Book-Keeping Basics questions and Answers

by Mustafa Ahmed

Course Description Learn about the essential numerical skills required for accounting and bookkeeping. This free course, Introduction to bookkeeping and accounting, explains the fundamental rules of double-entry bookkeeping and how they are used to produce the balance sheet and the profit and loss account. After studying this course, you should be able 1.understand and apply the essential numerical skills required for bookkeeping and accounting 2.understand and explain the relationship between the accounting equation and double-entry bookkeeping 3.record transactions in the appropriate ledger accounts using the double-entry bookkeeping system 4.balance off ledger accounts at the end of an accounting period 5.prepare a trial balance, balance sheet and a profit and loss account. UNIT 1 -Accounting Process Accounting department role and responsibilities Accounting practice definition and usage Basics of accounting Financial accounting basics The accounting cycle The accounting equation The asset conversion cycle The cash conversion cycle Types of transaction cycles in accounting What are capital receipts? What are the steps in the accounting process? What is accounting? What is an accounting transaction? What is full cycle accounting? What is the difference between accounting and bookkeeping? What is the difference between financial and managerial accounting? What is the expanded accounting equation? What is the purpose of accounting? What is the transaction approach? When are expenses incurred? UNIT 2-Basis of Accounting Cash accounting Cash basis vs. accrual basis accounting Double entry accounting Dual aspect concept How to calculate cash profit How to convert accrual basis to cash basis accounting How to convert cash basis to accrual basis accounting Modified accrual accounting What is a single entry system? What is the accrual basis of accounting? What is the basis of accounting? What is the cash basis of accounting? What is the modified cash basis of accounting? UNIT 3-Types of Accounts What are final accounts? What is a contra account? What is a drawing account? What is a general ledger account? What is a nominal account? What is a real account? What is a suspense account? What is a T account? What is a temporary account? What is a valuation account? What is an account? What is the income summary account? UNIT 4-Journal Entries Accounting journal entries Adjusting entries Correcting entry definition and usage Debits and credits How do I write an accounting journal entry? Journal entry format Recording transactions What are examples of key journal entries? What are the debit and credit rules? What is a compound journal entry? What is a journal entry? What is a reversing entry? What is an accounting entry? What is journalizing? UNIT 5-Accrual Topics The accruals concept What are accrued expenses? What is an over accrual? What is an under accrual? Where do accruals appear on the balance sheet? UNIT 6-Specific Accounting Transactions Accounting for bonds Are supplies a current asset? Changes in accounting estimate Changes in accounting policy Changes in accountin

169 pages, Kindle Edition

Published October 5, 2016