ACCA考试《3财务会计》辅导资料7.docVIP

ACCA考试《F3财务会计》辅导资料7 本文由高顿ACCA整理发布，转载请注明出处 ? ?　Session 3 Double entry bookkeeping? 　　☆The duality concept and double entry bookkeeping ? 　　Duality concept: each and every transaction has a double effect on the business and the accounting equations.(A= C + L) ? 　　Rules of double entry bookkeeping: ? 　　● Each time a transaction is recorded, both effects must be taken into account. ? 　　● These two effects are equal and opposite such that the accounting equation will always prove correct. ? 　　Assets – Liabilities = Capital ? 　　● Traditionally, one effect is referred to as the debit side ( Dr.) and the other as the credit side of the entry (Cr.) ? 　　☆Ledger accounts, debits and credits ? 　　Ledger account: ? 　　● transactions are recorded in the relevant ledger accounts. There is a ledger ? 　　account for each asset, liability, revenue and expenses’ item, and for the owner’s capital. ? 　　● Each account has two sides: the debit and credit sides. ? 　　● The duality concept means that each transaction will affect two ledger accounts ? 　　● One account will be debited and the other credited ? 　　● Whether an entry is to debit or credit side of an account depend on the types of account and the transaction. ? 　　☆Recording cash transactions ? 　　Cash transactions: ? 　　Payment is made or received immediately. ? 　　Cheque payments or receipts are classed as cash transactions. ? 　　Double entry involves the bank ledger: ? 　　A debit entry is where funds are received ? 　　A credit entry is where funds are paid out. ? 　　☆Recording credit sales and purchases 　　Credit sales and purchases: ? 　　● are transactions where goods or services change hands immediately ? 　　● payment is not made or received until some time in the future. ? 　　Receivables and payables: ? 　　● Money that a business is owed is accounted for in the receivables ledger ? 　　● Money that a business owes is accounted for in the payables ledger. ? 　　Example: ? 　　Norris notes down the following transactions that happened to Avon in Ju