Accounting Journal Entries - Guide and Practice test - V2.0

About Accounting Journal Entries - Guide and Practice test - V2.0

UPDATED IN MARCH 2023

Added a section for Practice Test - Test your knowledge. - 98 Question and Answers.

1. A simple course comprising of Accounting Journal entries applicable for every business.

<  Downloadable resource - the full PDF on Accounting journal entries under lecture 1>

2. This course will make accounting journal entries interesting for all those who have been avoiding this subject.

3. It will be a one stop repository of all basic journal entries for most of the sub processes.

4. It covers first level accounting Journal entries

· Basics of Journal entries and types of Journal entries

· Journal entry format and Journal entry impact on accounts

· 3 Golden rules of accounting – Real account, Personal account, Nominal account

· Two scenario-based examples, with a step-by-step approach to identify the correct accounting journal entries. With this step-by-step approach you will be able to arrive at the correct journal entries for any given scenario.

· Order to Cash process - Revenue, Accounts Receivables, Allowance for Bad debts, Bad Debts, Factoring

· Procure to Pay process - Payable, Payroll expenses, Accruals

· Prepaid, Fixed Assets, Inventory, Abnormal loss, Prepaid expenses, Petty cash, Banking

· Special topics like Intercompany, Lease, Impairment, Goodwill, Amortization expense

· Taxes – Goods and Service Tax, Income tax and Deferred Tax Asset and Deferred Tax Liability

· Share capital, Dividend

· Investments, Investment in Associates and Investment by the owner in Equity

5. This course is relevant for all Business needs, Finance professionals and accounting students.