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Sports Station: A Manual Accounting Practice Set

Sports Station: A Manual Accounting Practice Set

ISBN: 978-1-118-43984-5

Oct 2012

104 pages

Select type: Paperback

$38.95

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Description

Sports Station is a manual practice set, produced primarily as a teaching aid to be used in association with introductory accounting texts and the international accounting standards.

This practice set provides experience in manually recording and posting a variety of business transactions common to small businesses, so that students gain an understanding of the flow of data in an accounting system. Many of these processes are out of sight in a computerised accounting system.

Completion of the practice set for a one-month period should ensure a greater appreciation of:

  • The steps in the accounting cycle for a small business
  • The use of special journals for processing data more efficiently
  • The use of subsidiary ledgers to remove detail from the General ledger
  • The perpetual inventory system
  • The bank account reconciliation
  • Balance-day adjustments and the General ledger closing process
  • How the accounting cycle culminates in the preparation of financial statements
  • How the goods and services tax (GST) impacts on accounting
  • The variety of source documents, and
  • How to extract information from source documents to record transactions
Chapter 1 – Introduction

Business Background: Sports Station
Accounting Policies
Accounting Records
Accounting Procedures
Account Balances
Instructions
Conclusions

Chapter 2 – Transactions – November 2012

End-of-month Adjustments

Journals
General Journal
Sales Journal
Purchases Journal
Cash Payments Journal
Cash Receipts Journal

Subsidiary Ledgers
Inventory Subsidiary Ledger
Accounts Receivable Ledger
Accounts Payable Ledger

General Ledger – T Format
General Ledger – Running Balance Format

Reports
Schedules of Subsidiary Ledgers
Bank Reconciliation Statement
Worksheet
Income Statement
Balance Sheet
Post-Closing Trial Balance
Ration Analysis

APPENDIX 1 An Introduction to the GST and PAYG
APPENDIX 2 Glossary of Source Documents
APPENDIX 3 Ration Analysis