Upon successful completion of this course, participants will be able to: Chapter 1 Identify how the accounting cycle operates. Specify the characteristics of a double entry accounting system. Describe how the accrual method of accounting works. Identify the accounts typically included in a trucker's financial statements. Specify how a balance sheet is constructed. Identify the general account classifications used on a balance sheet. Chapter 2 Recall the elements of the journal entries used by a trucking business. Chapter 3 Specify the contents of a payroll register. Identify the responsibilities of the parties when payroll is outsourced. Chapter 4 Specify how to set up a record storage system. Specify the rules for dealing with cross-referencing in a filing system. Recall the physical storage systems that can be used for record storage. Chapter 5 Recall the advantages and disadvantages of the different legal structures that a trucking business might use. Specify how freight factoring works for a trucking business. Identify the coverage provided by a claims-made policy. Chapter 6 Recall the advantages of using a fuel card. Recall the advantages of setting up freight lanes. Chapter 7 Identify the metrics that can be used to monitor the performance of a trucking business.

Financial Accounting Basics Accounting Cycle Accounting Transactions Accounting Equation Accruals Concept Realization Concept Cash Basis of Accounting Department of Transportation Fees International Registration Plan Tags Heavy Highway Vehicle Use Tax Other Permit Fees Sales Tax Remittances Payroll Cycle Adding Employees Timesheet Data Collection Process Payroll Issue Payments to Employees Payroll registration Alphabetic Storage Obtain an Employer Identification Number Obtain an USDOT Number Obtain an MC Authority Set Up a Checking Account Set Up Payment Receipt Methods Fixed Costs Fuel Surcharge Revenue per Mile Cost per Mile Profit per Mile Fuel Cost