Subject contents:
Business transactions and documentation; Double entry bookkeeping; Banking and petty cash; Sales and sales records; Purchases and purchase records; Payroll; Control accounts and the initial trial balance

Objectives:
On completion of this paper, students will be able to:

• distinguish between types of business transactions and documentation, recognising relevant basic business law and data protection legislation
• prepare basic ledger accounts under the double entry system
• record income and receipts from credit customers
• explain and account for irrecoverable debts
• record purchases, expenditure, and payments to suppliers
• account for banking transactions
• maintain general cash and petty cash records
• produce bank reconciliation statements
• record payroll transactions
• prepare and reconcile control accounts
• prepare an initial trial balance identifying and correcting errors using journal entries.