Allowance Method used to estimate account receivable balance not collectible, journalize bad debt expense and record allowance for doubtful accounts.

Bank reconciliation, using bank statement to generate bank reconciliation and journal entry adjustments needed in the process.

Subsidiary ledgers for accounts receivable and accounts payable recording activity by costumer and vendor rather then date done on the general ledger.

Inventory methods, Fist in first out (FIFO), Last in last out, (LIFO), and average calculation and comparison.v

Merchandising financial statements including multiple step income statement and accounts related to inventory.

Merchandising transactions adding transactions related to inventory and accounts related to inventory, cost of good sold (COGS), sales discount, purchase discount. . .

Closing entries journal entries to close out temporary accounts, including all income statement account, to equity accounts.

Adjusting entry transaction, journal entries at the end of the accounting period to adjust account to accrual basis as of the date of financial statements.

Adjusting entries as of the end of a period, needed to put trail balance on accrual bases as of the date financial statement well be prepared.

Recording normal business transactions related to cash, accounts receivable, and accounts payable, using debits and credit, discussing the effect on the accounting equation of assets liabilities and equity

Audit reports including standard unqualified report and variations including qualified report

Audit of cash and financial investments including cash equivalents, stocks, and bonds

Audit of long term liabilities, Stockholder’s Equity, and the income statement including internal controls and substantive tests

Audit of property plant & equipment, prepaid assets, and intangible assets including internal controls and substantive tests

Audit of inventory including controls and substantive testing

Audit of the payroll process including internal controls and duties to be segregated.

Auditing the purchasing process including accounts payable and expenses, assets, and inventory related to the purchasing process.

Audit testing of revenue process.

Audit sampling is necessary because we cannot test all transaction in the audit process and must use sampling in order to make a determination about many audit assertions

Internals are a critical part of the audit process and a critical part of the running of an organization.

Explain the function of audit evidence, describe management assertions about transactions, account balances and disclosures, list procedures to obtain audit evidence and describe reliability of audit procedures.

Audit risk assessment includes, analyzing what audit risk is, audit risk assessment process, analysis of how to act on audit risk results, & documentation of audit risk assessment.

Audit planning stage – list steps involved int the preliminary engagement, explain information included in and engagement letter, explain the steps in planning an audit, describe immateriality & it’s importance.

Audit environment – Types of auditory, list attest and assurance services, describe the organizational structure of an accounting firm, and explain the need for audit standards.

Auditing 101 introduction; audit defined, attestation defined, assurance services defined. Explanation on why audits are important, outline of the audit process.