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Course C 1
Learn how to fill The Journal The General Ledger The Trial Balance
Course C 1 Summary A B
Introduction to the Course Accounting in just 8 principles
1. The 3 Basic Confusions 2. The 3 Basic Documents 3. The Principle of Legal Entity 4. The Principle of Debit and Credit 5. The Sources and Usage of funds 6. The changes in Legal positions 7. Double Entry Accounting 8. Posting a Double Booking Entry on 2 T Acc
1. Application to the General Ledger 2. Application to the Journal 3. Application to the Trial Balance
A. Introduction
We believe our course to be the most effective to learn accounting for beginners. We make the following 4 Recommendations before starting:
1 Browse through the slides one by one in the presentation order without trying to understand everything on the first reading. Forget everything you were told on Debit & Credit. We start everything from scratch with Left & Right entries plus the Green & Red Color code.
Give it a try with confidence. We use very simple words & concepts. This will enable you to post your first simple booking entries in the T1 test. After the first reading,you are advised to take the 22 Simple T1 tests where you will find more explanations on how to post Booking Entries.
A. Introduction
Along the course you should keep in mind
3 important concepts
The Journal
fills
fills
B
Accounting in just 8 principles
1. The 3 Basic Confusions 2. The 3 Basic Documents 3. The Principle of Legal Entity 4. The Principle of Debit and Credit 5. The Sources and Usage of funds 6. The changes in Legal positions 7. Double Entry Accounting 8. Posting a Double Booking Entry on 2 T Acc
3
2
1 5
6 wrong
We should look at Accounting from a legal point of view. Who owes what to Whom & When
continue
$ $ $
3
debit credit - 200 +1200
The Accountant will first think in legal terms, which is different from the Act of Payment (IN or OUT).
continue .
wrong
A Bank statement is just an extract from the Banks books filled from the Bankers point of view, not from the clients point of view (Inversion).
wrong
continue .
Shareholders
1
Bank
2
Objects Owned
3
Clients
4
$
Suppliers
5
A company holds legal rights to things due from others and has legal duties to others holding claims against it. Such legal positions will change daily. Hence the importance to measure the companys global last day of a given Month, Quarter, Semester or Year.
Commitment to Pay
No longer due
Cash
30 days
60 days
More
A Credit Entry on your Banks Books will be a Debit Entry on your Books !
The reverse/opposite status of Debit & Credit entries between your own books and the Bank statements can be defined as the Mirror factor of Accounting.
For simplification/clarification purpose, debit & credit will be replaced by the words left & right, colored in green & red. This rule will help you when a booking entry will have to be posted inside the central document,the general ledger(GL).
B
Accounting in just 8 principles
1. The 3 Basic Confusions 2. The 3 Basic Documents 3. The Principle of Legal Entity 4. The Principle of Debit and Credit 5. The Sources and Usage of funds 6. The changes in Legal positions 7. Double Entry Accounting 8. Posting a Double Booking Entry on 2 T Acc
The Journal of Booking Entries contains a short description of all business acts occurred and accounted for upon a given day hence the name of Journal from the French word Journal (Daily). The Journal is a preparation document listing all booking entries, defined here as Dual Booking Entries made up of 2 Single Booking Items. You need to understand first how the General Ledger (GL) works before understanding the complete inner working of a Journal
The Journal can be compared to a summary sheet filled by a librarian receiving a batch of new books, each morning, all of them in 2 copies, but delivered in bulk. His job is to find the twin book for each book, then decide where each twin will go inside the Storage cabinet of the library: Which shelf, which Box & which side of said Box. He keeps a record of such allocation (what & where) on his summary sheet: The Journal of Booking Entries.
Record & allocate the destination for the 2 twins
Sort Out
Journal
Store
General Ledger
twin book
The General Ledger (GL) is the central document of all accounting systems. You need to understand how it works before understanding the Journal & the Trial Balance. The General Ledger holds all the T Accounts which will be used to track the company legal position as it changes day after day. Such changes are triggered by a number of business transactions. They are measured in $ terms with $ amounts written inside the T Accounts. Each of these $ Amounts will be defined in this course as a Single Booking Item(SBI). A Booking Entry is defined as a Set of 2 equal Single Booking Items. Certain complex Booking Entries will hold more than 2 Single Booking Items. In real life ,the GL does not use colors but only a vertical list in 4 columns of $ numbers in black.
2.2 The
A Booking Entry is defined as a Set of 2 equal Single Booking Items (SBI). Certain complex Booking Entries will hold more than 2 Single Booking Items. In real life ,the GL does not use colors but only a vertical list in 2 columns of $ numbers in black.
Total of all SBIs* over 30 days 41,000 21,000
Above is an extract from a General Ledger in the standard Black & White format as used by CPAs.
SBI* = Single Booking Item
In this course,we shall use a customized grid(SBIposter)with colours to define the Booking Entries.
Trial Balance
The Principle of Single Booking Items consolidation The Trial Balance is the compilation of all Single Booking Items (SBIs). of all accounts from the General Ledger (GL) as of a given day. It starts with each individual T. Account where all Single Booking Items (SBIs) held by each column are reduced to TWO Totals : Total of left SBIs on the left column & Total of right SBIs on the right column. A single booking item will measure the $ variation in the company legal position
This Clip above is a presentation of the trial Balance with different colored columns. In real life,Trial Balance is in black & White
Total of all Accounts opened inside the GL: Total of all Left-Debit SBIs = Total of all Right-Credit SBIs
3.2 The
Trial Balance
Trial Balance short sample
Left SB*
Right SB
The rule is that the Total of the Left must be equal to Total of the Right. Checking such L&R equality in the past made all accountants nervous with their manual entries for fear of some mistakes leading to a Non-Equality between Total Left & Total Right. This explains the expression of Trial Balance meaning Try to balance the total of all GL Accounts altogether. In case of failure,Try corrected entries to secure the absolute Left & Right equality.
The above Clip is a color representation of a Trial Balance as used in the course and Tests later.
B
Accounting in just 8 principles
1. The 3 Basic Confusions 2. The 3 Basic Documents 3. The Principle of Legal Entity 4. The Principle of Debit and Credit 5. The Sources and Usage of funds 6. The changes in Legal positions 7. Double Entry Accounting 8. Posting a Double Booking Entry on 2 T Acc
THE COMPANY
Usage
Sources
THE COMPANY
Usage
Sources
The Company will enter into a combination of legal links, commitments,ownerships, responsibilities and obligations, to third parties or through Titles of Ownership on objects. Examples: Plant, Cars, Trucks, Computers, Goods, etc. The Company will also hold Titles of Receivables and be subject to Titles of Payables, Titles of Debt & Titles of Votes & Dividends.
Clients
Titles of Receivables from clients Titles of Payables due to Suppliers
Suppliers
- Each legal link has a given $ value as a given day. - Each link is documented by a Legal Title
Inventory
Titles of Ownership on Goods Titles of Debts due to others
Tax Authority
- Certain variations are predictable, others are not. - The Value of an item will vary with time.
Plant
Titles of Ownership on Assets Titles of Ownership & Dividends
Shareholders
- The mission of accounting is to produce a reliable $ valuation of such items as of the end of each day
B
Accounting in just 8 principles
1. The 3 Basic Confusions 2. The 3 Basic Documents 3. The Principle of Legal Entity 4. The Principle of Debit and Credit 5. The Sources and Usage of funds 6. The changes in Legal positions 7. Double Entry Accounting 8. Posting a Double Booking Entry on 2 T Acc
Asset owned
Title of Ownership on Objects
20,000 2,000
T. Account n1 for Assets (Class 1)will record all New Assets on the left of T. Account (here $20,000). If and when the $ value of one Asset decreases by $2,000, a single Single Booking Item (SBI) will be posted on the Right of the related T. Account ($2,000).
1,000
2,000
T. Account n2 for Debt (Class 2)will record all new Debt on the Right of the related T. Account (here $2,000). When $ value of a Debt decreases by $ 1,000, a single SBI will be posted on the Left of the T. Account (here 1,000).
From a logical point, we all consider that we need to own Resources (Sources of Funds) before we may own some Assets (Usage of funds).
Usage of funds
As a rule of thumb, Sources of funds will be posted on the Right of the books and Usage of funds will be posted on the Left of the books. If I want to buy a truck for $20,000 as Usage of Funds, I will need first $20,000 in Source of funds. The Source will be either in Cash-Out from the Bank or in Extended Payment Terms from the Supplier who agrees to give some time to his Client to pay him.
20,000
20,000
The $ value of these legal positions will change. Such adjusted values will be computed according to specific accounting rules such as Amortization, Depreciation, Provision defined on Level 2 of the full course.
Any single change of a legal position triggers instantly another $ EQUAL change, in the same way a pendulum would hit another pendulum of equal weight. If I become the legal Owner of a truck or a car, simultaneously I will need to pay for it, since I just became the Debtor of the former owner of the truck or the car (until I eventually pay for it).
B
Accounting in just 8 principles
7.1 Banker and his first Table of Books 7.2 Banker and his 3 open Books 7.3 Banker with Borrower, Deposit, Safe 7.4 Contractual agreements with others 7.5 New Deposit of 200 coins 7.6 New Loan of 100 coins 7.7 Table T2 for Costs & Revenues 7.8 Content of Agreement with Borrower 7.9 How to post Interest Revenues ? 7.10 Content Agreement with Depositor 7.11 How to post Interest Costs ? 7.12 Link between 2 SBIs split on 2 Tables 7.13 Income Statements and Balance sheets Accounts
1. The 3 Basic Confusions 2. The 3 Basic Documents 3. The Principle of Legal Entity 4. The Principle of Debit and Credit 5. The Sources and Usage of funds 6. The changes in Legal positions 7. Double Entry Accounting 8. Posting a Double Booking Entry on 2 T Acc
Book 1
Book 2
He set up a large table with a dark blue napkin and places 3 opened Books on the table.
He also has a small Vault/Safe to keep all gold coins brought in by depositors.
Book 3
He wants to accept deposits from rich individuals and lend all or part of same deposits to Borrowers.
Safe
Book 1
Book 2
He places a second Book on the upper right side of the table (Book no2) called the Depositor Book to track all changes of legal position with the depositor.
RIGHT
LEFT
Safe Book
Book 3
Finally, Banker places a third book on the middle lower part of the table (Book no3) to track all changes of legal position (ownership) on the Safe.
Safe
Borrower
Borrower Book
Depositor Book
Depositor
The 200 coins are placed inside the Safe. The Borrower is shown on the left side of the table and he takes with him 100 Gold Coins coming from the Safe.
Safe Book
Question: The banker wants to record these 2 business transactions on his 3 books. In the next slides, we show the rules that define double entry accounting.
Safe
Borrower
Borrower Book
Depositor Book
Depositor
Banker will be charged interest on deposits & will charge interest on loans to borrowers.
Safe Book
His 3 books will track all transactions : 1. Deposits of Coins received from Depositors 2. Coins held in the Safe/Vault 3. Loans of Coins to Borrowers
200 Gold coins
Question: How will the banker keep track of the 2 movements of coins between the Depositor, the Safe & the Borrower? He wants to keep track of his legal positions
Safe
Borrower Book
Depositor Book
Depositor
200
SBI-2
Book 2
Safe Book
SBI-1
200
200 Gold coins
Book 3
Safe
100
200
Book 1
Safe Book
We record a reduction in Asset (100 coins) which triggers a New Asset: Loan to the Borrower, recorded by posting a 100 SBI on the Left side of Book 1, the book for all legal changes with the Borrower (New Loans & New Reimbursements of Loans).
200
100 Gold coins
100
SBI-3
Book 3
The 2 SBIs are part of a Dual Booking Entry: The 100 Asset reduction recorded by SBI-3 on Book 3(the 100 coins have left the safe)and New 100 Asset-Loan is recorded by SBI-4 on Borrower Book (Book 1).
Safe
Interest Revenues
T2
Book 5
Borrower Book 100
Book 4
Depositor Book 200
Depositor
The banker places 2 opened books on this T2 Table 1 opened book (B4)on the right side B4 & 1 opened book (B5) on the left side. B5 This is to record Interest Revenues (on 100 loan) on the Book (B4)placed on the right side of the table and Interest Costs (on 200 deposit) on the other Book (B5)placed on the left side of table.
Safe Book
100 Gold coins
200
100
Safe
Interest Costs
Interest Revenues
Content of the 2 Agreements Banker signed 2 agreements : One with the depositor and One with the borrower. Borrower agreement says that a 25% interest will apply on the 100 coin Loan. Computing the Revenues A period of 12 months has just finished and the banker wants to post the related Revenues on the 100 coins loan to the borrower. The computation is simple: 25% of 100 coins equals 25 coins revenues to be invoiced to borrower for the period. Then, banker holds a new Asset: A new claim of 25 coins on the borrower. Question: How to post the booking entry on the Interest revenues Book ?
Book 4
Borrower Book Depositor Book 200
200
100
Safe
Interest Costs
Book 4
Borrower Book 100 SBI-5 25 Safe Book
100 Gold coins
200 100
As a rule of thumb,the twin SBI (SBI-6)will be posted on the right side of the Interest revenues book. There is a logic behind this rule,which is explained in level 2.
Safe
Interest Revenues 25
Book 4
Borrower Book 100 25 Safe Book
100 Gold coins
200 100
Safe
Book 4
Borrower Book 100 25 Safe Book
100 Gold coins
Banker has a New Debt made of a claim (payables) for 20 coins by the Depositor after 12 months. This New Debt will add to the initial Debt of 200 coins already reported on the Depositor book. The SBI for 20 coins (SBI-7)will be posted on the Right side of the Depositor book, just under the 200 SBI. The banker total Debt to Depositor will add up to 220 coins (200 & 20). How do we post the other twin SBI ?
200 Gold coins
200 100
As a rule of thumb,the twin SBI (SBI-8)will be posted on the Left side of the Interest Costs book. There is a logic behind this rule, which is explained in Level 2.
Safe
Interest Costs 20
Interest Revenues 25
To symbolize the relationship between lower dark blue & upper light blue table, we use a double arrow. This is to visualize twin SBIs related to Revenues or Costs. Revenues trigger new Claims on Clients. Costs trigger new Debt due to Suppliers.
Book 4
Borrower Book 100 25 Safe Book 200 100
200 Gold coins
All books on the light blue table represent the so called Income Statement Accounts to keep the record of all Revenues & Costs over a past period of time(last 12 months).
Safe
All books on the Dark Blue table (T1) represent the Balance Sheet Accounts which keep the record of the $ value of all Assets and all Debts as of the end of any day.
Interest Costs 20
Interest Revenues 25
B
Accounting in just 8 principles
1. The 3 Basic Confusions 2. The 3 Basic Documents 3. The Principle of Legal Entity 4. The Principle of Debit and Credit 5. The Sources and Usage of funds 6. The changes in Legal positions 7. Double Entry Accounting 8. Posting a Double Booking Entry on 2 T Acc
2.1
Depositor T account
Each T. Acc. records all legal changes made with one of the 3 external parties: Depositor, Safe, or Borrower.
SBI-2
200
spread spread
DBE-1
1.1
Safe T account
Each T. Acc. has an ID Number & Name. Each transaction is defined as a Dual Business Act to be recorded by a Dual Booking Entry (DBE) made up of 2 Single Booking Items (SBI1 & SBI-2).
SBI-1
200
Each SBI* records a Change of Legal Position from the banker s point of view.
spread
200 200
New Asset triggers New Debt of same $ value. New Deposit of 200 coins from the Depositor means 1 Dual Business Act for Banker with 2 change of legal positions recorded by 2 SBIs: 200 as New Asset & 200 as New Debt
2.1
Depositor T account
200 100
spread spread
In this Journal, we show 2 DBEs, each with full details, such as the Amounts, the target Acc. Names & No & destination side of each SBI (left or right) inside each of the 2 Target T Accounts. Total of all Left SBIs must be equal to the Total of all Right SBIs. On your computer, the Journal is the only way to post a DBE inside the General Ledger.
1.1
Safe T account
200 100
spread
In real life,a company will use specific Journals such as a Journal for Sales, Purchases, Banking operations or Employees etc. You may define the SBI description as you wish but certain infos must be included for future auditors.
Cash in Safe-Acc. 1.1 Debt to depositor 2.1 Cash out Safe-Acc. 1.1 Loan Borrower Acc 1.2
200 200
100 100
SBI
SBI
A T. Account over the life of the company will record a large number of SBIs coming from the Journal. The life of the company is divided into accounting periods of 12 months often starting on January 1st and ending on december31st. From time to time and at the end of regular periods, we proceed to the addition of all SBIs of the left side & of all SBIs of the right side inside each T Account of the General Ledger. Then, we compute the spread between the 2 totals. We define the Spread Balance as the Balance of the account. It is symbolized by a small triangle, either green or red. Each SBI in a given T. Account is linked to its twin SBI which is posted into another T. Account as indicated on the Journal.
SBI
SBI
SBI
SBI
Total Left
Total Right
Spread Balance
C
Application to the 3 Documents
1. Application to the General Ledger 2. Application to the Journal 3. Application to the Trial Balance 1.1 Replacing 5 Books by 5 T Accounts 1.2 Classes and Subclasses of Accounts 1.3 Semi Vertical GL and Full Vertical GL 1.4 Legal Entity and Shareholder Account 1.5 Acquisition of a new Long Term asset
The banker of Venice and his 2 tables with 5 books (3 & 2)introduce us to the GL shown here in a semivertical format. You can see a representation of the so called SBIposter design.
20
Borrower Acc
Depositor Acc
200 20
You recognize the light blue upper table for income statement Acc.(Revenues & Costs)and the dark blue lower table for the the balance sheet accounts. Each of the 5 Books used by the Banker has been replaced by a T Account. Between the 2 tables/Rectangles, we placed the double yellow arrow for the guidance of SBIs between Income Statement accounts and Balance Sheet accounts. We have inserted the 8 SBIs previously shown on the 2 tables.
100 25
Safe Account
200
100
Classes and Subclasses of Accounts A GL will hold 8 classes of accounts (1 to 8) Each T Acc. has a Name & Number. Number starts with the class Nber & may include many digits. The second digit indicates the subclass number in Chart of Accounts (COA).
4.1
25
1.2
Borrower Acc
Depositor Acc
2.1
A small company will not use the same type of COA as a Bank. Each company will stick to the same rules, applied by CPAs (Certified Professional Accountants). Rules give some freedom for classes definitions of Revenues & Costs. We used the most frequent class allocation with class 1 for Asset, class 2 for Debts, class 3 for Shareholders, class 4 for Revenues & class 5 for Costs. Here,we have 2 class 1 Acc.: Safe/Borrower) 1 class 2 account: Depositor 1 class 4 accounts: Revenues & 1 class 5 accounts: Costs.
200
20
100
Left 200
Right 100
1.2
Borrower Acc
Depositor Acc
100 25
200 20
1.1
Safe Account
200
100
SBI-Poster
Above is the Semi-Vertical GL Format called the SBI-poster in this course .Each T. Acc. has a predefined position inside. This Format is designed for learning purpose with colors.
Above is the Full Vertical GL Format in B&W as used by CPAs & accounting Softwares. All accounts and all SBIs are listed vertically. Standard GLs are often confusing for beginners
Foundation of a New legal Entity We assume that the banker has now made the decision to run his bank as distinct legal entity,under the name of Bank of Venice. He decides to bring 900 coins as New Capital. The 900 coins are placed inside the Safe. How to post booking entry for New Capital ?
100
900
Acquisition of a new Long Term asset 4.1 Banker then decides to buy at a price of 400 coins a New House for the company business instead of using his own house. How to post the booking entries ? 2.1 How to post entry for New House ? First,Bank has taken ownership of the new house, recorded by a 400 SBI (no 11) posted on the left side of the T Account allocated to the House. The twin 400 SBI, (no13)recording the 400 coins taken out of the safe, will be posted on the right side of the T Account allocated to the Safe. 3.1 The money value of the house will be adjusted downwards over time.This will be done with SBIs posted on the right side.
25
1.2
Borrower Acc
100 25
Depositor Acc
200 20
1.1
Safe Account
Shareholder SBI-12
1.3 SBI-11
New House
400
900
C
Application to the 3 Documents
1. Application to the General Ledger 2. Application to the Journal 3. Application to the Trial Balance 2.1 How to fill the Journal with 1 Double Booking Entry 2.2 How to fill the Journal with 4 Double Booking Entries 2.3 How to decipher a Business Transaction
How to fill the Journal with 1 Double Booking Entry 4.1 Once you know how to fill a GL under the SBI-poster format,it becomes easier to fill the Journal of Booking Entries (or DBE for Dual Booking Entries). Each Business transaction will be recorded by a DBE Entry made up of at least 2 Twin SBIs posted on 2 different T Accounts. As defined on slide,the accountant needs to identify the Twin SBIs for each transactions : the $ amount,the names and numbers of the 2 T Accounts and on which sides to post each SBI. We have designed a sample of a Journal with the first DBE posted inside the GL. The Journal list the first SBI (SBI-1)with information related to this Item (200 coins placed in the safe). The Safe T. Acc number is indicated (1.1) and the 200 amount is inserted on the left column. The twin SBI (SBI-2) record the new debt due to the Depositor (T Acc. nber 2.1) & the 200 amount is inserted on the right column.
1.2
Borrower Acc
100 25
Depositor Acc
200 DBE1 20
2.1 SBI-2
1.1 SBI-1
Safe Account
200 100
left
200
right
200
Journal
List of DBEs & T.Acc. Destin.
DBE1 SBI-1 SBI-2
SBIs go to Left
SBI s go to Right
DBE3
1.2
SBI-4
Borrower Acc
100 25
Depositor Acc
200 DBE1 20
2.1
SBI-2 DBE2 SBI-7
200 200
SBI-3 SBI-4
100 Safe (1.1) 100 Borrow (1.2) 25 Borrow (1.2) 25 Inter.Rev (4.1) 100 25
100
SBI-5
1.1
SBI-1
Safe Account
200 100 SBI-3
DBE3
SBI-5 SBI-6
25
DBE4
SBI-7 SBI-8
left
200
20
right
DBE 1
SBI-2 200
Purchase agreement & the Contractual Business Cycle starting by the delivery of Equipment as BT-1.(eg New Van)
COLP : Change of legal position BA : Business Act SBI: Single Booking Item BT : Business transaction CPC: Contractual Business Cycle
C
Application to the 3 Documents
1. Application to the General Ledger 2. Application to the Journal 3. Application to the Trial Balance 3.1 The General Ledger connection with Trial Balance 3.2 The 4 columns: 2 for SBIs & 2 for the spread 3.3 How to fill the trial balance ? 3.4 Comments on Trial Balance, end of 12 months
The Journal is a preparation document.Each SBI is then sent to its destination in the GL.Over the accounting period (usually 12 months)the company will experience a number of business transactions,each recorded by 2 twin SBIs. SBIs are stored into T Accounts inside the GL. At the end of these 12 months,you will try to balance all the SBIs held in the GL. Total of all left SBIs must be equal to the total of all right SBIs.
Trial Balance
The Difference between a GL and a Trial balance The GL lists all SBIs which will have been posted over a given period of time (usually 12 months). The Trial balance will only show the totals of SBIs (Total Left & Total Right), Account after Account, as well as the Spread Balance.(Left minus Right)
The GL will show a large Number of lines for each T Account. The Trial Balance will show only one line for each T Account.
SBI
SBI
200
25
1.100
500
600
nap
125
125
nap
On the Trial Balance first line allocated to T Account no 1.1(Safe),we reported the Total of all left SBIs (1,100) on the first column,then 500, then 600.
Safe Account
400
400 nap
nap 220
1.1
220
900
nap
900
Shareholder
3.1
4.1.Int.Rev.Ac.
25
nap 20
25 nap
1.3
New House
20
400
500
1,645
1,645
1,145
1,145
These GL/Trial-Bal hold only 7 T Acc, while a normal GL/Trial-Bal for a normal Bank holds thousands of T Acc. The chart of accounts covers only 5 classes of accounts (1 to 5) while a normal one would hold accounts belonging to 8 classes of Acc. We note that certain T Accounts have a natural tendency to show a Left Spread Balance while other have a natural tendency to show a Right Spread Balance. The spread balance for a given account is either left or right, it can not be both. If the spread balance happens to be zero, it means the account carries a zero value at the end of the day the GL was closed.
List of all Acc. 1.1. Safe Ac. 1.100 500 600 125 nap nap
125 400 0
0 0 220
400 nap
nap 220
3.1.ShareH.Ac
900
nap
900
4.1.Int.Rev.Ac.
0 20
25 0
nap 20
25 nap
5.1.Int.Cost Ac
Totals 4 Columns
1,645
1,645
1,145
1,145
End of Course C1
Conclusion This C1 Course plus the T1 tests will let you hold a basic understanding of the 3 accounting documents. To hold a comprehensive knowledge,you should move on to Level 2, with the C2 Course (30 Acc.)& T2 tests (40 tests). Level 3 will let you extend your skill to 60 Accounts.
Next Steps: Take the 22 tests on 7 T Accounts presented in T 1 of Level 1 . Corrections are enclosed inside T 1 File