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Accountancy Notes

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Introduction

Accounting Revision Notes Chapters 1- 9 Chapter 1 When maintaining financial accounts you should bear in mind that they should be kept: * Accurately * Up-to-date * Confidentially Recording of Transactions - Subsidiary Books These include: * Sales Day Book - a list of sales made, compiled from invoices issued * Purchases Day Book - a list of purchases made, complied from invoices received * Sales Day Returns Book - a list of 'returns in', i.e. goods returned by customers, compiled from credit notes issued * Purchases Returns Day Book - a list of 'returns out', i.e. goods returned by the business to suppliers, compiled from credit notes received * Cash Book - the business' record of the bank account and the amount of cash held, compiled from receipts, paying-in slip counterfoils, cheque counterfoils and other banking documents * Petty Cash Book - a record of cash (notes and coin) ...read more.

Middle

Demonstrate knowledge and understanding of the accounting information system, accounting procedures, techniques and concepts, the role and limitations of accounting in decision-making (AO1). b) Select and apply their knowledge and understanding of accounting procedures, techniques and concepts to a variety of accounting problems (AO2). c) Analyse and interpret accounting information in different forms (eg accounting statements, reports, tables, graphs and charts) (AO3). d) Evaluate accounting information and make an assessment of alternative courses of action in the form of reasoned judgements, recommendations and decisions, taking into consideration economic, legal, technological and social factors (AO4). To complete AS level candidates must study 3 modules. The content of each is outlined below. MODULE 1 This module is designed as a foundation for the course and covers double-entry procedures with the emphasis on the accounting systems of sole traders. Candidates should gain an understanding of how the double-entry system works and develop some skill in keeping accounting records. ...read more.

Conclusion

1.2 RECORDING VAT Candidates should be able to: Understand the main features of the VAT system and be able to record VAT in the double-entry system. Division of the Ledger The ledger has traditionally been divided into a number of sections: * Sales Ledger - personal accounts of debtors, i.e. customers to whom the business has sold on credit * Purchases Ledger - personal accounts of creditors, i.e. suppliers to whom the business owes money * Cash Books - a cash book comprising cash account and bank account, and a petty cash book fro petty cash account (small purchases). These also subsidiary books * General (or nominal) Ledger - the remainder of the accounts : nominal accounts, e.g. sales, purchases, expenses and real accounts for items owned by the business Double-entry Book Keeping This involves making two entries in the accounts for each transaction. When maintaining financial accounts you should bear in mind that they should be kept: * Accurately * Up-to-date * Confidentially ...read more.

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