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Standard of Living

8m 1s

Up Next in Term 1

  • Part 1: Accounting Concepts:

    This part of EMS falls under financial literacy and it involves some calculations. This lesson will introduce you to the theory of accounting, accounting concepts, what a sole trader is, banking, payments and receipts.

  • Part 2: Accounting Concepts

    In order to understand the “Accounting language” you need to familiarise yourself with a few more terminologies. In this lesson we look at assets, liabilities, income and expenses and profit vs loss.

  • Accounting Cycle Overview

    The accounting cycle refers to a series of steps that occur every month. The accounting cycle has the following steps: transactions, source documents, subsidiary journals, general ledger, retail balance, Income statement and the balance sheet.