The dual effect principle: how it works
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 …
Course: Introduction to Accounting and the Accounting System
Types of accounting
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 …
The purpose of the books of prime entry
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 …
Business documents for a credit transaction
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 …
Introduction to the process
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 profit and loss account
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. …
Capital vs revenue income and expenditure
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 …
The purpose of the books of prime entry
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 …
Business documents for a credit transaction
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 …
Capital vs revenue income and expenditure
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 …
Types of accounting
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 …
Introduction to the process
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 dual effect principle: how it works
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 profit and loss account
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. …
These articles are from the online course:
Introduction to Accounting and the Accounting System