Acca financial Accounting (FA) Study Text ac ca (FA)

D 

RECORDING TRANSACTIONS AND EVENTS 

 

1 

Sales and purchases 

 

(a)  Record sale and purchase transactions in ledger 

accounts.

[s]

 

4 

(b)  Understand and record sales and purchase returns.

[s]

 5 

(c)  Understand the general principles of the operation of a 

sales tax.

[k]

 

5 

(d)  Calculate sales tax on transactions and record the 

consequent accounting entries.

[s]

 

5 

(e)  Account for discounts allowed.

[s]

 5 

(f) 

Account for discounts received.

[s]

 5 

2 Cash 

 

(a)  Record cash transactions in ledger accounts.

[s]

 4 

(b)  Understand the need for a record of petty cash 

transactions.

[k]

 

3 

3 Inventory 

 

(a)  Recognise the need for adjustments for inventory in 

preparing financial statements.

[k]

 

6 

(b)  Record opening and closing inventory.

[s]

 6 

(c)  Identify the alternative methods of valuing inventory.

[k]

 6 

 

 

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