ACC 701 - Certified Bookkeeping Review
Last Date of Approval: Spring 2018
3 Credits
Total Lecture Hours: 45
Total Lab Hours: 0
Total Clinical Hours: 0
Total Work-Based Experience Hours: 0
Course Description:
The course is designed to prepare students for successful completion of the Certified Bookkeeper National Certification Examination. Included in the course is a review of adjusting entries, correction of accounting errors, payroll accounting, depreciation, inventory, and internal controls and fraud prevention.
Prerequisites: ACC 142 - Financial Accounting and ACC 146 - Managerial Accounting
Mode(s) of Instruction: traditional/face-to-face, and/or online
Credit for Prior Learning: There are no Credit for Prior Learning opportunities for this course.
Course Fees: Testing Charge: $240.00
Common Course Assessment(s): None
Student Learning Outcomes and Objectives:
1) The Certified Bookkeeper (CB) Designation a. Identify the many purposes of receiving the CB designation. b. List the testing procedures for the six exams. c. Describe the sections of the CB’s Code of Ethics.
2) Mastering Internal Controls and Fraud Prevention a. Describe how to prevent employee theft. b. Identify check, credit card, and debit card fraud. c. Detect vendor scams and bribery. d. Recognize fraud and scam operations.
3) Mastering Inventory a. Account for perpetual and periodic inventory systems. b. Cost inventory using the weighted-average, FIFO, and LIFO methods. c. Cost inventory using the lower of cost or market rule.
4) Mastering Adjusting Entries a. Define and differentiate between accruals, deferrals, and other types of adjustments. b. Record adjusting entries for accrued revenues, accrued expenses, unearned revenue, and prepaid expenses. c. Identify other necessary end-of-period entries. d. Describe the flow of accounting information from the unadjusted trial balance through the financial statements. e. Utilize a worksheet for the end-of-period tasks in the accounting cycle.
5) Mastering Depreciation a. Identify the depreciation methods under GAAP. b. Differentiate between book depreciation and tax depreciation. c. Calculate and account for the following methods of GAAP depreciation: straight-line, units of production, declining balance and sum-of-the-years’- digits. d. Calculate depreciation for federal income tax purposes in general. e. Calculate depreciation for federal income tax purposes on vehicles.
6) Mastering Correction of Accounting Errors a. Identify where errors occur and how they are found. b. Perform a bank reconciliation. c. Find and correct errors utilizing the unadjusted trial balance. d. Account for current period accrual errors. e. Account for current period deferral errors.
7) Mastering Payroll a. Determine the employment classification-employee or nonemployee. b. Apply the Federal and State Wage-Hour law to payroll. c. Determine how to pay employees under federal law. d. Apply the various payroll laws to federal and state withholding allowance certificates. e. List the documentation that employers must obtain from new employees and how long they are to retain these documents. f. Describe the federal withholding process and subsequent depositing of taxes. g. List the necessary federal reporting forms and their due dates. h. Determine when wages become taxable. i. List the necessary state reporting forms and their due dates. j. Journalize payroll entries.
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