Accounting Assistant Course

Lesson 1 • The Accounting Equation and Its Components

Introduces assets, liabilities, and equity as the backbone of all financial records. Mastery here underpins every transaction entry covered later in the chapter.

Lesson 2 • Accounting Cycle Overview

Maps the full sequence from transaction identification to financial statement preparation. Understanding the cycle provides context for all subsequent chapters.

Lesson 3 • Chart of Accounts Structure

Covers how accounts are organised, numbered, and categorised within a business's ledger system. A well-structured chart enables efficient data retrieval and reporting.

Lesson 4 • Double-Entry Bookkeeping Basics

Explains debits and credits and how every transaction affects two or more accounts. This rule governs all journal entries throughout the course.

Lesson 1 • Petty Cash and Minor Disbursements

Establishes petty cash fund setup, disbursement recording, and replenishment entries. Proper control over small payments prevents cumulative discrepancies.

Lesson 2 • Special Journals for High-Volume Transactions

Introduces sales, purchases, cash receipts, and cash payments journals to streamline repetitive entries. Efficiency gained here reduces posting time significantly.

Lesson 3 • Recording Asset Purchases and Disposals

Covers entries for acquiring, depreciating, and disposing of tangible assets. Correct treatment prevents balance sheet misstatement.

Lesson 4 • General Journal Format and Usage

Teaches the structure of a general journal entry including date, accounts, amounts, and narration. Accurate formatting is essential before moving to specialised journals.

Lesson 1 • Preparing the Unadjusted Trial Balance

Covers extracting account balances and arranging them in debit-credit columns to test mathematical equality. An out-of-balance trial balance signals posting errors requiring investigation.

Lesson 2 • Identifying and Correcting Ledger Errors

Presents systematic techniques for finding errors that do and do not affect trial balance totals. Correcting entries restore ledger integrity without altering original records.

Lesson 3 • Posting from Journals to Ledgers

Demonstrates the mechanical process of transferring journal data to individual T-accounts and ledger cards. Accurate posting is the prerequisite for a reliable trial balance.

Lesson 1 • Accrued Revenues and Accrued Expenses

Teaches entries for income earned but not yet billed and costs incurred but not yet paid. These adjustments ensure completeness of period-end financial data.

Lesson 2 • Preparing the Adjusted Trial Balance

Integrates all adjusting entries into the unadjusted trial balance to produce the adjusted version. This document is the direct source for drafting financial statements.

Lesson 3 • Depreciation and Amortisation Adjustments

Covers straight-line and declining-balance depreciation calculations and their journal entries. Accurate depreciation allocates asset cost systematically over its useful life.

Lesson 4 • Accrual vs. Cash Basis Accounting

Contrasts the two recognition methods and explains why accrual basis produces more accurate period results. This conceptual foundation justifies every adjusting entry type.

Lesson 1 • Balance Sheet Preparation

Organises assets, liabilities, and equity into a classified balance sheet at period end. Correct classification into current and non-current categories is required.

Lesson 2 • Statement of Owner's Equity

Traces changes in equity from opening balance through net income and withdrawals to closing balance. This statement bridges the income statement and balance sheet.

Lesson 3 • Notes and Disclosures in Financial Reports

Explains the role of footnotes in providing context for reported figures and accounting policies. Complete disclosures are required for transparent and compliant reporting.

Lesson 4 • Income Statement Construction

Builds a multi-step income statement from revenue and expense account balances. Proper classification of operating vs. non-operating items is emphasised throughout.

Lesson 1 • Purpose and Mechanics of Closing Entries

Explains why revenue, expense, and drawing accounts must be zeroed at period end. Closing transfers net income or loss into permanent equity accounts.

Lesson 2 • Closing Drawings and Dividends

Addresses the separate closing of owner withdrawals or declared dividends to equity. Correct treatment maintains accurate retained earnings or capital balances.

Lesson 3 • Reversing Entries and Period Transitions

Covers optional reversing entries that simplify recording accruals in the following period. Proper use prevents double-counting of accrued items.

Lesson 1 • Credit Sales and Accounts Receivable Recording

Covers invoicing customers, posting receivables, and applying sales terms and discounts. Timely and accurate receivable recording drives effective collections.

Lesson 2 • Collections, Receipts, and Remittances

Addresses recording customer payments, partial payments, and early payment discounts taken. Proper application of receipts keeps customer balances current and accurate.

Lesson 3 • Accounts Payable Processing and Controls

Covers the full purchase-to-payment cycle including purchase orders, receiving reports, and invoice approval. Strong controls prevent duplicate payments and unauthorised disbursements.

Lesson 4 • Reconciling Receivable and Payable Ledgers

Demonstrates monthly reconciliation of subsidiary ledgers to control accounts and vendor statements. Regular reconciliation catches errors before they compound into larger discrepancies.

Lesson 1 • Gross Pay Calculation Methods

Covers hourly, salaried, commission, and piece-rate pay structures including overtime rules. Accurate gross pay is the starting point for all subsequent payroll calculations.

Lesson 2 • Payroll Records and Statutory Reporting

Covers maintaining employee earnings records and preparing required periodic payroll reports. Accurate records support audits, employee inquiries, and regulatory submissions.

Lesson 3 • Statutory Deductions and Withholdings

Explains mandatory income tax withholding, social insurance contributions, and other required deductions. Correct withholding protects both the employer and employee from compliance penalties.

Lesson 4 • Employer Payroll Tax Obligations

Addresses employer-side contributions to social insurance, unemployment, and similar programmes. These costs must be accrued and remitted on schedule to avoid penalties.