WELCOME

We're thrilled to have you join us on this real-world, hands-on journey, where you'll get the opportunity to apply your knowledge and skills in a practical setting. This manual accounting and bookkeeping practice set is designed to provide you with valuable experience in dealing with realistic financial transactions and mastering the art of maintaining accurate and organized records.

As you embark on this adventure, you'll be challenged to set up a new set of books, analyze and record a full month of financial transactions into journals, post to the general ledger, reconcile the bank account, prepare the trial balance, and create a balance sheet, income statement, and financial ratio analysis. You will gain a deeper understanding of how these essential components come together to create a comprehensive financial picture.

This practice set will give you a taste of what it's like to be an accountant and/or bookkeeper in the real world, where attention to detail, precision, and thoroughness are crucial. You'll encounter scenarios that will test your problem-solving abilities and decision-making skills, allowing you to learn from both your successes and any challenges you may encounter along the way.

By completing this practice set, you'll gain practical knowledge and confidence in your accounting and bookkeeping skills, making you well-prepared for on-the-job tasks. The talent you develop here will be invaluable as you progress in your career and encounter similar challenges in professional settings.

Remember, this is a learning experience, so don't get frustrated if you make mistakes or get stuck Mistakes are opportunities for growth and learning and it’s natural to get stumped along the way. If you become perplexed and unable to move forward at any point, it’s perfectly acceptable to take a quick peek at the solutions (at the back of the manual). Instead of viewing this as a failure or roadblock, try to see it as an opportunity for growth.

Suggestions for Working with this Practice Set

First, read and review page 1.1 to get a general idea of the nature of the company and how the practice set is structured. Then complete the five steps in order one step at a time. Each step includes an overview section and a ‘work to be performed’ section. The overview includes helpful accounting definitions and directions to assist in completing the ‘work to be performed.’

Helpful Hint: The entire accounting and bookkeeping practice set is printed on perforated paper and the pages may be easily removed from the manual at the left margin

At a minimum, the following two steps should be removed from the manual to make completing your work easier:

• Step 1: Prior Year Balances and Closing General Journal Entry-Pages 1.3 through 1.4

• Step 3: The Six Journals – Pages 3.1 through 3.6

• Step 5: The Workpapers - Pages 5.1 through 5.8

The remaining pages do not need to be removed, however you may find that completing the General Ledger at Step 4, pages 4.1 through 4.36, may work better if removed (optional).

Good Luck and Have Fun!

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Limit of Liability and Disclaimer of Warranty: The publisher makes no representa�ons or warran�es with respect to the accuracy or completeness of the contents of this work and specifically disclaims all warran�es, including without limita�on warran�es of fitness for a par�cular purpose. No warranty may be created or extended by sales or promo�onal materials. The advice and strategies contained herein may not be suitable for every situa�on. This work is sold with the understanding that the publisher is not engaged in rendering legal, accoun�ng, or other professional services. If professional assistance is required, the services of a competent professional should be sought. The publisher shall not be liable for any damages from loss of profit or any other commercial damages, including but not limited to special, incidental, consequen�al, or other damages.

Published by American Business College, Inc., San Diego, California

Copyright All rights reserved

ISBN: 979-8-9882087- 2-3