Understand the language of financial accounting and financial reporting
b) Explain the purpose, content, format and practical applications of the following financial statements, the Profit and Loss Statement, the Balance Sheet, and the relationship between these financial statements.
c) Understand the accounting cycle and the business process of accounting information systems and their ethical implications. Engage in the evaluation, development or implementation of computerized accounting information systems
Prepare journal entries for the above transactions.
2. Create ledgers (T accounts) for all accounts as per chart of accounts
3. Enter the opening balances in the ledger accounts and post the journal entries to the ledger.
4. Prepare and post the adjusting entries.
5. Prepare pre-closing trial balance at 31 October 2012.
6. Prepare closing entries.
7. Prepare post-closing trial balance.
8. Prepare an income statement for the month of October 2012 and
9. Prepare a balance sheet as at 31 October 2012.
10. Prepare reversing entries