This unit of study introduces the basic recording processes within an accounting system for small trading business. Students will develop essential record keeping skills from transactions through to trial balance. Appropriate accounting templates, will be developed by students for task completion.
Accounting concepts will be explored and defined according to the accounting conceptual framework. The double entry system
of accounting including the perpetual inventory system, specialised journals and FIFO will be studied. Students will be introduced to balance sheets as an extension of the accounting equation.