Level 1 Book-keeping tests the candidate's knowledge and understanding of the basic principles underlying the recording of business transactions through the use of the double-entry system of book-keeping. Candidates are also tested on preparation of accounts for sole traders and non-trading organisations.
 
Syllabus Topics :
 
  • The 'accounting equation' and transactions through 'double entry'.
  • Purchases and the sale of goods for cash and on credit, and returns.
  • Types of expenses
  • Balancing accounts: the trial balance.
  • Trading and Profit & Loss accounts.
  • The balance sheet.
  • The division of the ledger.
  • Cash Book.
  • Accruals and prepayments.
  • Depreciation.
  • Bad debts and provision for doubtful debts.
  • Bank reconciliation statements.
  • Petty Cash Book.
  • Capital and Revenue.
  • The Journal.
  • Adjusting for errors.
  • Club and society accounts.

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