Beginners
Intermediate
Advanced
These courses guide you from the absolute first principals of book-keeping right through to the more advanced techniques of Accountancy in the same easy to follow step by step learning approach.
How Does Home Study Work?
- The courses consist of nine lessons which take you from the very first principals through to final accounts preparation.
- At the end of each lesson there are questions which must be completed and submitted to the tutor.
- The answers can be sent by post or E-Mail.
- Your answers are marked, commented on and valuable personalised individual feedback is given.
- Communications are always maintained throughout and your tutor is available to discuss individual needs.
- Once marked, your answers are returned to you either by post or E-Mail together with a set of 'model' answers. In this way your progress is monitored, you can work at your own pace and build up a 'library' of model answers.
Studying from home allows you to work in a way that suits you best with a limited change to your normal daily routine. It is a cost effective way of enhancing and developing your skills and thereby improving your career prospects. Home study has been proved to be a flexible and effective study method by literally thousands of successful students over the years.
Beginners
The Book-Keeping and Accounts Basics Home Study Course is for absolute beginners, this step by step course will take you from absolute first principals through to final accounts in nine easy to follow lessons. The home study system allows you to work from home to quickly learn:
- Double entry book-keeping
- Extracting a trial balance
- Final accounts- profit & loss account and balance sheet
- Value Added Tax- how to complete a VAT return
- Accounting for wages (P.A.Y.E) and National Insurance
- Cash control through bank reconciliation
Join the hundreds of delighted students who have successfully completed the course thereby improving their skill set and career development.
What Will You Learn?
Vital aspects of practical Book-Keeping and Accounts explaining clearly and concisely the following areas:-
Lesson 1 :- System for recording cash transactions
This lesson starts from absolute basic principles, on a step by step basis, showing how to record cash and cheque receipts and payments.
Lesson 2 :- Postings from the cash account to the General Ledger- 'double entry book-keeping'
The principle of 'every debit entry must have a corresponding credit of equal value' is clearly introduced- after this lesson you certainly know the difference between a 'credit' and a 'debit'.
Lesson 3 :- Recording Credit Transactions
Purchases and sales made on credit are introduced and clearly explained together with the concept of debtors and creditors- not all business transactions are on a cash/cheque basis. Lesson three shows you how to handle credit transactions correctly.
Lesson 4 :- The Trial Balance
Having correctly recorded all cash and credit transactions in the books how do we prove our work? The answer lies in the Trial Balance and this lesson shows, clearly and simply, how to draw up a Trial Balance. The purpose and function of this is explained intelligibly and interestingly.
Lesson 5 :- Trading and Profit & Loss Account
The concepts of gross profit and net profit and their calculation are clearly explained in order that the student may quickly and easily determine whether or not a business is trading profitably.
Lesson 6 :- The Balance Sheet
The relationship between the different classes of assets and liabilities are clearly explained. The student is shown how to present a Balance Sheet using alternative formats.
Lesson 7 :- Value Added Tax
VAT is explained in a clear and uncomplicated manner so that you can easily differentiate between input and output tax. You are also shown how to correctly complete a specimen VAT return and how to record VAT in the books of a company.
Lesson 8 :- Wages and P.A.Y.E (Pay As You Earn)
The income tax tables need no longer be a mystery as this lesson takes you through them with clarity and simplicity. Calculation of Employee's and Employer's National Insurance is also covered in this lesson. In addition you are taught how to account correctly for wages, income tax and National Insurance.
Lesson 9 :- Bank Reconciliation
The importance of reconciling the cash amount to the bank statement is emphasised in this lesson which shows how externally produced bank statement can be used as a control mechanism to give independent verification of the companies cash record. The asset of cash mush be verified and in this lesson you are shown how this can easily and quickly be achieved.
Intermediate
Background to the Course
Following the success of the Book-keeping & Accounts distance learning Course many students requested a more advanced Course written in the same style which they could use as a tool to enhance their personal development. As a result, the Intermediate Accounting Course was written on the same 'step by step' learning approach.
Level of knowledge assumed
The Intermediate Accounting Course assumes that the student has a sound grasp of double entry book-keeping and the preparation of financial statements for a sole trader business from a trial balance.
The Course assumes that the student has a desire to attain a broader overview of the financial operation of a business and learn how to monitor the progress of business financial operations.
Topics covered
There are seven Modules of the course and a resume of these is as follows:
Module 1 :- Sales & purchases ledgers
This lesson introduces and clearly explains the use and workings of the Sales, Purchases, and Returns Day Books.
The operation of the three-column cash account is also introduced.
All of these are absolutely fundamental to any size of Business.
Module 2 :- Control Accounts
The number of individual debtors and creditors will be too large to maintain an account for each in the Ledger. This Module shows how a business controls its debtors and creditors using accounts which act as a control mechanism.
Module 3 :- Further aspects of depreciation
Every business will need to depreciate its fixed assets. This Module extends the concepts taught in the Beginners' Course by clearly explaining the main types of depreciation. The
procedure for dealing with the sale of a fixed asset is also logically explained.
Module 4 :- Cash and cash flow
Cash flow is absolutely vital to every business. Accordingly Module 4 explains the workings of the cash flow cycle for a typical business and how this can be controlled. The difference between profitability and liquidity is carefully explained, as is the preparation of cash flow statements.
Module 5 :- Fixed assets - investment appraisal
The acquisition of fixed assets represents a major investment for any business. This Module introduces Payback and Discounted Cash Flow, as these are the two main methods to employ before investing company funds in the purchase of fixed assets
Module 6 :- Budgets & Forecasts
All businesses need to plan in detail for the future. Module 6 introduces the concept of a Business Plan supported by sales and expense budgets. Variance analysis reports are carefully explained as a tool for a) identifying variances from Budget and b) understanding the variances
Module 7 :- Methods of stock valuation
Stock valuation plays a very important part in determining the profit of a business. Consequently this Module introduces the various valuation methods, which can be used to value stock.
HOW THE COURSE WORKS - STEP BY STEP
- The Course consists of seven modules
- At the end of each Module there are assignments to be completed and submitted to the College for assessment.
- Assignments can be submitted either by E Mail to brian@woodgrove-tutorials or by post.
- Your answers are marked, commented on and valuable personalised feedback is provided within 24 hours. Communication with the College is encouraged at all times.
- Once marked, your answers are returned to you with a full set of model answers. In this way your personal progress is monitored and you can work at your own pace.
Advanced
Following the success of the Book-Keeping and Accounts Basic Home Study Course many people requested a more advanced course written in the same style on which they could build their existing knowledge. As a result the Advanced course was written and is based on the same step by step learning approach.
Join the hundreds of delighted students who have successfully completed the course thereby improving their skill set and career development.
What Will You Learn?
The Advanced course assumes that the student has a sound grasp of Double Entry Book-keeping principles and the preparation of basic final accounts from the Trial Balance of a business. The course also assumes that the student has a desire to attain a broader overview of the financial affairs of different types of business entities.
There are nine lessons to the course and a resume of these is as follows:-
Lesson 1 :- Suspense Accounts and the use of the Journal
This lesson introduces and explains clearly the use of the Journal with an emphasis on the correction of errors. The operation of a Suspense Account as part of the Double Entry Book-Keeping system is also explained.
Lesson 2 :- Introduction to Consolidated Company Accounts
Group structure, i.e. the acquisition of one company by another, and the accounting requirements for Consolidated Profit and Loss Accounts and Balance Sheets.
Lesson 3 :- Manufacturing Accounts
Many firms make their own finished products through the operation of their own manufacturing process. The relationship between different classifications of costs is explained together with the presentation of these costs in the form of Manufacturing, Trading and Profit and Loss Accounts.
Lesson 4 :- Partnership Accounts
Many businesses will be formed as a Partnership. This lesson shows exactly what the Partnership Agreement should contain. The appropriation of profits to the partners, after adjusting for the provisions contained in the Partnership Agreement, is also clearly and concisely explained.
Lesson 5 :- Limited Companies
Most businesses will be formed under the Companies Act. The concept of Limited Liability is taught together with all the requirements made by the Act. Different classes of share capital are introduced together with an explanation of the operation of loan capital.
Lesson 6 :- Cash Budgets and Projections
Corporate business plans are introduced in Lesson 6. The preparation of a Cash Flow Projection is fully covered. This is most important as almost every business which needs to raise capital from a lending source must make a presentation in the form of a Cash Flow Projection. Also shown is the preparation of forecast Profit and Loss Account and Balance Sheets.
Lesson 7 :- Marginal Costing and Break Even Analysis
The relationship between the types of cost demonstrated in Lesson 3 are expanded. The function of costs is also explained together with the impact of their function on the production planning process.
Break Even Analysis is introduced to show the importance to management of knowing (a) the number of units required to be produced and sold to break even and (b) the number of units to be produced and sold to obtain predetermined required net profit.
Lesson 8 :- Interpretation of Accounts and Stock Market Ratios
This shows the student how to use ratio analysis to assess corporate financial performance and thus determine the risk involved in a particular company. The ratios shown in the financial press are also shown and explained in such a manner as to allow the student to know exactly how these are computed and the meaning of quoted ratios and yields.
Lesson 9 :- Income Tax on Trading Profits
The difference between trading profits and those which will ultimately be assessed to income tax is shown together with the mechanics of the preparation of the tax computation for submission to the Inspector of Taxes. The tax rules allow for different treatment of the assessable profits in the opening year of a business. These are explained together with the advantages to be gained in the application of these special provisions.
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Centre for the International Association of Bookkeepers (IAB) Courses. We offer
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