Program Goal and Outcomes
Program Goal: The program goal for Penn Foster’s Bookkeeping Career Diploma program is to prepare graduates for an entry-level career as a Bookkeeper via several distance learning courses.
Upon completion of the program, students will be able to:
- Compile/produce Financial Statements, with attention to detail, from Accounting records for organizations.
- Understand employment opportunities in many industries, including firms that provide accounting, bookkeeping, and payroll services; federal, state, and local governments; and schools.
- Demonstrate basic math and computer skills, including knowledge of spreadsheets.
- Demonstrate the knowledge necessary to become certified in areas of bookkeeping by being able to carry out all bookkeeping tasks, including overseeing payroll and balancing accounts, according to accepted accounting procedures.
- Apply proper procedures for controlling an organization’s financial documentation and guard against misappropriation of organization’s funds.
- Operate computers programmed with accounting software to record, store, and analyze information.
- Apply proper procedures for receiving, and recording cash, checks, and vouchers in compliance with federal, state, and company policies, procedures, and regulations.
Instruction Set 1
Starting Your Program
Succeed by learning how to use your Penn Foster program. Understand how to use your Student Portal, including your My Homepage and My Courses pages; access the Penn Foster Community and use it to find answers; and connect with Penn Foster on various social media sites.
The Accounting Equation
Assets, liabilities, owner's equity, and the accounting equation; preparing a balance sheet.
Supplement: A Glossary of Accounting Terms
Instruction Set 2
The Books of Accounting
The basics of the general journal; the basics of the ledger, including the T account, the chart of accounts, and opening a ledger account.
Assets, Liabilities, and Owner's Equity
Account balances for asset accounts, liability accounts, and owner's equity accounts; footing and balancing the ledger; analyzing a transaction; posting to the general ledger.
• Account Analyzer
• How to Use Your Account Analyzer
Instruction Set 3
Revenue, Expenses, and Trial Balance
Another look at owner's equity; permanent and temporary accounts; normal balances.
Worksheets; how to prepare an income statement and a balance sheet; closing steps for expense and revenue summary accounts; balancing and ruling the books at the end of the year; temporary ledger accounts; permanent ledger accounts; the general ledger; the accounting cycle.
Instruction Set 4
Accounting for Cash and Payroll Accounting
How to account for cash and where to keep money; the proprietorship; computing employee earnings; keeping records for the government; employer-paid taxes and paying payroll taxes.
Accrual accounting; the importance of inventory accounting; posting to the general ledger and other business records.
Accounting procedures for wholesale sales, discounts, sales returns, and allowances; maintaining the accounts receivable ledger; recording cash, credit, and C.O.D. purchases; maintaining accounts payable ledger; promissory notes and interest-bearing notes.
Supplement: How to Read an Income Statement and a Balance Sheet
Instruction Set 5
Assets and End-of-the-Month Activities
Accounting procedures for long-term tangible and intangible assets; amortization and depreciation; the end-of-the-month accounting procedures.
Introduction to Windows®
The role of Windows® as the computer's operating system; Windows® commands and functions; customizing your computer to suit your needs; Windows® Accessories; help screens and system tools.
Instruction Set 6
Creating and modifying a worksheet in Excel; working with charts in Excel.
Graded Project: Microsoft® Excel
Textbook: Microsoft® Excel
Instruction Set 7
Maintain the accounting records and prepare financial statements for this sole proprietorship. Includes ledgers, business papers and checks, journals, and the narrative of transactions. Project must be completed manually.