Introduction_to_accounting

Introduction_to_Accounting
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Unformatted text preview: Business Management Study Manuals Certificate in Business Management INTRODUCTION TO ACCOUNTING The Association of Business Executives 5th Floor, CI Tower St Georges Square High Street New Malden Surrey KT3 4TE United Kingdom Tel: + 44(0)20 8329 2930 Fax: + 44(0)20 8329 2945 E-mail: info@abeuk.com www.abeuk.com Copyright, 2008 The Association of Business Executives (ABE) and RRC Business Training All rights reserved No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form, or by any means, electronic, electrostatic, mechanical, photocopied or otherwise, without the express permission in writing from The Association of Business Executives. Certificate in Business Management INTRODUCTION TO ACCOUNTING Contents Unit Title Page 1 Nature and Scope of Accounting 1 Purpose of Accounting 2 Rules of Accounting (Accounting Standards) 7 Accounting Periods 12 The Fundamental Concepts of Accountancy 12 Case Study A: Global Holdings Ltd 15 2 Double-Entry Book-Keeping and the Ledger 17 Principles of Double-Entry Book-Keeping 18 Ledger Accounts 19 The Accounting Equation 22 Balancing Off 23 Classification of Ledger Accounts 28 3 Cash and Bank Transactions 33 Nature of the Cash Book 34 Bank Reconciliation Statement 44 Stale and Post-dated Cheques 47 The Petty Cash Book 48 4 Recording Business Transactions 61 The Journal 62 Opening Statement of Assets and Liabilities 63 Drawings 66 The Purchases Book 68 The Sales Book 72 Returns and Allowances Books 73 A Typical Transaction 77 5 The Trial Balance 89 Introduction to the Trial Balance 90 Errors in the Trial Balance 96 Correction of Errors 104 6 Final Accounts 1: The Trading Account 117 Introduction to Final Accounts 118 Trading Account 118 Stock 119 Unit Title Page 7 Final Accounts 2: The Profit and Loss Account 127 Nature of the Profit and Loss Account 128 Bad Debts 130 Discounts 133 Depreciation 133 Prepayments and Accruals 137 Allocation or Appropriation of Net Profit...
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