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End of week reflections

Well done for getting through the second week! Let’s wrap it up by recapping some of the key aspects we studied so far – just the main takeaways, and in …

End of week exercise

End of week exercise Inventory Items Go to Xero.com and log into your Advantage Tennis Coaching company Click ‘Business’ -> ‘Products and services’ and create two inventory items, follow the …

How do you record transactions in Xero?

You can record transactions in the traditional accounting forms of manual journals and ledgers as well as Excel. Once you’ve done that, it is time to record these transactions in …

Account Keeping for Non-cash Transactions

Let’s now deal with the other non-cash transactions. Firstly, we can start by recording invoices that sent to Customers. Click ‘Business’ and ‘Invoices’, then ‘new invoice’. Record the third transaction …

Exploring Xero

Exploring Xero This week we will go through the ‘Advantage Tennis Coaching’ case study in Xero to understand how this platform works. Please download the case study found on the …

Cash Flow Statement Example

In this article, you will learn more about a cash flow statement example and its relationship to other financial statements. Cash Flow Statement Example Relationship of the Statement of Cash …

What’s next?

Well done on reaching the end of the course, are you feeling inspired to continue your studies in accounting? If you don’t want the learning to stop now you can …

Market for Sustainability Assurance Services

Market for Sustainability Assurance Services A relatively less well-established accounting practice when compared to sustainability reporting New form or type of assurance service Largely unregulated (in contrast to financial audits) …

Cash Flow Statement Format

Cash Flow Statement Format Classified into three main sections reflecting major cash flow activities: Operating activities: day-to-day activities including receipts and payments Receipts from customers. Payments to suppliers and employees. …

Cash and Accrual Accounting

Cash and Accrual Accounting The accrual system focuses on when a transaction takes place. In contrast, the statement of cash flows is concerned with cash receipts and payments, and not …

Independent external assurance

Independent external assurance – most popular approach Sustainability assurance: assurance engagements in which an external third-party assurance provider (SAP) is recruited to provide assurance over a sustainability report. Primary objective: …

What is Sustainability Assurance?

Internal Assurance Ask the internal auditor to review the sustainability report However, the credibility/independence of this approach may be questioned especially amongst external stakeholders Stakeholder Panels Assemble a panel of …

The purpose of cash flows

Answer to the previous exercise Event On profit On cash Repayment of a loan 1. None 2. Decrease Making a sale on credit 3. Increase 4. None Buying a non-current …

The importance of cash

The importance of cash Cash refers to all cash, cash on hand and cash equivalents. Businesses fail as a result of inability to find sufficient cash to settle their responsibilities. …

What is Sustainability Reporting?

What is Sustainability Reporting? Accounting traditionally focused on organisations economic/financial performance Measure and report on financial performance (financial accounting and financial reporting) In the case of companies, the aim was …