Standard

RState Standard

* Institutionally Developed

*College: n/a

ACC 164 – Bookkeeper Certification Review

Course Description

Reviews the topics of adjusting entries, correction of accounting errors, payroll, depreciation and inventory. Prepares the students to take certification testing.

Competency Areas	Hours
Adjusting Entries	Class	4
Correction of Errors	D. Lab	2
Payroll	P. Lab/O.B.I.	0
Depreciation	Credit	5
Inventory

Prerequisite:	Program admission or Instructor Approval
Corequisite:

Course Guide

Competency	After completing this section, the student will:	Hours
		Class	D. Lab	P. Lab/ O.B.I.
ADJUSTING ENTRIES		6	4	0
Accruals	Understand accruals
	Calculate and record adjusting entries for accrued revenue and accrued expenses
	Construct unadjusted trial balance, add (subtract) adjustments and complete adjusted trial balance
Deferrals	Understand deferrals
	Calculate and record adjusting entries for deferred revenue and deferred expenses
	Construct unadjusted trial balance, add (subtract) adjustments and complete adjusted trial balance
CORRECTION OF ACCOUNTING ERRORS		3	2	0
Bank Reconciliation	Perform bank reconciliation
Error Correction	Find and correct errors revealed by bank reconciliation
	Find and correct errors in the trial balance
	Find and correct accrual and deferral errors discovered before books are closed.
PAYROLL		6	4	0
Payroll	Carry out basic payroll function, including paying wages, withholding, depositing and reporting taxes and preparing payroll forms.
Report Wages and Taxes	Understand basic reporting of wages & taxes for Forms 940 or 940EZ, 941, W-2, W-3, and 1099
Journal Entries	Make journal entries for payroll distribution, payroll related expenses, payroll liabilities, and remittance of employer taxes
DEPRECIATION		6	4	0
Depreciation	Understand how qualifying assets are depreciated on the financial statements and tax return.
	Depreciate for book purposes assets purchased at any time during the year under the straight-line, units of production, declining balance, and sum-of-the-years’ digits methods
	Depreciate both listed assets and real-estate for tax purposes
	Depreciate vehicles, including passenger automobiles, for tax purposes
INVENTORY		9	6	0
Inventory purchases and sales	Record inventory purchases and sales and determine cost of goods sold and ending inventory under the perpetual and periodic methods
Cost of goods sold and ending inventory	Compute and record cost of goods sold and ending inventory using weighted average, moving average costing, FIFO (first in, first out) costing, and LIFO (last in, first out) costing
Changes in inventory value	Compute and record changes in inventory under the lower of cost or market (LCM) rule

Suggested Resources

Media (Print Audio/Visual Web Other)	Note: Please adhere to the APA Formatting and Style Guidelines. Examples: Author, A. A. (Year of publication). Title of work: Capital letter also for subtitle. Location: Publisher. Duncan, G.J., & Brooks-Gunn, J. (Eds.). (1997). Consequences of growing up poor. New York: Russell Sage Foundation.
Print	AIPB. (Bundled 6 workbook Pack), Certified Bookkeeper Exam Review-6WB. Rockville, MD: American Institute of Professional Bookkeepers.
	AIPB Suite 500 6001 Montrose Road Rockville, Maryland 20852

Posted: 08/27/08