Public learning track
Ledger Adjustments and Financial Statements Preparation
8 lessons
Goal
Record year-end adjustments in ledger accounts, close nominal accounts, and prepare comprehensive financial statements across various business entities.
8 lessons
0 of 8 done
- The Closing Entry Mechanism in Nominal Ledger AccountsUp next
- Recording Accruals and Prepayments in the Double-Entry LedgerNot started yet
- Ledger Accounting for Irrecoverable Debts and AllowancesNot started yet
- Ledger Accounting for Depreciation and Non-Current Asset DisposalsNot started yet
- Closing Trading Accounts and Determining Gross ProfitNot started yet
- Drafting the Income Statement Directly from Closed Ledger AccountsNot started yet
- Drafting the Statement of Financial Position from Ledger BalancesNot started yet
- The Double-Entry Model Across Partnerships, Companies, and Service EntitiesNot started yet
Standards Covered
- ACC-3.1General Certificate of Education Advanced Level (UK A-Level) · Accounting · Year 13 (A2 Level) · Grade 11the double entry accounting system including: the recording of transactions from source documents in books of prime entry and ledger accounts; transferring accounts to income statements; balancing accounts and the preparation of statements of financial position
- ACC-3.5General Certificate of Education Advanced Level (UK A-Level) · Accounting · Year 13 (A2 Level) · Grade 11prepare income statements (trading and profit and loss accounts) and balance sheets by transferring relevant accounts to the income statements (trading and profit and loss accounts) identifying gross profit and profit (net profit) for the year
- ACC-3.2General Certificate of Education Advanced Level (UK A-Level) · Accounting · Year 13 (A2 Level) · Grade 11the recording of adjustments in ledger accounts and in financial statements
- ACC-3.3General Certificate of Education Advanced Level (UK A-Level) · Accounting · Year 13 (A2 Level) · Grade 11the use of the double entry model in the preparation of financial statements for a range of business organisations
Curriculum Framework
11th Grade · UK A-Level
1
7 lessons
Books of Prime Entry and the Double-Entry Ledger
Record transactions from source documents through subsidiary books of prime entry into nominal ledger accounts and extract a trial balance.
2
8 lessons
Ledger Adjustments and Financial Statements Preparation
Record year-end adjustments in ledger accounts, close nominal accounts, and prepare comprehensive financial statements across various business entities.