• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Accountancy Notes

Extracts from this document...

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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Accounting & Finance section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Accounting & Finance essays

  1. Accounting Concepts and Conventions

    The main significance of the Going Concern Concept is that the assets of the business should not be valued at their 'break-up' value, which is the amount it would sell for if they were sold of piecemeal and the business were thus broken up.

  2. This report has been produced as evidence for Unit 9 - 'Financial Services' - ...

    We invest in shares to make money - either through a share's capital growth, ie the amount by which the share price increases in value over time, or through the dividends it pays to its shareholders. Dividends are payments made by companies to shareholders from their profits.

  1. Complete Report on Askari Commercial Bank

    further enhance to brand image and customer base of Askari Master Card. For the first time in Pakistan, Askari bank introduces the Platinum card in addition to the existing Gold and Sliver. The Platinum card facility offers certain exclusive leisure and travel related facilities to its members.

  2. The Purpose of Keeping Accurate Accounts

    Lenders - interested in whether the business as the ability to pay interest and make repayments on the loans. Therefore interested in the cash flow statement, assets and ability to pay debts. Customers - interested to know suppliers are secure for the future so customers will want to develop long term trading.

  1. Identifying and describing the main financial service needs for a student starting at university

    As previously explained. Student Loans form LEA These are loans from the local borough as previously explained. Personal Loans from Banks The most popular methods of burrowing money are loans. This is a fixed sum of money lent for a stated period of time, for example �2,000 for three years.

  2. Unit 5 Introduction to Accounting

    In bad years, dividends may be nothing whereas in good years they may be substantial. Some businesses may choose to pay out a dividend even if it has had a difficult trading year and has made a loss. Ordinary shareholders can vote on all of the issues raised at a

  1. computer system

    Twenty-four-bit color is represented in the format #RRGGBB, where RR specifies the value of the Red component of the color, GG the Green component and BB the Blue component. For example, a shade of red that is 238,9,63 in decimal is coded as #EE093F.

  2. theory of banking

    (Shelagh A Heffernan,1996) David T Llewellyn (1999) gives the nature of banks: "The traditional view of a bank is that of a financial intermediary: an institution which accepts deposits with one set of characteristics and makes loans or acquire assets with a different set" To illustrate the traditional intermediary function of a bank, David T Llewellyn (1999)

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work