting for Liabilities
• Keeping Current Liabilities Under Control
• Capital Stock
• Coupling the Income Statement and Balance Sheet

Professional Bookkeeping Module 5
Reporting on Financial Statements

• Clarifying the Values of Assets in Balance Sheets
• Introducing Business Valuation
• Cash Flows and Changes in Equity
• Difference Between Cash and Profit
• Analyzing Financial Statements
• Explanatory Notes and Disclosures
• Reports to Shareholders

Professional Bookkeeping Module 6
Planning and Budgeting for Business

• Incorporating Your Business
• Choosing a Legal Structure for a Business
• Outlining a Basic Business Plan
• Budgeting Basics
• Budgeting with Cash or Accrual Accounting
• Long-Term Obligations

Professional Bookkeeping Module 7
Business Decisions

• Estimating Costs with Job Costing
• Performing Activity-Based Costing
• Examining Contribution Margins
• Accounting for Change with Variance Analysis
• Smart Pricing Decisions
• Financial Formulas

Professional Bookkeeping Module 8
Cash and Purchasing

• Identifying Costs and Matching Costs with Revenue
• Satisfying the Matching Principle
• Inventory Cost Flow Assumptions
• Inventory Types
• Incremental and Opportunity Costs
• Interpreting Financial Results
• Reviewing Profit and Earnings
• Maximizing Business Value

Professional Bookkeeping Module 9
Auditing and Detecting Financial Fraud

• Sarbanes-Oxley Regulation
• Preventing Cash Losses from Embezzlement and Fraud
• Assessing Audit Risk
• Collecting and Documenting Audit Evidence
• Auditing a Client’s Internal Controls
• Five Components of Internal Controls
• Common Fraud Schemes
• Financial Statement Fraud

**Outlines are subject to change, as courses and materials are updated.**