Page 46 - Business Studies 11-12 (2006)

ACCOUNTING FOR A SMALL BUSINESS, GRADE 12, WORKPLACE PREPARATION (BAN4E) 45
Accounting Practices
Overall Expectations
By the end of this course, students will:
• demonstrate an understanding of special journals;
• apply accounting procedures for accounts receivable; • apply accounting procedures for accounts payable.
Specific Expectations
Special Journals
By the end of this course, students will:
– describe the features of special journals;
– record transactions in a multi-column journal, using accounting or applications software;
– record transactions in a multi-journal system, using accounting or applications software.
Accounting for Receivables
By the end of this course, students will:
– estimate uncollectible accounts receivable, using the balance sheet aging method and the income statement percentage of sales method;
– record transactions relating to sales and sales discounts;
– record transactions in a receivables sub- ledger, using accounting software.
Accounting for Payables
By the end of this course, students will:
– explain the importance of maintaining accurate and timely information on creditors;
– record transactions related to purchases and purchase discounts;
– record transactions in a payables sub- ledger, using accounting software.