Practical Accounting for Assets
Cash, Receivables, Inventory and Long-Term Assets begin with Ten Basic Transactions, Key Terms, Examples and Practice.
Description
Cash and Internal Controls
Learn why Cash is King, How Internal Controls Protect it and How it is Managed.
- Principles, Analytics and Limitations of Internal Controls
- Internal Controls for Cash Receipts (Collections) and Cash Held
- Internal Controls for Cash Disbursements (Payments)
- Bank Reconciliation - Who Knows? Example, Practice, Solution
- Cash Management, Forecasting and Working Capital Ratios
Receivables
Learn the Collect and Use for BAD BAD Debt transactions with the Allowance Method before the Lend transactions for Notes Receivables.
- Overview of Key Issues and Terminology of Receivables
- The Aging Schedule and the Allowance Method
- Credit Cards and Factors
- Notes Receivable Lend, Earn Interest and Collect
- Receivables Management, Internal Controls and Ratios
Merchandise Inventory
Explore seven methods to calculate the Use of Inventory to Sell on One worksheet then with Practice before learning the associated management, valuation and reporting issues.
- Overview of Key Issues and Terminology of Merchandise Inventory
- Perpetual vs. Periodic Inventory Systems
- Specific Identification
- FIFO Periodic and LIFO Periodic & Perpetual
- Average Cost Periodic and Perpetual
- FIFO and LIFO Layers - Multiple Unit Purchases and Sales
- Management and Financial Statement Topics
Long-Term Assets
Learn the how to buy then three methods to use long-term assets by depreciating their cost over their useful life.
- Overview of Key Issues and Terminology of Long-Term Assets
- Acquiring (Buying) a Long-Term Asset
- Straight Line Depreciation
- Declining Balance Depreciation
- Activity Based Depreciation and Depletion
- Selling Long-Term Assets
- Intangible Assets
- Management, Internal Controls and Ratios
- Changes to Long-Term Assets - Useful Life, Impairing, Errors
What You Will Learn!
- Cash and Internal Controls
- Receivables
- Merchandise Inventory
- Long-Term Assets
Who Should Attend!
- Businesses, Financial Accounting students and individuals interested in accounting.