Learn how to correct accounting errors from bookkeeping accounting
What you will learn
Explain the importance and limitations of trial balance in bookkeeping
Identify errors which do not reveal by trial balance
To understand different types of errors.
You will learn the correction of accounting errors in bookkeeping
Description
In this course you will learn Correction of Errors in Bookkeeping and Accounting from basics. Each topic is divided into separate section which will help to understand thoroughly and after completion of each topic you will get quiz. In this course you will get chance to learn each accounting error in detail which will polish your bookkeeping and accounting as a result you will be able to bring trial balance equal. This course is ideal for anyone who wants to obtain a good grounding knowledge in Bookkeeping and financial accounting. If you want to become pro in Bookkeeping so try to practice all the activities after each lecture. It would help you a lot and you can achieve your target.
What will we learn?
- Trial balance uses, importance and limitations.
- Types of accounting errors
- How to identify errors?
- How to analyze wrong transaction in books?
- How to understand the transaction?
- How to differentiate between errors which reveal in trial balance and do not reveal in trial balance?
- How to correct each error?
- What is Suspense account ?
- Why suspense account is created in trial balance?
- How to prepare suspense account ledger?
After completion of the course student will be able to
- Correct and identify accounting errors?
- Differentiate between Error of Omission, Error of Commission, Error of Principle, Error of original entry etc.
- Interpret and understand the financial statements.
Content