The course Diploma in Accounting - Advanced Controls and Transactions looks in-depth at the transactions, processes and controls used to record typical transactions in a business.
In sales, you will learn how to handle returns, discount and freight charges as well as working out the cost of goods sold. In inventory, you will see the two different methods of counting inventory, periodic and perpetual, as well as the different methods of calculating value of the inventory and the associated journal transactions to record the necessary adjustments.
To help manage the cash assets within a company, the different controls and best practices are outlined with examples of documents and processes given for both checking accounts and petty cash. Samples of adjusting journals are given and the importance and use of the quick ratio are explained. This is followed with details on how to manage the accounts receivables, from calculating the provision for uncollectable accounts to the use of aged analysis. Similarly in accounts payable you will see how to make provision for both the known and unknown liabilities as well as how to use payable notes as for of short term finance.
This diploma course will be of great interest to entrepreneurs and business professionals who would like to better understand the transactions and controls used in business, and to any learner who is interested in accounting as a future career.
Having studied this course you will be able to:
- Process all the transactions necessary for a merchandising business;
- Calculate the net realizable value and use is as a key performance indicator (KPI);
- Count and manage all the transactions relating to inventory;
- Put in place the controls to help prevent errors in the handling of cash;
- Manage the checking account and petty cash transactions and the associated document flow;
- Calculate, analyze and use the financial results-quick ratio;
- Manage the accounts receivables and payables using the allowance method;
- Calculate provisions to payables, uncollectable etc.;
- Calculate interest on notes receivable or notes payable;
- Analyze and use the financial results—accounts receivable turnover and the number of days' sales in accounts receivable.
All Alison courses are free to study. To successfully complete a course you must score 80% or higher in each course assessments. Upon successful completion of a course, you can choose to make your achievement formal by purchasing an official Alison Diploma or Certificate.
Having an official Alison document is a great way to celebrate and share your success. It is:
- Ideal to include with CVs, job applications and portfolios
- A way to show your ability to learn and achieve high results