Revision thread - Accounting (AQA) Unit ACCN1 - 10 January 2012 (pm)
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Original post by sukhys
ok does everyone know what a general journal is ? 
The different types of ledgers most businesses use are:
l Sales Ledger. This is for customers’ personal accounts.
l Purchases Ledger. This is for suppliers’ personal accounts.
l General Ledger. This contains the remaining double entry accounts, such as those relating to expenses, fixed assets, and capital.
Original post by A.A.T.
yes A.A.T. it is very important to understand this, especially when it comes to unit 3, IAS 2 inventories explains this, also you need to understand it when it comes to stock valuation FIFO/AVCO.
Original post by A.A.T.
The different types of ledgers most businesses use are:
l Sales Ledger. This is for customers’ personal accounts.
l Purchases Ledger. This is for suppliers’ personal accounts.
l General Ledger. This contains the remaining double entry accounts, such as those relating to expenses, fixed assets, and capital.
The different types of ledgers most businesses use are:
l Sales Ledger. This is for customers’ personal accounts.
l Purchases Ledger. This is for suppliers’ personal accounts.
l General Ledger. This contains the remaining double entry accounts, such as those relating to expenses, fixed assets, and capital.
i thought capital came under the private legder? lool im not resitting unit 1 its just good to know some back ground knowledge.
Original post by A.A.T.
No. An income statement is the Trading and Profit and Loss Account.
Thankyou.... I hope trading and profit and loss comes up rather than the balance sheet...:/
Well, came on here to say good luck to everyone resitting ACCN1 tomorrow, hope you get the grade you want XD. And hopefully this revision will pay of with a good grade!
Sorry i meant everyone not just the people resitting.
Sorry i meant everyone not just the people resitting.
(edited 12 years ago)
Does anyone have any more past papers apart from the ones on the aqa website?
Original post by Khan - 786
Well, came on here to say good luck to everyone resitting ACCN1 tomorrow, hope you get the grade you want XD. And hopefully this revision will pay of with a good grade!
Do I get good luck too if it's my first go? :c
Good luck to you all >
Hope i do better second time round,
Hope i do better second time round,
Original post by inmyownmadworld
Good luck to you all >
Hope i do better second time round,
Hope i do better second time round,
Thankyou... good luck to you to and everyone doing this exam...
Good luck everyone :-)
Good luck to everyone
Original post by sukhys
i thought capital came under the private legder? lool im not resitting unit 1 its just good to know some back ground knowledge.
"Private ledger" - nothing to do with accounting.
General ledger as per definiton and is also called Nominal Ledger.
in a trading and profit and loss account... what do you add gross profit to...?
Original post by coolcat2727
in a trading and profit and loss account... what do you add gross profit to...?
Video on this is coming shortly. Trading account is Sales - Cost of goods sold = Gross profit
Net profit is Gross profit - expenses.
fapgoifsdhgiusdfghsdkfguhsdfgusodfgh
just about covers it :'(
just about covers it :'(
Haven't seen the paper, how was the exam?
What did you struggle with?
The few students I have spoken to struggled to Balance their Balance sheet, what was your experience?
From what I can tell, suspense/control accounts / income statements didnt come up and the past papers, especially the most recent didnt really help. What would you say?
Good to hear your thoughts, I don't see my students till Friday or the paper till tomorrow!!
What did you struggle with?
The few students I have spoken to struggled to Balance their Balance sheet, what was your experience?
From what I can tell, suspense/control accounts / income statements didnt come up and the past papers, especially the most recent didnt really help. What would you say?
Good to hear your thoughts, I don't see my students till Friday or the paper till tomorrow!!
Haven't seen the paper, how was the exam?
What did you struggle with?
The few students I have spoken to struggled to Balance their Balance sheet, what was your experience?
From what I can tell, suspense/control accounts / income statements didnt come up and the past papers, especially the most recent didn't really help. What would you say?
Good to hear your thoughts, I don't see my students till Friday or the paper till tomorrow!!
What did you struggle with?
The few students I have spoken to struggled to Balance their Balance sheet, what was your experience?
From what I can tell, suspense/control accounts / income statements didnt come up and the past papers, especially the most recent didn't really help. What would you say?
Good to hear your thoughts, I don't see my students till Friday or the paper till tomorrow!!
Just had the exam there is nothing on suspense accout
I spent ages on that
And how the heck do you fill in that rent and rates account? I just put prepayment and accrual figures in randomly
There are so many definitation
Luckily the bank reconciliation balanced with the cashbook
And I am pretty sure the income statement and balance sheet are right
At least that's a plus side...
How did everyone do?
I spent ages on thatAnd how the heck do you fill in that rent and rates account? I just put prepayment and accrual figures in randomly
There are so many definitation
Luckily the bank reconciliation balanced with the cashbook
And I am pretty sure the income statement and balance sheet are right
At least that's a plus side...
How did everyone do?
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