Bookkeeping I

Course Code	BBS103
Fee Code	S2
Number of Assignments	13
Duration (approx)	100 hours

This is a sound foundation course for anyone working or wishing to work in bookkeeping, including:

• Business owners
• Administration or accounts employees
• Anyone seeking a career as a bookkeeper

ACS is an Accredited Training Centre by the Institute of Certified Bookkeepers. Students who complete this course are eligible to join this institute which is the largest such institute in the bookkeeping industry -world wide. 

COURSE STRUCTURE
There are 13 lessons as follows:

1. Introduction – Nature and Function of Accounting for Service Firms
2. Balance Sheet
3. Analysing and Designing Accounting Systems
4. The Double Entry Recording Process
5. Cash Receipts and Cash Payments Journal
6. Credit Fees and Purchases Journal
7. The General Journal
8. Closing the Ledger
9. Profit and Loss Statement
10. Depreciation on Non-current Assets
11. Profit Determination and Balance Day Adjustments
12. Cash Control: Bank Reconciliation and Petty Cash
13. Cash Control: Budgeting

Each lesson culminates in an assignment which is submitted to the school, marked by the school's tutors and returned to you with any relevant suggestions, comments, and if necessary, extra reading.

AIMS

• Explain types of balance sheets, assets, liabilities.
• Design an accounting process.
• Utilize ledgers, transaction records, trial balances.
• Define what a business’s liquidity is and the two calculations used to measure it.
• Prepare a credit fees journal
• Prepare a credit purchase journal
• Post a fees journal to the general ledger
• Post a purchases journal to the general ledger
• Describe the GST

WHAT YOU WILL DO IN THIS COURSE
Here are just some of things you will be covering:

• What is an accounting standard?
• What is an accounting convention?
• Explain the link between the concept of reliability and the principal of verifiability.
• Explain the link between the going concern assumption and accounting period convention.
• Explain the accounting entity convention.
• State the balance sheet equation in two different forms.
• Define the terms, assets, liabilities and proprietorship
• What is the difference between a T-form balance sheet and a narrative form balance sheet?
• Define the difference between a Ledger & Journal?
• Define source documents?
• Explain what a chart of accounts is and why is it used?
• What journals are used in an accounting system.
• Prepare a list of transactions in ledger accounts on double entry principles.
• Explain the purpose of the general journal for a business which uses special journals.
• Describe the benefits achieved by a business through the introduction of multi-column journals.
• What is the purpose of the sundries column in a cash receipts journal?
• What is the difference between credit fees and credit purchases?
• Describe the key sections of a general journal
• State four transactions that would be recorded in a general journal.
• What is a bad debt? What is the role of the general journal in relation to bad debts?
• What is the purpose of the profit and loss account
• What is a current account?
• Outline the basic functions of a Profit and Loss Statement.
• How is gross margin calculated for a service firm?
• What is meant by functional classification and what are the benefits?
• What is depreciation?
• Outline the differences between the cash and accrual methods of determining profit.
• Explain the role played by a ten column worksheet.
• State and describe five different ways of controlling cash receipts.
• What is a bank reconciliation?
• Describe five events which may cause a balance on a bank statement to be different from that shown in a firm’s books.
• What details should be recorded in a petty cash book?
• State and describe four different types of budgets the management of a service firm may prepare.
• What is a cash budget and what is its purpose?
• What is a budget performance report and what is its purpose?

Duration: 100 hours (nominal duration)

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