Frank Wood's Business Accounting Volume 1

Notes for Teachers and Lecturers

Notes for Students



PART ONE: INTRODUCTION TO DOUBLE ENTRY BOOKKEEPING

1. The accounting equation and the balance sheet

2. The double entry system for assets, liabilities and capital

3. The asset of stock

4. The effect of profit or loss on capital and the double entry system for expenses and revenues

5. Balancing of accounts

6. The trial balance



PART TWO: THE FINANCIAL STATEMENTS OF SOLE TRADERS

7. Trading and profit and loss accounts: an introduction

8. Balance Sheets

9. Trading and profit and loss accounts and balance sheets: further considerations

10. Accounting Concepts



PART THREE: BOOKS OF ORIGINAL ENTRY

11. Books of original entry and ledgers

12. The banking system

13. Cash books

14. The sales day book and the sales ledger

15. The purchases day book and the purchases ledger

16. The returns day books

17. The journal

18. The analytical petty cash book and the imprest system

19. Value added tax

20. Columnar day books

21. Employees' pay

22. Computers and accounting

23. Computerised accounting systems



PART FOUR: ADJUSTMENTS FOR FINANCIAL STATEMENTS

24. Capital and revenue expenditure

25. Bad debts, provisions for doubtful debts, provisions for discounts on debtors

26. Depreciation of fixed assets: nature and calculations

27. Double entry records for depreciation

28. Accruals and prepayments and other adjustments for financial statements

29. The valuation of stock

30. Bank reconciliation statements

31. Control accounts

32. Errors not affecting trial balance agreement

33. Suspense accounts and errors



PART FIVE: SPECIAL ACCOUNTING PROCEDURES

34. Introduction to accounting ratios

35. Single entry and incomplete records

36. Receipts and payments accounts and income and expenditure accounts

37. Manufacturing accounts

38. Departmental accounts

39. Cash flow statements

40. Joint venture accounts



PART SIX: PARTNERSHIP ACCOUNTS AND COMPANY ACCOUNTS

41. Partnership accounts: an introduction

42. Goodwill for sole traders and partnerships

43. Revaluation of partnership assets

44. Partnership dissolution

45. An introduction to the financial statements of limited liability companies

46. Purchase of existing partnership and sole traders' businesses



PART SEVEN: AN INTRODUCTION TO FINANCIAL ANALYSIS

47. An introduction to the analysis and interpretation of accounting statements



Part 8: AN INTRODUCTION TO MANAGEMENT ACCOUNTING

48. An introduction to management accounting



APPENDICES

1. Answers to review questions

2. Answers to multiple-choice



Glossary

Index