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Part 1: Accounting Concepts:

7m 57s

Up Next in Term 1

  • 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.

  • Source documents

    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.