Questions

QUESTIONS
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on a monitor
1

Answer

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answer directly onto the 2
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DURATION

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

Multiple Response
MULTIPLE
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response by clicking the
RESPONSE
2
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Multiple Response Matching

MULTIPLE RESPONSE
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Number entry
NUMBER
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MULTIPLE TASK QUESTIONS

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QUESTIONS
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MULTIPLE TASK QUESTIONS

MULTIPLE TASK
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QUESTIONS
down lists, multiple choice,
multiple response and hotspot
FA1: RECORDING
FINANCIAL TRANSATIONS
FA1: RECORDING
FINANCIAL TRANSATIONS
 Business transactions and documentation

A business is a commercial or

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

A business is an organisation which

BUSINESS
uses 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

BUSINESS
resources in order to
make even more money for its
owners.

is the excess of income over

PROFIT
expenditure. 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)
TRANSACTIONS
-
-
Purchasing services
Purchase of non-current assets

- Sales (Cash or Credit)

- BUSINESS
Paying wages and salaries
- Accounting for and paying
TRANSACTIONS
tax

- Raising finance and paying

BUSINESS
rewards to the suppliers of
finance

TRANSACTIONS
- Movements of cash and
money in the bank account
 Business transactions and documentation

SEPARATE
A business is separate from its
ENTITY
owner(s)

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

Every transaction will

DUEL
demonstrate 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 ADVICE - these will be recurring items such as rent,

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 AMOUNTS
- shares can be issued in
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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