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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.
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.
A source document is completed for every transaction as proof of that transaction. The source documents that you learn about at the grade 8 level include duplicate receipt, cash register roll, cash invoices, bank deposit slips, cheque counterfoil and bank statements.