Recording financial transactions
Unit summary
Syllabus aims
To develop knowledge and understanding of the operational aspects of maintaining accounting records and procedures relating to invoicing, receipts and payments, recording income and expenditure, the preparation of ledger accounts and the preparation of an initial trial balance.
Objectives
On completion of this paper, candidates should be able to:
distinguish between types of business transactions and documentation, recognising relevant basic business law and data protection legislation
prepare basic ledger accounts under the double entry system
record income and receipts from credit customers
explain and account for irrecoverable debts
record purchases, expenditure, and payments to suppliers
account for banking transactions
maintain general cash and petty cash records
produce bank reconciliation statements
record payroll transactions
prepare and reconcile control accounts
prepare an initial trial balance identifying and correcting errors using journal entries.
Unit details
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15 Business, Administration and Law
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15.1
Accounting and Finance
E-assessment
Written Examination