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Bookkeeping Applications II
Bookkeeping Applications II – 100 Hours Certificate Course
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Learn About Bookkeeping Applications II
Want to understand how to interpret profit and loss accounts, finance, and general bookkeeping in order to make your business more successful?
Learn the importance of how bookkeeping principles are essential for handling your business on a day-to-day basis. Alternatively, if your goal is to work in an accounts department this course is ideal. This course is the next step up from Bookkeeping Foundations I.
There are no prerequisites for Bookkeeping Applications II
Learn how to apply cash flow management, stock control, budgeting, and payroll. This course is particularly suitable for businesses selling goods (trading businesses).
If you are in retail, manufacturing, trading, and primary producers, Bookkeeping Applications II, will equip to understand the importance of good bookkeeping practices.
If you have completed Bookkeeping Foundations I, then Bookkeeping Applications II, is the next level for you. This course will also help you improve your bookkeeping skills if they are not current.
Trading Businesses – Bookkeeping Applications II is ideal for this purpose!
What is a trading business? They usually sell things rather than sell services. This includes retailers, primary producers, and manufacturers. Service Providers are not covered in this course.
Trading businesses must record goods purchased and goods sold. Efficient and accurate record-keeping of these transactions is essential in knowing what your financial situation is on a day-to-day basis.
“Please Note: If your goal is to be a licensed professional bookkeeper then these two courses, Bookkeeping Foundations I and Bookkeeping Applications II, will not qualify you for this purpose. You will need to enroll with the ICB (Institute of Certified Bookkeepers) who are based in the UK.
The ICB is the world’s largest bookkeeping organisation, held in high esteem internationally. ADL is also an approved ICB Distance Learning Provider. For more details about the ICB courses please contact our course advisors at: [email protected] or phone +44 (0)1227 789 649 for further details.
However, if you wish to have an understanding of how bookkeeping principles work and how they can be applied to your business, irrespective of where you are located, then Bookkeeping Foundations I and Bookkeeping Applications II will be most beneficial to you.
Bookkeeping principles in general are fairly standardised around the world, with minor differences.
These two courses have been designed to cater for the global market. So whether you live in Zambia, Qatar or Europe etc, Bookkeeping Foundations I and Bookkeeping Applications II, will help you gain a solid foundation in bookkeeping knowledge.
Please Note:Â If you reside in the UKÂ you should request the UK version of this course.
For those who reside outside of the UK, please request the International version.
Course Information
Other Categories
Lessons
There are 10 lessons:
- Introduction to Bookkeeping Applications
- Stock defines a trading business
- Bookkeeping requirements for a trading business
- Steps in processing stock transactions
- Books required for a trading business
- Trading businesses and accounting rules
- Accounting doctrines
- Accounting standards
- Decision Making -How to manage bookkeeping
- Bookkeepers Terminology
- Using bookkeeping as a management tool
- What are business structures
- Business requirements of companies
- Financial information, and who uses it
- Alternative approaches to accounting systems
- Definitions and bookkeeping processes
- Double entry bookkeeping
- Single entry bookkeeping
- Cash accounting
- Modified cash accounting
- Accrual accounting
- Choosing depreciation methods
- Depreciation calculation
- Calculating depreciation with the straight line method
- What if there is no residual value
- How to enter depreciation in the books
- Declining balance method of depreciation
- Calculating percentage rate of depreciation
- Units of activity depreciation method
- Intangible assets
- Tracking assets and depreciation
- Closing stock control methods
- Functional profit and loss in a trading business
- Informative profit and loss presentation – segmentation, grouping expenses
- Showing Extraordinary Revenue and Expenses
- Managing Cash Flow, Obtaining Finance, Managing Bad Debts and Accounts Payable
- Definition of cash
- The cash cycle
- Cash flow and liquidity
- Analysing a businesses cash flow
- Cash flow margin
- Statements of cash flow
- Managing costs in a business
- Financing a business
- Rules for business funding
- Business set up costs
- Thinking outside the box
- Loss of time and income
- Managing bad debt
- Initiating collection
- Bookkeeping procedures for bad and doubtful debts
- Accounts payable procedures
- Accounts payable schedule
- Ageing report
- Source Documents -invoice, monthly statement
- Credit purchasers journal
- Creditors subsidiary ledger and schedule
- Cash payments journal and creditors control account
- Managing Inventory Part 1
- Difference between goods and commodities
- Role of stock in a trading business
- Purpose of physical stock take
- Costing goods
- When an articles cost changes
- How cost relates to gross profit
- Difference between cost of goods sold and selling expenses
- Pricing stock
- Mark up
- Margin
- Stock coding system
- Stock sheets
- Journals used in businesses that carry stock
- Common journals
- Examples of journal entries
- Recording purchase returns in the general journal
- Closing books
- Closing ledger accounts
- Preparing for new accounting period
- Transferring balance day closing entries
- Profit and loss account
- Balance sheet
- Managing Inventory Part 2
- Perpetual stock control
- Stock cards and subsidiary ledger
- Records on stock cards
- Stock gains and losses
- Adjustments
- Errors in stock taking
- Bar codes
- Costing sales
- Inventory turnover ratio
- Modified general journals for perpetual stock control
- Valuing stock methods -FIFO, LIFO, Identified cost method, weighted average, etc.
- Terminology
- Establishing and Managing Control Accounts
- Introduction
- Grouping accounts
- Advantages of control accounts
- Debtors control accounts
- Debtors subsidiary ledger and control account
- Cash receipts journal and debtors control account
- Credit purchasers journal
- Creditors subsidiary ledger and control account
- Cash payments journal and creditors control account
- Control accounts relationship to non current assets
- What happens at the end of assets useful life
- Assets register
- Disposal of non current assets
- Creditors control accounts relationship to subsidiary accounts
- Control accounts and expenses
- Control accounts and inventory
- Budgeting Part 1
- Introduction
- Budget types
- Cash budget
- Capital budget
- Sales budget
- Marketing budget
- Production budget
- Expense budget
- Project budget
- Master budget
- Inter-relationships between budgets
- The cash budget
- Preparing a cash budget
- Factoring in safety margins
- Variable Costs
- Using net profit to evaluate business performaNCE
- What is profitability?
- What is gross profit?
- What is net profit?
- Cash flow margin
- Return on assets margin
- Gearing ratio
- Owners equity margin
- Budgeted profit and loss statements
- Budgeted balance sheets
- Variances in budgets
- Budget reviews and performance reports
- Budgeting Part 2
- A problem based learning project (ie. PBL) where you will prepare budgeting for a retail business.
- PBL project is carefully designed by experts to expose you to the information and skills that we want you to learn.
- In undertaking the project, you are given:
- A statement of the problem (e.g. diseased animal; failing business; anorexia case study);
- Questions to consider when solving the problem;
- A framework for the time and effort you should spend on the project;
- Support from the school.
- Payroll, PAYG Taxation, Taxation for Trading Businesses
- How to set up a payroll system
- Types of payments made for worek done
- Employee records to be kept
- Other records
- Fringe benefits and taxation
- Recording wage payments
- Employee payment summary
- PAYG Taxation
- Using time sheets
- Superannuation or pension funds
- Taxation law terminology
- Tax related expenses
- Financial Statement Analysis
- Analysis and interpretation
- Why do we analyze financial data
- Using net profit figures to evaluate business performance
- Analyzing cost centres in business
- Functional classification on P & L Statement
- Difference between analysis and interpretation
- Ratio analysis
- Trend analysis Vertical analysis
- Horizontal analysis
- When should financial data be analyzed
- Calculating investment returns
- Return on assets margin, equity margin
- Cash flow ratio operation
- Accounts receivable turnover ration
- Evaluating business performance using net profit ratio
- ProfitabilityÂ
Please note: Each lesson culminates in an assignment which is submitted to ADL, marked by your tutor, and returned with relevant comments, and where necessary, extra reading.
Learning Goals
- Outline of the nature of trading businesses and their bookkeeping requirements. Review bookkeeping procedures.
- Describe the selection of bookkeeping processes to suit particular business needs and the advantages and disadvantages of each.
- Describe: cash flow management and cash flow margins and returns on investment, business finance methods, how to manage bad debts and accounts payable procedures.
- Describe the nature of stock and the periodic system used to record inventory.
- Outline various control accounts and their use.
- Outline budgeted reports used in trading businesses and their preparation methods.
- Outline methods used in payroll systems and taxes applicable to payroll; describe a range of taxes applicable to trading businesses.
- Analyse the financial position of a business
Practical (Set Tasks)
Examinations
Program Summary
More Information
TERMINOLOGY AND THE BOOKEEPER’S WORLD
Bookkeepers live in a world of finance. People working in the world of finance should understand terminology
used by the bookkeeper, but sometimes others who you work for might not understand or appreciate the
significance of the work a bookkeeper does.
Bookkeepers need to communicate with both:
1. People in the world of finance such as bankers, taxation officers, financial advisors; and
2. People who are not in the world of finance, such as people who create and or provide goods and
services to and from the enterprise they work for.
A good bookkeeper needs to cultivate communication skills and be able to accurately interact with everyone
they work with, in order to properly and accurately gather the information needed to do a good job.
Understanding the Language
Although accounting standards (and therefore terminology) may change from time to time, the concepts and
language of bookkeeping has rigid consistency. It was formulated from a long history of accounting standards,
set down by various bodies over many years – both as national and increasingly as international standards.
Bookkeepers know the importance of learning the correct terms whilst also keeping pace with new standards as
they are introduced. This is important knowledge that bookkeepers must learn and use to communicate with
people in the world of bookkeeping and accounting.
Terminology:
Accounts receivable/debtors: the money owed to a business by a customer, after they have been sent
an invoice, for the products or services they were supplied on credit.
- Accounts payable/creditors: the money owed by the company for good or services supplied to them.
- Accruals: bringing forward the cost of goods or services or the receipt of monies owed against an
invoice into a current accounting period, even though you may not have paid for the goods/services
received or received payment for goods/services you supplied. - Cash accounting: accounting system that does not recognise accruals – in other words it only recognises
the debts and credits for a specified accounting period. - Assets: items of value to a person or a business that can be easily transferred to cash.
- Current assets: Cash and other resources that a company expects to either use up or to turn into cash
within the following year of the date on the balance sheet. - Fixed assets: an asset that is not sold off (or consumed) during the normal course of trading within a
business. - Liabilities: the obligation of a business to transfer an item of value to another company or person. This
can include accruals on a balance sheet. - Current liabilities: amounts due to be paid to creditors, within a twelve-month period from the date on
the balance sheet. - Capital: the assets and cash owned by a business.
- Equity: the total value of assets within a business that have been contributed by the owner
- Net profit: income generated before taxes.
- Chart of accounts: a list of numbered and named ledger accounts.
- Credit: a facility extended by a company or person to enable payment of goods after they are received.
- Debits: an entry recorded on the left-hand side of an account that shows an amount owed
- Income accounts: the books in which all the income that is received by the business is recorded.
- Journal: details all the financial transactions of a business and in which accounts these transactions
belong. - General ledger: a book that specifies a summary of all the transactions held within the accounts of a
business. - Trial Balance: a report that lists all the accounts of a ledger and the total (end amount for a given
period) of the transactions for each account – both credits and debits. - Depreciation: due to wear and tear an asset is reduced in (book) value over a period of time.
- Double-entry bookkeeping: amounts are debited in one account and credited in another.
- Financial Statements:
- Income statement: A financial statement that shows the results of all income received and expenditure
by a business within a certain period. - Balance sheet: states the liability and assets held by a company at a particular date.
- Profit and Loss Statement: a standard financial document for a specified period (e.g. monthly, 3 monthly
or yearly) that summarizes a company’s income and expenses. - Inventory: a list of stock (i.e. all items including raw materials and finished products etc.) held by a
company.Using Bookkeeping as a Management Tool
When a manager has access to well-kept books, they can use these as a tool for future business planning and in
order to make timely and considered decisions. They can see at a glance whether the business is making a profit
or a loss, how much money is owed to creditors and how much is owed to the company by debtors. They can
determine by using this information whether all is going to plan, and decisions can then be made around that
information.For example, if sales are down should prices be dropped? Can the wage bill be met? Is downsizing
an option to consider? Conversely, if sales are up decisions to expand the business may need consideration.
How much would it cost to expand? How much extra money would it take to cover expansion costs? And so on.Managers are also able to see in detail where spending has increased or decreased.For example, if the phone account is suddenly a lot higher than it has been in the past, employees may be using mobile phones more for
business, or it may be for personal calls – these sorts of added, unexpected expenses, lower the net profit (or
bottom line as it is referred to). A manager can look at these lifts in expenditure and adjust spending or reign in
employees accordingly.Cash flow is important in the secure trading of any business and efficient bookkeeping clearly shows the
manager which creditors are slow in paying, and whether action needs to be taken.
Assessment
Assessment is based on a combination of completing all assignments and sitting for a final short one and a half hour exam, in your own location.
If you don’t cope well with exams then you may elect to undertake a project instead. This is a popular option.
In addition, most modules have a Set Task at the end of each lesson placed before the assignment. This is an opportunity to undertake practical work to help you acquire knowledge and skills and practical experience. This ADL feature is an added bonus not found at most online schools. Set Tasks are not required for assessment.Â
Some courses also have optional Self-Tests which are available on our online learning platform. These are not available by correspondence or by USB, and do not form part of your overall grade.
How our courses work
- Choose Your Learning Method
You choose how you would like to receive your course material, i.e., Online, USB or Correspondence. The choice is yours. You may also work on online or offline. - Tutor Allocation
Every student is assigned their own dedicated tutor who is an expert in their subject area. They provide as much or as little individual contact as you require. You can contact your tutor whenever you need – your hours are not limited. - Feedback and Assignments
Tutor Feedback is an essential component in helping you understand the subject matter. Tutor feedback is given in the form of notes written on the assignment. We encourage you to contact your Tutor where help with clarification and understanding of course material may be required.
Your assignments are located at the end of each lesson. You submit them for marking whenever you are ready. There is no time limit.  - Set Tasks and Self-Tests
Most modules have a Set Task at the end of each lesson before for the assignment. This is where you get the opportunity to undertake practical work to help you acquire knowledge, skills and practical experience. Many modules also have short Self-Tests. - Exams
Once all assignments have been completed you may then elect to sit for a one and half hour exam in your own location. If you prefer not to take the exam you do have the option to undertake a project instead.
Once the exam or project part of the course is completed, your Certificate is then processed. Please allow approximately 4 weeks for this. - Design Your Own Qualification
ADL offers students the flexibility to self-design their own qualification – bundling together a combination of 100-hour modules into a qualification higher than a certificate.
FAQ
FREQUENTLY ASKED QUESTIONS
Here is a list of the most often asked FAQ’s.
General
Q. Why should I enrol with the Academy for Distance Learning?
A. Here at ADL, our students are our priority – we treat everyone as a unique individual.
Q. Do I need to buy text books?
A. No, as each module has been written by highly qualified industry professionals. The content of the material is presented in such a way that text books are not required. However, if you require additional reading your tutor will be able to supply a list.
Q. What happens if I have to stop studying for a while? (eg. become sick, go on holidays, have a baby, move house, etc)
A. It’s OK to take a break and start up your study at a later point in time. Just let us know.
Q. Is there an age limit?
A. There is no maximum age limit. We do however, have a minimum age limit of 18 years. Below that age parental consent would be required.
Q. Are your courses up-to date?
A. Our courses are revised and updated on a rotation system.
Q. Do you have a Cancellation policy?
A. Yes. We have a cancellation policy that is fair and equitable. For further details please click here.
Q. Will I have any opportunity to engage with other students?
A. We have a Student Community group based on facebook! If you don’t have a facebook account already, you could make one just for talking with fellow students on the group.
Enrolment
Q. When can I enrol/start?
A. You may enrol and start at any time of the year – it’s all self- paced.
Q. Can I study from anywhere in the world?
A. Our courses are available to anyone, anywhere in the world from the comfort of your own home. The course content is relevant to any country, culture or economy.
Q. How long do I have to complete the course?
A. You complete the course at any time that is convenient for you.
Q. Completing a 100 hour module – how long will it take?
A. For some students a 100 hour module will take approximately to 3- 6 months to complete. Others take less time and some even longer.
Assessment
Q. Assessment – how does it work?
A. For each 100 hour module you are assessed by assignments (at the end of each lesson) and a final one and a half hour exam (or you may elect to complete a Project, instead of sitting the exam) – the choice is yours – you sit for the exam in your own location.
Q. I don’t cope well with exams – what can I do?
A. You may elect to undertake a Project (set by your tutor) instead of sitting the exam. Projects are completed from your home and can usually take a couple of weeks to complete.
Q. If my assignment is not up to standard is there an opportunity to resubmit my work?
A. Yes –
Q. How many assignments do I need to complete for each module?
A. At the end of each lesson, there is an assignment – so if a course has say, 10 lessons, there would be 10 assignments.
Q. I am having difficulty attending workshops/industry meetings, what can be done?
A. If your course requires attendance at workshops, conferences, or industry meetings; alternative arrangements can be made in your country.
Qualifications
Q. What qualification will I receive?
A. For individual modules, you would be awarded a Certificate endorsed by TQUK (Training Qualifications, UK), providing you complete all assignments and the exam. If you just want to complete only the assignments and not sit for the exam or finish a Project, then a Letter of Achievement would be awarded. For more details on qualifications available please click here.
Q. Can I customize my diploma/higher qualification?
A. Not all educational institution’s certificates /diplomas meet everyone’s needs. The opportunity to Design Your Own Diploma at the Academy (subject to our approval) is an added bonus, not found at other colleges. You choose modules that you think will help you in achieving your goal.
Q. What do I get when I complete the course? Will I receive a transcript?
A. At the completion of all courses and providing all assignments and exam requirements have been met, you will receive your Award and a Transcript.
Tutors
Q. Our tutors – who are they?
A. We appoint Tutors and require that they must be currently active in their industry, with at least 5 years’ experience in their chosen profession.
Q. Can I contact my tutor at any time?
A. Yes – you have unlimited access to your tutor via email through our Online Classroom. You can always leave a message with ADL requesting your tutor to contact you. You decide on how much or how little contact you wish to have.
Q. Practical work – How is this done?
A. To find out more about this part of the course please visit the section on How Our Courses Work here.
Career Options
What's Included
What your tuition fees include
- All Course Material via Online, USB or Correspondence
- Assignments Marked
- Professional Tutor Feedback
- Set Tasks - Practical Exercises to help you develop skills
- Self-Tests – multiple choice questions at the end of lessons in most modules
- Unlimited Personal Tutor Support – via our student classroom
- Committed and Friendly Admin Support – vital to your success
- All ADL Exam or Project fees (exception RHS exams)
- Qualification Certificate
- Official Transcript with assignment grades
- Student Manual
Plus FREE
- Academic Writing course (optional - 10 hours only)
- Critical Thinking course (optional - 10 hours only)
- Job Seekers Careers Guide
- Study Tips on How To Study Better
- Career Counselling by ADL Staff
- CV Writing Help, Tips and Advice
There are no hidden extras
Career Opportunities
FAQ - RHS Theory Qualifications
GENERALÂ
If you require further details about any of the RHS industry recognised qualifications please, call one of our friendly RHS Course Advisors on +44 (0)1227 789 649 or email: [email protected]
Q:Â When can I Enrol/Start My RHS Course With ADL?
A: Anytime, Anywhere. There are no enrolment deadlines.
Q:Â I live Overseas. Can I Study From Overseas?
A: You can study any of the RHS theory qualifications overseas. All courses are offered in English. You will need to email RHS Qualifications direct to arrange sitting for your examination overseas.
Q: Is There a Time Limit for Completing an RHS Qualification?
A: At present there are no time limits. However, RHS is contemplating in the future, the introduction of course time-lines.
Q:Â Are There Any Entry Requirements (Pre-Requisites)?
A:Â The RHS Theory courses do not require prerequisites, previous experience or any knowledge of horticulture. You just need passion for all things horticulture.
Q: What Course Should I Start With First? I Am New To RHS Qualifications.
A: We highly recommend that you start with Level 2 – Principles of Garden Planning, Establishment and Maintenance.
Q:Â What Does ADL Course Material Include?
A:Â Includes Power Point Presentations, Videos and written course lessons.
RHS EXAMS
Q:Â When Do Exams Take Place?
A: Exams are held on fixed dates in February and June of each year. You should register as a candidate at least 3 months before these dates, so please do not leave exam registration to the last minute
Q:Â Where Do I Take My Exams?
A:Â UK: You take the exams at the RHS Wisley Centre, located between Cobham and Ripley in Surrey or at other authorised RHS centres around the UK.
Overseas: please email RHS qualifications direct for centre information.
Q:Â Exam Pass Marks?
A:  Module – pass 50%.  Commendation 70%.
Qualification:Â 50% pass for all modules.
Commendation awarded for all modules.
Each question carries a value of 10 marks.
Q: I’m Not Happy With My Exam Results?
A:Â You have the opportunity to re-sit your exam at the next opportunity.
There are no restrictions on the number of re-sits you can take. The highest mark you achieve will remain.,