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Part 2: Accounting Concepts

5m 36s

Up Next in Term 1

  • 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.

  • Introdution to subsidiary journals

    Subsidiary journals are a point of first entry meaning that when a transaction is entered in the accounting records it is first entered into a journal and because there are so many types of transactions and source documents there is also a wide range of journals.