The Income Statement format is very important for you to know off your head when doing basic accounting. It is a layout of all the company’s income and expenses. It is one of the financial statements that must be handled carefully as one wrong figure throws off the profit or …

You can distinguish the 7 Journal types when you use this FREE poster during study time. It is very frustrating to do an entire accounting question and then find out that you have posted numerous items to the wrong Journal types. Students should spend some time learning how to allocate …

Use this Free poster during study time to learn the Ledger format for sales and purchases. All day-to-day activities must be recorded in order to know if the business is making a profit or a loss. There are 3 types of Ledgers to record transactions: 1. General Ledger records all …

Memorise 7 accounting ratios with this free poster. Accounting ratios are calculated to analyse the performance of a business using figures in the financial statements. You should be aware of what the figures mean when they are presented in the Income Statement and Balance Sheet. You can use the results of …

Accounting students and business owners will be familiar with the different types of transactions that generate receipts, invoices, credit notes, bills, vouchers and emails. These documents prove business activities have taken place and they fall under 4 types of transactions: 4 Types of transactions 1. Cash transactions These are divided into …