Business Accounting 1

Business Accounting 1

About this workbook: This workbook contains exercises to accompany the textbook Frank Wood's Business Accounting 1 by Alan Sangster (13th edition).

This workbook has 8 modules.

1Chapter 1: Background
Review questions
The accounting equation
Classifying assets and liabilities
2Chapter 2: Recording transactions
T-Account Questions
Introduce capital (T-Accounts)
Acquire an asset (no depreciation) (T-Accounts)
Acquire an asset on credit (no depreciation) (T-Accounts)
Cash management (T-Accounts)
Simple loan (T-Accounts)
3Chapter 3: Inventory
T-Account Questions
Purchase goods (T-Accounts)
Purchase goods on credit (T-Accounts)
Purchase returns (T-Accounts)
Sell goods (T-Accounts)
Sell goods on credit (T-Accounts)
Sales returns (T-Accounts)
4Chapter 4: Revenues and Expenses
Review questions
Sell services (T-Accounts)
Expenses (T-Accounts)
Journal Entry questions
Introduce capital (journal entries)
Sell services (journal entries)
Expenses (journal entries)
Purchase goods (journal entries)
Purchase goods on credit (journal entries)
Sell goods (journal entries)
Sell goods on credit (journal entries)
5Chapter 5: Balancing-off accounts
Review questions
Balance off T-accounts
6Chapter 6: The trial balance
Review questions
Extract a trial balance from a list of transactions
7Chapter 7: Statements of profit or loss
Review questions
Calculate cost of goods sold
Draw up Statement of Profit or Loss
8Chapter 8: Statement of financial position
Review questions
Calculating new capital
Draw up Statement of Financial Position
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