In this second course, you will dive deeper into the world of bookkeeping and focus on accounting for assets. If you are familiar with bookkeeping basics, such as double entry accounting, you are ready for this course. You will gain an understanding of common asset types, learn how to account for inventory, calculate cost of goods sold, and work with Property, Plant, and Equipment (PP&E). Upon completing this course, you will use your new knowledge of assets to record transactions and produce financial statements for increasingly complex business situations. By the end of this course, you will be able to: -Summarize the common types of assets a business may have -Describe the importance of control over inventory -Outline how depreciation expense is reported on an income statement -Illustrate how transactions can be recorded in terms of the resulting change in the elements of the accounting equation. Course 1 Bookkeeper Basics, or the equivalent, is a recommended prerequisite for this course.
Original Cost Implications
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Skills You'll Learn
Inventory costing methods, PP&E Accounting, General Accounting, Asset Accounting, Accounting, Accounts receivable and cash receipts, Finance, Depreciation
Reviews
4.4 (1,228 ratings)
- 5 stars66.61%
- 4 stars19.54%
- 3 stars7.65%
- 2 stars3.50%
- 1 star2.68%
SG
Jul 11, 2022
Again.....I have been working as a bookkeeper for almost 20 years. I have an associates in accounting. This program explains things much better than anything I have heard to date. :)
MA
May 20, 2023
I found the course to be excellent! The course was easy to understand quizzes were great to determine if you were assimilating the information. The tests were comprehensive.
From the lesson
Property and Equipment
In this module, you will learn how to work with plant, property, equipment, depreciation of assets, and the implications of equipment leases.