This week’s topics
Preparation of Business Source Documents
- Calculating trade and settlement discounts
- Calculating sales tax (VAT)
- Completing sales and purchase invoices
- Drafting credit notes for returns
- Sales Tax (part a) - ACCA Financial Accounting (FA) lectures
- Sales Tax (part b) - ACCA Financial Accounting (FA) lectures
- Accounting Lecture 07 Part II - Inventory Sales and the Income Statement
- Running a small business
What you will be able to do
- 2.2 Prepare principal source documents and Books of Prime (Original) Entry for business transactions.
Activity
Start with this week’s 4 videos, then: Seminar, guided reading and a short written task: prepare principal source documents and Books of Prime (Original) Entry for business transactions.
Study materials
Videos
- Sales Tax (part a) - ACCA Financial Accounting (FA) lectures · YouTube · OpenTuition · 23 min · for registered students
- Sales Tax (part b) - ACCA Financial Accounting (FA) lectures · YouTube · OpenTuition · 13 min · for registered students
- Accounting Lecture 07 Part II - Inventory Sales and the Income Statement · YouTube · Craig Pence · 15 min · for registered students
- Running a small business · Oak National Academy, Key Stage 3 (lower secondary level) · for registered students
Further resources
- Introduction to Financial Accounting, Lyryx 2023-A, ch. 5: Accounting for the Sale of Goods · PDF · Other, textbook chapter; pp. 185–220 · for registered students
- Principles of Accounting Vol. 1, ch. 6.3–6.4: Recording purchases, sales and returns · PDF · OpenStax, textbook chapter; pp. 347–359 · for registered students
- International trade paperwork: the basics (GOV.UK) · Reading · GOV.UK, guidance · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
