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Basic Bookkeeping Workshop Day 5 9
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Accounting Cycle ReviewLecture1.1
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Step 5: Prepare an Unadjusted Trial BalanceLecture1.2
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Step 6: Adjust the EntriesLecture1.3
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Adjusting Entries Category 1. Accrued ExpensesLecture1.4
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Adjusting Entries Category 2. Accrued RevenuesLecture1.5
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Adjusting Entries Category 3. Unused SuppliesLecture1.6
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Adjusting Entries Category 4. Unearned RevenuesLecture1.7
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Day 4: Challenge & RecapLecture1.8
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Day 5: Challenge / AssignmentLecture1.9
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Basic Bookkeeping Workshop Day 6 7
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Accounting Cycle ReviewLecture2.1
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Adjusting Entries Category 5. Depreciation of Property & EquipmentsLecture2.2
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Adjusting Entries Category 6. Prepaid ExpensesLecture2.3
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Adjusting Entries Category 7. Bad DebtsLecture2.4
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ActivityLecture2.5
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Day 5: Challenge & RecapLecture2.6
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Day 6: Challenge / AssignmentLecture2.7
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Basic Bookkeeping Workshop Day 7 7
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Introduction (What is Accounting?)Lecture3.1
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Accounting Cycle ReviewLecture3.2
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Day 6 Assignment Answers (Adjusting Entries at December 31, 2006)Lecture3.3
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Closing EntriesLecture3.4
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Challenge Day 6Lecture3.5
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Challenge Day 7Lecture3.6
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Question and AnswerLecture3.7
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Basic Bookkeeping Workshop Day 8 7
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Accounting Cycle ReviewLecture4.1
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Step 8: Close the EntriesLecture4.2
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Step 9: Post-Closing Trial BalanceLecture4.3
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Prepare Reversing EntriesLecture4.4
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Financial StatementsLecture4.5
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Day 7: Challenge & RecapLecture4.6
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Day 8: Challenge / AssignmentLecture4.7
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Basic Bookkeeping Workshop Day 9 8
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Accounting Definition (Recap)Lecture5.1
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Accounting Cycle ReviewLecture5.2
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Financial Statements ReviewLecture5.3
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Review of Internal Control SystemLecture5.4
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Five Components of Internal ControlLecture5.5
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Day 8 Challenge (Answers) (Chart of Accounts)Lecture5.6
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Special TopicsLecture5.7
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Question and AnswerLecture5.8
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2 Comments
The Chart of Accounts is a list of all the financial accounts in the general ledger of a company. It gives you an overview of all the categories of financial transactions a company conducted during a specific accounting period.
Importance of the Chart of Accounts
– Serves as the foundation of a company’s record keeping system, because it removes the need of the bookkeepers to remember every single account the company maintains and makes it easier for them to record transactions and prepare financial statements.
– Keeping an organized and updated chart of accounts makes it easier for a business to track down fraudulent activities/transactions
– An accurate chart of accounts can also provide insights into a company’s overall financial health and help its owners make more strategic business decisions
https://www.procurify.com/blog/what-is-the-chart-of-accounts-and-how-do-you-use-it/
https://efinancemanagement.com/financial-accounting/chart-of-accounts
Companies frequently use the Chart of Accounts, which provides an in-depth overview of all the accounts in the business’s general ledger, for organizing their records. It provides a way of categorizing every financial transaction a business made within a given accounting period.
Importance of the Chart of Accounts
– It is the foundation of the the business’s record-keeping system. It helps tracking of the cash flow of your business, simplifies accounting, and makes it simple to retrieve and report important financial information.
– The chart makes it simple to prepare information for assessing the business’s financial performance and to adhere to financial reporting standards at the given periods.
– Identifying the right ledgers for recording transactions is made simple for an accountant by a logical and well-structured chart of accounts.
References:
– https://accountingsuperpowers.com/bookkeeping/chart-of-accounts/
– https://www.investopedia.com/terms/c/chart-accounts.asp
– https://www.procurify.com/blog/what-is-the-chart-of-accounts-and-how-do-you-use-it/
– https://corporatefinanceinstitute.com/resources/accounting/chart-of-accounts/
– https://efinancemanagement.com/financial-accounting/chart-of-accounts