Questions

QUESTIONS
Questions are displayed on a
monitor
1

Answer

ANSWER
Candidates enter their answer
directly onto the computer 2

DURATION

DURATION 3
Candidates have two hours to
complete the examination
Multiple Choice
MULTIPLE
Choose one answer from four
CHOICE
options
1

Multiple Response
MULTIPLE
Select more than one response by
clicking the appropriate tick box
RESPONSE
2

Multiple Response Matching

MULTIPLE
Select a response to a number of related
statements by choosing one option from a
RESPONSE
number of drop down menus
3
MATCHING
 Number entry
NUMBER
Key in a numerical response to
ENTRY
a question
4

MULTIPLE TASK QUESTIONS

MULTIPLE TASK
A series of short questions
to one scenario
QUESTIONS
related
5

MULTIPLE TASK QUESTIONS

MULTIPLE TASK
Could be number entry, drop-down
lists, multiple choice, multiple response
QUESTIONS
and hotspot
5
 A
Introduction
transaction
accounting
to

B Ac Rec
co ord
un in
tra ting g &
nsa fo
c ti r c a
o n sh

Recording &
C Accounting for credit
transaction
Pa
y ro ll

D
FINANCIAL
TRANSATIONS
FA1: RECORDING
 1
Business tra
and docume
ntation

2 As
nsactions

and sets,
the Liab
eq acco ilitie
ua
tio untin s,
n g

Recording,
summarizing &
3 posting transactions

ac
co st
Co unt atem
m p s an e n
l et d f t s
ing in
l e d an c i
ge al
r
4
FINANCIAL
TRANSATIONS
FA1: RECORDING
 Business transactions and documentation

A business is a commercial or industrial

BUSINESS
concern which exists to deal in the
manufacture, resale
or supply of goods and services.

A business is an organisation which uses

BUSINESS
economic resources to create goods or
services which
customers will buy

BUSINESS
A business is an organisation
providing jobs for people
 Business transactions and documentation

A business invests money in resources in

BUSINESS
order to
make even more money for its owners.

is the excess of income over expenditure.

PROFIT
When expenditure exceeds revenue, the
business is
running at a loss.

BUSINESS
Sole trader
Limited Liability Companies

ENTITY
Partnership
 Business transactions and documentation

-
BUSINESS
Purchasing goods and materials (Cash
or Credit)
TRANSACTION
-
-
Purchasing services
Purchase of non-current assets
S
- Sales (Cash or Credit)
-BUSINESS
Paying wages and salaries
- Accounting for and paying tax
TRANSACTION
S
- Raising finance and paying rewards
BUSINESS
-
to the suppliers of finance
Movements of cash and money in the

TRANSACTION
bank account

S
 Business transactions and documentation

SEPARATE
A business is separate from its owner(s)

ENTITY

ACCOUNTING
A business must always be treated as a
separate entity from its owners
CONVENTION
preparing accounts

Every transaction will demonstrate

DUEL
this duality
- One account is Debited

EFFECT
- Another is Credited
 which goes the buyers’
department

to order goods from the most

suitable supplier

PURCHASE Goods, accompanied by the

REQUISITION supplier’s delivery note

PURCHASE ORDER Goods will be received in

the warehouse, where a
goods received note will
be raised
DELIVERY NOTE
These must be checked
back to the order to
ensure that the correct
GOODS RECEIVED NOTE goods are being received

Purchase of goods and materials

 Invoices from suppliers will be
received and recorded

just a list of
invoices received

INVOICES Record in the ledger book

PURCHASES DAY BOOK Usually suppliers will send

statements of account
setting out the amounts still
owed.
PAYABLES LEDGER

STATEMENTS OF ACCOUNT

Purchase of goods and materials

 Payments by credit customers should
be accompanied by remittance advices
which detail what is being paid.

If goods are returned by customers then

customers will ask for a credit note

REMITTANCE - these will be recurring items such as rent,

ADVICE electricity, telephone and insurance
- paying for an advertisement in a newspaper

CREDIT NOTE - purchase requisition and

so on

PURCHASING SERVICES

PURCHASE OF NON-CURRENT ASSETS

Purchase of goods and materials

 a copy of the sales is also recorded by
the cash register system

selling to other businesses, the sales representatives

will be responsible for encouraging customers to
place sales orders

RECEIPT
to despatch the goods from the warehouse

SALES ORDERS sent to the customers by

the accounting department

GOODS DESPATCH NOTES

SALES INVOICES

Sales of goods and materials

 just a list of invoices

record what each customer owes

SALES DAY BOOK

will send customers statements of account
which set out the amounts still owed by
customers

RECEIVABLES LEDGER Payments by credit

customers should be
accompanied by remittance
advices which detail what is
STATEMENTS OF ACCOUNT being paid

REMITTANCE ADVICES

Sales of goods and materials

 If goods are returned by customers
then customers will ask for a credit
note. This acts like a negative invoice.

- time records
- wage or salary slip

CREDIT NOTE
purchase requisition and so on

PAYING EMPLOYEES - shares can be issued in

exchange for new share
capital
- Loans will usually be
PURCHASE OF NON-CURRENT ASSETS accompanied by a loan
agreement setting out the
terms of the loan.

FINANCE
 will be paid in response to an
assessment by the tax authorities

- petty cash vouchers

- cheque or credit transfer

- Specially initiated by the company

- Automatic constant amounts (standing
TAX orders)
- Initiated by the person receiving the money
(direct debits)
CASH AND BANK ACCOUNT
- shares can be issued in
AMOUNTS exchange for new share
capital
- Loans will usually be
CREDIT TRANSFERS accompanied by a loan
agreement setting out the
terms of the loan.

FINANCE
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