This comprehensive course on Accruals and Prepayments provides a deep understanding of these fundamental concepts in accounting. Accruals and prepayments play a crucial role in accurately recording financial transactions and ensuring accurate financial reporting.

Throughout the course, participants explore the principles, techniques, and best practices related to accruals and prepayments. Starting with an overview of accrual accounting, learners gain insights into the timing and recognition of revenue and expenses, as well as the impact on financial statements.

By the end of the course, participants will have developed a solid foundation in accruals and prepayments, enabling them to make informed financial decisions, improve financial reporting accuracy, and effectively manage their organization's financial resources.

Course Key Concepts: Accruals concept, Accruals, Prepayments, Deferred income, Income received in Advance, Arrears, Cut-off, Liability, Asset, Financial Statements.

Learning Objectives
  • Identifying the principles and significance of accrual accounting in financial reporting.
  • Identify and distinguish between accruals and prepayments.
  • Explore the methods for calculating and recording accruals and prepayments accurately.
  • Discover the impact of accruals and prepayments on financial statements.
Last updated/reviewed: September 07, 2023
5 Reviews (17 ratings)

Reviews

4
Anonymous Author
I've never heard the term prepaid income used ever. I've always seen deferred income, deferred revenue or advance payments used so this was confusing to me. The exam questions seem to geared toward a non US accountant in my opinion. Curious if instructor is in Canada.

5
Anonymous Author
This is an information packed course with a lot of moving parts. The instructor does a good job of explaining the subject matters well. I had a replay a couple of items over however it was well presented and explained. This is a great course

3
Anonymous Author
Confusing terminology in this course. Accrued Income and Prepaid Income are not the common terms in the accounting industry. Deferred Revenue and Accrued Revenue are more common for SEC reporting.

5
Anonymous Author
Trainer did a good job of writing out examples. My favorite part was that last written slide that helped summarize the difference between accrued and prepaid income/expense.

5
Anonymous Author
Excellent presentation of concepts. Very good examples. Enjoyed the review of a common but important accounting concept.

Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Accruals and Prepayments7:24
  Accrued Expense9:42
  Prepaid Expense10:46
  Accrued Income7:34
  Prepaid Income10:04
  Summary3:26
CONTINUOUS PLAY
  Accruals and Prepayments48:58
SUPPORTING MATERIAL
  Slides: Accruals and PrepaymentsPDF
  Accruals and Prepayments Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam