Handling Full Set of Accounts

What is Accounting
Accounting Process
Role in today’s business
The Accounting Equation
Transaction Analysis
Simple Financial Statements
Exercise

Recording in The Journal
The Creditors Ledger
The Debtors Ledger
The General Ledger
Assets
Liabilities
Capital
Revenue
Expenses
Extracting Trial Balance
Financial Statements
Correction of errors
Exercises

Measurement
Cost using FIFO & Weighted Cost method
Impact on Financial statements
Perpetual versus periodic system
Exercise

Cash versus Accrual Accounting
Matching Principle
Accrued Expenses
Prepayments
Unearned Revenue
Bad Debts & Provision for Doubtful Debts
Recording in Ledger
Impact on Financial Statements
Exercises

Historical Cost Concept
Depreciation Calculation & Recording
Gain or Loss on Sale
Recording in Ledger
Impact on Financial Statements
Exercise

Limited Company Background
The Income statement / The Profit & Loss Statement
The Balance Sheet
Exercise