Basic Bookkeeping - Day 3

This class was created by Brainscape user Erinne M Perry. Visit their profile to learn more about the creator.

Flashcard maker: Erinne M Perry

Decks in this class (3)

Payroll
To ensure students understand the differences between a W2 employee and 1099 independent contractor, as well as gain an understanding of how payroll taxes are computed.
8  cards
Inventory
To ensure students understand the basics of recordkeeping for accounting and the differences between the periodic and perpetual method. Students will also be familiarized with the Inventory Valuation methods permitted under GAAP. (LIFO, FIFO, Specific Identification, Weighted Average)
11  cards
Depreciation
To ensure students understand the purpose of depreciation and how to calculate depreciation expense using the three commonly used methods (Straight-Line, Units of Production, Declining Balance)
0  cards

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Basic Bookkeeping - Day 3

  • Class purpose General learning

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