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ACCOUNTING SERVICES COURSE OUTLINE
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You get everything you need to know in easy-to-understand lessons, supplements and special learning aids. You progress step-by-step from the basics of bookkeeping into advanced training in accounting and professional accounting services. This gives you a preview of what you will learn.
Click on the instruction links below for complete course content.
Instruction Pack 1
Instruction Pack 2
Instruction Pack 3
Instruction Pack 4
Instruction Pack 5
Accounting Services Instruction Pack I Back to Top
Getting Started: Course Introduction and Overview
In this lesson, you will learn what types of businesses and individuals need accounting services, as well as the various responsibilities accounting services professionals perform. In addition, this lesson provides a valuable comparison between in-house and at-home accounting services work. You'll gain insight into the benefits of each type of work. Then you'll learn about USCI's Accounting Services course methodology.
Accounting Services Explained
This lesson provides insight into the accounting cycle and the basic concepts of a "record of transaction" and "financial picture of a business." Additionally, you will be given basic explanations and definitions of many accounting concepts, including accounts, posting, journaling, debits and credits. Also you'll learn about balance sheets, operating statements, assets and liabilities.
Accounting Services Equations
This lesson teachs you about the accounting equation, the net income formula, and when to use each. In addition, you will learn the components of a balance sheet and an operating statement. You'll review a balance sheet, complete net income exercises, and prepare an operating statement exercise.
The Accounting Cycle
You will be introduced to the steps of the accounting cycle, such as entering transactions, journalizing, posting, preparing trial balances, and completing worksheets. As well, this lesson teaches you about preparing financial statements, making adjustments and closing the books. Then you’ll wrap up the lesson by learning how each step fits into the overall financial picture.
The Journal and Entry Systems
You’ll learn about "The Book of Original Entry," and its format and layout. Additionally, you'll learn about debits and credits, double and single-entry systems, and account balances. With that you will study compound entries and how to complete the journal.
The Ledger
This lesson will teach you the difference between a ledger and a journal. You will study how to keep and format ledger accounts, post and cross-reference, find common errors and arrive at a balance. For those instances when the ledger does not balance, you'll learn what to do and general tips for the process.
Also included in Pack I:
• Course Introduction: To familiarize yourself with effective study habits and how to get help from the USCI staff.
• The Business Math Tutor, Part 1: Refresh your basic mathematical skills, including percentages and decimals.
• What Our Graduates Are Saying Supplement
• Quick Reference Chart for Debits and Credits
Accounting Services Instruction Pack II Back to Top
Accounts Receivable
This lesson teaches you how to prepare invoices and deal with account purchases versus cash purchases. You will learn about subsidiary ledgers and be introduced to the accounts receivable ledger and controlling accounts. You'll find out about the schedule of accounts and how to bill for accounts receivable, including preparing statements, crediting payments, aging accounts receivable and handling charge-offs and returns.
Accounts Payable
In this lesson, you will receive instruction on the accounts payable ledger and how to deal with creditors. You'll learn about the schedule of accounts payable, invoices, purchase orders, and how 1099 forms pertain to accounts payable. The basics of recordkeeping will also be covered.
Financial Statements
You will learn about the content and format of the operating statement ad its relationship to the balance sheet. You'll also learn how to read a net income statement and the basics of a capital statement.
Specialized Journals
From this lesson, you will learn about each of the specialized journals: sales journal, sales returns and allowances journal, cash receipts journal, cash payment (disbursement) journal and purchases journal.
Depreciation and Merchandising Accounts
You will gain a solid understanding of depreciation, including how to keep monthly records, factors affecting depreciation, and how to figure depreciation. Then you'll learn about merchandising accounts, including the basics of inventory, determining value, wholesale cost, and retail value. Additionally, you'll study returned goods, purchase discounts, and finalizing the operating statement. Finally, you'll learn how to handle sales tax.
The Worksheet
This lesson provides instruction on how to format the ten columns of a worksheet. After you complete this lesson, you'll know how to use the worksheet, fill it out properly, check the numbers, and journalize adjusted entries.
Also included in Pack II:
• The Business Math Tutor, Part 2: Practice drills using your 10-key pocket calculator.
• Accounting Services Forms Kit, Part 1
• Professional Development, Part 1
• How to Read a Balance Sheet Supplement
• How to Read an Operating Statement Reference Supplement
Accounting Services Instruction Pack III Back to Top
Closing the Books
This lesson will teach you how to close financial books for a set period of time (weekly, monthly, quarterly, annually), bring accounts to zero, balance the income summary, and adjust the capital account. Additionally, you'll learn how to adjust the owner's draw, post the closing trial balance, correct errors, and file income summary reports.
Banking
This lesson covers the various types of bank accounts businesses and individuals use, including how to correctly process information from each account. You'll learn how to access various accounts with checks and deposit slips. Additionally, this lesson covers how to read, interpret, reconcile, and make adjustments to bank statements. Then you'll learn how to calculate interest and record interest paid out and received. The final banking element this lesson covers is the promissory note and its supporting documents.
Payroll Records
This lesson will introduce you to payroll records and how to maintain them. In addition to differentiating between employees and contractors, you will learn how to handle taxes and benefits paid by a business, report wages and tax withholdings, use the payroll register, enter payroll on the books, and compute salaries, gross wages, payroll deductions, and withholding taxes.
Payroll Processing
You will use your knowledge of payroll records to process sample payroll forms, including the W-4 and W-2 forms. You'll also learn how to compute and complete federal and state withholding deposits, an employer's federal tax return, form 940 (FUTA) tax return, form 941, and form W-3. Finally, you'll practice these payroll concepts and complete the appropriate forms in comprehensive payroll simulations.
Computerized Accounting Services
This lesson will explain the various types of accounting software available and provide an overview of their uses. You will learn how accounting concepts are applied in software packages. Finally, you’ll also learn how accounting services specialists use spreadsheets.
Also included in Pack III:
• The Business Math Tutor, Part 3: Provides an optional, instructor-graded, mail-in quiz.
• Accounting Services Forms Kit, Part 2
• Computers - Buyer’s and User’s Guide
• Professional Development, Part 2
Accounting Services Instruction Pack IV Back to Top
Daily Accounting/Bookkeeping Concepts
This lesson details daily concepts used in the accounting and bookkeeping processes. You will learn about cash accounts, cash sales, cash receipts, collections on account and receipts. Additionally, study petty cash, petty cash funds, vouchers, and the petty cash journal.
Tax Preparation I
This lesson on tax preparation teaches you how to prepare the 1040-EZ and 1040 federal tax forms.
Tax Preparation II
The final tax preparation lesson provides instruction and practice preparing Schedules A though E. You will review the use of the W-2 and 1099 forms in tax preparation and learn how to find the information you'll need to prepare state taxes. Additionally, you'll learn about legal and ethical issues involved with tax preparation.
Also included in Pack IV:
• How to Juggle Work and Family Supplement
• Professional Development, Part 3
• Date Stamp for invoices, letters and other correspondence
Accounting Services Instruction Pack V Back to Top
Partnerships, Corporations and Non-Profit Organizations
This lesson will differentiate between partnerships, corporations and non-profit organizations and explain the various characteristics of each type of agreement. You will learn how to account for a partner’s shares in assets and liabilities. You'll also learn how to prepare partnership balance sheets. The lesson then details corporate financial concepts and issues, such as corporate stock options and dividends. Finally, you'll learn how to work with non-profit organizations.
Discounts, Reversing Entries and Allowances
This lesson teaches you the concepts of discounting, reversing entries and making allowances. Also, it prepares you to initially set up a business' books.
Sole-Proprietorship Business Project
This lesson provides a comprehensive accounting services simulation in which you will perform all the necessary tasks to keep accurate records for a sole proprietor service business. This includes maintaining the journal, ledger and payroll records. Additionally, you will learn about reconciling and adjusting bank statements, and completing necessary tax forms.
Also included in Pack V:
• Quicken® Basic Software
• Accounting Services Jobs Finder
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