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Introduction to Financial Accounting N4
www.futuremanagers.com THE CONCEPT OF ACCOUNTANCY The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 1 – Accounting theory, principles and concepts
www.futuremanagers.com Module 1 – Accounting theory, principles and concepts (continued) CAPITAL FOR A NEW BUSINESS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 1 – Accounting theory, principles and concepts (continued) THE PROFIT MOTIVE Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com DIFFERENT FORMS OF OWNERSHIP The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 2 – Forms of ownership
www.futuremanagers.com Module 2 – Forms of ownership (continued) FORMS OF OWNERSHIP Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com SOURCE DOCUMENTS The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 3 – Documents and authorisation of transactions
www.futuremanagers.com Module 3 – Documents and authorisation of transactions (continued) INTERNAL DOCUMENTS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 3 – Documents and authorisation of transactions (continued) EXTERNAL DOCUMENTS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 3 – Documents and authorisation of transactions (continued) FILING/ARCHIVING OF DOCUMENTS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 3 – Documents and authorisation of transactions (continued) REGISTERS OF UNUSED DOCUMENTS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 3 – Documents and authorisation of transactions (continued) SAFEKEEPING OF USED AND UNUSED INTERNAL SOURCE DOCUMENTS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 3 – Documents and authorisation of transactions (continued) AUTHORISATION OF TRANSACTIONS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 3 – Documents and authorisation of transactions (continued) SOURCE AND SUPPORTING DOCUMENTS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com ACCOUNTING SYSTEMS USED BY THE BUSINESS The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 4 – Starting a commercial enterprise
www.futuremanagers.com Module 4 – Starting a commercial enterprise (continued) BANKING AND BANKING ACCOUNTS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 4 – Starting a commercial enterprise (continued) GUIDELINES FOR RECEIVING AND DEPOSTING MONEY Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 4 – Starting a commercial enterprise (continued) GUIDELINES FOR PAYING MONEY Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 4 – Starting a commercial enterprise (continued) INTERNET BANKING Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com FINANCIAL CONCEPTS The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 5 – Financial concepts and the Accounting equation
www.futuremanagers.com Module 5 – Financial concepts and the Accounting equation (continued) CYCLE OF TRADING ACTIVITIES Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 5 – Financial concepts and the Accounting equation (continued) THE DOUBLE-ENTRY SYSTEM Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 5 – Financial concepts and the Accounting equation (continued) THE ACCOUNTING EQUATION Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com THE GENERAL LEDGER The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 6 –Trading concerns; principles regarding double entries
www.futuremanagers.com Module 6 –Trading concerns; principles regarding double entries (continued) APPLY THE DOUBLE-ENTRY PRINCIPLE Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 6 –Trading concerns; principles regarding double entries (continued) GROUPING OF LEDGER ACCOUNTS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 6 –Trading concerns; principles regarding double entries (continued) THE CONTINUOUS STOCK SYSTEM Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 6 –Trading concerns; principles regarding double entries (continued) THE PERIODIC STOCK SYSTEM Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 6 –Trading concerns; principles regarding double entries (continued) THE TRIAL BALANCE Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com CASH RECIEPTS JOURNAL The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 7 – Cash receipts journal and transfer (post) to the ledger
www.futuremanagers.com Module 7 – Cash receipts journal and transfer (post) to the ledger (continued) POSTING FROM THE CASH RECEIPTS JOURNAL TO THE GENERAL LEDGER Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com CASH PAYMENTS JOURNAL The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 8 – Cash payments and transfer (post) to the ledger
www.futuremanagers.com Module 8 – Cash payments and transfer (post) to the ledger (continued) POSTING FROM THE CASH PAYMENTS JOURNAL TO THE GENERAL LEDGER Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 8 – Cash payments and transfer (post) to the ledger (continued) CASH RECIEPTS JOUNRAL AD THE CASH PAYMENTS JOURNAL Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com ANALYSIS CASH BOOK The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 9 – Analysis Cash book and transfer (post) to the ledger
www.futuremanagers.com THE PETTY CASH JOURNAL The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 10 – Petty cash journal
www.futuremanagers.com Module 10 – Petty cash journal (continued) THE PETTY CASH VOUCHER Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 10 – Petty cash journal (continued) THE IMPREST SYSTEM Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com TYPES OF WAGE SYSTEMS The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 11 – Wages and salaries journal
www.futuremanagers.com Module 11 – Wages and salaries journal (continued) OVERTIME REMUNERATION Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 11 – Wages and salaries journal (continued) DEDUCTIONS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 11 – Wages and salaries journal (continued) THE WAGE JOURNAL Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 11 – Wages and salaries journal (continued) THE SALARY JOURNAL Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com BANK RECONCILIATION The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 12 – Bank reconciliation
www.futuremanagers.com Module 12 – Bank reconciliation (continued) PROCEDURAL RULES FOR RECONCILIATION Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com Module 12 – Bank reconciliation (continued) DRAWING UP A BANK RECONCILIATION STATEMENT Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
www.futuremanagers.com THE CONCEPT OF PROFIT The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 13 – End-of-year procedure
www.futuremanagers.com Module 13 – End-of-year procedure (continued) FINAL ACCOUNTS AND CLOSING PROCEDURE Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.

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N4-Introduction-to-Financial-Accounting.pptx

  • 2. www.futuremanagers.com THE CONCEPT OF ACCOUNTANCY The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 1 – Accounting theory, principles and concepts
  • 3. www.futuremanagers.com Module 1 – Accounting theory, principles and concepts (continued) CAPITAL FOR A NEW BUSINESS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 4. www.futuremanagers.com Module 1 – Accounting theory, principles and concepts (continued) THE PROFIT MOTIVE Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 5. www.futuremanagers.com DIFFERENT FORMS OF OWNERSHIP The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 2 – Forms of ownership
  • 6. www.futuremanagers.com Module 2 – Forms of ownership (continued) FORMS OF OWNERSHIP Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 7. www.futuremanagers.com SOURCE DOCUMENTS The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 3 – Documents and authorisation of transactions
  • 8. www.futuremanagers.com Module 3 – Documents and authorisation of transactions (continued) INTERNAL DOCUMENTS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 9. www.futuremanagers.com Module 3 – Documents and authorisation of transactions (continued) EXTERNAL DOCUMENTS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 10. www.futuremanagers.com Module 3 – Documents and authorisation of transactions (continued) FILING/ARCHIVING OF DOCUMENTS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 11. www.futuremanagers.com Module 3 – Documents and authorisation of transactions (continued) REGISTERS OF UNUSED DOCUMENTS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 12. www.futuremanagers.com Module 3 – Documents and authorisation of transactions (continued) SAFEKEEPING OF USED AND UNUSED INTERNAL SOURCE DOCUMENTS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 13. www.futuremanagers.com Module 3 – Documents and authorisation of transactions (continued) AUTHORISATION OF TRANSACTIONS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 14. www.futuremanagers.com Module 3 – Documents and authorisation of transactions (continued) SOURCE AND SUPPORTING DOCUMENTS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 15. www.futuremanagers.com ACCOUNTING SYSTEMS USED BY THE BUSINESS The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 4 – Starting a commercial enterprise
  • 16. www.futuremanagers.com Module 4 – Starting a commercial enterprise (continued) BANKING AND BANKING ACCOUNTS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 17. www.futuremanagers.com Module 4 – Starting a commercial enterprise (continued) GUIDELINES FOR RECEIVING AND DEPOSTING MONEY Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 18. www.futuremanagers.com Module 4 – Starting a commercial enterprise (continued) GUIDELINES FOR PAYING MONEY Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 19. www.futuremanagers.com Module 4 – Starting a commercial enterprise (continued) INTERNET BANKING Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 20. www.futuremanagers.com FINANCIAL CONCEPTS The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 5 – Financial concepts and the Accounting equation
  • 21. www.futuremanagers.com Module 5 – Financial concepts and the Accounting equation (continued) CYCLE OF TRADING ACTIVITIES Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 22. www.futuremanagers.com Module 5 – Financial concepts and the Accounting equation (continued) THE DOUBLE-ENTRY SYSTEM Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 23. www.futuremanagers.com Module 5 – Financial concepts and the Accounting equation (continued) THE ACCOUNTING EQUATION Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 24. www.futuremanagers.com THE GENERAL LEDGER The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 6 –Trading concerns; principles regarding double entries
  • 25. www.futuremanagers.com Module 6 –Trading concerns; principles regarding double entries (continued) APPLY THE DOUBLE-ENTRY PRINCIPLE Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 26. www.futuremanagers.com Module 6 –Trading concerns; principles regarding double entries (continued) GROUPING OF LEDGER ACCOUNTS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 27. www.futuremanagers.com Module 6 –Trading concerns; principles regarding double entries (continued) THE CONTINUOUS STOCK SYSTEM Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 28. www.futuremanagers.com Module 6 –Trading concerns; principles regarding double entries (continued) THE PERIODIC STOCK SYSTEM Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 29. www.futuremanagers.com Module 6 –Trading concerns; principles regarding double entries (continued) THE TRIAL BALANCE Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 30. www.futuremanagers.com CASH RECIEPTS JOURNAL The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 7 – Cash receipts journal and transfer (post) to the ledger
  • 31. www.futuremanagers.com Module 7 – Cash receipts journal and transfer (post) to the ledger (continued) POSTING FROM THE CASH RECEIPTS JOURNAL TO THE GENERAL LEDGER Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 32. www.futuremanagers.com CASH PAYMENTS JOURNAL The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 8 – Cash payments and transfer (post) to the ledger
  • 33. www.futuremanagers.com Module 8 – Cash payments and transfer (post) to the ledger (continued) POSTING FROM THE CASH PAYMENTS JOURNAL TO THE GENERAL LEDGER Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 34. www.futuremanagers.com Module 8 – Cash payments and transfer (post) to the ledger (continued) CASH RECIEPTS JOUNRAL AD THE CASH PAYMENTS JOURNAL Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 35. www.futuremanagers.com ANALYSIS CASH BOOK The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 9 – Analysis Cash book and transfer (post) to the ledger
  • 36. www.futuremanagers.com THE PETTY CASH JOURNAL The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 10 – Petty cash journal
  • 37. www.futuremanagers.com Module 10 – Petty cash journal (continued) THE PETTY CASH VOUCHER Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 38. www.futuremanagers.com Module 10 – Petty cash journal (continued) THE IMPREST SYSTEM Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 39. www.futuremanagers.com TYPES OF WAGE SYSTEMS The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 11 – Wages and salaries journal
  • 40. www.futuremanagers.com Module 11 – Wages and salaries journal (continued) OVERTIME REMUNERATION Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 41. www.futuremanagers.com Module 11 – Wages and salaries journal (continued) DEDUCTIONS Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 42. www.futuremanagers.com Module 11 – Wages and salaries journal (continued) THE WAGE JOURNAL Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 43. www.futuremanagers.com Module 11 – Wages and salaries journal (continued) THE SALARY JOURNAL Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 44. www.futuremanagers.com BANK RECONCILIATION The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 12 – Bank reconciliation
  • 45. www.futuremanagers.com Module 12 – Bank reconciliation (continued) PROCEDURAL RULES FOR RECONCILIATION Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 46. www.futuremanagers.com Module 12 – Bank reconciliation (continued) DRAWING UP A BANK RECONCILIATION STATEMENT Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.
  • 47. www.futuremanagers.com THE CONCEPT OF PROFIT The following concepts are used in accounting: • Assets; • Owner’s equity; • Capital; • Liabilities • Expenses; and • Income. Module 13 – End-of-year procedure
  • 48. www.futuremanagers.com Module 13 – End-of-year procedure (continued) FINAL ACCOUNTS AND CLOSING PROCEDURE Most transactions are accompanied by source documents. Source documents represent the starting point of the recording process, providing detailed information from which each transaction is systematically classified and filed and subsequently entered into the respective books of prime entry.