Introduction to Financial Accounting

Introduction to Financial Accounting

About this workbook: This workbook contains exercises to accompany the textbook Introduction to Financial Accounting by Andrew Thomas and Anne Marie Ward (8th edition).

This workbook has 8 modules.

1The accounting equation and its components (Ch. 7)
The accounting equation
The accounting equation
Assets or Liabilities
Classifying assets and liabilities
2Business transactions and T-accounts (Ch. 9)
Statement of profit or loss transactions
Sell services (T-Accounts)
Expenses (T-Accounts)
Statement of financial position transactions
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)
Inventory transactions
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)
All transactions
Multiple transactions (T-accounts)
3The balancing of accounts and the trial balance (Ch. 10)
Closing off accounts
Balance off T-accounts
Trial Balance
Extract a trial balance from a list of transactions
4Day books and the journal (Ch. 11)
Statement of profit or loss journal entries
Sell services (journal entries)
Expenses (journal entries)
Statement of financial position journal entries
Introduce capital (journal entries)
Acquire an asset (no depreciation) (journal entries)
Acquire an asset on credit (no depreciation) (journal entries)
Cash management (journal entries)
Simple loan (journal entries)
Inventory journal entries
Purchase goods (journal entries)
Purchase goods on credit (journal entries)
Purchase returns (journal entries)
Sell goods (journal entries)
Sell goods on credit (journal entries)
Sales returns (journal entries)
5The final financial statements of sole traders (introductory) (Ch. 14)
Statement of profit or loss
Calculate cost of goods sold
Draw up Statement of Profit or Loss
Statement of financial position
Calculating new capital
Draw up Statement of Financial Position
6Depreciation and non-current assets (Ch. 15)
Depreciation (straight line) (journal entries)
Depreciation (reducing balance) (journal entries)
Depreciation (sum of digits) (journal entries)
Intangible assets
Intangible assets) (journal entries)
Asset disposal
Asset disposal (journal entries)
7Irrecoverable receivables and allowance for irrecoverable receivables (Ch. 16)
Dubious Debt
Sell goods (dubious debt) (T-Accounts)
Sell goods (dubious debt) (journal entries)
Irretrievable Debt
Sell goods (irretrievable debt) (T-Accounts)
Sell goods (irretrievable debt) (journal entries)
8Accruals and prepayments (Ch. 17)
Accruals (T-Accounts)
Prepayment (expense method) (T-Accounts)
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