Accounting and Bookkeeping Course

Lesson 1 • The Purpose of Accounting in Business

Defines accounting's role in decision-making and financial reporting. Connects the need for accurate records to business sustainability and stakeholder trust.

Lesson 2 • Classifying and Analyzing Transactions

Teaches students to identify, categorize, and analyze business events before recording. Accurate classification prevents errors in later journal entries and reports.

Lesson 3 • The Accounting Equation Explained

Breaks down Assets = Liabilities + Equity and shows how every transaction preserves balance. Builds the analytical lens used in all subsequent chapters.

Lesson 1 • The General Ledger and Posting Process

Covers transferring journal entries to the general ledger and maintaining running balances. Accurate posting is the bridge between daily recording and period-end reporting.

Lesson 2 • Designing a Chart of Accounts

Explains account numbering, grouping, and naming conventions for a functional ledger. A well-designed chart of accounts supports efficient reporting and audit readiness.

Lesson 3 • Double-Entry Bookkeeping Mechanics

Demonstrates that every transaction requires equal debits and credits across two or more accounts. Mastery here prevents imbalances in the trial balance and financial statements.

Lesson 1 • The General Journal in Practice

Teaches proper journal entry format, narrations, and sequencing for all transaction types. Consistent journal discipline ensures a reliable audit trail throughout the period.

Lesson 2 • Preparing and Interpreting the Trial Balance

Guides students through extracting ledger balances and formatting a trial balance. Identifying and correcting errors here protects the accuracy of all financial statements.

Lesson 3 • Specialized Journals for High-Volume Transactions

Introduces sales, purchases, cash receipts, and cash payments journals to streamline recording. Specialized journals reduce repetition and speed up the posting process.

Lesson 1 • Why Adjusting Entries Are Necessary

Explains how accrual accounting creates timing differences requiring end-of-period corrections. Understanding the need for adjustments prevents understated or overstated financial results.

Lesson 2 • Completing the Adjusted Trial Balance

Integrates all adjusting entries into an updated trial balance ready for financial statement preparation. This step confirms that debits and credits remain equal after all adjustments.

Lesson 3 • Depreciation and Asset Allocation

Introduces straight-line and declining-balance depreciation methods for long-term assets. Proper depreciation entries match asset cost to the periods that benefit from its use.

Lesson 4 • Accruals: Revenues and Expenses

Teaches recording revenues earned but not yet billed and expenses incurred but not yet paid. Accrual entries ensure the income statement reflects true period performance.

Lesson 1 • Basic Financial Statement Analysis

Introduces liquidity, profitability, and solvency ratios derived from the financial statements. Ratio analysis transforms raw numbers into actionable insights for business decisions.

Lesson 2 • The Income Statement

Builds a multi-step income statement from adjusted revenue and expense accounts. Students learn to distinguish gross profit, operating income, and net income line items.

Lesson 3 • Closing Entries and Post-Closing Trial Balance

Demonstrates closing temporary accounts to retained earnings to reset the ledger for a new period. The post-closing trial balance confirms only permanent accounts carry forward.

Lesson 4 • The Balance Sheet

Constructs a classified balance sheet showing current and non-current assets and liabilities. Proper classification reveals liquidity and long-term financial position to stakeholders.

Lesson 1 • Petty Cash Fund Management

Explains establishing, using, and replenishing a petty cash fund with proper documentation. Petty cash entries ensure small expenditures are recorded and controlled accurately.

Lesson 2 • Performing the Bank Reconciliation

Guides students through a step-by-step reconciliation of book and bank balances to a true cash balance. Adjusting journal entries are prepared for all book-side reconciling items.

Lesson 3 • Understanding the Bank Statement

Teaches students to read and interpret bank statement components including deposits, charges, and balances. Familiarity with bank statement format is prerequisite to reconciliation.

Lesson 1 • Estimating and Recording Bad Debts

Teaches the allowance method and percentage-of-sales approach for estimating uncollectible accounts. Proper bad debt estimation prevents overstated receivables on the balance sheet.

Lesson 2 • Managing Accounts Payable

Explains recording vendor invoices, tracking payment terms, and managing the payables subsidiary ledger. Timely payables management preserves vendor relationships and avoids late penalties.

Lesson 3 • Inventory Valuation Methods

Compares FIFO, LIFO, and weighted-average cost methods for valuing inventory and cost of goods sold. Method choice affects reported profit and asset values across different cost environments.

Lesson 4 • Managing Accounts Receivable

Covers recording credit sales, issuing invoices, and tracking customer balances in the subsidiary ledger. Effective receivables management directly impacts cash flow and business liquidity.

Lesson 1 • Payroll Reports and Compliance Records

Covers preparing payroll registers, employee earnings records, and periodic tax deposit reports. Accurate payroll records support regulatory compliance and employee dispute resolution.

Lesson 2 • Statutory Deductions and Net Pay

Covers mandatory withholdings including income tax, social insurance, and health contributions deducted from gross pay. Net pay is calculated after all required and voluntary deductions.

Lesson 3 • Payroll Fundamentals and Gross Pay

Explains employee classification, pay periods, and methods for calculating hourly and salaried gross pay. Accurate gross pay calculation is the starting point for all payroll processing.

Lesson 4 • Recording Payroll Journal Entries

Demonstrates the two-entry payroll recording process: the payroll expense entry and the payment entry. Correct entries ensure wages expense, liabilities, and cash are all properly stated.