Feb 05, 2023
ACC 250 - Certified Bookkeeper 3 Credits, 3 Contact Hours
3 lecture periods 0 lab periods
Advanced topics in the areas of accruals, deferrals, and the adjusted trial balance; correcting common transaction recording errors and the bank reconciliation; payroll accounting and the related Federal and State payroll law requirements; accounting for depreciation with regard to financial and tax accounting purposes; inventory valuation methods; and internal controls and fraud prevention.
Prerequisite(s): ACC 105 or ACC 211
Information: Upon successful completion, students will be able to sit for a national exam administered by the American Institute of Professional Bookkeepers (AIPB).
Course Learning Outcomes
- Demonstrate the concepts of accrual accounting to transactions that span fiscal periods.
- Identify and correct accounting errors and reconcile a bank account.
- Prepare payroll transactions from paying wages to depositing and reporting taxes.
- Compute depreciation using various methods of calculating depreciation for book and tax purposes and prepare the appropriate transactions.
- Compute the cost of inventory and demonstrate how to record the costs by preparing entries and reporting the inventory on financial statements.
- Apply effective implementation of internal controls and fraud prevention.
- Accruals, Deferrals, and the Adjusted Trial Balance
- Why Accruals, Deferrals, and Other Adjustments Are Made
- Accrual of Revenues and Expenses
- Computation of Revenues Collected in Advance
- Computation of Expenses After a Prepayment
- Other Adjusting Entries
- Unadjusted Trial Balance Through the Adjusted Trial Balance
- Correction of Accounting Errors and the Bank Reconciliation
- Where Accounting Errors Occur and How They Are Found
- Performing the Bank Reconciliation
- Finding and Correcting Errors on the Unadjusted Trial Balance
- Correcting Current-Period Accrual and Deferral Errors
- How to Pay Different Kinds of Employees
- Federal and State Wage-Hour Law
- Paying Employees Under Federal Law
- Employment Records and Payroll Recordkeeping
- Form W-4 and Comparable State Forms
- Withholding and Depositing Federal Taxes
- Federal Employment Reporting Forms and Due Dates
- When Wages Become Taxable
- Other Reporting Rules
- Payroll Register and Journal Entries
- Book and Tax Depreciation
- Depreciation Under Generally Accepted Accounting Principles (GAAP)
- Computing and Allocating Depreciation
- Depreciation Under Federal Income Tax Depreciation Rules
- Tax Depreciation of Vehicles
- General Concepts of Accounting for Inventory
- The Perpetual Method
- The Periodic Method
- Weighted-Average and Moving-Average Methods
- First-In, First-Out (FIFO) Method
- Last-In, Last-Out (LIFO) Method
- Lower of Cost or Market (LCM) Rule
- Internal Controls and Fraud Prevention
- How Dishonest Employees Steal Inventory
- How to Prevent or Spot Employee Theft
- Check Fraud
- Credit Card Fraud
- How Vendors Cheat You
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