Bookkeeping Applications

Overview

This Bookkeeping Applications course from Warnborough College will teach you to:

• Implement a recording system for an enterprise, including the Continuous and Physical methods of recording transactions involving stock

• Describe and use control accounts appropriately

• Prepare, analyse and interpret financial reports for trading firms, including those with more than one selling department

• Outline alternatives in financing for small businesses including alternative business structures

• Illustrate alternative accounting approaches available to a variety of businesses

Course Aims

• Describe the nature of different businesses, and the differences between recording and reporting

• Describe the nature of stock and the physical system of recording inventory

• Explain the perpetual or continuous system of recording for inventory

• Distinguish between the main methods for valuing merchandise

• Describe the difference between bad debts and doubtful debts

• Explain how to prepare the journal entries and understand the effect of bad debts on final accounting reports

• Develop your understanding of control accounts and their uses

• Explain of the use of budgets and to apply the skills learned

• Explain the use and role played by statements of cash flows

• Explain the different accounting alternatives available to business and the advantages and disadvantages of the various alternatives

• Describe the tools used to measure the key areas of performance and financial position of a business and how they can aid in decision making

• Describe the different sources of finance available to businesses, other methods of expanding a business