Bookkeeping Assoc Booklet

The American Institute ofProfessional BookkeepersThe National Association forBookkeepers Since 1987

For Those on Active Duty and Veterans

The

DesignationCB Certified

Bookkeeper

Table of Contents

Benefits of Certification ………………………………………………………………………1

What Is a Certified Bookkeeper (CB)? ………………………………………………………1

Use of Certification……………………………………………………………………………2

Eligibility Requirements………………………………………………………………………2

Applying for the Certified Bookkeeper (CB) Designation …………………………………2-3

Application Fees ………………………………………………………………………………3

Testing at a DANTES Authorized Test Center ………………………………………………3

Format of the Certification Examination ……………………………………………………3

Taking the Four-Part Examination …………………………………………………………3-4

Retests…………………………………………………………………………………………4

Applicants with Disabilities …………………………………………………………………4

Testing Options ………………………………………………………………………………4

Testing Scores, Retests, and Issuance of Certificate …………………………………………5

Testing Center Rules …………………………………………………………………………5

Maintaining Certification ……………………………………………………………………5

The Certified Bookkeeper’s Code of Ethics ………………………………………………6-7

Application for the Certified Bookkeeper (CB) Designation—Part 1 ………………………8

Application for the Certified Bookkeeper (CB) Designation—Part 2 ………………………9

Employment Experience Form ………………………………………………………………10

Freelance Experience Form …………………………………………………………………11

Subject Matter Covered in Each Test ……………………………………………………12-18

New Member Information and Enrollment Form ………………………………………19-22

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AIPB Certification Advisory Board

Stephen Loeb, PhD, Chairperson University of Maryland, College Park

Eric Bolin, MAcc, CPA Bolin & Associates

Wayne L. Edmunds, CPA, JD, MLT Virginia Commonwealth University

Barton Groh, CFO Mount Vernon Association, Mount Vernon, Virginia

Margaret Lawton-Grepo, CB Bookkeeping and Accounting Consulting Services

Wade D. Lindenberger, CPA Director, Rose Ryan, Inc.Instructor, Gatlin Education

Gordon S. May, MBA, PhD, CPA University of Georgia

Debera J. Salam, CPP Senior Manager, Payroll Consulting Services,Ernst & Young LLP

Lita G. Schloss Iona College (Retired)

From the Department of Labor, Bureau of Labor Statistics’ OccupationalOutlook Handbook:

“Bookkeepers, particularly those who handle all the recordkeeping forcompanies, may find it beneficial to become certified. The CertifiedBookkeeper designation, awarded by the American Institute of ProfessionalBookkeepers, assures employers that individuals have the skills and knowledgerequired to carry out all the bookkeeping and accounting functions up throughthe adjusted trial balance, including payroll functions. For certification, candi-dates must have at least 2 years’ bookkeeping experience, pass a national exam,and adhere to a code of ethics.”

“Demand for full-charge bookkeepers is expected to increase as they are calledupon to do much of the work of accountants. Those with several years ofaccounting or bookkeeper certification will have the best job prospects.”

CERTIFIED BOOKKEEPER is aregistered certification mark and CB is a certification mark ofThe American Institute ofProfessional Bookkeepers, Inc.

Copyright © 2006 by AIPB6001 Montrose RoadSuite 500, Rockville, MD 20852Phone: 800-622-0121Fax: 800-541-0066E-mail: [email protected] Site: www.aipb.org

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Benefits of Certification

97% of CBs recommend certification to other bookkeepers, according to a 2005 survey ofCBs by Lewis & Clark, Raleigh, NC (www.aipb.org/pdf/2005CBSurvey.pdf). The benefits,of certification, according to CBs, are described below. Comments are taken directly fromthe survey or from CBs interviewed in The General Ledger newsletter:

➧ Certification gives you new knowledge (68% of CBs). CBs comment: ☞ “Certification gave me in-depth understanding of things I have done foryears.” ☞ “Even if you don’t get certified, the information and self-testing enhance knowledge.”☞ “Becoming a CB allowed me to realize my dream of becoming a CPA.”

➧ Certification increases your professional pride (58% of CBs)—and the respect you get as a professional (66% of CBs). CBs comment: ☞ “The added respect from the CPAs and business owners is the best!”☞ “For the first time I felt I was working with a CPA as a peer, as a professional.” ☞ “Mycredibility went way up with our president.” ☞ “An accountant asked me for recommendationson setup issues!”

➧ Certification enhances your self-image (49% of CBs). CBs comment: ☞ “I became certified because I wanted people to say, ‘Even though she doesn’thave a college degree, she knows what she’s doing.’ It worked. My boss was always very nice,but he treats me differently now—like a professional. There’s a difference.”

➧ Certification helps you get promotions or new jobs (41% of CBs)and raises (32% of CBs). CBs comment: ☞ “I now earn around $10,000 more. Although I did not finish college, my titleis Accountant.” ☞ I was promoted to assistant manager soon after certification. ☞ “Becomingcertified helped me in a promotion to Accounting Supervisor — I do not have a college degree.”

➧ Certification helps you get new clients (56% of freelance CBs)and higher rates (33% of freelance CBs).CBs comment: ☞ “There are a lot of ads for bookkeepers, but only mine said ‘CertifiedBookkeeper.’ I picked up clients because of it.” ☞ “Just as people prefer a CPA to just a taxpreparer, a company that wants its books done right prefers a CB to a bookkeeper.”

What Is a Certified Bookkeeper?

The Certified Bookkeeper designation assures the level of knowledge and skill needed tocarry out all key functions through the adjusted trial balance, including basic payroll, forfirms of up to 100 employees.

Certification requires passing an examination, proving 2 years’ experience in bookkeeping,signing a code of ethics and, once certified, meeting ongoing continuing educationrequirements.

The American Institute ofProfessional Bookkeepers’ (AIPB)

Certified Bookkeeper (CB) DesignationCB

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Use of Certification

Obtaining the Certified Bookkeeper designation is voluntary, and such certification is con-ferred by the American Institute of Professional Bookkeepers solely for the purposes statedhere. Those persons or organizations that choose to include the Certified Bookkeeper desig-nation as a condition of employment or advancement do so of their own volition. Such per-sons or organizations must determine for themselves whether the use of such a certificationprocess, including its eligibility and recertification requirements, either alone or coupledwith any other requirements imposed by such persons or entities, meets their respectiveneeds and complies with any laws applicable to them.

Eligibility Requirements

Testing: Candidates must pass an examination offered at DANTES authorized test centersworldwide. However, you must check with the test center to see if it offers the CertifiedBookkeeper exam.

Experience, which may be completed before or after a candidate passes the certificationexam, requires submitting evidence of at least two years full-time or 3,000 hours part-timeor freelance bookkeeping experience. Use the form on page 10 or on page 11, or both.Applicants have three years from the date they passed the last part of the exam to meet theexperience requirement.

Code of Ethics: All applicants must agree in writing to adhere to the Certified BookkeeperCode of Ethics (pages 6-7).

Double Check1. Active military personnel and their dependents, veterans and their dependents and

Department of Defense (DoD) employees who work on military bases should continuereading this booklet.

2. If you do not fit the description above, or your local DANTES authorized test centerdoes not offer the Certified Bookkeeper exam, or will not permit you to test there (willnot accept dependents, veterans or DoD employees), please visit aipb.org and eitherdownload the “regular version” of this booklet or request the hard copy edition. The reg-ular version describes how to test at Prometric Test Centers nationwide (U.S. only).

Applying for the Certified Bookkeeper Designation

Before filing the application for certification, take the following steps:1. Call or go to the DANTES test center. Ask if it administers AIPB’s certification exam

and if you will be permitted to test there (some centers do not accept dependents,veterans or DoD employees). If you cannot test there, visit aipb.org and download the“regular version” of this booklet (or request the hard copy edition) which has differentinstructions, a different application form and different test centers.

2. Complete the application for certification on pages 8-9. 3. Take the completed application with payment to the DANTES test center. 4. Ask the Test Control Officer (TCO) or authorized person for a note on the center’s let-

terhead saying that they will administer the certification tests when you schedule them.5. Submit the application, with payment (by credit card, check or money order) and test center

note, to the address on the application.

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After your application is accepted, you have one year to sit for any part of the certificationexam. If you do not take any part of the exam within one year, you must reapply. You havethree years from the date of registration to pass all parts of the exam. Failure to do so willforfeit tests passed and you will be required to reapply as if for the first time.

Application Fees

Registration fees are payable to AIPB and are nonrefundable. They are as follows:AIPB Member Application Fee $25Nonmember Application Fee $60

Reimbursement under the GI bill: Active military personnel, veterans and some depen-dents of deceased veterans may be eligible for full reimbursement of the national certifica-tion exam costs under the GI bill (www.gibill.va.gov/education).

Do not try to schedule a test until:• you have verified that the DANTES test center offers the AIPB certification exam and

that you will be permitted to take the test there;• you are notified by AIPB that your application has been accepted; and • you have received your testing identification number.

Testing at DANTES Authorized Test Center

Active military personnel and their dependents can test at a DANTES test center that offersthe certification exam (not all centers do). Some centers permit veterans, their dependentsand DoD employees who work on that military base to test; others do not. Find a nearby testcenter at www.dantes.doded.mil/dantes_web/apps/testcenters/testcenterlookup.asp.

Format of the Certification Examination

The six-part exam is paper and pencil and is all multiple choice. Questions were written byaccounting, payroll and tax professionals and reviewed by AIPB’s Certification AdvisoryBoard. The exam measures the skills and knowledge appropriate to a bookkeeper who han-dles all the bookkeeping and accounting responsibilities through the adjusted trial balancefor a company with up to 100 employees.

Two Options for Taking the Examination: Four Sittings v. Six Sittings

At military test centers, you may choose between taking the exam in four sittings or in sixsittings. Option 1 (four sittings) is recommended. You will be sent details on paying for theexam when your application for certification is accepted.

Option 1: Taking the exam in Four sittings

Sitting 1. Adjustments and Error Correction Part 1: Accruals, Deferrals and the Adjusted Trial BalancePart 2: Correction of Accounting Errors and the Bank Rec. 2 hours $85

Sitting 2. Payroll and DepreciationPart 1: Payroll Part 2: Depreciation 2 hours $85

Sitting 3. Inventory – book exam onlyRecording and Valuing Merchandise Inventory No Charge

Sitting 4. Internal Controls and Fraud Prevention – book exam only No Charge

Option 2: Taking the exam in six sittings

Sitting 1: Accruals, Deferrals, and the Adjusted Trial Balance 1 hour $50Sitting 2: Correction of Accounting Errors and the Bank Rec. 1 hour $50Sitting 3: Payroll 1 hour $50Sitting 4: Depreciation 1 hour $50Sitting 5: Inventory (merchandise inventory) – book exam no chargeSitting 6: Internal Controls and Fraud Prevention – book exam no charge

Retests (all retests are given individually)

Adjustments Retest 1 hour $50Errors Retest 1 hour $50Payroll Retest 1 hour $50Depreciation Retest 1 hour $50Inventory Retest 2 hours $10Internal Controls and Fraud Prevention Retest 1 hour $10

Applicants with Disabilities

AIPB complies fully with the Americans with Disabilities Act (ADA). If you requirereasonable accommodation for the exam under the ADA, notify AIPB at time of submitingyour application.

Testing Options

You can schedule the tests in any order—i.e., start with any test that you wish—and in anytime period—take all tests the same day, on two consecutive days, six months apart, etc. If atest has two parts, they must be taken together. AIPB recommends:

• scheduling the tests in the order shown above;

• using Option 1, which requires more preparation for each sitting but fewer trips to thetest center; and

• scheduling only one sitting (under either option) before scheduling a second.

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Test Scores, Retests and Issuance of Certificate

The passing score for each of the six parts of the exam is 75%. If you pass all tests, meet theexperience requirements, and sign the Certified Bookkeeper’s Code of Ethics, you willreceive your certificate within four weeks of passing the last test. Overseas testers receivetheir certificate within six weeks.

If you score below 75% on one part of a test, you retest only on that part. For example, saythat you take Test 2 under Option 1: Payroll and Depreciation at one sitting. You passPayroll, but not Depreciation. You would then take a retest only on Depreciation. If you failboth parts, you take a retest on each part separately. You may take a retest after a 30-daywaiting period but can register for the retest after a 14-day waiting period.

Testing Center Rules

The following rules are observed at all military test centers:1. You will be asked for your photo I.D. when you arrive, so be sure to bring it with you.2. Nonprinting, nonprogrammable, self-powered calculators may be used during the tests.3. No test materials, documents or memoranda of any kind may be taken from test rooms.4. The name and I.D. number of anyone suspected of irregularities are reported to AIPB.5. The designated test will be offered to the candidate only on the day and time scheduled.6. Visitors are not permitted in the testing room.

Preparing for the Certification Examination

AIPB has prepared six self-study course workbooks for each part of the certification exam.Taking the quizzes in each section of each course should help you master the subject andpass the test. For details on each course, see pages 12-18.

Maintaining Certification

To ensure maintenance of the highest standards, Certified Bookkeepers are required to con-tinue their professional education. They must acquire 90 Continuing Professional EducationCredits (CPECs) over a three-year period from the anniversary of the last certification testpassed (or from the date that they satisfy the experience requirement if this requirement ismet after they pass the exam) and every three years thereafter. You will be sent details onhow to obtain CPECs, and related fees upon certification. If you do not do not attain 90CPECs over the three-year period, you must retake the entire national examination.

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The Certified Bookkeeper’s Code of Ethics

Composition of the Code of Ethics for Certified BookkeepersThe Certified Bookkeeper’s Code of Ethics comprises a Preamble, Rules of Ethics and interpreta-tions of the Rules of Ethics.

PreambleAs a member of the accounting profession, the Certified Bookkeeper has responsibilities to a numberof parties. Which parties the Certified Bookkeeper has obligations to depends on whether theCertified Bookkeeper is employed as an internal bookkeeper for a particular entity or is working as apublic bookkeeper for clients.

When working as an internal bookkeeper for an entity, the Certified Bookkeeper hasresponsibilities to…1. the employer; 2. society; and 3. the bookkeeping and accounting profession.

When working as a public bookkeeper, the Certified Bookkeeper has responsibilities to…1. the client; 2. society; and 3. the bookkeeping and accounting profession.

This Code of Ethics is applicable to all Certified Bookkeepers.

Rules of Ethics for Internal BookkeepersInternal Certified Bookkeepers have the following obligations:

Obligations to the employer1. To provide the employer with high quality professional services.2. To remain current and up to date on matters relating to the bookkeeping profession. Only by

being up to date can the Certified Bookkeeper provide the employer with high qualityprofessional services.

3. To protect the confidence of all aspects of the employer’s business or, in the case of a non-business entity, of all matters relating to the employer.

4. To be loyal to the employer and work in the best interests of the employer.5. Not to engage in any activity that is in conflict with the employer’s interests.6. If asked by the employer to do something not in accordance with the Certified Bookkeeper’s

professional standards, to attempt first to resolve the issue within the employer’s organizationalstructure or, if unable to resolve the situation, to resign and seek employment elsewhere. At notime should the Certified Bookkeeper report this situation to an outside group or agency unlessrequired to by law.

Obligations to society1. Certified Bookkeepers employed as internal bookkeepers should at all times conduct themselves

with integrity.2. Certified Bookkeepers employed as internal bookkeepers should, when requested or required,

provide government agencies or bodies with information that, to the best of their knowledge,is correct.

3. Certified Bookkeepers employed as internal bookkeepers should be objective in their professionaljudgments, actions and interpretations.

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Obligations to the bookkeeping and accounting professions1. Certified Bookkeepers employed as internal bookkeepers should refrain from any act that would

bring discredit to the bookkeeping or accounting profession.2. Certified Bookkeepers employed as internal bookkeepers should share new, general, nonpropri-

etary developments in accounting with other members of the bookkeeping and accounting profes-sions.

Rules of Ethics for Public BookkeepersPublic Certified Bookkeepers have the following obligations:

Obligations to clients1. To provide clients with high quality professional services.2. To remain current and up to date on matters relating to the bookkeeping profession. Only by

being up to date can the Certified Bookkeeper provide the client with high quality professionalservices.

3. To protect the confidence of all aspects of the client’s business or, in the case of a nonbusinessentity, of all matters relating to the client.

4. To be loyal to the client and work in the best interests of the client.5. Not to engage in any activity that is in conflict with the client’s interests.6. If asked by the client to do something not in accordance with the Certified Bookkeeper’s profes-

sional standards, to attempt first to resolve the issue with the client or, if unable to resolve the sit-uation, to resign from the engagement and, if necessary, seek legal counsel. At no time should theCertified Bookkeeper report this situation to an outside group or agency unless required to by law.

Obligations to society1. Certified Bookkeepers engaged as public bookkeepers should at all times conduct themselves

with integrity.2. Certified Bookkeepers engaged as public bookkeepers should, when requested or required,

provide government agencies or bodies with information that, to the best of their knowledge,is correct.

3. Certified Bookkeepers engaged as public bookkeepers should be objective in their professionaljudgments, actions and interpretations.

Obligations to the bookkeeping and accounting professions1. Certified Bookkeepers engaged as public bookkeepers should not engage in any act that would

bring discredit to the bookkeeping or accounting profession.2. Certified Bookkeepers engaged as public bookkeepers should share new, general, nonproprietary

developments in accounting with other members of the bookkeeping and accounting professions.

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I certify that I have read and understand the instructions and that the information given by me iscorrect. I further certify that I have read the Certified Bookkeeper’s Code of Ethics and that I under-stand and accept it. I understand that knowingly providing false statements herein or lack of com-pliance with the Certified Bookkeeper’s Code of Ethics are grounds for rejection of this application.I understand that the liability of the American Institute of Professional Bookkeepers and its agentsis limited to application fees only.

Signature of Applicant ________________________________ Date ______________

Application for the Certified Bookkeeper (CB) Designation—Part 1 (For Part 2, see page 9.)

• If you are not a member of AIPB and wish to join, you must use the form on page 22. • Do notattempt to schedule a test until this application is accepted by AIPB and you have received yourI.D. number (allow 4-6 weeks). Please print or type the information requested below.

My full legal name as it appears on my photo I.D. and my address for all mail from AIPB:❏ Mr. ❏ Ms. (First name)________________(Last)_______________________________(M.I.) ____________Address (APO or FPO required outside the U.S.):_______________________________________________________________________________________ City:_________________________ State: ______ Zip:____________Phone: Country code if outside the U.S. [_____] (_____)________________ E-mail: _______________________Branch of Service: ❏ Army ❏ Air Force ❏ Navy ❏ Marines ❏ Other (specify)____________________

Filing Date: Social Security Number; Date of Birth; Mother’s Maiden Name:____________ _____________________ __________ ___________________________

I have verified that I will be permitted to test at the following military test center:Name of authorized DANTES test center: _____________________________Base name: __________________Address (APO or FPO required outside the U.S.):____________________________________________________

___________________________________________________________________________________________Test Control Officer’s (TCO) name: ______________________________________________________________Phone Number: _____ (_____)________________________TCO’s e-mail: ______________________________

❏ I am a member of AIPB and my Member I.D.# is:_______________________________.❏ I am not a member of AIPB. (You will receive your testing I.D.# upon acceptance of this application.)❏ I am not a member of AIPB, but I am enclosing my membership enrollment form from page 22. (You will receive an

I.D. number upon acceptance.)

Statement of experience:❏ I have completed my experience requirements and enclosed the forms (pages 10-11).❏ I have completed some of my experience requirements and enclosed the forms (pages 10-11) with this application. I

understand that I must submit my remaining experience requirements when I complete them.❏ My experience form (page 10 or 11) are being sent under separate cover to the address below.❏ I will complete my experience and submit my experience forms after I take the certification exam.

Mail both pages of this application form with fee to: AIPB, 6001 Montrose Rd., Suite 500, Rockville,MD 20852 Phone: 800-622-0121 or 301-770-7300, E-mail: [email protected]

You must enclose: (1) both pages of this application, (2) payment for registration, and (3) a note on yourtest/education center’s letterhead signed by the TCO or authorized person stating that you will be permittedto take the certification exam at that center.

Important: (1) Photocopy before starting in case you need to start again. (2) Photocopy the completedpage for your records.

Now complete Part 2 (page 9) ➧➧ ➧➧ ➧➧

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Moneyback GuaranteeAll course workbooks are fully guaranteed. If not satisfied, return course workbook(s) within30 days in good condition for a 100% refund. Application fees, however, are nonrefundable.

Application for the Certified Bookkeeper (CB) Designation—Part 2(Note: To take advantage of Member Discounts, you must be a member of AIPB — see page 22.)

Choose one of the following:❑ Application (pages 8-9) and registration fee enclosed. (Allow 3 weeks for processing.)❑ Application (pages 8-9), registration fee and workbooks fee (below) enclosed.❑ Only payment for course workbooks selected below enclosed. (Allow up to 4 weeks for delivery.)

Registration Fee (nonrefundable)❑ Member of AIPB.........$25 ❑ Nonmember of AIPB.........$60

Member Nonmemberprice price

❑ Mastering Adjusting Entries . . . . . . . . . . . . . . . . . . . . . . $39 $49❑ Mastering Correction of Accounting Errors . . . . . . . . . $39 $49❑ Mastering Payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $49 $59❑ Mastering Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . $49 $59

* ❑ Mastering Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . $49 $59 * ❑ Mastering Internal Controls and Fraud Prevention . . . . $29 $39

* The Final Exam in the back of this workbook is used for the national certification exam.

My total payment is $ ___________.❏ Check enclosed payable to American Institute

of Professional Bookkeepers (AIPB)

❏ Charge my: ❏ Visa ❏ MasterCard❏ AMEX ❏ Discover

Card Account Number

Expiration Date

CCV2 Number (on back of most cards)

Cardholder’s Name

Signature

Name

Address (APO or FPO required outside the U.S.)

City

State Zip

Phone ( )

E-mail

Fax charge-card orders to: 1-800-541-0066. Or, return (payment must be enclosed) to:AIPB, 6001 Montrose Road, Suite 500, Rockville, MD 20852

Important: This application does not cover membership in AIPB. If you wish to join, see page 19.

Free shipping onorders of 4 or more.

Subtotal $_______ $_______+ $4 s/h per course $_______ $_______

Total $_______ $_______

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❏ bookkeeping (basic)❏ accounting (basic)❏ preparing the bank reconciliation❏ recording general journal entries❏ recording accounts receivable❏ recording accounts payable❏ preparing payroll(s)❏ reporting federal or state payroll taxes❏ recording depreciation for book purposes❏ recording depreciation for tax purposes❏ recording inventory❏ recording end-of-period adjustments and

costing out inventory❏ maintaining and controlling end-of-period

inventory balances❏ preparing part of a trial balance❏ creating the adjusted trial balance

❏ maintaining sales-tax-payable and filingend-of-period forms and schedules

❏ operating accounting software—inputtingtransactions or general journal entries oradjustments for the trial balance

❏ preparing the income statement❏ preparing the balance sheet❏ handling collections❏ making collection calls and maintaining

payments schedule❏ budgeting❏ reporting end-of-period budget v. actual results❏ preparing tax returns for a business❏ other (describe) _____________________❏ other (describe) _____________________❏ other (describe) _____________________

These statements are true and accurate according to my records or to the best of my knowledge.

_______________________________ ________ _________________________________ __________Applicant signature Date Employer signature Date

Employer’s verification (Initial)A. Dates of employment ______________ ______________ _______

From (mo/day/yr) To (mo/day/yr)

B. Dates of full-time employment ______________ ______________ _______From (mo/day/yr) To (mo/day/yr)

C. Dates of part-time employment ______________ ______________ _______ From (mo/day/yr) To (mo/day/yr)

If part-time, number of hours worked per week __________________________________

Duties performed (at least three must be checked):

Applicant

Name

Name while employed (if different)

Street address

City/State/Zip

Phone number

E-mail address

Supervisor/Owner

Name

Company/Organization name

Street address

City/State/Zip

Phone number

E-mail address

Important: (1) Photocopy in case you need to start again or need more than one form. (2) Photocopy completed form for your records.

EMPLOYMENT EXPERIENCE For Freelance Experience, see page 11.

Complete and return to: Certified Bookkeeper Program, AIPB, 6001 Montrose Road, Suite 500, Rockville, MD 20852

Tel. 301-770-7300 Fax 301-770-5626

TYPE OR PRINT LEGIBLY. HAVE CURRENT/FORMER SUPERVISOR SIGN/INITIAL AS NOTED.

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Important: (1) Photocopy in case you need to start again or need more than one form. (2) Photocopy completed form for your records.

FREELANCE EXPERIENCE For Employer Experience, see page 10.

Complete and return to: Certified Bookkeeper Program, AIPB, 6001 Montrose Road, Suite 500, Rockville, MD 20852

Tel. 301-770-7300 Fax 301-770-5626

TYPE OR PRINT LEGIBLY. HAVE CURRENT/FORMER CLIENT SIGN/INITIAL AS NOTED.

Client’s verification (Initial)A. Dates of employment ______________ ______________ _______

From (mo/day/yr) To (mo/day/yr)

B. Dates of full-time employment ______________ ______________ _______From (mo/day/yr) To (mo/day/yr)

C. Dates of part-time employment ______________ ______________ _______ From (mo/day/yr) To (mo/day/yr)

If part-time, number of hours worked per week __________________________________

Duties performed (at least three must be checked):

❏ bookkeeping (basic)❏ accounting (basic)❏ preparing the bank reconciliation❏ recording general journal entries❏ recording accounts receivable❏ recording accounts payable❏ preparing payroll(s)❏ reporting federal or state payroll taxes❏ recording depreciation for book purposes❏ recording depreciation for tax purposes❏ recording inventory❏ recording end-of-period adjustments and

costing out inventory❏ maintaining and controlling end-of-period

inventory balances❏ preparing part of a trial balance❏ creating the adjusted trial balance

❏ maintaining sales-tax-payable and filingend-of-period forms and schedules

❏ operating accounting software—inputtingtransactions or general journal entries oradjustments for the trial balance

❏ preparing the income statement❏ preparing the balance sheet❏ handling collections❏ making collection calls and maintaining

payments schedule❏ budgeting❏ reporting end-of-period budget v. actual results❏ preparing tax returns for a business❏ other (describe) _____________________❏ other (describe) _____________________❏ other (describe) _____________________

These statements are true and accurate according to my records or to the best of my knowledge.

_______________________________ ________ _________________________________ __________Applicant signature Date Client signature Date

Applicant

Name

Name while employed (if different)

Street address

City/State/Zip

Phone number

E-mail address

Client

Name

Company/Organization name

Street address

City/State/Zip

Phone number

E-mail address

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Preparatory Self-Study Course Workbooks from theCertified Bookkeeper Examination

➡➡ Each self-study course workbook covers everything required for that subjecton the Certified Bookkeeper examination.

➡➡ There is no question on any Certified Bookkeeper test that you will not find

covered in these workbooks.

➡➡ Each workbook is easy to learn from — or to use to review subjects you are

already familiar with — because of the many illustrative problems and examples.

➡➡ Each section of each workbook includes a Double Quiz. Quiz 1 shows you what

you learned — Quiz 2 helps you lock it in.

Certification Advisory BoardStephen Loeb, Ph.D., Chairperson University of Maryland, College ParkWayne L. Edmunds, CPA, JD, MLT Virginia Commonwealth UniversityBarton Groh, CPA CFO, Consumers Credit Counseling ServicesMargaret Lawton-Grepo, CB Bookkeeping and Accounting Consulting ServicesWade D. Lindenberger, CPA University of California, San Diego Gordon S. May, MBA, Ph.D., CPA University of GeorgiaDebera J. Salam, CPP Senior Manager, Payroll Consulting Services,

Ernst & Young LLPLita G. Schloss Iona College (Retired)

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How to Prepare for the Four-PartNational Certified Bookkeeper Exam

Part 1, Test 1: Adjusting Entries

Use the workbook Mastering Adjusting Entries to prepare for thisportion of the exam. 136 pages (50 self-teaching + 81 reinforcement quizzes)

Section 1. Why accruals, deferrals and other adjustments are madea. The difference between cash basis and accrual basis accounting

Section 2. Accrued revenuea. Recording accrued revenueb. How failure to accrue revenue affects the financial statements

Section 3. Accrued expenses a. Recording accrued expensesb. How failure to make the accrual affects the financial statements

Section 4. Revenue collected in advance (unearned revenue)a. Recording the adjustment when unearned revenue was originally recorded in a revenue

account v. an unearned revenue or revenue collected in advance accountb. How failure to record the adjustment affects the financial statements

Section 5. Prepaid (deferred) expensesa. Recording prepayments b. Making the adjustment when the prepayment was recorded in an expense account v. a

prepaid account c. How failure to record the adjustment affects the financial statements

Section 6. Other adjusting entriesa. Depreciation expenseb. Bad debt expense

1. The direct write-off method for tax purposes2. The allowance method for book purposes

• Estimating bad debt as a percentage of credit sales v. a percentage of accountsreceivable

• How bad debt appears on the financial statementsc. Adjusting entries for certain ledger Cash accounts

Section 7. From the unadjusted trial balance to the financial statementsa. Preparing the unadjusted trial balanceb. Entering the adjustmentsc. Extending to the adjusted trial balanced. Closing entriese. The post-closing trial balance

The double-quiz at the end of each section helps make sure you masterthe information.

Mastering Adjusting Entries

AIPB6001 Montrose Road

Rockville, MD 20852

Member price $39Nonmember price $49

National Certification for Bookkeepers

14

Part 1, Test 2: Error Correction

Use the workbook Mastering Correction of Accounting Errors toprepare for this portion of the exam. 130 pages (67 self-teaching+ 63 reinforcement quizzes)

Section 1. Where accounting errors occur and how to find thema. Various kinds of errors and where to find themb. Deciding how to correct an error

Section 2. Performing a bank reconciliationa. What “debit” and “credit” mean on the bank statement v. the ledger Cash accountb. Why company bank and cash accounts differc. Performing a bank reconciliation

1. Reconciling the end-of-month bank balance2. Reconciling bank and book balances to the correct amount

Section 3. Using the trial balance to find errorsa. What a contra account is and which ones have a debit v. credit balanceb. How to discover errors simply by eyeing the trial balancec. Systematically finding and correcting errors discovered in the trial balance

1. Which account balance belongs in the debit v. credit column2. Finding and correcting the error(s) when total debits do not equal total credits3. Finding error(s) in individual ledger accounts or journal entries

d. Finding and correcting slide errorse. Finding and correcting transposition errorsf. Basic elements of the post-closing trial balance

Section 4. Correcting current-period accrual errorsa. Definition of a current-period v. prior-period errorb. Correcting current-period errors in accrued expenses

1. Correcting omission of an accrued expense2. Correcting accrual of too little or too much expense

c. Correcting current-period errors in accrued revenues1. Correcting omission of accrued revenue2. Correcting accrual of too little or too much revenue

Section 5. Correcting current-period deferral errorsa. Prepayments originally recorded as an expense v. a prepaid asset

1. Correcting recognition of too little, too much or no expenseb. Payment originally recorded as revenue v. revenue received in advance or unearned revenue

1. Correcting recognition of too little, too much or no revenue


Mastering Correction ofAccountingErrors


Rockville, MD 20852


The Certified Bookkkeeper (CB) Designation

15

Part 2, Test 1: Payroll

Use the workbook Mastering Payroll to prepare for this portion of the exam.176 pages (90 self-teaching + 87 reinforcement quizzes)

Section 1. Employees v. nonemployeesa. Definition of various kinds of employees v. independent contractorb. How to pay different kinds of employees, temps and leased employees

Section 2. Federal v. state wage-hour lawsa. Who must comply with federal wage-hour law; the minimum wageb. The “enterprise test ” and “Mom and Pop” shopsc. State wage-hour law—when federal and state wage-hour laws conflict

Section 3. Paying employees under federal lawa. How the workweek is defined under federal lawb. How to pay salaried v. nonexempt overtime and nonproductive time (showering, etc.) c. When and how employees can be docked

Section 4. Required payroll dataa. Documentation employers must obtain—rules and regs for Form I-9b. Data that employers are required to obtain and retain and for how long

Section 5. Form W-4 and state withholding formsa. Claiming exempt v. requests for additional withholdingb. Employer responsibility for implementing changes to a W-4c. State withholding allowance certificates

Section 6. Withholding and depositing taxesa. FICA (Social Security and Medicare) taxb. Federal income tax withholding c. Federal deposit rules: The lookback period, monthly v. semiweekly depositors, safe

harbors, changes in deposit status, the federal deposit coupon, new employers

Section 7. Completing federal reporting formsa. Federal Unemployment Tax (FUTA)b. Federal returns: Forms 940 and 940-EZ, 941 and Schedule B, 941c, 945, W-2 and W-3

Section 8. When wages are taxablea. Selecting the correct annual tax rateb. Postponing payment of wages, salary advances, overpayments, unclaimed checks

Section 9. Other federal and state requirementsa. State unemployment reporting, annual state wage and tax returns, state W-2 due datesb. Various Forms 1099; magnetic media reporting for W-2s and 1099s

Section 10. Journal entries for payrolla. Journal entries for wages and deductions, withholding and remitting taxes, otherpayments


Mastering Payroll


Rockville, MD 20852



16

Part 2, Test 2: Depreciation

Use the workbook Mastering Depreciation to prepare for this portion of the exam.204 pages (122 self-teaching + 82 reinforcement quizzes)

Section 1. Depreciation for book v. tax purposes.a. Procedures for computing depreciation under generally accepted

accounting principles (GAAP)b. Determining the cost of an individual asset v. a group of assetsc. Determining the asset’s estimated life and residual value d. Selecting a depreciation methode. How depreciation is recorded for nonmanufacturing v. manufacturing

companiesf. Computing book valueg. How depreciation appears on the financial statements

Section 2. Depreciation under GAAP (for book purposes) a. Computing and allocating depreciation for assets purchased at the beginning v. during the yearb. Preparing the depreciation schedule

Section 3. The straight-line methodSection 4. The units of production methodSection 5. The declining balance methodSection 6. The sum-of-the-years’-digits methodIn each of these sections:a. Depreciating an asset acquired at the beginning v. during the year b. Preparing the depreciation schedule and allocating depreciation expense

Section 7. Depreciation under federal income tax rulesa. Differences between MACRS and GAAP depreciationb. Depreciating buildings under MACRSc. Special first-year expensing for equipment: Section 179d. The half-year conventione. The mid-quarter conventionf. The mid-month conventiong. Completing the depreciation schedule and allocating depreciation expense

Section 8. Depreciating vehicles under MACRSa. Depreciation limits on passenger automobilesb. Sec. 179 deductions and annual depreciation of SUVs, pickups and vans:

1. that weigh up to 6,000 pounds and are specially modified2. that weigh up to 6,000 pounds and are not specially modified3. that weigh over 6,000 pounds

c. Depreciation of company vehicles driven for personal use in C corp, S corp,partnership or sole proprietorship

d. Completing and maintaining the depreciation schedule


Mastering Depreciation


Rockville, MD 20852



17

Workbook exam—Part 3: Inventory

Use the workbook Mastering Inventory to prepare for this portion of the exam.196 pages (94 self-teaching, + 102 reinforcement quizzes)

Section 1. Introduction to merchandise inventorya. Recording merchandise purchase costs

1. How and when to record purchase costs2. F.O.B. (free on board) shipping point v. F.O.B. destination

b. Reporting inventory on the financial statementsc. Cost of goods sold (COGS)

Section 2. The perpetual methodComputations and journal entries for:

a. purchase returns and allowancesb. changes in the inventory account during the yearc. damaged or lost inventory

Section 3. The periodic methodComputations and journal entries for:

a. merchandise returns by customersb. year-end adjustmentsc. inventory purchasesd. cost of goods sold (COGS)

Section 4. Weighted average costinga. Weighted average costing under the periodic method

1. Computing COGS and ending inventoryb. Moving average costing under the perpetual method

Section 5. First-in, first-out (FIFO) costinga. Computing inventory and COGS under FIFOb. FIFO costing under the periodic method v. the perpetual method

Section 6. Last-in, last-out (LIFO) costinga. Computing COGS and ending inventory under LIFOb. LIFO layers that contain units with the same v. multiple costs; and LIFO liquidations

Section 7. The lower of cost or market (LCM) rulea. Definitions of cost and market and how to determine marketb. Costing out ending inventory by applying LCM by item, group or total inventoryc. When there is a temporary v. permanent decline in the value of inventory and when

there is a recovery in value d. How to handle a loss on purchase commitment


Mastering Inventory


Rockville, MD 20852



Workbook exam—Part 4: Internal Controls and Fraud Prevention

Use the workbook Mastering Internal Controls and Fraud Prevention toprepare for this portion of the exam 84 pages (47 pages self-teaching + 34 pages reinforcement quizzes)

Section 1. How employees steal noncash assets.a. Unconcealed larcenyb. Concealed larceny, including falsified reports, fictitious sales, alteredinventory accountsc. Internal controls for deterrence and detection

Section 2. How to prevent employee theft before it startsa. Verification

1. Checking past employment, education, licenses and certifications2. Contacting references, checking for criminal convictions and screening for drugs

b. Getting the candidate’s consentc. Conducting fraud audits

Section 3. Preventing check frauda. Checks written on insufficient funds or closed accounts b. Counterfeit and forged checks c. Check theft using canceled checks and check statements or stolen check stockd. Kiting, check washing, paperhanging, stop-payment orders, forged travelers’ checkse. Payroll check fraudf. Internal controls for prevention and detection

Section 4. Preventing credit-card frauda. Credit-card schemes

1. False applications, credit doctors and skimming 2. Collusion by company employees

b. Internal controls for prevention and detection

Section 5. Preventing vendor cheating a. Vendor gifts, travel, entertainment, loans, other gratuities that influence employeesb. Kickbacks and overbillingc. Bid rigging at the pre-solicitation, solicitation and submission phasesd. Internal controls that prevent vendor cheating

Section 6. Con schemes and other scams against businessa. Recognizing and preventing telemarketing and Internet schemes

1. Advertising material schemes 2. Paper and toner scams 3. Loan scams 4. Buyers clubs

b. Recognizing and preventing Internet scams


MasteringInternal Controls andFraudPrevention


Rockville, MD 20852



18

You are invited to accept anIntroductory Membership in the

national association for bookkeepers…

The American Institute of Professional Bookkeepers6001 Montrose Road • Suite 500 • Rockville, MD 20852 • 301-770-7300 • aipb.org

Dear Accounting Professional:

Let me invite you to join over 30,000 bookkeepers in the nationalassociation for your profession.

Whether you are employed or in your own business, here is why I hopeyou will accept this invitation:

7 MAJOR BENEFITS OF MEMBERSHIP

BENEFIT #1. GET BOOKKEEPING HELP ON THE AnswerLine—FREE. Free answers to your everyday bookkeeping, accounting and payroll questions.

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BENEFIT #5. BECOME A CERTIFIED BOOKKEEPER—AND EARNTHE RIGHT TO PUT “CB” AFTER YOUR NAME. You can become certified without joining, but members save many times theirannual fee on certification. Former and current military personnel may get fullreimbursement of exam costs under the GI bill (www.gibill.va.gov). The Bureauof Labor Statistics’ Occupational Outlook Handbook predicts that those “withbookkeeper certification will have the best job prospects.”

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As your national association, we make sure you are always up to date.Here’s just a sampling of what you get in each monthly briefing:

Benefits, continued > > >

Board of Advisors

Dr. Gary F. BulmashDepartment of Accounting University of Maryland

Lorelei M. Krucki, CPPClient Support ManagerMangrove Software

Dr. Stephen LoebDepartment of AccountingUniversity of Maryland

Dr. Gordon S. MayJ.M. Tull School

of Accounting (Ret.)University of Georgia

Debera J. Salam, CPPSenior Manager,Payroll Consulting ServicesErnst & Young LLP

L. G. SchlossDepartment of

Accounting and Law Iona College, Retired

CertificationCollege and Career School ProgramsIndividual CertificationNational Certification Testing

BooksThe Encyclopedia of Journal Entries

PeriodicalsThe General Ledger

CPE CoursesMastering Adjusting Entries Mastering DepreciationMastering Correction of

Accounting ErrorsMastering Financial

Statement AnalysisMastering Internal Controls and

Fraud PreventionMastering InventoryMastering Payroll Mastering the Statement of

Cash FlowsMastering Form 1120 (C Corp)Mastering Form 1120S (S Corp)Mastering Form 1040/Sched. CMastering Form 1065Mastering Credit and CollectionsMastering Double-Entry

Bookkeeping

19

A QUICK LOOK AT YOUR MONTHLY BRIEFING — THE GENERAL LEDGER NEWSLETTER

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1. To correct a cash sale recorded for too much, dr _____ and cr _____.

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Why not get the recognition you deserve as a professional? Join 30,000 bookkeepers in the association foryour profession. Enroll today.

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AIPBSuite 500

6001 Montrose RoadRockville, MD 20852

BetterBookkeeping in15 Minutes25 BestBookkeepingTips of 2006

21 KeyBookkeepingChanges inCurrentTax Laws

American Institute ofProfessional Bookkeepers6001 Montrose Road

Rockville, Maryland 20852

American Institute ofProfessional Bookkeepers

6001 Montrose Road Rockville, Maryland 20852

For all new members… CBMembership Benefit #1: The General Ledger newsletter —12 monthly issues of the first and only publication for bookkeepers.

Membership Benefit #2: Free AnswerLine. Get instantanswers to your bookkeeping or accounting questions at no charge.

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SPECIAL BONUS:TheBookkeeper’sGuide toInternalControls



21

TheCertifiedBookkeeperDesignation


For your otherMembership Benefits

see page 22…

TheGeneralLedger

Your Name Here

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YES! I want to try a no-risk membership in the national association for my profession. Enroll me as an Introductory Member with full benefits.Check the appropriate boxes: (Payment must accompany enrollment.)

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Documents

Bookkeeping Assoc Booklet