Course: Introduction to Accounting and the Accounting System

Watch carefully as this is a very important concept! These are the four examples referred to in the video: John started the business by putting £5,000 into the business bank …

Management accounts vs financial accounts Depending on what purposes the statements are being produced for, the accounts can be referred to as being either management accounts or financial accounts. In …

In a typical business there will be a great number of transactions to be recorded. If we were to record each transaction individually, straight into the accounts, they would get …

Selling goods on credit always involves an element of risk. The goods are taken away or delivered to the customer now with the promise of payment in the future, so …

Watch the video above where a Kaplan tutor talks through the overall process that we follow to get the transactions into the financial statements. As we progress through this course …

The statement of profit or loss is a summary of the business’s transactions (income and expense) for a given period. This is achieved by deducting all expenses from all income. …

All business expenditure must be classified as either capital or revenue income and expenditure. Lets take a look at what each of these two different headings mean and how they …

In a typical business there will be a great number of transactions to be recorded. If we were to record each transaction individually, straight into the accounts, they would get …

Selling goods on credit always involves an element of risk. The goods are taken away or delivered to the customer now with the promise of payment in the future, so …

All business expenditure must be classified as either capital or revenue income and expenditure. Lets take a look at what each of these two different headings mean and how they …

Management accounts vs financial accounts Depending on what purposes the statements are being produced for, the accounts can be referred to as being either management accounts or financial accounts. In …

Watch the video above where a Kaplan tutor talks through the overall process that we follow to get the transactions into the financial statements. As we progress through this course …

Watch carefully as this is a very important concept! These are the four examples referred to in the video: John started the business by putting £5,000 into the business bank …

The statement of profit or loss is a summary of the business’s transactions (income and expense) for a given period. This is achieved by deducting all expenses from all income. …