Accounting Essentials: Rectification, Bills of Exchange, and Depreciation
Master foundational accounting principles to confidently correct bookkeeping errors, manage bills of exchange, and calculate asset depreciation.
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About this course
Course contents
5 modules · 29 lessons · 3h
1
Foundations and Error Identification
Understand how accounting systems operate and why errors occur
- Double-Entry Bookkeeping: The Heart of Accounting
Explaining the Debit/Credit principle and the balance of the accounting equation.6 min - Why Are the Books Wrong?
Listing common causes of errors during the recording process.6 min - What Are Single-Sided Errors?
Identifying errors that only affect a specific account.6 min - Double-Sided Errors: Symmetrical Confusion
Identifying errors that affect both Debit and Credit sides but still leave the trial balance in agreement.6 min - The Trial Balance and Warning Signs
How to use the trial balance to detect numerical discrepancies.6 min - Classifying Errors by Nature
Distinguishing between errors of omission, errors of commission, and errors of principle.6 min
2
Adjustment and Error Correction Techniques
Master the use of suspense accounts to bring books back to an accurate state
- Debit/Credit Adjustment Principles
How to reverse or supplement entries to correct mistakes.6 min - Correcting Errors Without a Suspense Account
Techniques for correcting double-sided errors using direct journal entries.6 min - Suspense Account
Definition and role of the suspense account as a 'shelter' for discrepancies.6 min - Handling Discrepancies with a Suspense Account
A step-by-step process to clear the balance in the suspense account.7 min - Adjusting Journal Entries
How to professionally present error-correction entries.7 min - Practice: From Discrepancy to Balance
Solving a real-world business scenario with multiple overlapping errors.7 min
3
Bills of Exchange and Promissory Notes
Understand debt instruments and how to account for them in a business
- Legal Framework of Bills of Exchange
Introduction to bills of exchange as payment and credit instruments.6 min - Promissory Notes and the Differences
Distinguishing between a Bill of Exchange and a Promissory Note.6 min - Parties in a Bill of Exchange Transaction
Roles of the drawer, drawee, and payee.6 min - Discounting Bills of Exchange
How to account for a business selling a bill to a bank for early cash.6 min - Accounting for Matured Bills
Journal entries to record the successful payment of a bill.6 min - Handling Dishonored Bills
How to record entries when a debtor fails to pay a bill on time.6 min
4
Asset Depreciation Management
Accurately calculate the wear and tear of asset value over time
- Depreciation: Why Does It Matter?
Understanding the nature of allocating fixed asset costs.6 min - Straight-Line Method
How to calculate uniform depreciation over the years and when to apply it.6 min - Reducing Balance Method
How to calculate accelerated depreciation in the early years of an asset's life.6 min - Comparing and Choosing Methods
Analyzing the impact of each method on business profit.6 min - Factors: Cost Price and Residual Value
Identifying input components for accurate depreciation calculation.6 min
5
Disposal and Modern Accounting Systems
Complete the asset lifecycle and get familiar with accounting technology
- Asset Disposal Entries
The process of removing assets from the books upon sale or destruction.7 min - Calculating Gain/Loss on Disposal
Determining the financial outcome when the recovery value differs from the book value.7 min - Asset Value Adjustments
How to record unusual changes in asset value during the period.6 min - Tracking Digital Assets
Introduction to managing assets in a modern digital environment.6 min - The Ledger in the Digital Age
How modern accounting software automates error correction and depreciation calculation.6 min - Summary: Perfect Financial Statements
Connecting all knowledge to prepare an accurate balance sheet.7 min
Project: Bookkeeping Cleanup for Alpha Company
You are assigned a set of ledgers for Alpha Company with an unbalanced trial balance, several unprocessed bills of exchange, and a list of fixed assets without depreciation. You need to perform all necessary adjustments.
What you'll get
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Certificate of completion
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Short & focused
3h of practical content
Certificate of completion
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Frequently asked
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Can I get a refund? +
Yes — full refund within 14 days, no questions asked.
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Forever. Once you purchase, the course is yours to revisit anytime.
Will I get a certificate? +
Yes. On completion you'll receive a certificate you can add to your LinkedIn profile.
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