Accounting Journals and Ledgers

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Learning Objectives

To explore the concept of accounting journals.
To explore the concept of ledgers including: the general ledger, subsidiary ledgers, ledger accounts
To describe how to evaluate, compare and contrast the purpose and substance of the various ledgers.
To examine processes for posting to the general ledger.
To identify the critical components of ledger closing and month-end or period end requirements

Course Description

A core premise of accounting deals with the concept of journals, ledgers and journal entries. The need for various journals or ledgers may depend on the size and structure of the organization. Bookkeepers must understand how each tool is developed and how they interrelate.

An accounting journal is a detailed account of all the financial transactions of a business. It is also known as the book of original entry (the first place where transactions are recorded). An accounting ledger is an account or record used to store bookkeeping entries for balance sheet and income statement transactions. Accounting ledger journal entries can include accounts like cash, accounts receivable, investments, inventory, accounts payable, accrued expenses, and customer deposits. The term accounting ledger is often used interchangeably with accounting sub-ledgers or the general ledger. A general ledger contains all the accounts for recording transactions relating to a company's assets, liabilities, owners' equity, revenue, and expenses. The general ledger is where posting to the accounts occurs.

This online CPE course will examine each of these accounting tools and explain their protocols and how they are integral to the accounting process.

Major topics covered in this online Accounting CPE webinar:

Accounting Journals
General Ledgers and Sub-Ledgers
General Ledger vs. General Journal
General Ledger vs. balance Sheet
Illustrations of Posting to the GL

Whether you are a business owner or want to develop the skill of bookkeeping to begin a career, there are critical accounting and bookkeeping concepts that are important to learn. This continuing education course have been developed by Lynn Fountain a CPA who has both small and large business accounting experience and background. The full curriculum of course will provide you with the ultimate foundation to a career as a bookkeeper.

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Overview

Accounting Journals

5 mins
General Ledger and Sub-Ledgers

11 mins
Sub-ledger vs. Journal

20 mins
General Ledger

30 mins
Why Are Posting Entries Important?

36 mins

Webinar Qualifies For

1 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
1 General Credit for Accountant/Bookkeeper/Tax Professionals
1 CPD Credit of Accounting for CPA in Canada
1 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
1 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
1 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
1 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
1 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
1 PL Credit for Chartered Financial Analyst (CFA)
1 CPD Credit for Association of Chartered Certified Accountants (ACCA)
1 CPE Credit for Certified Government Financial Manager (CGFM)
1 CPD Credit for Chartered Accountant - ICAEW
1 CPE Credit for Internal Audit Practitioner (IAP)
1 CPE Credit of Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA)
1 CE Credit for Certified FP&A Professional (FP&A)
1 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
1 CPD Credit for Chartered Accountants - Scotland
1 CPD Credit for Chartered Accountants - Ireland (CAI)
1 CPD Credit for CPA - Ireland
1 PL Credit for CIPM

About Instructor

Lynn Fountain, CRMA, CPA (US), CGMA, MBA

Owner, Lynn Fountain Consulting and Training

Lynn Fountain has over 39 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.

Ms. Fountain is currently engaged in her own consulting and training practice. She has successfully executed on several consulting assignments spanning areas of accounting, risk, ERM and internal audit. She is a highly sought-after trainer and international speaker and has produced hundreds of courses delivered through seminars, conferences and on-demand training. She is the author of three separate technical books.

Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”.
Leading the Internal Audit Function
Ethics and the Internal Auditor’s Dilemma

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.

Additional Information

Duration

1 Hour

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Ratings and Review

4.4

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Jesse Nordman, CPA (US)

I wish this course was provided at the end of the 4 year bachelors in accounting. It does an excellent job taking common terminology and differentiating them, then puts them in context for work life. I probably heard something along these lines in accounting 101, then it gets a little lost in details of advanced classes. This really brings an accountant back to a core view after being at the point of understanding the debits & credits easily.

Patricia Poplau, CPA (US)

Loved the instructor! She presented in a clear and thorough manner. Excellent!

Ronald Mccall, CPA (US)

Great introductory course and refresher of basic accounting

Brian Haig, CPA (US)

Xxx

Ryan Nolan, CPA (US)

I think I was more confused with her presentation. this topic is simple. Give an example of each, explain/show why they are different. Just felt like she read off the scene and not much else. This is the second presentation I have watched off hers and my opinion would be that she earned her CPA license a long time ago.