Day 1. Financial Reporting
C1. Double-Entry Book-Keeping Principles
a) Identify and explain the function of the main data sources in an accounting system.
b) Outline the contents and purpose of different types of business documentation, including: quotation, sales order, purchase order, goods received note, goods dispatched note, invoice, statement, credit note, debit note, remittance advice, receipt.
c) Understand and apply the concept of double entry accounting and the duality concept.
d) Understand and apply the accounting equation.
e) Understand how the accounting system contributes to providing useful accounting information and complies with organisational policies and deadlines.
f) Identify the main types of business transactions e.g. sales, purchases, payments, receipts.